§ 7-109-103 — Mandatory indemnification of directors

Unless limited by its
articles of incorporation, a corporation shall indemnify an individual who was wholly
successful, on the merits or otherwise, in the defense of any proceeding to which
the individual was a party because the individual is or was a director, against
reasonable expenses incurred by the individual in connection with the proceeding.

Legislative History

Source: L. 93: Entire article added, p. 791, � 1, effective July 1, 1994. L. 2004: Entire section amended, p. 1501, � 266, effective July 1. L. 2019: Entire section amended, (SB 19-086), ch. 166, p. 1938, � 39, effective July 1, 2020.