District Of Columbia § 29-306.53 - Advance for expenses.
Full text of District Of Columbia D.C. Code § 29-306.53 — Advance for expenses., with citation guidance and answers to common questions.
§ 29-306.53. Advance for expenses.
29-306.53A corporation may, before final disposition of a proceeding, advance funds to pay for or reimburse expenses incurred in connection with the proceeding by an individual who is a party to the proceeding because that individual is a member of the board of directors if the director delivers to the corporation:
A signed affirmation in a record of the director’s good faith belief that the relevant standard of conduct described in has been met by the director or that the proceeding involves conduct for which liability has been eliminated under a provision of the articles of incorporation as authorized by ; and
An undertaking in a record of the director to repay any funds advanced if the director is not entitled to mandatory indemnification under and it is ultimately determined under or that the director has not met the relevant standard of conduct described in .
The undertaking required by subsection (a)(2) of this section shall be an unlimited general obligation of the director, but need not be secured and may be accepted without reference to the financial ability of the director to make repayment.
The authorization under this section shall be made:
By the board of directors:
If there are 2 or more qualified directors, by a majority vote of all the qualified directors, a majority of whom shall for such purpose constitute a quorum, or by a majority of the members of a committee of 2 or more qualified directors appointed by such a vote; or
If there are fewer than 2 qualified directors, by the vote necessary for action by the board in accordance with , in which authorization directors who are not qualified directors may participate; or
By the shareholders, but shares owned by or voted under the control of a director who at the time is not a qualified director shall not be voted on the authorization.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 29-306.53
What does D.C. Code § 29-306.53 cover?
Section 29-306.53 ("Advance for expenses.") is part of the D.C. Code, the codified statutory law of District Of Columbia. 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 District Of Columbia § 29-306.53?
A common citation format is "D.C. Code § 29-306.53" (District Of Columbia). 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 District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 29-306.53 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia 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 District Of Columbia.