1. A cooperative may indemnify and advance expenses under this part to an officer of the cooperative who is a party to the proceeding because the person is an officer, according to both of the following: a. To the same extent as to a director. b. Ifthe person isan officer but not a director, to such further extent as may be provided by the articles of association, the bylaws, a resolution of the board of directors, or contract, except for either of the following: (1) Liability in connection with a proceeding by or in the right of the cooperative other than for reasonable expenses incurred in connection with the proceeding. (2) Liability arising out of conduct that constitutes any of the following: (a) Receipt by the officer of a financial benefit to which the officer is not entitled. (b) An intentional infliction of harm on the cooperative or the interest holders. (c) An intentional violation of criminal law. 2. The provisions of subsection 1, paragraph “b”, shall apply to an officer who is also a director ifthe basis on which the officer is made a party to a proceeding isan act or omission solely as an officer. 3. An officer of acooperative who is not adirector isentitledto mandatory indemnification under section 501.413, and may apply to a court under section 501.415 for indemnification or an advance for expenses, in each case to the same extent to which a director may be entitled to indemnification or an advance for expenses under those provisions.
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