The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 11C V.S.A. § 904)
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§ 904. Advance for expenses
(a) An enterprise may pay for or reimburse the reasonable expenses incurred by a director
who is a party to a proceeding in advance of final disposition of the proceeding if:
(1) the director furnishes the enterprise a written affirmation of his or her good faith
belief that the director has met the standard of conduct described in section 902 of this title;
(2) the director furnishes the enterprise a written undertaking, executed personally or
on the director’s behalf, to repay the advance if it is ultimately determined that
the director did not meet the standard of conduct; and
(3) a determination is made that the facts then known to those making the determination
would not preclude indemnification under this article.
(b) The undertaking required by subdivision (a)(2) of this section shall be an unlimited
general obligation of the director but need not be secured and may be accepted without
reference to financial ability to make repayment.
(c) Determinations and authorizations of payments under this section shall be made in
the manner specified in section 906 of this title. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)