48-58-503 - Mandatory indemnification.
48-58-503. Mandatory indemnification.
Unless limited by its charter, a corporation shall indemnify a director who is wholly successful, on the merits or otherwise, or who is immune from suit under the provisions of § 48-58-601, in the defense of any proceeding to which the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding.
[Acts 1987, ch. 242, § 8.52.]