Colorado Revised Statutes Title 7. Corporations and Associations § 7-129-104. Advance of expenses to directors

(a) The director furnishes to the nonprofit corporation a written affirmation of the director's good-faith belief that the director has met the standard of conduct described in section 7-129-102;

(b) The director furnishes to the nonprofit 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

(c) A determination is made that the facts then known to those making the determination would not preclude indemnification under this article.