Unless limited by its articles of incorporation, a nonprofit corporation shall indemnify a person who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the person was a party because the person is or was a director, against reasonable expenses incurred by the person in connection with the proceeding.
Source: L. 97: Entire article added, p. 703, § 3, effective July 1, 1998.
Structure Colorado Code
Title 7 - Corporations and Associations
§ 7-129-101. Indemnification Definitions
§ 7-129-102. Authority to Indemnify Directors
§ 7-129-103. Mandatory Indemnification of Directors
§ 7-129-104. Advance of Expenses to Directors
§ 7-129-105. Court-Ordered Indemnification of Directors
§ 7-129-106. Determination and Authorization of Indemnification of Directors
§ 7-129-107. Indemnification of Officers, Employees, Fiduciaries, and Agents
§ 7-129-109. Limitation of Indemnification of Directors
§ 7-129-110. Notice to Voting Members of Indemnification of Director