Sec. 9. Unless limited by articles of incorporation, a corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of a proceeding to which the director was a party, because the director is or was a director of the corporation, against reasonable expenses actually incurred by the director in connection with the proceeding.
Ind. Code § 23-17-16-9
Director wholly successful in defense of proceeding
Known as the Indiana Nonprofit Corporation Act
The act spans §§ 23-17-10-1 to 23-17-9-2 (200 sections).
Applied in 1 court decision — leading case Castlewood Property Owners Ass'n, Inc. v. Trepton (1999)
Most recently applied in Castlewood Property Owners Ass'n, Inc. v. Trepton (November 1999)
As added by P.L.179-1991, SEC.1.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.