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The Vermont Statutes Online

 

Title 11B : Nonprofit Corporations

Chapter 008 : DIRECTORS AND OFFICERS

Subchapter 005 : INDEMNIFICATION

(Cite as: 11B V.S.A. § 8.52)
  • § 8.52. Mandatory indemnification

    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 the director was a party because he or she is or was a director of the corporation against reasonable expenses, reasonably incurred by the director in connection with the proceeding. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)