2018 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 9 - Indemnification
§ 905 Court-ordered indemnification
§ 905. Court-ordered indemnification
A director of the enterprise 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 section 903 of this title, in which case the court shall also order the enterprise 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 the director met the standard of conduct set forth in section 902 of this title or was adjudged liable as described in subsection 902(d), of this title but if the director was adjudged so liable the director's indemnification is limited to reasonable expenses incurred. (Added 2011, No. 84 (Adj. Sess.), § 1; eff. April 20, 2012.)
