Current through Public Act 166 of the 2024 Legislative Session
Section 487.13910 - Definitions; person acting in best interests of bank or shareholders(1) For the purposes of sections 3904, 3905, 3906, 3907, 3908, and 3909: (a) "Fines" includes any excise taxes assessed on a person with respect to an employee benefit plan.(b) "Other enterprise" includes employee benefit plans.(c) "Serving at the request of the bank" includes any service as a director, officer, employee, or agent of the bank that imposes duties on, or involves services by, the director, officer, employee, or agent with respect to an employee benefit plan, its participants, or its beneficiaries.(2) A person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be considered to have acted in a manner not opposed to the best interests of the bank or its shareholders as referred to in section 3904.1999, Act 276, Eff. 3/1/2000.