Unless limited by its articles of incorporation, a corporation shall indemnify an individual who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the individual was a party because the individual is or was a director, against reasonable expenses incurred by the individual in connection with the proceeding.
Source: L. 93: Entire article added, p. 791, § 1, effective July 1, 1994. L. 2004: Entire section amended, p. 1501, § 266, effective July 1. L. 2019: Entire section amended, (SB 19-086), ch. 166, p. 1938, § 39, effective July 1, 2020.
Structure Colorado Code
Title 7 - Corporations and Associations
§ 7-109-102. Authority to Indemnify Directors
§ 7-109-103. Mandatory Indemnification of Directors
§ 7-109-104. Advance of Expenses to Directors
§ 7-109-105. Court-Ordered Indemnification - Advance of Expenses
§ 7-109-106. Determination and Authorization of Indemnification of Directors
§ 7-109-107. Indemnification of Officers, Employees, Fiduciaries, and Agents
§ 7-109-109. Variation by Corporate Action
§ 7-109-110. Notice to Shareholders of Indemnification of Director