355.501. Validity of indemnification, advance for expenses. - Missouri Statutes

Validity of indemnification, advance for expenses.

355.501. 1. A provision treating a corporation'sindemnification of or advance for expenses to directors that iscontained in its articles of incorporation, bylaws, a resolutionof its members or board of directors, or in a contract orotherwise, is valid only if and to the extent the provision isconsistent with sections 355.461 to 355.501. If articles ofincorporation limit indemnification or advance for expenses,indemnification and advance for expenses are valid only to theextent consistent with the articles.

2. Sections 355.461 to 355.501 do not limit a corporation'spower to pay or reimburse expenses incurred by a director inconnection with appearing as a witness in a proceeding at a timewhen the director has not been made a named defendant orrespondent to the proceeding.

(L. 1994 H.B. 1095)

Effective 7-1-95