State Codes and Statutes

Statutes > New-york > Bnk > Article-16 > 9008

§ 9008.  Indemnification  of  directors  and  officers  by a court. 1.  Notwithstanding the failure of a corporation to provide indemnification,  and despite any contrary resolution of the board or of the  shareholders  in  the specific case under section nine thousand seven, indemnification  shall be awarded by a court to the extent authorized under section  nine  thousand  six  and  subdivision  one  of  section  nine  thousand seven.  Application therefor may be made, in every case, either:    (a) In the civil action or  proceeding  in  which  the  expenses  were  incurred or other amounts were paid, or    (b)  To  the supreme court in a separate proceeding, in which case the  application shall set forth the disposition of any previous  application  made  to  any  court  for the same or similar relief and also reasonable  cause for the failure to make application for such relief in the  action  or  proceeding in which the expenses were incurred or other amounts were  paid.    2. The application shall be made in such manner and  form  as  may  be  required by the applicable rules of court, or in the absence thereof, by  direction of a court to which it is made. Such application shall be upon  notice  to  the  corporation.  The  court may also direct that notice be  given at the expense of the corporation to  the  shareholders  and  such  other persons as it may designate in such manner as it may require.    3.  Where  indemnification is sought by judicial action, the court may  allow a person such  reasonable  expenses,  including  attorneys'  fees,  during  the  pendency  of  the litigation as are necessary in connection  with his defense therein, if the court shall find that the defendant has  by his pleadings or during the course of the litigation  raised  genuine  issues of fact or law.

State Codes and Statutes

Statutes > New-york > Bnk > Article-16 > 9008

§ 9008.  Indemnification  of  directors  and  officers  by a court. 1.  Notwithstanding the failure of a corporation to provide indemnification,  and despite any contrary resolution of the board or of the  shareholders  in  the specific case under section nine thousand seven, indemnification  shall be awarded by a court to the extent authorized under section  nine  thousand  six  and  subdivision  one  of  section  nine  thousand seven.  Application therefor may be made, in every case, either:    (a) In the civil action or  proceeding  in  which  the  expenses  were  incurred or other amounts were paid, or    (b)  To  the supreme court in a separate proceeding, in which case the  application shall set forth the disposition of any previous  application  made  to  any  court  for the same or similar relief and also reasonable  cause for the failure to make application for such relief in the  action  or  proceeding in which the expenses were incurred or other amounts were  paid.    2. The application shall be made in such manner and  form  as  may  be  required by the applicable rules of court, or in the absence thereof, by  direction of a court to which it is made. Such application shall be upon  notice  to  the  corporation.  The  court may also direct that notice be  given at the expense of the corporation to  the  shareholders  and  such  other persons as it may designate in such manner as it may require.    3.  Where  indemnification is sought by judicial action, the court may  allow a person such  reasonable  expenses,  including  attorneys'  fees,  during  the  pendency  of  the litigation as are necessary in connection  with his defense therein, if the court shall find that the defendant has  by his pleadings or during the course of the litigation  raised  genuine  issues of fact or law.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-16 > 9008

§ 9008.  Indemnification  of  directors  and  officers  by a court. 1.  Notwithstanding the failure of a corporation to provide indemnification,  and despite any contrary resolution of the board or of the  shareholders  in  the specific case under section nine thousand seven, indemnification  shall be awarded by a court to the extent authorized under section  nine  thousand  six  and  subdivision  one  of  section  nine  thousand seven.  Application therefor may be made, in every case, either:    (a) In the civil action or  proceeding  in  which  the  expenses  were  incurred or other amounts were paid, or    (b)  To  the supreme court in a separate proceeding, in which case the  application shall set forth the disposition of any previous  application  made  to  any  court  for the same or similar relief and also reasonable  cause for the failure to make application for such relief in the  action  or  proceeding in which the expenses were incurred or other amounts were  paid.    2. The application shall be made in such manner and  form  as  may  be  required by the applicable rules of court, or in the absence thereof, by  direction of a court to which it is made. Such application shall be upon  notice  to  the  corporation.  The  court may also direct that notice be  given at the expense of the corporation to  the  shareholders  and  such  other persons as it may designate in such manner as it may require.    3.  Where  indemnification is sought by judicial action, the court may  allow a person such  reasonable  expenses,  including  attorneys'  fees,  during  the  pendency  of  the litigation as are necessary in connection  with his defense therein, if the court shall find that the defendant has  by his pleadings or during the course of the litigation  raised  genuine  issues of fact or law.

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