Colo. Rev. Stat. § 7-109-103

Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session

Section 7-109-103 - Mandatory indemnification of directors

Unless limited by its articles of incorporation, a corporation shall indemnify an individual who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the individual was a party because the individual is or was a director, against reasonable expenses incurred by the individual in connection with the proceeding.

C.R.S. § 7-109-103

Amended by 2019 Ch. 166, § 39, eff. 7/1/2020.

L. 93: Entire article added, p. 791, § 1, effective 7/1/1994. L. 2004: Entire section amended, p. 1501, § 266, effective July 1. L. 2019: Entire section amended, (SB 19-086), ch. 1938, p. 1938, § 39, effective 7/1/2020.

Section 72 of chapter 166 (SB 19-086), Session Laws of Colorado 2019, provides that the act changing this section applies to conduct occurring on or after July 1, 2020.