Code of Virginia § 13.1-881. Indemnification of officers.
91 words·~1 min read·
/va/title-13-1/chapter-10/13-1-881·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless limited by a corporation's articles of incorporation:
1. An officer of the corporation is entitled to mandatory indemnification under § 13.1-877 , and is entitled to apply for court-ordered indemnification under § 13.1-879.1 , in each case to the same extent as a director; and
2. The corporation may indemnify and advance expenses under this article to an officer of the corporation to the same extent as to a director.
Code 1950, § 13.1-205.1; 1968, c. 689; 1975, c. 500; 1981, c. 57; 1985, c. 522; 2007, c. 925 .