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Ind. Code § 23-1-37-13

Officers, employees, and agents; indemnification and advance of expenses

Known as the Indiana Business Corporation Law

The act spans §§ 23-1-17-1 to 23-1-55-3 (253 sections).

Applied in 1 court decision — leading case J.P. Morgan Chase Bank, N.A. v. McDonald (2014)

Most recently applied in J.P. Morgan Chase Bank, N.A. v. McDonald (July 2014)

As added by P.L.149-1986, SEC.21.

Sec. 13. Unless a corporation's articles of incorporation provide otherwise:

(1) an officer of the corporation, whether or not a director, is entitled to mandatory indemnification under section 9 of this chapter, and is entitled to apply for court-ordered indemnification under section 11 of this chapter, in each case to the same extent as a director;

(2) the corporation may indemnify and advance expenses under this chapter to an officer, employee, or agent of the corporation, whether or not a director, to the same extent as to a director; and

(3) a corporation may also indemnify and advance expenses to an officer, employee, or agent, whether or not a director, to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.