Guam 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
The laws in the Guam Code are passed by the Legislature of Guam, which was created by the Organic Act of Guam in 1950. The Legislature of Guam contains 15 members, who serve two-year terms and are not subject to any term limits. A proposed law is known as a bill.
Guam is an unincorporated territory of the United States. Most but not all federal laws apply to Guam. In addition to the U.S. Constitution, which is the supreme law of the U.S., federal laws include statutes that are periodically codified in the U.S. Code.
Indemnification & Volunteer Protection ? Most nonprofit bylaws include indemnification provisions ? language that expresses the intent of the nonprofit to cover the expenses a board member might incur in defending an action and paying settlements or judgments related to his service on the board.
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
In addition, the Supreme Court long ago decided that ?fundamental? personal rights declared in the Constitution apply to citizens of ?U.S. territories. Applicability of Relevant Provisions of the U.S. Constitution Government Accountability Office (.gov) ? assets ? hrd-91-18 Government Accountability Office (.gov) ? assets ? hrd-91-18 PDF