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Arkansas Code Title 4. Business and Commercial Law § 4-33-853. Expenses

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) A corporation may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:

(1) the director furnishes the corporation a written affirmation of his or her good faith belief that he or she has met the standard of conduct described in § 4-33-851;

(2) the director furnishes the corporation a written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct; and

(3) a determination is made that the facts then known to those making the determination would not preclude indemnification under this part.

(b) The undertaking required by subsection (a)(2) of this section must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to financial ability to make repayment.

(c) Determinations and authorizations of payments under this section shall be made in the manner specified in § 4-33-855.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-33-853. Expenses - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-33-853/

Read this complete Arkansas Code Title 4. Business and Commercial Law § 4-33-853. Expenses on Westlaw

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