Unless the banking institution’s articles of incorporation provide otherwise, a director of the banking institution who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court, after giving any notice the court considers necessary, may order indemnification if it determines:
(1) The director is entitled to mandatory indemnification under ORS 707.748, in which case the court shall also order the banking institution to pay the director’s reasonable expenses incurred to obtain court-ordered indemnification; or
(2) The director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard of conduct set forth in ORS 707.746 or was adjudged liable as described in ORS 707.746 (4), whether the liability is based on a judgment, settlement or proposed settlement or otherwise. [1989 c.324 §21; 1997 c.631 §110]
Section: Previous 707.740 707.744 707.746 707.748 707.749 707.750 707.752 707.754 707.755 707.756 707.758 707.760 707.762 707.764 707.849 NextLast modified: August 7, 2008