Authorization for indemnification of directors and officers
- Statute:
- New York §722 · Law NPC (Not-for-Profit Corporation Law)
- Topic:
- Officers & Directors · Indemnification
- Applies to:
- Nonprofit associations
A corporation may indemnify directors and officers against judgments, fines, settlements, and reasonable expenses incurred in actions to which they were a party by reason of their service, subject to good-faith standards.
📄 Read the official text at nysenate.gov →
How SoShiny helps with Authorization for indemnification of directors and officers
SoShiny keeps your board roster, officer titles (President, VP, Secretary, Treasurer, Director), and election history current in one place — so the statutory requirement to identify directors and officers is always one click away.
See the feature → Start freeFrequently asked
- What does New York §722 require?
- A corporation may indemnify directors and officers against judgments, fines, settlements, and reasonable expenses incurred in actions to which they were a party by reason of their service, subject to good-faith standards.
- Who does New York §722 apply to?
- New York §722 applies to Nonprofit associations in New York.
- What happens if our co-op or condo doesn't comply with §722?
- Non-compliance with this New York statute can expose the association and its officers to private civil suit, and (for offering-plan / sponsor matters under GBS) to enforcement action by the New York Attorney General's Real Estate Finance Bureau. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New York §722?
- The official text is published by the New York State Legislature at nysenate.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Authorization for indemnification of directors and officers?
- SoShiny keeps your board roster, officer titles (President, VP, Secretary, Treasurer, Director), and election history current in one place — so the statutory requirement to identify directors and officers is always one click away. Learn more →
Not legal advice. This page is a plain-English summary of New York §722 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New York-licensed attorney. For the official statutory text, see the link above.
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