California Approval of Indemnification Agreements with article amendment and amendment to bylaws
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How to fill out Approval Of Indemnification Agreements With Article Amendment And Amendment To Bylaws?
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FAQ
Do bylaws need to be signed? No, but signing them is a smart idea. We recommend having your officers and directors sign your bylaws to affirm that they sign on to your policies.
Indemnification in the context of nonprofit bylaws generally refers to how the nonprofit will protect its directors and other agents in the event they are sued for acting in their capacity as agents of the nonprofit.
The incorporator of a new corporation normally adopts by laws at the first organizational meeting and these bylaws usually spell out the number of directors, officers, time and place of meetings, as well as procedures for voting, resolving disputes and myriad other issues that confront corporations.
In some states, such as California, HOA bylaws are considered public record and must be made available upon request. In other states, such as Virginia, HOA bylaws are not considered public record and therefore are not required to be made publicly available.
By statute, you cannot have another party indemnify you against damages that result your sole negligent or willful acts. If such a clause is in a contract it is void. Thus under California law, the person seeking indemnity from the other party must have some degree of fault for the harm that results in the liability.
Under Section 317, subdivision (b), California corporations have the power to indemnify any person who was or is a party or is threatened to be made a party (other than an action by or in the right of the corporation to procure a judgment in its favor) by reason of the fact that the person is or was an agent of the ...
Do bylaws need to be signed? Technically, it's possible for a board of directors to adopt bylaws without signing them. However, signing your bylaws demonstrates that everyone is on the same page about how your corporation will function.
The bylaws are executed by the original Board of Directors, and can be amended or modified if a sufficient percentage of directors or, in some cases, shareholders, vote in favor of the change.