§ 23-16-2-9 — Indemnification of partners, employees, officers, or agents

Indiana § 23-16-2-9

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 16: LIMITED PARTNERSHIPS
• Ch. 2: General Provisions

Text

(a) A domestic or foreign limited partnership
may indemnify a person made a party to an action because the person
is or was a partner, employee, officer, or agent of the partnership
against liability incurred in the action if:
(1) the person's conduct was in good faith; and
(2) the person reasonably believed:
(A) in the case of conduct in the person's capacity as a partner,
that the person's conduct was in the best interests of the
partnership; and
(B) in all other cases that the person's conduct was at least not
opposed to the best interests of the limited partnership or
foreign limited partnership; and
(3) in the case of any criminal action, the person either:
(A) had reasonable cause to believe the person's conduct was
lawful; or
(B) had no reasonable cause to believe the person's conduct was
unlawful.
(b) The indemnification provided for in subsection (a) does not
exclude any other rights to indemnification that a partner, employee,
officer, or agent of the domestic or foreign limited partnership may
have under the partnership agreement or with the written consent of all
partners.

Legislative History

As added by P.L.147-1988, SEC.1.