181.0875 Corporation may limit indemnification.
(1) Methods of limiting obligation. A corporation's obligations to indemnify under s. 181.0872 may be limited as follows:
(a) If the corporation is incorporated on or after June 13, 1987, by the articles of incorporation, including any amendments or restatements of the articles of incorporation.
(b) If the corporation was incorporated before June 13, 1987, by an amendment to, or restatement of, the articles of incorporation which becomes effective on or after June 13, 1987.
(2) Applicability. A limitation under sub. (1) applies if the first alleged act of a director or officer for which indemnification is sought occurred while the limitation was in effect.
History: 1997 a. 79.