A corporation may purchase and maintain insurance on behalf of an individual who is a director, officer, employee, or agent of the corporation or who, while a director, officer, employee, or agent of the corporation, serves at the corporation’s request as a director, officer, partner, trustee, employee, or agent of another domestic or foreign business or nonprofit corporation, partnership, joint venture, trust, employee benefit plan, or other entity against liability asserted against or incurred by the individual in that capacity or arising from the individual’s status as a director, officer, employee, or agent, whether or not the corporation would have power to indemnify or advance expenses to the individual against the same liability under this part.
History. Code 1981, § 14-3-857 , enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 1997, p. 1165, § 14.
Structure Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 3 - Nonprofit Corporations
Article 8 - Directors and Officers
§ 14-3-851. Authority to Indemnify Director Involved in Legal Proceeding
§ 14-3-852. Indemnification for Reasonable Expenses of Successful Defense
§ 14-3-853. Advance or Reimbursement of Litigation Expenses
§ 14-3-854. Court Ordered Indemnification and Payment of Expenses
§ 14-3-855. Determination of Right and Authorization for Payment of Indemnification Required
§ 14-3-856. Indemnification of Officers, Employees, and Agents