Missouri Laws 355.851 – Report of indemnification or advance
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Terms Used In Missouri Laws 355.851
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: public benefit and mutual benefit corporations. See Missouri Laws 355.066
- 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 suits and criminal, administrative, and investigatory actions. See Missouri Laws 355.066
If a corporation indemnifies or advances expenses to a director under sections 355.461 to 355.501 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the members with or before the notice of the next meeting of members.