State Codes and Statutes

State Codes and Statutes

Statutes > Wisconsin > 221 > 221.0634

221.0634

221.0634 Additional rights to indemnification and allowance of expenses.

221.0634(1)

(1) Provision for additional rights. Except as provided in sub. (2) and except as expressly prohibited by other provisions of this chapter or applicable federal law or in connection with an administrative proceeding or action instituted under ch. 220 which results in a final order against an officer or director under s. 220.04 (4), (9) or (10), ss. 221.0627 and 221.0629 do not preclude any additional right to indemnification or allowance of expenses that a director or officer may have under any of the following:

221.0634(1)(a)

(a) The articles of incorporation or bylaws.

221.0634(1)(b)

(b) A written agreement between the director or officer and the bank.

221.0634(1)(c)

(c) A resolution of the board of directors.

221.0634(1)(d)

(d) A resolution that is adopted, after notice, by a majority vote of all of the bank's voting shares then issued and outstanding.

221.0634(2)

(2) When additional rights prohibited. Regardless of the existence of an additional right under sub. (1), the bank may not indemnify a director or officer, or permit a director or officer to retain any allowance of expenses, unless it is determined by or on behalf of the bank that the director or officer did not breach or fail to perform a duty that he or she owes to the bank which constitutes conduct under s. 221.0627 (2) (a) 1., 2., 3. or 4. A director or officer who is a party to the same or related proceeding for which indemnification or an allowance of expenses is sought may not participate in a determination under this subsection.

221.0634(3)

(3) Reimbursement of certain expenses. Sections 221.0626 to 221.0635 do not affect a bank's power to pay or reimburse expenses incurred by a director or officer in any of the following circumstances:

221.0634(3)(a)

(a) As a witness in a proceeding to which he or she is not a party.

221.0634(3)(b)

(b) As a plaintiff or petitioner in a proceeding because he or she is or was an employee, agent, director or officer.

221.0634 - ANNOT.

History: 1995 a. 336.