Virginia § 13.1-702 Advance for expenses and indemnification for officers

Virginia Statutes

§ 13.1-702 — Advance for expenses and indemnification for officers

Virginia § 13.1-702

Title 13.1Corporations

Ch. 9Virginia Stock Corporation Act

Art. 10Indemnification

This text of Virginia § 13.1-702 (Advance for expenses and indemnification for officers) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 13.1-702 (2026).

Text

Unless limited by a corporation's articles of incorporation:

1.An officer of the corporation who is a party to a proceeding because he is an officer is entitled to mandatory indemnification under § 13.1-698 and is entitled to apply for court-ordered advance or reimbursement of expenses and indemnification under § 13.1-700.1, in each case to the same extent as a director; and

2.The corporation may indemnify and advance expenses under this article to an officer who is a party to a proceeding because the individual is an officer to the same extent as to a director.

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Unless limited by a corporation's articles of incorporation:

1. An officer of the corporation who is a party to a proceeding because he is an officer is entitled to mandatory indemnification under § 13.1-698 and is entitled to apply for court-ordered advance or reimbursement of expenses and indemnification under § 13.1-700.1, in each case to the same extent as a director; and

2. The corporation may indemnify and advance expenses under this article to an officer who is a party to a proceeding because the individual is an officer to the same extent as to a director.