Vermont Statutes Title 11 Sec. 903
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Terms Used In Vermont Statutes Title 11 Sec. 903
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Director: means a director of a mutual benefit enterprise. See
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
§ 903. Mandatory indemnification
Unless limited by its articles of organization, an enterprise shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the enterprise against reasonable expenses incurred by the director in connection with the proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)