17-7670. Indemnification.
17-7670
17-7670. Indemnification.
(a) Subject to such standards and restrictions, if any, as
are
set forth in its operating
agreement, a limited liability company may, and shall have the power to,
indemnify and hold
harmless any member or manager or other person from and against any and all
claims and demands
whatsoever.
(b) To the extent that a member, manager, officer, employee or agent has been
successful
on the merits or otherwise or the defenses of any action, suits or proceeding,
or in defense of any
issue or matter therein, such director, officer, employee or agent shall be
indemnified against
expenses actually and reasonably incurred by such person in connection
therewith, including
attorney fees.
History: L. 1999, ch. 119, § 9; Jan. 1, 2000.