There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 8 Directors and Officers
271B.8.530 Advance for expenses.
Download pdfproceeding if:
(a) The director furnishes the corporation a written affirmation of his good faith belief that he has met the standard of conduct described in KRS 271B.8-510; (b) The director furnishes the corporation a written undertaking, executed personally or on his behalf, to repay the advance if it is ultimately determined
that he did not meet the standard of conduct; and (c) A determination is made that the facts then known to those making the determination would not preclude indemnification under KRS 271B.8-500 to
271B.8-580. (2) The undertaking required by subsection (1)(b) of this section shall be an unlimited general obligation of the director but shall not be required to be secured and may be
accepted without reference to financial ability to make repayment. (3) Determinations and authorizations of payments under this section shall be made in the manner specified in KRS 271B.8-550. Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 97, effective January 1, 1989.
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