Pennsylvania § 5743 Mandatory indemnification

Pennsylvania Statutes

§ 5743 — Mandatory indemnification

Pennsylvania·Title 15 CORPORATIONS AND UNINCORPORATED ASSOCIATIONS·Part PART II·Ch. 57 OFFICERS, DIRECTORS AND MEMBERS·Subch. INDEMNIFICATION

(a)General rule.--To the extent that a present or former director or officer of a nonprofit corporation has been successful on the merits or otherwise in defense of any action or proceeding referred to in section 5741 (relating to third-party actions) or 5742 (relating to derivative and corporate actions) or in defense of any claim, issue or matter therein, the director or officer shall be indemnified against expenses (including attorney fees) actually and reasonably incurred by the director or officer in connection therewith.

(b)Prospective application.--The limitation of the scope of subsection (a) to a present or former director or officer applies only to acts occurring after January 3, 2023.

(c)Cross reference.--See section 6145 (relating to applicability of certain safeguards to

Free access — add to your briefcase to read the full text and ask questions with AI

(a) General rule.--To the extent that a present or former director or officer of a nonprofit corporation has been successful on the merits or otherwise in defense of any action or proceeding referred to in section 5741 (relating to third-party actions) or 5742 (relating to derivative and corporate actions) or in defense of any claim, issue or matter therein, the director or officer shall be indemnified against expenses (including attorney fees) actually and reasonably incurred by the director or officer in connection therewith.

(b) Prospective application.--The limitation of the scope of subsection (a) to a present or former director or officer applies only to acts occurring after January 3, 2023.

(c) Cross reference.--See section 6145 (relating to applicability of certain safeguards to foreign corporations).

Pennsylvania § 5743 (Mandatory indemnification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989; Dec. 19, 1990, P.L.834, No.198, eff. imd.; Dec. 18, 1992, P.L.1333, No.169, eff. 60 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days) Cross References.Section 5743 is referred to in sections 5782, 6145 of this title.