Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/25

(205 ILCS 305/25) (from Ch. 17, par. 4426)

Sec. 25. Indemnification.

A credit union may indemnify any and all of its directors, committee members, officers or employees or former directors,
committee members, officers or employees against expenses actually and necessarily
incurred by them in connection with the defense or settlement of any action,
suit or proceeding in which they, or any of them, are made a party or parties
by reason of being or having been a director, committee member, officer
or employee of the credit union, except in relation to matters as to which
any such director, committee member, officer or employee shall be adjudged
in such action, suit or proceeding to be liable for willful misconduct in
the performance of duty and to such matters as shall be settled by agreement
predicated on the existence of such liability.

(Source: P.A. 97-133, eff. 1-1-12.)