221.0626 Definitions applicable to indemnification and insurance provisions. - Wisconsin Statutes

221.0626

221.0626 Definitions applicable to indemnification and insurance provisions. In ss. 221.0626 to 221.0635:

221.0626(1)

(1) "Director or officer" means any of the following:

221.0626(1)(a)

(a) An individual who is or was a director or officer of a bank.

221.0626(1)(b)

(b) An individual who, while a director or officer of a bank, is or was serving at the bank's request as a director, officer, partner, trustee, member of any governing or decision-making committee, manager, employee or agent of another bank, corporation, limited liability company, partnership, joint venture, trust or other enterprise.

221.0626(1)(c)

(c) An individual who, while a director or officer of a bank, is or was serving an employee benefit plan because his or her duties to the bank also impose duties on, or otherwise involve services by, the person to the plan or to participants in or beneficiaries of the plan.

221.0626(1)(d)

(d) Unless the context requires otherwise, the estate or personal representative of a director or officer of a bank.

221.0626(2)

(2) "Expenses" include fees, costs, charges, disbursements, attorney fees and any other expenses incurred in connection with a proceeding.

221.0626(3)

(3) "Liability" includes the obligation to pay a judgment, settlement, forfeiture, or fine, including an excise tax assessed with respect to an employee benefit plan, plus costs, fees, and surcharges imposed under ch. 814, and reasonable expenses.

221.0626(4)

(4) "Party" includes an individual who was or is, or who is threatened to be made, a named defendant or respondent in a proceeding.

221.0626(5)

(5) "Proceeding" means any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the bank or by any other person.

221.0626 - ANNOT.

History: 1995 a. 336; 2003 a. 139.