§ 14-10-14. Board of directors and officers to carry insurance.

(a)

The board of directors shall procure a directors and officers liability insurance policy, which shall insure the corporation in the minimum sum of one million dollars ($1,000,000.00) per claim and in the minimum aggregate sum of two million dollars ($2,000,000.00), and shall name the City of Detroit as an additional insured, for any misfeasance, malfeasance, or acts or omissions either by the board of directors or by the officers. Such policy shall be approved by the board of directors and by the City of Detroit law department, and shall be filed with the debt management section of the City of Detroit finance department.

(b)

The premium for such policy is deemed an operating expense of the corporation and shall be payable from the funds available to the corporation for operating expenses.

(Ord. No. 14-95, § 1, 6-21-95)