C.R.S. Section 11-41-134
Indemnification and personal liability of directors, officers, employees, and agents

  • legislative declaration

(1)

The savings and loan association has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article 109 of title 7. Savings and loan association directors, officers, employees, and agents have the same rights as directors, officers, employees, and agents, respectively, of corporations for profit as set forth in article 109 of title 7. Savings and loan association directors and officers have the benefit of the same limitations on personal liability for any injury to person or property arising out of a tort as set forth in section 7-108-403, for directors and officers, respectively, of corporations for profit. Any reference in said sections to shareholders shall be construed to refer to stockholders for the purposes of this section.

(2)

Intentionally left blank —Ed.

(a)

The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in articles 40 to 46 of this title:

(I)

Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, which provides insurance coverage to directors or officers, or both, of a savings and loan association but which does not grant coverage or which excludes coverage for claims made by any depository insurance organization or any other state or federal corporation, organization, or entity acting as receiver, conservator, or liquidator of such savings and loan association, whether in its own name or in behalf of any other person or entity; or

(II)

Any fidelity bond, financial institution bond, or depository institution bond in effect or issued on or after April 30, 1993, that provides for termination of such bond upon the taking over of the savings and loan association by a receiver or other liquidator or by state or federal officials.

(b)

No provision of articles 40 to 46 of this title shall be construed to contravene or modify the expressed public policy set forth in this subsection (2).

Source: Section 11-41-134 — Indemnification and personal liability of directors, officers, employees, and agents - legislative declaration, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑41‑101
General organization 11‑41‑102
Restriction on corporate name 11‑41‑103
Use of name “savings and loan association” restricted 11‑41‑104
Articles of incorporation 11‑41‑105
Minimum stock subscription - issuance of preferred stock 11‑41‑106
Approval of articles of incorporation 11‑41‑107
Documents deposited with commissioner 11‑41‑108
Refusal of certificate - appeal 11‑41‑109
Certificate of approval - where articles filed 11‑41‑110
Body corporate 11‑41‑111
Renewal of corporate life 11‑41‑112
Powers of savings and loan associations 11‑41‑112.5
Savings and loan association as fiduciary 11‑41‑113
Federal home loan bank membership 11‑41‑114
How funds invested 11‑41‑115
Interest rates on loans 11‑41‑116
Where associations may operate 11‑41‑117
Insurance of shares 11‑41‑117.5
Insurance of obligations 11‑41‑118
Loans - investment in notes or bonds 11‑41‑119
Loans to members and other loans 11‑41‑121
Merger, consolidation, and transfer 11‑41‑122
Membership fees 11‑41‑123
Directors and meetings 11‑41‑124
Officers or directors to receive no commission 11‑41‑125
Loans to officers and directors 11‑41‑126
Bonds of officers 11‑41‑127
Violations - penalties 11‑41‑128
Acknowledgments 11‑41‑129
Amendment of articles of incorporation 11‑41‑130
Reorganization 11‑41‑130.5
Cessation of business as an association - amendment of articles 11‑41‑131
Dissolution 11‑41‑132
Escheat proceedings 11‑41‑133
Acquisition of majority control over an existing association - definitions 11‑41‑134
Indemnification and personal liability of directors, officers, employees, and agents - legislative declaration
Green check means up to date. Up to date

Current through Fall 2024

§ 11-41-134’s source at colorado​.gov