Sec. 9. 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 the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding.
Ind. Code § 23-1-37-9
Mandatory indemnification of director against 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 HAAG TRUCKING CO., INC. v. Haag (2008)
Most recently applied in HAAG TRUCKING CO., INC. v. Haag (November 2008)
As added by P.L.149-1986, SEC.21.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.