47-21-21.4. Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding.
58 words·~1 min read·
/sd/title-47/chapter-47-21/47-21-21-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A cooperative shall indemnify a director, officer, agent, or employee who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director, officer, agent, or employee was a party by reason of being a director, officer, agent, or employee of the cooperative, against reasonable expenses incurred in connection with the proceeding.