2025 Session
Last amended: 1989 session
§ 317A.505 — Advances
Plain-Language Summary
Allows a nonprofit to advance expenses to directors and officers in legal proceedings.
317A.505 ADVANCES.
A corporation may, without a vote of the directors, advance money to its directors, officers, employees, or agents to cover expenses that can reasonably be anticipated to be incurred by them in the performance of their duties and for which they would be entitled to reimbursement in the absence of an advance.
History:
History: History:
1989 c 304 s 82
Practical Notes
A nonprofit may advance legal defense costs to directors or officers facing lawsuits.