Source: https://law.justia.com/codes/vermont/2011/title11b/chapter8/section51/
Timestamp: 2020-02-24 20:13:54
Document Index: 521250622

Matched Legal Cases: ['§ 8', '§ 51', '§ 51', '§ 51', '§ 8', '§ 8', '§ 1']

11B VT Stats § 8.51. :: § 51 Authority to indemnify :: 2011 Vermont Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Vermont Code 2011 Vermont Code Title 11B Nonprofit Corporations Chapter 8 DIRECTORS AND OFFICERS § 51 Authority to indemnify
§ 51 Authority to indemnify
11B VT Stats § 8.51. (2011 through Adj Sess) What's This?
§ 8.51. Authority to indemnify
(A) in the case of conduct in his or her official capacity with the corporation, that the director's conduct was in its best interests; and
(B) in all other cases, that his or her conduct was not in opposition to the corporation's best interests; and
(3) in the case of any proceeding brought by a governmental entity, the director had no reasonable cause to believe his or her conduct was unlawful, and the director is not finally found to have engaged in a reckless or intentional criminal act.
(b) A director's conduct with respect to an employee benefit plan for a purpose the director reasonably believed to be in the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirements of subdivision (a)(2)(B) of this section.
(e) Indemnification permitted under this section in connection with a proceeding by or in the right of the corporation is limited to reasonable expenses incurred in connection with the proceeding. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)