Ky. Rev. Stat. § 271B.8-560

Current through Acts Received April 24, 2024

Section 271B.8-560 - Indemnification of officers, employees, and agents

Unless a corporation's articles of incorporation provide otherwise:

(1) An officer of the corporation who is not a director shall be entitled to mandatory indemnification under KRS 271B.8-520, and is entitled to apply for court-ordered indemnification under KRS 271B.8-540, in each case to the same extent as a director;

(2) The corporation may indemnify and advance expenses under KRS 271B.8-500 to 271B.8-580 to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and

(3) A corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.

KRS 271B.8-560

Effective:1/1/1989
Created 1988 Ky. Acts ch. 23, sec. 100, effective1/1/1989.