Code of Virginia (Last Updated:July 28, 2020) |
TITLE 13.1. Corporations |
CHAPTER 10. Virginia Nonstock Corporation Act |
ARTICLE 9. Indemnification |
SECTION 13.1-877. Mandatory indemnification |
Unless limited by its articles of incorporation, a corporation shall indemnify a director who entirely prevails in the defense of any proceeding to which he was a party because he is or was a director of the corporation against reasonable expenses incurred by him in connection with the proceeding. Code 1950, § 13.1-205.1; 1968, c. 689; 1975, c. 500; 1981, c. 57; 1985, c. 522. |