(1) A provision treating a cooperative's indemnification of trustees or officers that
is contained in its articles of incorporation, its bylaws, a resolution of its shareholders
or board of directors, a contract, or other instrument is valid only if and to the
extent that the provision is consistent with 35-18-327 through 35-18-333. If articles of incorporation limit indemnification, indemnification is valid only
to the extent that it is consistent with the articles of incorporation.
(2) Sections 35-18-327 through 35-18-333 do not limit a cooperative's power to pay or reimburse expenses incurred by a trustee
or officer in connection with the trustee's or officer's appearance as a witness in
a proceeding at a time when the trustee or officer has not been made a named defendant
or respondent to the proceeding.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.