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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>59811</law_id><section_number>13.1-703</section_number><catch_line>Insurance</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="9">Virginia Stock Corporation Act</unit><unit label="article" level="3" order_by="1" identifier="10">Indemnification</unit></structure><text>
						<section><p>A <span class="dictionary">corporation</span> may purchase and maintain insurance on behalf of an <span class="dictionary">individual</span> who is or was a <span class="dictionary">director</span> or <span class="dictionary">officer</span> of the <span class="dictionary">corporation</span>, or who, while a <span class="dictionary">director</span> or <span class="dictionary">officer</span> of the <span class="dictionary">corporation</span>, is or was serving at the request of the <span class="dictionary">corporation</span> as a <span class="dictionary">director</span>, <span class="dictionary">officer</span>, partner, trustee, employee, or agent of another <span class="dictionary">entity</span>, against <span class="dictionary">liability</span> asserted against or incurred by the <span class="dictionary">individual</span> in that capacity or arising from the <span class="dictionary">individual</span>&#x2019;s status as a <span class="dictionary">director</span> or <span class="dictionary">officer</span>, regardless of whether the <span class="dictionary">corporation</span> would have power to indemnify or advance <span class="dictionary">expenses</span> to the <span class="dictionary">individual</span> against the same <span class="dictionary">liability</span> under this article.</p></section></text><history>Code 1950, &#xA7; 13.1-3.1; 1968, c. 570; 1975, c. 500; 1979, c. 99; 1985, c. 522; 2005, c. 765; 2019, c. 734.</history><metadata></metadata></law>
