§ 58-65-172. Indemnification of officers, employees, and agents.

141 words·~1 min read·/nc/chapter-58/58-65-172

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless a corporation's articles of incorporation provide otherwise:

(1)An officer of the corporation is entitled to mandatory indemnification under G.S. 58-65-168 and is entitled to apply for court-ordered indemnification under G.S. 58-65-170, in each case to the same extent as a director;

(2)The corporation may indemnify and advance expenses under this Part to an officer, employee, or agent of the corporation to the same extent as to a director; and

(3)A corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract. (1989 (Reg. Sess., 1990), c. 1071, s. 1; 1995, c. 193, s. 56.)