Pursuant to the provisions of N.J.S.A. 59:10-1 et seq. and subject to the provisions of this chapter, the Borough of Palisades Park is authorized to provide for the defense of actions brought against its municipal officials and shall indemnify such officials to the extent permissible by law and shall save harmless and protect such persons from financial loss resulting from litigation. Such indemnification shall arise out of any action or legal proceeding of a non-criminal nature directly related, or incidental to, the performance of the duties of the position or office held by such municipal official. The Borough of Palisades Park may indemnify an official for exemplary or punitive damages resulting from the official's civil violation of state or federal law, only if, in the opinion of the governing body of the Borough of Palisades Park, the acts committed by the official upon which damages are based did not constitute actual fraud, actual malice, willful misconduct, or an intentional wrong.