REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
A corporation shall indemnify a director who was successful, on the merits or otherwise, in the defense of any proceeding, or of any claim, issue or matter in the proceeding, where he or she was a party because he or she is or was a director of the corporation, against reasonable expenses incurred in connection therewith, notwithstanding that he or she was not successful on any other claim, issue or matter in any proceeding.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 2 - Business Corporations.
Article 8 - Directors and Officers.
Section 10A-2-8.50 - Definitions.
Section 10A-2-8.51 - Authority to Indemnify.
Section 10A-2-8.52 - Mandatory Indemnification.
Section 10A-2-8.53 - Advance for Expenses.
Section 10A-2-8.54 - Court-Ordered Indemnification.
Section 10A-2-8.55 - Determination and Authorization of Indemnification.
Section 10A-2-8.56 - Indemnification of Officers, Employees, and Agents.
Section 10A-2-8.57 - Insurance.
Section 10A-2-8.58 - Application of Indemnification Provisions.