Laws Lawyers Find Laws Legal Forms State Laws Bills

WISCONSIN STATUTES AND CODES

181.0872 Mandatory indemnification.

Listen
181.0872181.0872Mandatory indemnification.181.0872(1)(1)In general.A corporation shall indemnify a director or officer, to the extent that he or she has been successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding if the director or officer was a party because he or she is a director or officer of the corporation. 181.0872(2)(2)Exceptions.181.0872(2)(a)(a) In cases not included under sub. (1), a corporation shall indemnify a director or officer against liability incurred by the director or officer in a proceeding to which the director or officer was a party because he or she is a director or officer of the corporation, unless liability was incurred because the director or officer breached or failed to perform a duty that he or she owes to the corporation and the breach or failure to perform constitutes any of the following: 181.0872(2)(a)1.1. A willful failure to deal fairly with the corporation or its members in connection with a matter in which the director or officer has a material conflict of interest. 181.0872(2)(a)2.2. A violation of the criminal law, unless the director or officer had reasonable cause to believe that his or her conduct was lawful or no reasonable cause to believe that his or her conduct was unlawful. 181.0872(2)(a)3.3. A transaction from which the director or officer derived an improper personal profit or benefit. 181.0872(2)(a)4.4. Willful misconduct. 181.0872(2)(b)(b) Determination of whether indemnification is required under this subsection shall be made under s. 181.0873. 181.0872(2)(c)(c) The termination of a proceeding by judgment, order, settlement or conviction, or upon a plea of no contest or an equivalent plea, does not, by itself, create a presumption that indemnification of the director or officer is not required under this subsection. 181.0872(3)(3)Written request required.A director or officer who seeks indemnification under this section shall make a written request to the corporation. 181.0872(4)(4)Limitation by articles of incorporation.181.0872(4)(a)(a) Indemnification under this section is not required to the extent limited by the articles of incorporation under s. 181.0875. 181.0872(4)(b)(b) Indemnification under this section is not required if the director or officer has previously received indemnification, reimbursement or allowance of expenses from any person, including the corporation, in connection with the same proceeding. 181.0872 - ANNOT.History: 1997 a. 79.
Loading...
  • Play
  • Pause
  • Volume:
  • Mute
  • Half
  • Max
  • 181.0872

    181.0872 Mandatory indemnification.

    181.0872(1)

    (1) In general. A corporation shall indemnify a director or officer, to the extent that he or she has been successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding if the director or officer was a party because he or she is a director or officer of the corporation.

    181.0872(2)

    (2) Exceptions.

    181.0872(2)(a)

    (a) In cases not included under sub. (1), a corporation shall indemnify a director or officer against liability incurred by the director or officer in a proceeding to which the director or officer was a party because he or she is a director or officer of the corporation, unless liability was incurred because the director or officer breached or failed to perform a duty that he or she owes to the corporation and the breach or failure to perform constitutes any of the following:

    181.0872(2)(a)1.

    1. A willful failure to deal fairly with the corporation or its members in connection with a matter in which the director or officer has a material conflict of interest.

    181.0872(2)(a)2.

    2. A violation of the criminal law, unless the director or officer had reasonable cause to believe that his or her conduct was lawful or no reasonable cause to believe that his or her conduct was unlawful.

    181.0872(2)(a)3.

    3. A transaction from which the director or officer derived an improper personal profit or benefit.

    181.0872(2)(a)4.

    4. Willful misconduct.

    181.0872(2)(b)

    (b) Determination of whether indemnification is required under this subsection shall be made under s. 181.0873.

    181.0872(2)(c)

    (c) The termination of a proceeding by judgment, order, settlement or conviction, or upon a plea of no contest or an equivalent plea, does not, by itself, create a presumption that indemnification of the director or officer is not required under this subsection.

    181.0872(3)

    (3) Written request required. A director or officer who seeks indemnification under this section shall make a written request to the corporation.

    181.0872(4)

    (4) Limitation by articles of incorporation.

    181.0872(4)(a)

    (a) Indemnification under this section is not required to the extent limited by the articles of incorporation under s. 181.0875.

    181.0872(4)(b)

    (b) Indemnification under this section is not required if the director or officer has previously received indemnification, reimbursement or allowance of expenses from any person, including the corporation, in connection with the same proceeding.

    181.0872 - ANNOT.

    History: 1997 a. 79.

    Wisconsin Forms by Issue

    Wisconsin Law

    Wisconsin State Laws
        > Wisconsin Child Support
        > Wisconsin Gun Laws
        > Wisconsin Statutes
    Wisconsin Tax
        > Wisconsin State Tax
    Wisconsin Labor Laws
        > Job Center of Wisconsin
        > Unemployment Wisconsin
        > Wisconsin Job Search
        > Wisconsin Jobs
        > Wisconsin Unemployment Claim
    Wisconsin Court
        > Wisconsin Circuit Court Access
        > Wisconsin Court Access
    Wisconsin State
        > Wisconsin State Parks
    Wisconsin Agencies
        > Wisconsin Department of Public Instruction
        > Wisconsin Department of Regulation and Licensing
        > Wisconsin Department of Revenue
        > Wisconsin Department of Transportation
        > Wisconsin DMV
        > Wisconsin Sex Offenders Registry

    Wisconsin Court Map

    Tips