Maine § 13-C §856 Determination and authorization of indemnification

Maine Statutes

§ 13-C §856 — Determination and authorization of indemnification

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 8 DIRECTORS AND OFFICERS

1.Prerequisites to indemnity. A corporation may not indemnify a director under section 852, subsection 1 unless authorized for a specific proceeding after a determination has been made that indemnification of the director is permissible because the director has met the relevant standard of conduct set forth in section 852.

2.Determination of permissibility. A determination under subsection 1 that indemnification is permissible must be made:

3.Authorization process. Authorization of indemnification must be made in the same manner as the determination that indemnification is permissible, except that if there are fewer than 2 qualified directors or if the determination is made by special legal counsel, authorization of indemnification must be made by those entitled to select special legal

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1.
Prerequisites to indemnity.
A corporation may not indemnify a director under section 852, subsection 1 unless authorized for a specific proceeding after a determination has been made that indemnification of the director is permissible because the director has met the relevant standard of conduct set forth in section 852.
2.
Determination of permissibility.
A determination under subsection 1 that indemnification is permissible must be made:
3.
Authorization process.
Authorization of indemnification must be made in the same manner as the determination that indemnification is permissible, except that if there are fewer than 2 qualified directors or if the determination is made by special legal counsel, authorization of indemnification must be made by those entitled to select special legal counsel under subsection 2, paragraph B, subparagraph (2).

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