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

Indiana Statutes

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

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

(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 condu

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(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.

Indiana § 23-16-2-9 (Indemnification of partners, employees, officers, or agents) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.