Permissive Indemnification, Advancement of Expenses, and Insurance Or Other Arrangements

Sec. 101.402. PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF EXPENSES, AND INSURANCE OR OTHER ARRANGEMENTS. (a) A limited liability company may: (1) indemnify a person; (2) pay in advance or reimburse expenses incurred by a person; and (3) purchase or procure or establish and maintain insurance or another arrangement to indemnify or hold harmless a person. (b) In this section, "person" includes a member, manager, or officer of a limited liability company or an assignee of a membership interest in the company. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. SUBCHAPTER J. DERIVATIVE PROCEEDINGS