§ 48-2c-1807. Indemnification of members, employees, fiduciaries, and agents.

     Unless a company's articles of organization provide otherwise:

(1) a member of a company is entitled to mandatory indemnification under Section 48-2c-1803 and is entitled to apply for court-ordered indemnification under Section 48-2c-1805 in each case to the same extent as a manager;

(2) the company may indemnify and advance expenses to a member, employee, fiduciary, or agent of the company to the same extent as to a manager; and

(3) a company may also indemnify and advance expenses to a member, employee, fiduciary, or agent who is not a manager to a greater extent, if not inconsistent with public policy, and if provided for by its articles of organization, operating agreement, general or specific action of its managers or members, or contract.

Enacted by Chapter 260, 2001 General Session