§ 30-29-855 — DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION

Idaho § 30-29-855

• Jurisdiction: Idaho
• Title 30: CORPORATIONS
• Part 8: DIRECTORS AND OFFICERS
• Ch. 29: GENERAL BUSINESS CORPORATIONS

Text

(a) A corporation may not indemnify a director under section 30-29-851, Idaho Code, unless authorized for a specific proceeding after a determination has been made that indemnification is permissible because the director has met the relevant standard of conduct set forth in section 30-29-851, Idaho Code.
(b) The determination shall be made:
(1) If there are two (2) or more qualified directors, by the board of directors by a majority vote of all the qualified directors, a majority of whom shall for such purpose constitute a quorum, or by a majority of the members of a committee of two (2) or more qualified directors appointed by such a vote;
(2) By special legal counsel:
(i) Selected in the manner prescribed in paragraph (1) of this subsection; or
(ii) If there are fewer than two (2) qualified directors, selected by the board of directors, in which selection directors who are not qualified directors may participate; or
(3) By the shareholders, but shares owned by or voted under the control of a director who at the time is not a qualified director may not be voted on the determination.
(c) Authorization of indemnification shall be made in the same manner as the determination that indemnification is permissible, except that if there are fewer than two (2) qualified directors or if the determination is made by special legal counsel, authorization of indemnification shall be made by those entitled to select special legal counsel under subsection (b)(2)(ii) of this section.

Legislative History

[30-29-855, added 2015, ch. 243, sec. 63, p. 937; am. 2019, ch. 90, sec. 103, p. 284.]