Wake North Carolina Indemnification of Corporate Director refers to the legal practice of protecting corporate directors in Wake County, North Carolina from financial liabilities arising from their actions or decisions made in the course of their duties. This indemnification serves as a safeguard against personal financial loss and is imperative for attracting skilled individuals to serve on corporate boards. In Wake North Carolina, there are generally two types of indemnification available to corporate directors: 1. Mandatory Indemnification: According to North Carolina General Statutes § 55-8-51, a corporation is required to indemnify a director who is successful in defending against legal actions or proceedings. This mandatory indemnification ensures that directors are not discouraged or deterred from making bold decisions in the best interests of the company. 2. Permissive Indemnification: Apart from the mandatory indemnification, Wake North Carolina allows corporations to provide permissive indemnification to corporate directors. Permissive indemnification includes reimbursement of legal expenses, judgments, fines, settlements, and even reasonable expenses incurred during the director's defense or settlement negotiations related to legal proceedings. Keywords: Wake North Carolina, indemnification, corporate director, liabilities, actions, decisions, protection, financial loss, mandatory indemnification, permissive indemnification, legal expenses, settlements, judgments, defense, proceedings, North Carolina General Statutes. Please note that this is a general overview, and it is essential to consult legal professionals or refer to specific Wake North Carolina state laws and corporate bylaws for detailed and accurate information related to the indemnification of corporate directors.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.Wake North Carolina Indemnización del Director Corporativo - Indemnification of Corporate Director
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