Montana Code 35-18-329. Mandatory indemnification
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35-18-329. Mandatory indemnification. Unless limited by its articles of incorporation, a cooperative shall indemnify a trustee or officer who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the trustee or officer was a party because the trustee or officer is or was a trustee or officer of the cooperative against reasonable expenses incurred by the trustee or officer in connection with the proceeding.
Terms Used In Montana Code 35-18-329
- articles of incorporation: as used in this chapter includes the articles of conversion of a converted corporation. See Montana Code 35-18-206
- Cooperative: means a corporation organized under this chapter or a corporation that becomes subject to the provisions of this chapter. See Montana Code 35-18-102
- 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
- Trustee: A person or institution holding and administering property in trust.