☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 378

Effective - 01 Jan 1993, see footnote bottom

  378.608.  Liability, immunity from, when — indemnification, when — insurance, purchase of for officers allowed. — 1.  The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society.

  2.  Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liabilities imposed upon, such person in connection with or arising out of any action, suit or proceeding, whether civil, criminal, administrative or investigative, or threat thereof, in which the person may be involved by reason of the fact that he is or was a director, officer, employee or agent of the society or of any firm, corporation or organization which he served in any capacity at the request of the society.  A person shall not be so indemnified or reimbursed:

  (1)  In relation to any matter in such action, suit or proceeding as to which he shall finally be adjudged to be or have been guilty of breach of a duty as a director, officer, employee or agent of the society; or

  (2)  In relation to any matter in such action, suit or proceeding, or threat thereof, which has been made the subject of a compromise settlement.  

­­

­

Unless in either such case the person acted in good faith for a purpose the person reasonably believed to be in or not opposed to the best interests of the society and, in a criminal action or proceeding, in addition, had no reasonable cause to believe that his conduct was unlawful.  The determination whether the conduct of such person met the standard required in order to justify indemnification and reimbursement in relation to any matter described in subdivision (1) or (2) of this subsection may only be made by the supreme governing body or board of directors by a majority vote of a quorum consisting of persons who were not parties to such action, suit or proceeding or by a court of competent jurisdiction.  The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, as to such person shall not in itself create a conclusive presumption that the person did not meet the standard of conduct required in order to justify indemnification and reimbursement.  The foregoing right of indemnification and reimbursement shall not be exclusive of other rights to which such person may be entitled as a matter of law and shall inure to the benefit of his heirs, executors and administrators.

  3.  A society shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the society, or who is or was serving at the request of the society as a director, officer, employee or agent of any other firm, corporation or organization against any liability asserted against such person and incurred by him in any such capacity or arising out of his status as such, whether or not the society would have the power to indemnify the person against such liability under this section.

­­--------

(L. 1992 S.B. 831)

Effective 1-01-93


---- end of effective   01 Jan 1993 ----

use this link to bookmark section  378.608


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Pictures Contact

Other Links
Oversight MOLIS Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@22:34:57.1 28 :)