§ 56-a. Indemnification of members, officers and employees. The state shall save harmless and indemnify the respective members, officers and employees of the agency and its subsidiary corporations pursuant to section seventeen of the public officers law against any claim, demand, suit or judgment arising by reason of any act or omission to act by such member, officer or employee occurring in the discharge of his duties and within the scope of his service on behalf of the agency or its subsidiary corporations. In the event of any claim, demand, suit or judgment based on allegations that financial loss was sustained by any person in connection with the acquisition, disposition or holding of notes, bonds or other obligations of the agency, a member, officer or employee of the agency shall be saved harmless and indemnified notwithstanding any limitations contained in such section seventeen, unless such individual is found by a final judicial determination not to have acted, in good faith, for a purpose which he reasonably believed to be in the best interests of the agency or not to have had reasonable cause to believe that his conduct was lawful. All of the provisions of section seventeen of the public officers law which are not inconsistent with this section shall apply to the members, officers and employees of the agency or its subsidiary corporations, including the provisions relating to the defense by the attorney general or private counsel of any civil action and the payment of legal costs incurred in connection with the defense of any such action. Any member, officer or employee of the agency or its subsidiary corporations seeking to be saved harmless or indemnified or to claim any other benefits available pursuant to this section or section seventeen of the public officers law shall comply with the procedural requirements of such section seventeen. As used in this section the terms "member", "officer" and "employee" shall include a former member, officer or employee, his estate or judicially appointed personal representative.