157 (1) In this section, “eligible person” means, with respect to a credit union, (a) a director, officer or member of a committee, (b) a former director, officer or member of such a committee, or (c) a person who acts or acted at the request of the credit union as a director or an officer of an entity of which the credit union is or was a member, shareholder or creditor.  1994, c. 11, s. 157 (1); 2007, c. 7, Sched. 7, s. 87 (1). Indemnification (2) A credit union may indemnify an eligible person in respect of any proceeding to which the person is made a party by reason of serving or having served in a qualifying capacity.  1994, c. 11, s. 157 (2). Exception (3) Despite subsection (2), the credit union may not indemnify the person in respect of a proceeding by or on behalf of the credit union to procure a judgment in its favour.  1994, c. 11, s. 157 (3). Advance to pay for costs, etc. (3.1) A credit union may advance money to an eligible person to pay for the costs, charges and expenses of any proceeding to which the person is made a party by reason of serving or having served in a qualifying capacity, but the person is required to repay the money if either of the conditions described in subsection (5) is not satisfied.  2007, c. 7, Sched. 7, s. 87 (2). Same, derivative action (4) With the approval of a court, a credit union may indemnify an eligible person in respect of a proceeding by or on behalf of the credit union or entity to procure a judgment in its favour to which the person is made a party by reason of serving or having served in a qualifying capacity.  1994, c. 11, s. 157 (4). Advance to pay for costs, etc., derivative action (4.1) With the approval of a court, a credit union may advance money to an eligible person to pay for the costs, charges and expenses of a proceeding described in subsection (4) to which the person is made a party by reason of serving or having served in a qualifying capacity, but the person is required to repay the money if either of the conditions described in subsection (5) is not satisfied.  2007, c. 7, Sched. 7, s. 87 (2). Restriction (5) The credit union may indemnify an eligible person under this section only if, (a) the person acted honestly and in good faith with a view to the best interests of the credit union; and (b) in the case of a proceeding enforced by a monetary penalty, the person had reasonable grounds for believing that the impugned conduct was lawful.  1994, c. 11, s. 157 (5). Right to indemnity (6) An eligible person is entitled to indemnity from the credit union in connection with the defence of a proceeding to which the person is made a party by reason of serving or having served in a qualifying capacity if the eligible person, (a) was substantially successful on the merits in the defence of the proceeding; and (b) fulfils the conditions set out in clauses (5) (a) and (b).  1994, c. 11, s. 157 (6). Extent of indemnity (7) An indemnity under this section is against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment reasonably incurred by the person in connection with the specified proceeding.  1994, c. 11, s. 157 (7). Heirs (8) A credit union may indemnify the heirs or personal representatives of any eligible person that the credit union is authorized to indemnify under this section.  1994, c. 11, s. 157 (8). Interpretation (9) In this section, to serve in a qualifying capacity means, (a) acting or having acted as a director, officer or member of a committee; or (b) acting or having acted at the request of the credit union as a director or an officer of an entity of which the credit union is or was a member, shareholder or creditor.  1994, c. 11, s. 157 (9); 2007, c. 7, Sched. 7, s. 87 (3). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 87 (1, 3) - 01/10/2009