Idaho § 30-29-854 COURT-ORDERED INDEMNIFICATION AND ADVANCE FOR EXPENSES

Idaho Statutes

§ 30-29-854 — COURT-ORDERED INDEMNIFICATION AND ADVANCE FOR EXPENSES

Idaho·Title 30 CORPORATIONS·Part 8 DIRECTORS AND OFFICERS·Ch. 29 GENERAL BUSINESS CORPORATIONS

(a)A director who is a party to a proceeding because he or she is a director may apply for indemnification or an advance for expenses to the court conducting the proceeding or to another court of competent jurisdiction. After receipt of an application and after giving any notice it considers necessary, the court shall:

(1)Order indemnification if the court determines that the director is entitled to mandatory indemnification under section 30-29-852, Idaho Code;

(2)Order indemnification or advance for expenses if the court determines that the director is entitled to indemnification or advance for expenses pursuant to a provision authorized by section 30-29-858 (a), Idaho Code; or

(3)Order indemnification or advance for expenses if the court determines, in view of all the relevant circum

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(a) A director who is a party to a proceeding because he or she is a director may apply for indemnification or an advance for expenses to the court conducting the proceeding or to another court of competent jurisdiction. After receipt of an application and after giving any notice it considers necessary, the court shall:
(1) Order indemnification if the court determines that the director is entitled to mandatory indemnification under section 30-29-852, Idaho Code;
(2) Order indemnification or advance for expenses if the court determines that the director is entitled to indemnification or advance for expenses pursuant to a provision authorized by section 30-29-858 (a), Idaho Code; or
(3) Order indemnification or advance for expenses if the court determines, in view of all the relevant circumstances, that it is fair and reasonable:
(i) To indemnify the director; or
(ii) To advance expenses to the director, even if under this paragraph he or she has not met the relevant standard of conduct set forth in section 30-29-851 (a), Idaho Code, failed to comply with section 30-29-853, Idaho Code, or was adjudged liable in a proceeding referred to in section 30-29-851 (d)(1) or (2), Idaho Code, but if the director was adjudged so liable, indemnification shall be limited to expenses incurred in connection with the proceeding.
(b) If the court determines that the director is entitled to indemnification under subsection (a)(1) of this section or to indemnification or advance for expenses under subsection (a)(2) of this section, it shall also order the corporation to pay the director’s expenses incurred in connection with obtaining court-ordered indemnification or advance for expenses. If the court determines that the director is entitled to indemnification or advance for expenses under subsection (a)(3) of this section, it may also order the corporation to pay the director’s expenses to obtain court-ordered indemnification or advance for expenses.

Idaho § 30-29-854 (COURT-ORDERED INDEMNIFICATION AND ADVANCE FOR EXPENSES) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.