N.Y. Private Housing Finance Law § 56-a: Indemnification of members, officers and employees

§ 56-a. Indemnification of members, officers and employees. The state

shall save harmless and indemnify the respective members, officers and

employees of the agency and its subsidiary corporations pursuant to

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 or employee occurring in the discharge of his duties and

within the scope of his service on behalf of the agency or its

subsidiary corporations. In the event of 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

notes, bonds or other obligations of the agency, a member, officer or

employee of the agency shall be saved harmless and indemnified

notwithstanding any limitations contained in such section seventeen,

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 interests of the agency or not to have had reasonable

cause to believe that his conduct was lawful. All of the provisions of

section seventeen of the public officers law which are not inconsistent

with this section shall apply to the members, officers and employees of

the agency or its subsidiary corporations, including the provisions

relating to the defense by the attorney general or private counsel of

any civil action and the payment of legal costs incurred in connection

with the defense of any such action. Any member, officer or employee of

the agency or its subsidiary corporations seeking to be saved harmless

or indemnified or to claim any other benefits available pursuant to this

section or section seventeen of the public officers law shall comply

with the procedural requirements of such section seventeen. As used in

this section the terms "member", "officer" and "employee" shall include

a former member, officer or employee, his estate or judicially appointed

personal representative.