§ 55-8-53. Advance for expenses. - North Carolina Statutes

§55‑8‑53.  Advance for expenses.

Expenses incurred by adirector in defending a proceeding may be paid by the corporation in advance ofthe final disposition of such proceeding as authorized by the board ofdirectors in the specific case or as authorized or required under any provisionin the articles of incorporation or bylaws or by any applicable resolution orcontract upon receipt of an undertaking by or on behalf of the director torepay such amount unless it shall ultimately be determined that he is entitledto be indemnified by the corporation against such expenses. (1955,c. 1371, s. 1; 1969, c. 797, s. 1; 1973, c. 469, s. 5; 1985 (Reg. Sess., 1986),c. 1027, ss. 35‑38; 1989, c. 265, s. 1.)