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 he was a party because he is or was a director of the corporation against reasonable expenses incurred by him in connection with the proceeding.
KRS 271B.8-520
Mandatory indemnification
Known as the Kentucky Business Corporation Act
The act spans §§ 271B.10-010 to 271B.8-580 (197 sections).
Effective: January 1, 1989 History: Created 1988 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.