Indiana Code 23-17-16-13. Indemnification of officers, employees, and agents
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Sec. 13. Unless a corporation‘s articles of incorporation provide otherwise:
(A) mandatory indemnification under section 9 of this chapter; and
(1) an officer of the corporation, whether or not a director, is entitled to:
Terms Used In Indiana Code 23-17-16-13
- Contract: A legal written agreement that becomes binding when signed.
- corporation: includes a corporation organized under or governed by this chapter and a domestic or foreign predecessor entity of a corporation in a merger or other transaction in which the predecessor's existence ceased upon consummation of the transaction. See Indiana Code 23-17-16-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- director: means an individual who is or was a director of a corporation or an individual who, while a director of a corporation, is or was serving at the corporation's request as a director, an officer, a member, a manager, a partner, a trustee, an employee, or an agent of another foreign or domestic corporation, limited liability company, partnership, joint venture, trust, employee benefit plan, or other enterprise, whether for profit or not. See Indiana Code 23-17-16-2
- expenses: includes attorney's fees. See Indiana Code 23-17-16-3
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(B) apply for court ordered indemnification under section 11 of this chapter in each case;
to the same extent as a director;
(2) the corporation may indemnify and advance expenses under this chapter to an officer, employee, or agent of the corporation, whether or not a director, to the same extent as to a director; and
(3) a corporation may indemnify and advance expenses to an officer, employee, or agent, whether or not a director, to the extent and consistent with public policy that may be provided by articles of incorporation, bylaws, general or specific action of the corporation’s board of directors, or contract.
As added by P.L.179-1991, SEC.1.