A corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because he or she was a director of the corporation against expenses incurred by the director in connection with the proceeding.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 2A - Alabama Business Corporation Law.
Article 8 - Directors and Officers.
Division E - Indemnification and Advance for Expenses.
Section 10A-2A-8.50 - Division Definitions.
Section 10A-2A-8.51 - Permissible Indemnification.
Section 10A-2A-8.52 - Mandatory Indemnification.
Section 10A-2A-8.53 - Advance for Expenses.
Section 10A-2A-8.54 - Court-Ordered Indemnification and Advance for Expenses.
Section 10A-2A-8.55 - Determination and Authorization of Indemnification.
Section 10A-2A-8.56 - Indemnification of Officers.
Section 10A-2A-8.57 - Insurance.
Section 10A-2A-8.58 - Variation by Corporate Action; Application of Division.