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Texas Business Organizations Code

§ 8.051 — MANDATORY INDEMNIFICATION

BO § 8.051Title 1. GENERAL PROVISIONS · Ch. 8. INDEMNIFICATION AND INSURANCE · Art. B. MANDATORY AND COURT-ORDERED INDEMNIFICATION

Statute text

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(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. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 21, eff. January 1, 2006.

Source: Texas Business Organizations Code § 8.051 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.