Unless limited by its articles of incorporation, a corporation shall indemnify a director who entirely prevails 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.
Va. Code Ann. § 13.1-877
Mandatory indemnification
Known as the Virginia Nonstock Corporation Act
The act spans §§ 13–13 (183 sections).
Applied in 1 court decision — leading case Turner v. Yeatras (1999)
Most recently applied in Turner v. Yeatras (July 1999)
Code 1950, § 13.1-205.1; 1968, c. 689; 1975, c. 500; 1981, c. 57; 1985, c. 522.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.