2016 California Code
Corporations Code - CORP
TITLE 4 - SECURITIES
DIVISION 1 - CORPORATE SECURITIES LAW OF 968
PART 6 - ENFORCEMENT
CHAPTER 1 - Civil Liability
Section 25505.
25505. A corporation which is liable under this chapter shall have a right of indemnification against any of its principal executive officers, directors, and controlling persons whose willful violation of any provision of this law gave rise to such liability. All persons liable under this chapter shall have a right of contribution against all other persons similarly liable, based upon each person s proportionate share of the total liability, except that no person whose willful violation of any provision of this law has given rise to any liability shall have any right of contribution against any other person guilty merely of a negligent violation, and except that no principal executive officer, director, or controlling person whose willful violation has given rise to any liability shall have any right of contribution against the corporation to which he sustains that relationship.
(Repealed and added by Stats. 1968, Ch. 88.)
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