North Carolina Ratification and Approval of Indemnity Agreements
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How to fill out Ratification And Approval Of Indemnity Agreements?
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FAQ
Are indemnification clauses enforceable? Indemnification clauses are generally enforceable, but there are important qualifications. Some courts hold that broad form or ?no fault? indemnifications, which are blind to fault on the part of either party, violate public policy.
The following activities, among others, do not constitute transacting business by a foreign entity in North Carolina: Engaging in Litigation. Maintaining or defending any action or suit or any administrative or arbitration proceeding, or effecting the settlement thereof or the settlement of claims or disputes.
Action without meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this Chapter to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by all members of the board.
(e) If action is taken without a meeting by fewer than all shareholders entitled to vote on the action, the corporation shall give written notice to all shareholders who have not consented to the action and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting with the same ...
Unless the bylaws themselves require a greater percentage of affirmative votes, 2/3 of votes cast, or a majority of the votes entitled to be cast, must agree with the amendment for it to pass. However, unlike the declaration, there is no obligation to record this with the county in NC.
North Carolina's anti-indemnity statute declares that any provision in a construction or design professional contract that requires a party (promisor) to indemnify another (promisee) for the promisee's or its derivative parties' own negligence, whether in whole or in part, is against public policy, void, and ...
The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.
Action without meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this Chapter to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by all members of the board.