Orange California Indemnification of Corporate Director

Name: Orange California Indemnification of Corporate Director
Brand: US Legal Forms
Rating: 4.7 (202 reviews)

Category:

Corporations - Officers and Employees

State:

Multi-State

County:

Orange

Control #:

US-13374BG

Format:

Instant download

Description

Indemnification is where the company reimburses a director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

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FAQ

Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

Indemnification clauses are common in corporations and LLCs. Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

For investment companies like mutual funds, corporate indemnification of a director is not permitted under Section 17(h) of the Investment Company Act of 1940 (1940 Act) for willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his sic officeso called

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Corporation's annual meeting in June. Staff recommends the City Council approve an Indemnification Agreement with.Water Emergency Response Organization of Orange County. Background:. 9: Company Directors and Officers: Indemnification, Relief and Insurance. A list of respondents to the Discussion Paper is in the Appendix to this report. The Executive Director may, from time to time, grant Patron. Membership status to business partners of the Orange County Bar Association, subject to the. United States. Congress. Senate. Committee on the Judiciary.

Orange California Indemnification of Corporate Director

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Can a UK company indemnify its directors?

Do directors have the right to indemnification?

Can a corporation indemnify its shareholders?

WHAT IS Corp indemnity?

Can a company indemnify director?

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