Cooperative Credit Associations Act

Marginal note:Directors’ and officers’ insurance

217 An association may purchase and maintain insurance for the benefit of any person referred to in section 216 against any liability incurred by the person

• (a) in the capacity of a director or an officer of the association, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the association; or

• (b) in the capacity of a director or officer of another entity or while acting in a similar capacity for another entity, if they act or acted in that capacity at the association’s request, except if the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.