South Carolina Code 33-8-560. Indemnification of officers, employees, and agents
Current as of: 2023 | Check for updates
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Unless a corporation‘s articles of incorporation provide otherwise:
(1) an officer of the corporation who is not a director is entitled to mandatory indemnification under § 33-8-520, and is entitled to apply for court-ordered indemnification under § 33-8-540, in each case to the same extent as a director;
Terms Used In South Carolina Code 33-8-560
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
(2) the corporation may indemnify and advance expenses under this subchapter to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and
(3) a corporation also may indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.