Arkansas Approval of Indemnification Agreements with Article Amendment and Amendment to Bylaws Article Amendment and Bylaws Amendment in Relation to Indemnification Agreements in Arkansas, the approval of indemnification agreements with article amendments and amendments to bylaws is a vital process for organizations seeking to protect their directors, officers, and other key personnel against legal liabilities. This detailed description aims to provide a comprehensive overview of this topic, outlining the relevant keywords and different types of approvals involved. Arkansas Law on Indemnification Agreements: Under Arkansas Code Title 4, Section 32-8-410, corporations, nonprofit organizations, and other entities registered in Arkansas have the authority to indemnify their directors, officers, employees, and agents. Indemnification ensures that these individuals are protected from financial burdens arising from legal actions taken against them in their official capacities. Approval of Indemnification Agreements: To grant indemnification rights, organizations must obtain the approval of indemnification agreements through certain procedures outlined by law. These agreements can be created as separate documents or incorporated within the organization's bylaws. Article Amendment and Bylaws Amendment: To include indemnification provisions in a corporation's articles or bylaws, a formal article amendment or bylaws amendment process is required. This involves making changes to the existing articles or bylaws to reflect the new indemnification provisions. Organizations should consult legal counsel to ensure compliance with Arkansas state laws and to draft appropriate amendments. Keywords Related to Arkansas Approval of Indemnification Agreements: 1. Indemnification: Refers to the act of protecting directors, officers, and other personnel against financial costs incurred due to legal actions taken against them in their official roles. 2. Article Amendment: The process of making changes, additions, or deletions to a corporation's articles of incorporation, which define the entity's purpose, structure, and powers. 3. Bylaws Amendment: Alterations made to an organization's internal rules and regulations defining its internal management, governance, and operations, often including provisions related to indemnification. 4. Directors: Individuals elected by shareholders or members to oversee the strategic direction and decision-making of a corporation. 5. Officers: Individuals appointed by the board of directors to manage day-to-day operations and execute organizational policies. Types of Arkansas Approval of Indemnification Agreements with Article Amendment and Amendment to Bylaws: 1. Bylaws Amendment: This type of approval involves making modifications to the existing bylaws to include indemnification provisions. It ensures that the organization's internal rules now provide protection and indemnify directors, officers, employees, and agents. 2. Article Amendment: This form of approval requires changes to the corporation's articles of incorporation to specifically include provisions granting indemnification rights. This ensures that the organization's fundamental governing document provides the necessary legal protection to its personnel. By obtaining approval for indemnification agreements through article and bylaws amendments, Arkansas organizations can demonstrate their commitment to protecting their key personnel from legal liabilities. It is essential for organizations to consult legal experts well-versed in Arkansas state laws to ensure compliance and appropriateness of the amendments made.
Arkansas Approval of Indemnification Agreements with article amendment and amendment to bylaws
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The Arkansas Nonprofit Corporation Act of 19931 (hereinafter the "Act") creates a comprehensive corporate code which applies to all Arkansas nonprofit corporations incorporated after 1993.2 Nonprofits chartered before 1994 may elect to become subject to the provisions of the Act by amending their articles of ...
(A) A cooperative purchasing agreement is limited to commodities and services for which the public procurement unit may realize savings or material economic value, or both.
The primary collection of laws governing Arkansas procurement can be found in Title 19, Chapter 11, Subchapter 2 of the Arkansas Code Annotated titled ?Arkansas Procurement Law.? With certain exceptions, Arkansas Procurement Law applies to every State agency expenditure of public funds under any contract.
In compliance with Arkansas Code Annotated § 19-11-104, the State must have a copy of the anticipated Contractor's Equal Opportunity (EO) Policy prior to issuing a contract award.
§ 19-11-801. Architects and engineers are selected through the use of requests for qualifications or requests for proposals and may not be selected only on the basis of price. Before signing a contract with an architect or engineer, a campus or unit must comply with the following Board policies.
State agencies, including exempt agencies, may enter into contracts which contemplate the payment of interest and late charges, but only when such late charges are incurred sixty (60) days after payment is due or carrying charges under such rules as may be promulgated by the State Procurement Director.