Ala. Code § 10A-3A-8.57

Current through the 2024 Regular Session.
Section 10A-3A-8.57 - Insurance

A nonprofit corporation may purchase and maintain insurance on behalf of an individual who is a director or officer of the nonprofit corporation, or who, while a director or officer of the nonprofit corporation, serves at the nonprofit corporation's request as a director, officer, partner, trustee, employee, or agent of another corporation or foreign corporation or a joint venture, trust, employee benefit plan, or other entity, against liability asserted against or incurred by the individual in that capacity or arising from the individual's status as a director or officer, regardless of whether the nonprofit corporation would have power to indemnify or advance expenses to the individual against the same liability under this Division E of this Article 8.

Ala. Code § 10A-3A-8.57 (1975)

Added by Act 2023-503,§ 1, eff. 1/1/2024.