Vermont § 904 - Advance for expenses
Full text of Vermont Vermont Statutes Online § 904 — Advance for expenses, with citation guidance and answers to common questions.
§ 904. Advance for expenses
- (a) An enterprise may pay for or reimburse the reasonable expenses incurred by a director
who is a party to a proceeding in advance of final disposition of the proceeding if: (1) the director furnishes the enterprise a written affirmation of his or her good faith
belief that the director has met the standard of conduct described in section 902 of this title; (2) the director furnishes the enterprise a written undertaking, executed personally or
on the director’s behalf, to repay the advance if it is ultimately determined that
the director did not meet the standard of conduct; and (3) a determination is made that the facts then known to those making the determination
would not preclude indemnification under this article. (b) The undertaking required by subdivision (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 financial ability to make repayment. (c) Determinations and authorizations of payments under this section shall be made in
the manner specified in section 906 of this title. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 904
What does Vermont Statutes Online § 904 cover?
Section 904 ("Advance for expenses") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 904?
A common citation format is "Vermont Statutes Online § 904" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 904 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.