2021 Colorado Code
Title 7 - Corporations and Associations
Article 129 - Indemnification
§ 7-129-107. Indemnification of Officers, Employees, Fiduciaries, and Agents

1. Unless otherwise provided in the articles of incorporation:
   1. An officer is entitled to mandatory indemnification under section 7-129-103, and is entitled to apply for court-ordered indemnification under section 7-129-105, in each case to the same extent as a director;
   2. A nonprofit corporation may indemnify and advance expenses to an officer, employee, fiduciary, or agent of the nonprofit corporation to the same extent as to a director; and
   3. A nonprofit corporation may also indemnify and advance expenses to an officer, employee, fiduciary, or agent who is not a director to a greater extent, if not inconsistent with public policy, and if provided for by its bylaws, general or specific action of its board of directors or voting members, or contract.

History. Source: L. 97: Entire article added, p. 705, § 3, effective July 1, 1998.