16-10a-909 - Limitations on indemnification of directors. - Utah Statutes

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Statutes > Utah > Title-16 > Chapter-10a > 16-10a-909

16-10a-909. Limitations on indemnification of directors.
(1) A provision treating a corporation's indemnification of, or advance for expenses to,directors that is contained in its articles of incorporation or bylaws, in a resolution of itsshareholders or board of directors, or in a contract (except an insurance policy) or otherwise, isvalid only if and to the extent the provision is not inconsistent with this part. If the articles ofincorporation limit indemnification or advance of expenses, indemnification and advance ofexpenses are valid only to the extent not inconsistent with the articles of incorporation.
(2) This part does not limit a corporation's power to pay or reimburse expenses incurredby a director in connection with the director's appearance as a witness in a proceeding at a timewhen the director has not been made a named defendant or respondent to the proceeding.

Enacted by Chapter 277, 1992 General Session

State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-10a > 16-10a-909

16-10a-909. Limitations on indemnification of directors.
(1) A provision treating a corporation's indemnification of, or advance for expenses to,directors that is contained in its articles of incorporation or bylaws, in a resolution of itsshareholders or board of directors, or in a contract (except an insurance policy) or otherwise, isvalid only if and to the extent the provision is not inconsistent with this part. If the articles ofincorporation limit indemnification or advance of expenses, indemnification and advance ofexpenses are valid only to the extent not inconsistent with the articles of incorporation.
(2) This part does not limit a corporation's power to pay or reimburse expenses incurredby a director in connection with the director's appearance as a witness in a proceeding at a timewhen the director has not been made a named defendant or respondent to the proceeding.

Enacted by Chapter 277, 1992 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-10a > 16-10a-909

16-10a-909. Limitations on indemnification of directors.
(1) A provision treating a corporation's indemnification of, or advance for expenses to,directors that is contained in its articles of incorporation or bylaws, in a resolution of itsshareholders or board of directors, or in a contract (except an insurance policy) or otherwise, isvalid only if and to the extent the provision is not inconsistent with this part. If the articles ofincorporation limit indemnification or advance of expenses, indemnification and advance ofexpenses are valid only to the extent not inconsistent with the articles of incorporation.
(2) This part does not limit a corporation's power to pay or reimburse expenses incurredby a director in connection with the director's appearance as a witness in a proceeding at a timewhen the director has not been made a named defendant or respondent to the proceeding.

Enacted by Chapter 277, 1992 General Session