§ 23-1-37-11 — Application to court for indemnification

Unless a corporation's articles of
incorporation provide otherwise, a director of the corporation who is a
party to a proceeding may apply for indemnification to the court
conducting the proceeding or to another court of competent
jurisdiction. On receipt of an application, the court after giving any
notice the court considers necessary may order indemnification if it
determines:
(1) the director is entitled to mandatory indemnification under
section 9 of this chapter, in which case the court shall also order
the corporation to pay the director's reasonable expenses incurred
to obtain court-ordered indemnification; or
(2) the director is fairly and reasonably entitled to indemnification
in view of all the relevant circumstances, whether or not the
director met the standard of conduct set forth in section 8 of this
chapter.

Legislative History

As added by P.L.149-1986, SEC.21.