{"data":{"id":"us-ky/krs-271b.8-530","jurisdiction":"us-ky","citation":"KRS 271B.8-530","heading":"Advance  for expenses.","body":"(1) A corporation may pay for or reimburse the reasonable expenses incurred by a\ndirector who is a party to a proceeding in advance of final disposition of the\nproceeding if:\n(a) The  director furnishes the corporation a written undertaking, executed\npersonally or on his behalf, to repay the advance if it is ultimately\ndetermined that he did not meet the standard of conduct; and\n(b) A  determination is made  that the facts then known to those making the\ndetermination would not preclude indemnification under KRS  271B.8-500\nto 271B.8-580.\n(2) The  undertaking required by subsection (1)(a) of this section shall be an\nunlimited general obligation of the director but shall not be required to be\nsecured and may  be accepted without reference to financial ability to make\nrepayment.\n(3) Determinations and authorizations of payments under this section shall be\nmade  in the manner specified in KRS 271B.8-550.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47076","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:19Z","sha256":"1da45b0f698993e3919e1413a11beb0f81243b901de25016095d5bb8c8529e3d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.8-520","next":"us-ky/krs-271b.8-540"},"notice":"GroundRules: Original legal text. Not legal advice."}