Vermont Statutes Title 11 Sec. 907
Terms Used In Vermont Statutes Title 11 Sec. 907
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Director: means a director of a mutual benefit enterprise. See
- 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
§ 907. Indemnification of officers, employees, and agents
Unless an enterprise’s articles of organization limit indemnification of an officer, employee, or agent of the enterprise:
(1) an officer of the enterprise who is not a director is entitled to mandatory indemnification under section 903 of this title and is entitled to apply for court-ordered indemnification under section 905 of this title, in each case to the same extent as a director;
(2) the enterprise may indemnify and advance expenses under this article to an officer, employee, or agent of the enterprise who is not a director to the same extent as a director. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)