Title 13.1. Corporations
Chapter 10. Virginia Nonstock Corporation Act
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§ 13.1-877. (Effective until January 1, 2027) 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.
§ 13.1-877. (Effective January 1, 2027) Mandatory indemnification.
Unless limited by its articles of incorporation or bylaws, a corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which such director was a party because such director is or was a director of the corporation against expenses incurred by such director in connection with the proceeding.
Code 1950, § 13.1-205.1; 1968, c. 689; 1975, c. 500; 1981, c. 57; 1985, c. 522; 2026, cc. 393, 394.
