Section 293-A:8.53 Advance for Expenses. - New Hampshire Statutes

(a) A corporation may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:
      (1) the director furnishes the corporation a written affirmation of his good faith belief that he has met the standard of conduct described in RSA 293-A:8.51;
      (2) the director furnishes the corporation a written undertaking, executed personally or on his behalf, to repay the advance if it is ultimately determined that he did not meet the standard of conduct; and
      (3) a determination is made that the facts then known to those making the determination would not preclude indemnification under this subdivision.
   (b) The undertaking required by subparagraph (a)(2) must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to financial ability to make repayment.
   (c) Determinations and authorizations of payments under this section shall be made in the manner specified in RSA 293-A:8.55.

Source. 1992, 255:1, eff. Jan. 1, 1993.