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Mandatory indemnification

11C V.S.A. § 9-903
in effect
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903. Mandatory indemnification Unless limited by its articles of organization, an enterprise shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the enterprise against reasonable expenses incurred by the director in connection with the proceeding. Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/11C/009/00903Fetched: 10/21/2026

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