There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 8 Directors and Officers
271B.8.540 Court-ordered indemnification.
Download pdfcorporation who is a party to a proceeding may apply for indemnification to the court
conducting the proceeding or to another court of competent jurisdiction. On receipt of an
application, the court after giving any notice the court considers necessary may order
indemnification if it determines:
(1) The director is entitled to mandatory indemnification under KRS 271B.8-520, in which case the court shall also order the corporation to pay the director's reasonable
expenses incurred to obtain court-ordered indemnification; or (2) The director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not he met the standard of conduct set forth in
KRS 271B.8-510 or was adjudged liable as described in subsection (4) of KRS
271B.8-510, but if he was adjudged so liable his indemnification shall be limited to
reasonable expenses incurred. Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 98, effective January 1, 1989.
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