Section 450.1564c - Application for indemnification to court; determination.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1564c Application for indemnification to court; determination.
Sec. 564c.
A director, officer, employee, or agent of the corporation who is a party or threatened to be made a party to an action, suit, or 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 it considers necessary may order indemnification if it determines that the person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not he or she met the applicable standard of conduct set forth in sections 561 and 562 or was adjudged liable as described in section 562, but if he or she was adjudged liable, his or her indemnification is limited to reasonable expenses incurred.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989