Unless limited by its articles of incorporation, a 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 he or she is or was a director of the corporation against reasonable expenses actually incurred by the director in connection with the proceeding.
Ark. Code Ann. § 4-33-852
Mandatory indemnification
Known as the Arkansas Nonprofit Corporation Act
The act spans §§ 4–4 (189 sections).
Acts 1993, No. 1147, § 852.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.