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.
N.C. Gen. Stat. § 55-8-52
Mandatory indemnification
Applied in 2 court decisions — leading case Adelphia Communications Corp. v. Rigas (In Re Adelphia Communications Corp.) (2005)
Most recently applied in Wheeler v. Wheeler (November 2018)
1955, c. 1371, s. 1; 1969, c. 797, ss. 2, 3; 1973, c. 469, s. 6; 1985 (Reg
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.