47-17-22. Circumstances under which directors, officers, agents, and employees may not be indemnified. Unless otherwise ordered by a court, a cooperative may not indemnify a director, officer, agent, or employee:
(1) In connection with a proceeding by or in the right of the cooperative, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director, officer, agent, or employee has met the relevant standard of conduct pursuant to § 47-17-21; or
(2) In connection with any proceeding with respect to conduct for which the director, officer, agent, or employee was adjudged liable on the basis that the director, officer, agent, or employee received a financial benefit to which the director, officer, agent, or employee was not entitled, whether or not involving action in the official capacity of the director, officer, agent, or employee.Source: SL 2007, ch 260, § 5; SL 2009, ch 232, § 5.
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