48-18-503 - Mandatory indemnification. - Tennessee Statutes

48-18-503. Mandatory indemnification.

Unless limited by its charter, a corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding.

[Acts 1986, ch. 887, § 8.52.]