Hawaii Revised Statutes 414D-161 – Mandatory indemnification
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Terms Used In Hawaii Revised Statutes 414D-161
- articles: includes amended and restated articles of incorporation, and articles of merger. See Hawaii Revised Statutes 414D-14
- 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: means a nonprofit corporation unless otherwise specified. See Hawaii Revised Statutes 414D-14
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Hawaii Revised Statutes 414D-14
Unless limited by its articles of incorporation, a corporation 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 corporation, against reasonable expenses actually incurred by the director in connection with the proceeding.