Mandatory indemnification.

A cooperative shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the cooperative. 98 Acts, ch 1152, §22, 69 ; 2003 Acts, ch 66, §18 Referred to in §501.414 , 501.415 , 501.417 , 501.712