Section 48-58-503 - Mandatory indemnification

Unless limited by its charter, a corporation shall indemnify a director to the extent the director was successful, on the merits or otherwise, or who is immune from suit under § 48-58-601, 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 reasonable expenses incurred by the director in connection with the proceeding.Amended by 2014 Tenn. Acts, ch. 899,s 47, eff. 1/1/2015.Acts 1987, ch. 242, § 8.52.