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2.Permissive
Indemnification
•Both Acts
permit indemnification of a present or former director or officer against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation
•As well, both
Acts provide that the corporation may advance
the money for costs, charges and expenses of a proceeding referred to above, provided that the director or officer is found to have acted honestly and in good faith with a view to the best interests of the corporation (otherwise the advance must be paid back)
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