2018 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 9 - Indemnification
§ 909 Application of article
§ 909. Application of article
(a) A provision treating an enterprise's indemnification of or advance for expenses to directors that is contained in its articles of organization, bylaws, a resolution of its members or board of directors, or in a contract or otherwise is valid only if and to the extent the provision is consistent with this article. If articles of organization limit indemnification or advance for expenses, indemnification and advance for expenses are valid only to the extent consistent with the articles.
(b) This article does not limit an enterprise's power to pay or reimburse expenses incurred by a director in connection with the director's appearance as a witness in a proceeding at a time when the director has not been made a named defendant or respondent to the proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
