§ 13.1-698 Mandatory indemnification
Unless limited by its articles of incorporation, 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 expenses incurred by the director in connection with the proceeding.
History
The record of this law’s original creation isn’t available online. The oldest record of it is its appearance in the Code of Virginia of 1950, as § 13.1-3.1. It has been modified 5 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1968, chapter 570; in 1975, chapter 500; in 1979, chapter 99; in 1985, chapter 522; in 2019, chapter 734.
Code 1950, § 13.1-3.1; 1968, c. 570; 1975, c. 500; 1979, c. 99; 1985, c. 522; 2019, c. 734.