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.
S.C. Code Ann. § 33-8-520
Mandatory indemnification
Derived from 1976 Code SECTION 33-13-180 [1962 Code SECTION 12-18.18; 1962 (52) 1996; 1973 (58) 381; 1981 Act No. 146, SECTION 2; Repealed, 1988 AJ No. 444, SECTION 2], and SECT…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.