W. Va. Code R. § 112-15-8

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 112-15-8 - Designees and Indemnification

8.1. Any duty authorized, provided and/or required to be performed by any Trustee or officer of this Board may be performed by his duly authorized designee.

8.2. To the extent permitted by law, each current and former Trustee, officer, designee, Committee member and State Treasurer's Office employee performing services on behalf of the Board, his heirs and personal representatives, shall be indemnified by this Board against costs and expenses (including judgments, fines, taxes, penalties and interest) at any time reasonably incurred by him arising out of or in connection with any claim, action, suit or proceeding, civil or criminal, administrative or investigative, against him or to which he may be made a party by reason of his being or having been a Trustee, officer, designee, Committee member or State Treasurer's Office employee performing services on behalf of the Board, except in relation to matters as to which he shall be adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct in the performance of a duty to the Board. If in the judgment of the Board, a settlement of any claim, action, suit or proceeding so arising be deemed in the best interest of the Board, any such Trustee, officer, designee, Committee member or State Treasurer's Office employee performing services on behalf of the Board shall be reimbursed for any amounts paid by him in effecting such settlement and reasonable expenses incurred in connection therewith. If payment of any costs and expenses is advanced pursuant to this provision prior to adjudication or settlement, such payments shall be repaid to the Board in the event it shall ultimately be determined that such Trustee, officer, designee, Committee member or State Treasurer's Office employee performing services on behalf of the Board is not entitled to be indemnified by the Board pursuant to this provision or pursuant to a duly adopted resolution of the Board. The right of indemnification set forth herein shall be in addition to any and all other rights to which any Trustee, officer, designee, Committee member or State Treasurer's Office employee performing services on behalf of the Board may be entitled as a matter of law or pursuant to a duly adopted resolution of the Board, provided that the Board shall not indemnify any person or persons who shall be adjudged liable for gross negligence or willful misconduct in the performance of a duty to the Board.