Arizona Arizona Revised Statutes

§ 10-855 — Determination and authorization of indemnification

ARS § 10-855Title 10. Corporations and Associations · Ch. 8. DIRECTORS AND OFFICERS · Art. 5. Indemnification

Statute text

10-855. Determination and authorization of indemnification A. A corporation may not indemnify a director under section 10-851 unless authorized in the specific case after a determination has been made that indemnification of the director is permissible in the circumstances because the director has met the standard of conduct set forth in section 10-851. B. The determination shall be made either: 1. By the board of directors by a majority vote of the directors not at the time parties to the proceeding. 2. By special legal counsel:

…