13.1-703 - Insurance. - Virginia Statutes

§ 13.1-703. Insurance.

A corporation may purchase and maintain insurance on behalf of an individualwho is or was a director or officer of the corporation, or who, while adirector or officer of the corporation, is or was serving at the request ofthe corporation as a director, officer, partner, trustee, employee or agentof another foreign or domestic corporation, limited liability company,partnership, joint venture, trust, employee benefit plan, or other entity,against liability asserted against or incurred by him in that capacity orarising from his status as a director or officer, whether or not thecorporation would have power to indemnify him against the same liabilityunder § 13.1-697 or 13.1-698.

(Code 1950, § 13.1-3.1; 1968, c. 570; 1975, c. 500; 1979, c. 99; 1985, c.522; 2005, c. 765.)