Indemnification and exoneration from liability of directors and officers

(a) Indemnification.--A credit union shall be governed by the provisions of 15 Pa.C.S. Ch. 17 Subch. D (relating to indemnification).

(b) Exoneration from liability of volunteer officers.--Volunteer officers of Federal, State and out-of-State credit unions shall be entitled to the protection and rights set forth in 15 Pa.C.S. § 513 (relating to personal liability of directors) if the membership adopts a bylaw to that effect.

(c) Standard of care and personal liability of directors.--See 15 Pa.C.S. §§ 512 (relating to standard of care and justifiable reliance) and 513.

Cross References. Section 712 is referred to in section 715 of this title.