Colorado § 7-129-109 - Limitation of indemnification of directors.
Full text of Colorado Colorado Revised Statutes § 7-129-109 — Limitation of indemnification of directors., with citation guidance and answers to common questions.
§ 7-129-109. Limitation of indemnification of directors.
(1) A provision treating a nonprofit corporation's indemnification of, or advance of expenses to, directors that is contained in its articles of incorporation or bylaws, in a resolution of its members or board of directors, or in a contract, except an insurance policy, or otherwise, is valid only to the extent the provision is not inconsistent with sections 7-129-101 to 7-129-108. If the articles of incorporation limit indemnification or advance of expenses, indemnification and advance of expenses are valid only to the extent not inconsistent with the articles of incorporation.
(2) Sections 7-129-101 to 7-129-108 do not limit a nonprofit corporation's power to pay or reimburse expenses incurred by a director in connection with an appearance as a witness in a proceeding at a time when the director has not been made a named defendant or respondent in the proceeding.
Source: L. 97: Entire article added, p. 706, § 3, effective July 1, 1998.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-129-109
What does Colorado Revised Statutes § 7-129-109 cover?
Section 7-129-109 ("Limitation of indemnification of directors.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-129-109?
A common citation format is "Colorado Revised Statutes § 7-129-109" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-129-109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.