13.1-1230 - Indemnification. - Virginia Statutes

§ 13.1-1230. Indemnification.

A. A business trust shall have the power to indemnify and hold harmless anytrustee, officer, employee or agent from and against any and all claims anddemands to the same extent as a director, officer, employee or agent of aVirginia corporation under Chapter 9 (§ 13.1-601 et seq.) of this title.

B. A trustee or officer of a business trust shall be entitled to mandatoryindemnification to the same extent as a director or officer of a Virginiacorporation under Chapter 9 (§ 13.1-601 et seq.) of this title.

C. A trustee or officer may apply for court-ordered indemnification in thesame manner as a director or officer of a Virginia corporation pursuant to §13.1-700.1.

D. A business trust may purchase and maintain insurance on behalf of anindividual who is or was a trustee, officer, employee, or agent of thebusiness trust, or who, while a trustee, officer, employee, or agent of thebusiness trust, is or was serving at the request of the business trust as adirector, officer, partner, trustee, employee, or agent of a foreign ordomestic corporation, partnership, joint venture, trust, employee benefitplan, or other enterprise, against liability asserted against or incurred byhim in that capacity or arising from his status as a director, officer,employee, or agent, whether or not the business trust would have power toindemnify him against the same liability under this section.

(2002, c. 621.)