§ 25505. — 25505. (Repealed and added by Stats. 1968, Ch. 88.)

California § 25505.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 1.
• Title 4.: DIVISION 1. CORPORATE SECURITIES LAW OF 1968
• Part 6.: PART 6. ENFORCEMENT
• Ch. 1.: CHAPTER 1. Civil Liability

Text

A corporation which is liable under this chapter shall have a right of indemnification against any of its principal executive officers, directors, and controlling persons whose willful violation of any provision of this law gave rise to such liability. All persons liable under this chapter shall have a right of contribution against all other persons similarly liable, based upon each person’s proportionate share of the total liability, except that no person whose willful violation of any provision of this law has given rise to any liability shall have any right of contribution against any other person guilty merely of a negligent violation, and except that no principal executive officer, director, or controlling person whose willful violation has given rise to any liability shall have any right of contribution against the corporation to which he sustains that relationship.

Legislative History

Repealed and added by Stats. 1968, Ch. 88.