Indemnification


Indemnification Print
The Articles on Incorporation may contain an indemnification provision which indemnifies an officer or director for liability for actions taken, or for failure to take action, on behalf of the corporation.  The same limitations that apply to the Limitations of Liability apply to the indemnification provisions.  The following is an example of aprovision you can place in your articles of incorporation:

Indemnification of Officers and Directors. The Corporation shall indemnify any Officer or Director who incurs expenses or liabilities by reason of the fact that he or she is or was an officer or Director of the Corporation or is or was serving at the request of the Corporation as a Director or officer of another Corporation, partnership, joint venture, trust, or other enterprise.