§ 48-18-501 — Part definitions

In this part: (1) "Corporation" includes any domestic or foreign predecessor entity of a corporation in a merger or other transaction in which the predecessor's existence ceased upon consummation of the transaction; (2) "Director" means an individual who is or was a director of a corporation, including individuals acting pursuant to § 48-18-101 , or an individual who, while a director of a corporation, is or was serving at the corporation's request as a director, officer, partner, trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise. A director is considered to be serving an employee benefit plan at the corporation's request if the director's duties to the corporation also impose duties on or otherwise involve services by the director to the plan or to participants in or beneficiaries of the plan. "Director" includes, unless the context requires otherwise, the estate or personal representative of a director; (3) "Expenses" includes counsel fees; (4) "Liability" means the obligation to pay a judgment, settlement, penalty, fine (including an excise tax assessed with respect to an employee benefit plan), or reasonable expenses incurred with respect to a proceeding; (5) (A) "Official capacity" means: (i) When used with respect to a director, the office of director in a corporation; and (ii) When used with respect to an individual other than a director, as contemplated in § 48-18-507 , the office in a corporation held by the officer or the employment or agency relationship undertaken by the employee or agent on behalf of the corporation; (B) "Official capacity" does not include service for any other foreign or domestic corporation or any partnership, joint venture, trust, employee benefit plan, or other enterprise; (6) "Party" includes an individual who was, is, or is threatened to be made a named defendant or respondent in a proceeding; and (7) "Proceeding" means any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal.

Legislative History

Acts 1986, ch. 887, § 8.50; 1987, ch. 273, § 32.