Colorado § 7-129-109 Limitation of indemnification of directors

Colorado Statutes

§ 7-129-109 — Limitation of indemnification of directors

Colorado § 7-129-109

Title 07Corporations

Art.Indemnification

This text of Colorado § 7-129-109 (Limitation of indemnification of directors) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 7-129-109 (2026).

Text

(1)A provision treating a nonprofit corporation's indemnification of, or advance of expenses to, directors that is contained in its articles of incorporation or bylaws, in a resolution of its members or board of directors, or in a contract, except an insurance policy, or otherwise, is valid only to the extent the provision is not inconsistent with sections 7-129-101 to 7-129-108. If the articles of incorporation limit indemnification or advance of expenses, indemnification and advance of expenses are valid only to the extent not inconsistent with the articles of incorporation.

(2)Sections 7-129-101 to 7-129-108 do not limit a nonprofit corporation's power to pay or reimburse expenses incurred by a director in connection with an appearance as a witness in a proceeding at a time

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(1) A provision
treating a nonprofit corporation's indemnification of, or advance of expenses to,
directors that is contained in its articles of incorporation or bylaws, in a resolution
of its members or board of directors, or in a contract, except an insurance policy, or
otherwise, is valid only to the extent the provision is not inconsistent with sections
7-129-101 to 7-129-108. If the articles of incorporation limit indemnification or
advance of expenses, indemnification and advance of expenses are valid only to the
extent not inconsistent with the articles of incorporation.

(2) Sections 7-129-101 to 7-129-108 do not limit a nonprofit corporation's
power to pay or reimburse expenses incurred by a director in connection with an
appearance as a witness in a proceeding at a time when the director has not been
made a named defendant or respondent in the proceeding.