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2021 Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 9 - Indemnification
§ 903. Mandatory indemnification
Universal Citation:
11 VT Stats § 903 (2021)
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§ 903. Mandatory indemnification
Unless limited by its articles of organization, an enterprise shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the enterprise against reasonable expenses incurred by the director in connection with the proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
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