A nonprofit corporation may provide in its certificate of incorporation or bylaws that the nonprofit corporation 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 was a director of the nonprofit corporation against expenses incurred by the director in connection with the proceeding.
Ala. Code § 10A-3A-8.52
Permitted Mandatory Indemnification.
Known as the Alabama Business and Nonprofit Entity Code
The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).
(Act 2023-503, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.