Officer/Director protection

Started by JamesH6 • 4 replies • 1201 views

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JamesH6 (Georgia)
Posts: 3

Posted:

Can anyone point me to Georgia law that discusses the protection a Homeowner Association Officer/Director has under said law? OR, has anyone a comment that would be helpful. (I am aware of D&O insurance)

James Herrmann

JohnK3 (Pennsylvania)
Posts: 967

Posted:

James,

Your docs might contain language re: defense and indemnification for the BOD. If not, D&O insurance and/or a Fidelity Bond would be in order.

RobertR1 (South Carolina)
Posts: 5,164

Posted:

James,
Georgia law is a little on the common outskirts so be careful of that. We had a thread here recently and I can't remember the exact problem but it was important.

So, I suggest you go to top right of this page and search in search box "Georgia". You will find some posts specific to Georgia. On the left of this page you will see Highlighted in Yellow a box for CAN. Click on that and root around there, they have a pretty good Library.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Michigan has a Nonprofit corporation law which discusses idemnification for board members, members, officers and agents and volunteers. See if your state has a similar law.

Your bylaws should also re-state these protections.

KirkW1 (Texas)
Posts: 1,665

Posted:

Your best protection is to ensure that Director and Officer (D&O) insurance is purchased. Your bylaws should have a section indemnifying the officers as well. I would guess that without the clause the insurance will be higher, but that is only a guess.

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