(1) A nonprofit corporation may purchase and maintain
liability insurance:
(a) on behalf of a person who:
(i) is or
was a director, officer, employee, fiduciary, or agent of the nonprofit
corporation; or
(ii) while
serving as a director, officer, employee, fiduciary, or agent of the nonprofit
corporation at the request of the nonprofit corporation, is or was serving as a
director, officer, partner, trustee, employee, fiduciary, or agent of:
(A)
another foreign or domestic nonprofit corporation;
(B)
other person; or
(C)
an employee benefit plan; and
(b) against liability asserted against or incurred by
the person in that capacity or arising from the person's status as a director,
officer, employee, fiduciary, or agent, whether or not the nonprofit
corporation would have power to indemnify the person against the same liability
under Section 16-6a-902, 16-6a-903,
or 16-6a-907.
(2) Insurance may be procured from any insurance company
designated by the board of directors, whether the insurance company is formed
under the laws of this state or any other jurisdiction of the United States or
elsewhere, including any insurance company in which the nonprofit corporation
has an equity or any other interest through stock ownership or otherwise.
Enacted by Chapter 300, 2000 General Session