§ 721 — Nonexclusivity of statutory provisions for indemnification of directors and officers

New York § 721

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 7: Directors and Officers

Text

§ 721. Nonexclusivity of statutory provisions for indemnification of\n directors and officers.\n The indemnification and advancement of expenses granted pursuant to,\nor provided by, this article shall not be deemed exclusive of any other\nrights to which a director or officer seeking indemnification or\nadvancement of expenses may be entitled, whether contained in the\ncertificate of incorporation or the by-laws or, when authorized by such\ncertificate of incorporation or by-laws, (i) a resolution of\nshareholders, (ii) a resolution of directors, or (iii) an agreement\nproviding for such indemnification, provided that no indemnification may\nbe made to or on behalf of any director or officer if a judgment or\nother final adjudication adverse to the director or officer establishes\nthat his acts were committed in bad faith or were the result of active\nand deliberate dishonesty and were material to the cause of action so\nadjudicated, or that he personally gained in fact a financial profit or\nother advantage to which he was not legally entitled. Nothing contained\nin this article shall affect any rights to indemnification to which\ncorporate personnel other than directors and officers may be entitled by\ncontract or otherwise under law.\n