N.Y. NYS Financial Emergency Act for the city of NY 868/75 § 12: Indemnification

* § 12. Indemnification. a. The state shall save harmless and

indemnify members, officers and employees of and representatives to the

board, all of whom shall be deemed officers and employees of the state

for purposes of section seventeen of the public officers law, against

any claim, demand, suit, or judgment arising by reason of any act or

omission to act by such member, officer, employee or representative

occurring in the discharge of his duties and within the scope of his

service on behalf of such board including any claim, demand, suit or

judgment based on allegations that financial loss was sustained by any

person in connection with the acquisition, disposition or holding of

securities or other obligations. In the event of any such claim, demand,

suit or judgment, a member, officer or employee of or representative to

the board shall be saved harmless and indemnified, notwithstanding the

limitations of subdivision one of section seventeen of the public

officers law, unless such individual is found by a final judicial

determination not to have acted, in good faith, for a purpose which he

reasonably believed to be in the best interest of the board or not to

have had reasonable cause to believe that his conduct was lawful.

b. In connection with any such claim, demand, suit, or judgment, any

member, officer or employee of or representative to the board shall be

entitled to representation by private counsel of his choice in any civil

judicial proceeding whenever the attorney general determines based upon

his investigation and review of the facts and circumstances of the case

that representation by the attorney general would be inappropriate. The

attorney general shall notify the individiual in writing of such

determination that the individual is entitled to be represented by

private counsel. The attorney general may require, as a condition to

payment of the fees and expenses of such representative, that

appropriate groups of such individuals be represented by the same

counsel. If the individual or groups of individuals is entitled to

representation by private counsel under the provisions of this section,

the attorney general shall so certify to the comptroller. Reasonable

attorneys fees and litigation expenses shall be paid by the state to

such private counsel from time to time during the pendency of the civil

action or proceeding, subject to certification that the individual is

entitled to representation under the terms and conditions of this

section by the chairman of the board, upon the audit and warrant of the

comptroller. The provisions of this subdivision shall be in addition to

and shall not supplant any indemnification or other benefits heretofore

or hereafter conferred upon members, officers, or employees of and

representatives to the board by section seventeen of the public officers

law, by action of the board or otherwise. The provisions of this

subdivision shall inure only to members, officers and employees of and

representatives to the board, shall not enlarge or diminish the rights

of any other party, and shall not impair, limit or modify the rights and

obligations of any insurer under any policy of insurance.

* Terminates July 1, 2035 or ... see § 13