2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.854 - COURT-ORDERED INDEMNIFICATION.

        490.854  COURT-ORDERED INDEMNIFICATION.
         1.  A director who is a party to a proceeding because the person
      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 do
      one of the following:
         a.  Order indemnification if the court determines that the
      director is entitled to mandatory indemnification under section
      490.852.
         b.  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 section
      490.858, subsection 1.
         c.  Order indemnification or advance for expenses if the court
      determines, in view of all the relevant circumstances, that it is
      fair and reasonable to do one of the following:
         (1)  To indemnify the director.
         (2)  To advance expenses to the director, even if the director has
      not met the relevant standard of conduct set forth in section
      490.851, subsection 1, failed to comply with section 490.853 or was
      adjudged liable in a proceeding referred to in subsection 490.851,
      subsection 4, paragraph "a" or "b", but if the director was
      adjudged so liable the director's indemnification shall be limited to
      reasonable expenses incurred in connection with the proceeding.
         2.  If the court determines that the director is entitled to
      indemnification under subsection 1, paragraph "a", or to
      indemnification or advance for expenses under subsection 1, paragraph
      "b", it shall also order the corporation to pay the director's
      reasonable expenses incurred in connection with obtaining
      court-ordered indemnification or advance for expenses.  If the court
      determines that the director is entitled to indemnification or
      advance for expenses under subsection 1, paragraph "c", it may
      also order the corporation to pay the director's reasonable expenses
      to obtain court-ordered indemnification or advance for expenses.  

         89 Acts, ch 288, §102; 2002 Acts, ch 1154, §48, 125
         Referred to in § 490.851, 490.853, 490.856, 491.3, 491.16, 497.34,
      498.36, 499.59A, 508C.16, 524.801, 534.605, 534.607