West Virginia Code 31D-8-859 – Exclusivity of part
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A corporation may provide indemnification or advance expenses to a director or an officer only as permitted by this part.
Terms Used In West Virginia Code 31D-8-859
- 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.
- 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