Kentucky Statutes 271B.8-580 – Application of KRS 271B.8-500 to 271B.8-580
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(1) The indemnification and advancement of expenses provided by, or granted pursuant to, KRS § 271B.8-500 to KRS § 271B.8-580 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
(2) KRS § 271B.8-500 to KRS § 271B.8-580 shall not limit a corporation‘s power to pay or reimburse expenses incurred by a director in connection with his appearance as a witness at a proceeding at a time when he has not been made a named defendant or responded to the proceeding.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 102, effective January 1, 1989.
(2) KRS § 271B.8-500 to KRS § 271B.8-580 shall not limit a corporation‘s power to pay or reimburse expenses incurred by a director in connection with his appearance as a witness at a proceeding at a time when he has not been made a named defendant or responded to the proceeding.
Terms Used In Kentucky Statutes 271B.8-580
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- 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
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Kentucky Statutes 271B.1-400
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 102, effective January 1, 1989.