Indemnification of successful director, officer, agent, or employee for expenses incurred in proceeding

A cooperative shall indemnify a director, officer, agent, or employee who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director, officer, agent, or employee was a party by reason of being a director, officer, agent, or employee of the cooperative, against reasonable expenses incurred in connection with the proceeding. Source: SL 2007, ch 260, § 6; SL 2009, ch 232, § 6.