Kentucky Statutes 271B.8-520 – Mandatory indemnification
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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 he was a party because he is or was a director of the corporation against reasonable expenses incurred by him in connection with the proceeding.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 96, effective January 1, 1989.
Effective: January 1, 1989
Terms Used In Kentucky Statutes 271B.8-520
- Articles of incorporation: include amended and restated articles of incorporation and articles of merger. See Kentucky Statutes 271B.1-400
- 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Kentucky Statutes 271B.1-400
History: Created 1988 Ky. Acts ch. 23, sec. 96, effective January 1, 1989.