Mandatory indemnification

11C V.S.A. ch. 009, § 903, under Article 009 : Indemnification.

11C V.S.A. ch. 009, § 903

§ 903. Mandatory indemnification

Unless limited by its articles of organization, an enterprise 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 enterprise against reasonable expenses incurred by the director in connection with the proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)