Title 13.1. Corporations
Chapter 10. Virginia Nonstock Corporation Act
This section has more than one version with varying effective dates. Scroll down to see all versions.
§ 13.1-881. (Effective January 1, 2027) Advances for expenses and indemnification of officers.
Unless limited by a corporation's articles of incorporation:
1. An officer of the corporation who is party to a proceeding because the individual is an officer is entitled to mandatory indemnification under § 13.1-877, and is entitled to apply for court-ordered advance or reimbursement of expenses and 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 who is a party to the proceeding because the individual is an officer 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; 2026, cc. 393, 394.
§ 13.1-881. (Effective until January 1, 2027) Indemnification of officers.
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.