Washington Code 24.03A.630 – Indemnification and advance for expenses
Current as of: 2023 | Check for updates
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The provisions of RCW 23B.08.500 through 23B.08.603, or their successors, apply to any corporation to which this chapter applies. For purposes of this chapter:
Terms Used In Washington Code 24.03A.630
- 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.
(1) All references in those provisions to shares of a corporation are deemed to refer to membership interests in the nonprofit corporation.
(2) All references in those provisions to shareholders are deemed to refer to members of the nonprofit corporation.
(3) All references in those provisions to a shareholders meeting are deemed to refer to a meeting of the members of the nonprofit corporation.
(4) All references in those provisions to transactions from which directors or officers will personally receive a benefit to which they are not entitled are deemed to include transactions approved or implemented by a director or officer knowing them to be in violation of RCW 24.03A.155.
(5) This section does not limit a nonprofit corporation’s power to indemnify, advance expenses to, or provide or maintain insurance on behalf of an employee, agent, or volunteer.
NOTES:
Effective date—2021 c 176: See note following RCW 24.03A.005.