Expenses incurred by a director in defending a proceeding may be paid by the corporation in advance of the final disposition of such proceeding as authorized by the board of directors in the specific case or as authorized or required under any provision in the articles of incorporation or bylaws or by any applicable resolution or contract upon receipt of an undertaking by or on behalf of the director to repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the corporation against such expenses. (1989 (Reg. Sess., 1990), c. 1071, s. 1.)
Sections: Previous 58-65-145 58-65-150 58-65-155 58-65-165 58-65-166 58-65-167 58-65-168 58-65-169 58-65-170 58-65-171 58-65-172 58-65-173 58-65-174 58-66-1 58-66-5 Next
Last modified: March 23, 2014