Unless a corporation's articles of incorporation provide otherwise all of the following apply:
1. An officer of the corporation who is not a director is entitled to mandatory indemnification under section 490.852, and is entitled to apply for court-ordered indemnification under section 490.854, in each case to the same extent as a director.
2. The corporation may indemnify and advance expenses under this part to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director.
3. A corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with law, that may be provided by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.
89 Acts, ch 288, §104
Referred to in § 490.850, 490.858, 491.3, 491.16, 497.34, 498.36, 499.59A, 504A.4, 508C.16, 524.801, 524.1213, 533.4, 534.605, 534.607
Previous Section 490.855
Next Section 490.857
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Mon Jan 22 17:13:42 CST 2001
URL: /DOCS/IACODE/2001/490/856.html
jhf