2005 Connecticut Code - Sec. 33-1120. Court-ordered indemnification and advance for expenses.
Sec. 33-1120. Court-ordered indemnification and advance for expenses. (a) A
director who is a party to a proceeding because he is a director may apply for indemnification or an advance for expenses to the court conducting the proceeding or to another
court of competent jurisdiction. After receipt of an application and after giving any
notice it considers necessary, the court shall: (1) Order indemnification if it determines
that the director is entitled to mandatory indemnification under section 33-1118; (2)
order indemnification or advance for expenses if the court determines that the director
is entitled to indemnification or advance for expenses pursuant to a provision authorized
by subsection (a) of section 33-1124; or (3) order indemnification or advance for expenses if the court determines, in view of all the relevant circumstances, that it is fair
and reasonable (A) to indemnify the director or (B) to advance expenses to the director,
even if he has not met the relevant standard of conduct set forth in subsection (a) of
section 33-1117, failed to comply with section 33-1119 or was adjudged liable in a
proceeding referred to in subdivision (1) or (2) of subsection (d) of section 33-1117,
provided if he was adjudged so liable his indemnification shall be limited to reasonable
expenses incurred in connection with the proceeding.
(P.A. 96-256, S. 88, 209; P.A. 97-246, S. 58, 99.)
History: P.A. 96-256 effective January 1, 1997; P.A. 97-246 substantially revised section, including requiring, rather than authorizing, the court to order indemnification if it determines the director is so entitled and making section applicable to applications for an advance for expenses, effective June 27, 1997.
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