490.854 - COURT-ORDERED INDEMNIFICATION.

        490.854  COURT-ORDERED INDEMNIFICATION.         1.  A director who is a party to a proceeding because the person      is a director may apply for indemnification or an advance for      expenses to the court conducting the proceeding or to another court      of competent jurisdiction.  After receipt of an application, and      after giving any notice it considers necessary, the court shall do      one of the following:         a.  Order indemnification if the court determines that the      director is entitled to mandatory indemnification under section      490.852.         b.  Order indemnification or advance for expenses if the court      determines that the director is entitled to indemnification or      advance for expenses pursuant to a provision authorized by section      490.858, subsection 1.         c.  Order indemnification or advance for expenses if the court      determines, in view of all the relevant circumstances, that it is      fair and reasonable to do one of the following:         (1)  To indemnify the director.         (2)  To advance expenses to the director, even if the director has      not met the relevant standard of conduct set forth in section      490.851, subsection 1, failed to comply with section 490.853 or was      adjudged liable in a proceeding referred to in subsection 490.851,      subsection 4, paragraph "a" or "b", but if the director was      adjudged so liable the director's indemnification shall be limited to      reasonable expenses incurred in connection with the proceeding.         2.  If the court determines that the director is entitled to      indemnification under subsection 1, paragraph "a", or to      indemnification or advance for expenses under subsection 1, paragraph      "b", it shall also order the corporation to pay the director's      reasonable expenses incurred in connection with obtaining      court-ordered indemnification or advance for expenses.  If the court      determines that the director is entitled to indemnification or      advance for expenses under subsection 1, paragraph "c", it may      also order the corporation to pay the director's reasonable expenses      to obtain court-ordered indemnification or advance for expenses.  
         Section History: Recent Form
         89 Acts, ch 288, §102; 2002 Acts, ch 1154, §48, 125         Referred to in § 490.851, 490.853, 490.856, 491.3, 491.16, 497.34,      498.36, 499.59A, 508C.16, 524.801, 534.605, 534.607