Unless limited by its articles of incorporation, a telephone cooperative 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 cooperative against reasonable expenses incurred by him in connection with the proceeding.
S.C. Code Ann. § 33-46-530
Indemnification of expenses of successful director's defense or proceeding
Known as the Telephone Cooperative Act
The act spans §§ 33-46-10 to 33-46-90 (51 sections).
1994 Act No. 392, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.