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. § 909)
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§ 909. Application of article
(a) A provision treating an enterprise’s indemnification of or advance for expenses to
directors that is contained in its articles of organization, bylaws, a resolution
of its members or board of directors, or in a contract or otherwise is valid only
if and to the extent the provision is consistent with this article. If articles of
organization limit indemnification or advance for expenses, indemnification and advance
for expenses are valid only to the extent consistent with the articles.
(b) This article does not limit an enterprise’s power to pay or reimburse expenses incurred
by a director in connection with the director’s appearance as a witness in a proceeding
at a time when the director has not been made a named defendant or respondent to the
proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)