Allegheny Pennsylvania Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Allegheny
• Control #: US-CC-17-113A
• Format: Word; Rich Text

Description

This sample form, a detailed Proposed Amendment to Bylaws Re: Director and Officer Indemnifiation w/Copy of Amendment, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. Allegheny, Pennsylvania Proposed Amendment to Bylaws Regarding Director and Officer Indemnification In Allegheny, Pennsylvania, an essential proposed amendment to the bylaws is being considered to enhance the director and officer indemnification provisions. This amendment aims to provide greater protection and assurance to directors and officers who risk personal liability while acting in good faith and in the best interest of the organization. Under the proposed amendment, directors and officers will be indemnified against expenses, including legal fees, judgments, fines, and settlement amounts, incurred in connection with any legal action or proceeding. This indemnification extends to situations where a director or officer successfully defends themselves or settles a claim without admitting any wrongdoing. The amendment encompasses various types of indemnification, including: 1. Indemnification for Defense Costs: Directors and officers will be indemnified for costs incurred during legal actions, such as attorney fees, court costs, and expenses related to investigations or hearings. 2. Indemnification for Judgments and Settlements: The proposed amendment ensures that directors and officers will be indemnified for any judgments or settlements they may be required to pay, provided that they acted within the scope of their duties and in compliance with the organization's bylaws and applicable laws. 3. Advancement of Expenses: Directors and officers will have the right to request the advancement of expenses incurred during legal proceedings before the final resolution of the case. This provision will help ensure the availability of financial resources for the defense of directors and officers. To view the complete proposed amendment to the bylaws regarding director and officer indemnification, please find the copy of the amendment attached with this document. By implementing these changes to the bylaws, Allegheny, Pennsylvania aims to attract highly qualified individuals to serve as directors and officers, knowing that they will have stronger protection against personal liability. This amendment demonstrates the organization's commitment to supporting its leadership team and maintaining a secure and transparent environment for decision-making. Keywords: Allegheny, Pennsylvania, proposed amendment, bylaws, director indemnification, officer indemnification, legal action, personal liability, defense costs, judgments, settlements, expenses, advancement of expenses, attachment, protection, leadership team, transparent environment.

Allegheny, Pennsylvania Proposed Amendment to Bylaws Regarding Director and Officer Indemnification In Allegheny, Pennsylvania, an essential proposed amendment to the bylaws is being considered to enhance the director and officer indemnification provisions. This amendment aims to provide greater protection and assurance to directors and officers who risk personal liability while acting in good faith and in the best interest of the organization. Under the proposed amendment, directors and officers will be indemnified against expenses, including legal fees, judgments, fines, and settlement amounts, incurred in connection with any legal action or proceeding. This indemnification extends to situations where a director or officer successfully defends themselves or settles a claim without admitting any wrongdoing. The amendment encompasses various types of indemnification, including: 1. Indemnification for Defense Costs: Directors and officers will be indemnified for costs incurred during legal actions, such as attorney fees, court costs, and expenses related to investigations or hearings. 2. Indemnification for Judgments and Settlements: The proposed amendment ensures that directors and officers will be indemnified for any judgments or settlements they may be required to pay, provided that they acted within the scope of their duties and in compliance with the organization's bylaws and applicable laws. 3. Advancement of Expenses: Directors and officers will have the right to request the advancement of expenses incurred during legal proceedings before the final resolution of the case. This provision will help ensure the availability of financial resources for the defense of directors and officers. To view the complete proposed amendment to the bylaws regarding director and officer indemnification, please find the copy of the amendment attached with this document. By implementing these changes to the bylaws, Allegheny, Pennsylvania aims to attract highly qualified individuals to serve as directors and officers, knowing that they will have stronger protection against personal liability. This amendment demonstrates the organization's commitment to supporting its leadership team and maintaining a secure and transparent environment for decision-making. Keywords: Allegheny, Pennsylvania, proposed amendment, bylaws, director indemnification, officer indemnification, legal action, personal liability, defense costs, judgments, settlements, expenses, advancement of expenses, attachment, protection, leadership team, transparent environment.