South Carolina § 33-8-560 Indemnification of officers, employees, and agents.

South Carolina Statutes

§ 33-8-560 — Indemnification of officers, employees, and agents.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 8 DIRECTORS AND OFFICERS

Unless a corporation's articles of incorporation provide otherwise:

(1)an officer of the corporation who is not a director is entitled to mandatory indemnification under Section 33-8-520, and is entitled to apply for court-ordered indemnification under Section 33-8-540, in each case to the same extent as a director;

(2)the corporation may indemnify and advance expenses under this subchapter to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and (3) a corporation also may indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract

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Unless a corporation's articles of incorporation provide otherwise: (1) an officer of the corporation who is not a director is entitled to mandatory indemnification under Section 33-8-520, and is entitled to apply for court-ordered indemnification under Section 33-8-540, in each case to the same extent as a director; (2) the corporation may indemnify and advance expenses under this subchapter to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and (3) a corporation also may indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.

South Carolina § 33-8-560 (Indemnification of officers, employees, and agents.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Derived from 1976 Code SECTION 33-13-180 [1962 Code SECTION 12-18-18; 1962 (52) 1996; 1973 (58) 381; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2], and SECTION 33-13-190 [1962 Code SECTION 12-18.19; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444 SECTION 2]; 1988 Act No. 444, SECTION 2.