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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) An enterprise shall indemnify a governing person, former governing person, or delegate against reasonable expenses actually incurred by the person in connection with a proceeding in which the person is a respondent because the person is or was a governing person or delegate if the person is wholly successful, on the merits or otherwise, in the defense of the proceeding.
(b) A court that determines, in a suit for indemnification, that a governing person, former governing person, or delegate is entitled to indemnification under this section shall order indemnification and award to the person the expenses incurred in securing the indemnification.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 8.051. Mandatory Indemnification - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-8-051/
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 before relying on it for your legal needs.
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