Colorado § 7-129-104 Advance of expenses to directors

Colorado Statutes

§ 7-129-104 — Advance of expenses to directors

Colorado·Title 07 Corporations·Art. Indemnification

(1)A nonprofit corporation may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:

(a)The director furnishes to the nonprofit corporation a written affirmation of the director's good-faith belief that the director has met the standard of conduct described in section 7-129-102;

(b)The director furnishes to the nonprofit corporation a written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct; and

(c)A determination is made that the facts then known to those making the determination would not preclude indemnification under this article.

(2)The undertaking requi

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(1) A nonprofit corporation
may pay for or reimburse the reasonable expenses incurred by a director who is a
party to a proceeding in advance of final disposition of the proceeding if:

(a) The director furnishes to the nonprofit corporation a written affirmation
of the director's good-faith belief that the director has met the standard of conduct
described in section 7-129-102;

(b) The director furnishes to the nonprofit corporation a written undertaking,
executed personally or on the director's behalf, to repay the advance if it is
ultimately determined that the director did not meet the standard of conduct; and

(c) A determination is made that the facts then known to those making the
determination would not preclude indemnification under this article.

(2) The undertaking required by paragraph (b) of subsection (1) of this
section shall be an unlimited general obligation of the director but need not be
secured and may be accepted without reference to financial ability to make
repayment.

(3) Determinations and authorizations of payments under this section shall
be made in the manner specified in section 7-129-106.

Colorado § 7-129-104 (Advance of expenses to directors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.