§ 55-8-56. Indemnification of officers, employees, and agents. - North Carolina Statutes

§55‑8‑56.  Indemnification of officers, employees, and agents.

Unless a corporation'sarticles of incorporation provide otherwise:

(1)        An officer of thecorporation is entitled to mandatory indemnification under G.S. 55‑8‑52,and is entitled to apply for court‑ordered indemnification under G.S. 55‑8‑54,in each case to the same extent as a director;

(2)        The corporation mayindemnify and advance expenses under this Part to an officer, employee, oragent of the corporation to the same extent as to a director; and

(3)        A corporation mayalso indemnify and advance expenses to an officer, employee, or agent who isnot a director to the extent, consistent with public policy, that may beprovided by its articles of incorporation, bylaws, general or specific action ofits board of directors, or contract. (1955, c. 1371, s. 1; 1969,c. 797, s. 2; 1973, c. 469, s. 6; 1985 (Reg. Sess., 1986), c. 1027, s. 39;1989, c. 265, s. 1.)