§ 23-17-16-11 — Application to court; grounds for ordering 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 may, after giving
any notice the court considers necessary, order indemnification in the
amount the court considers proper if the court determines one (1) of the
following:
(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.
(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.179-1991, SEC.1.