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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. § 8.56)
  • § 8.56. Indemnification of officers, employees, and agents

    Unless limited by a corporation's articles of incorporation:

    (1) an officer of the corporation who is not a director is entitled to mandatory indemnification under section 8.52 of this title, and is entitled to apply for court-ordered indemnification under section 8.54 of this title, in each case to the same extent as a director;

    (2) the corporation may indemnify and advance expenses under this subchapter to an officer, employee, or agent of the corporation who is not a director to the same extent as a director; and

    (3) a corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)