Vermont § 909 - Application of article

§ 909. Application of article

• (a) A provision treating an enterprise’s indemnification of or advance for expenses to
  directors that is contained in its articles of organization, bylaws, a resolution
  of its members or board of directors, or in a contract or otherwise is valid only
  if and to the extent the provision is consistent with this article. If articles of
  organization limit indemnification or advance for expenses, indemnification and advance
  for expenses are valid only to the extent consistent with the articles. (b) This article does not limit an enterprise’s power to pay or reimburse expenses incurred
  by a director in connection with the director’s appearance as a witness in a proceeding
  at a time when the director has not been made a named defendant or respondent to the
  proceeding. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)