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Ratification and approval of directors and officers insurance...

Alameda California Ratification and approval of directors and officers insurance indemnity fund with copy of agreement

Name: Alameda California Ratification and approval of directors and officers insurance indemnity fund with copy of agreement
Brand: US Legal Forms
Rating: 4.86 (305 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Alameda

Control #:

US-CC-17-134

Format:

Instant download

Description

This sample form, a detailed Ratification and Approval of Directors and Officers Insurance Indemnity Fund w/Copy of Agreement, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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FAQ

Indemnification is where the company reimburses the 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.

In the indemnification agreement, the company agrees to reimburse the director or officer for losses incurred in legal proceedings related to his service as company director or officer and to advance funds to the director or officer to pay expenses as they are incurred.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

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

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

A letter of indemnity (LOI) is a legal agreement that renders one or both parties to a contract harmless by some third party in the event of a delinquency or breach by the contracted parties. In other words, the party or parties are indemnified against a possible loss by some third party, such as an insurance company.

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.

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And request that the Board approve the updates at that time. Should first approve the concept of developing a joint use agreement.(Presenter: Karen E. Scott, Executive Director, 2524252). 4. 4.5. Non-Profit agrees that all of its records that relate in any way to the operation of the Charter. 8J. Approve the Executive Director or Designee to Negotiate and Enter into a. 8 Approval of indemnification agreements for county tax roll collections. Agreements, which are expected to provide funding to the Authority once it is in a position to provide. Services to the Members. REVISED 02-13-20_Memorandum of Understanding.

Alameda California Ratification and approval of directors and officers insurance indemnity fund with copy of agreement

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