Wyoming § 17-29-408 Indemnification and insurance

Wyoming Statutes

§ 17-29-408 — Indemnification and insurance

Wyoming·Title 17 Corporations, Partnerships and Associations·Ch. 29 WYOMING LIMITED LIABILITY COMPANY ACT·Art. 4 RELATIONS OF MEMBERS TO EACH OTHER AND TO THE

(a)A limited liability company shall reimburse for any payment made and indemnify for any debt, obligation or other liability incurred by a member of a member-managed company or the manager of a manager-managed company in the course of the member's or manager's activities on behalf of the company, if, in making the payment or incurring the debt, obligation or other liability, the member or manager complied with the duties stated in W.S. 17-29-405 and 17-29-409.

(b)A limited liability company may purchase and maintain insurance on behalf of a member or manager of the company against liability asserted against or incurred by the member or manager in that capacity or arising from that status.

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(a) A limited liability company shall reimburse for any
payment made and indemnify for any debt, obligation or other
liability incurred by a member of a member-managed company or
the manager of a manager-managed company in the course of the
member's or manager's activities on behalf of the company, if,
in making the payment or incurring the debt, obligation or other
liability, the member or manager complied with the duties stated
in W.S. 17-29-405 and 17-29-409.
(b) A limited liability company may purchase and maintain
insurance on behalf of a member or manager of the company
against liability asserted against or incurred by the member or
manager in that capacity or arising from that status.

Wyoming § 17-29-408 (Indemnification and insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.