Massachusetts Directors and Officers Indemnity Trust
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How to fill out Directors And Officers Indemnity Trust?
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FAQ
Laws ch. 156D § 8.40. Section 156D:8.40 - Required officers (a) A corporation shall have a president, a treasurer and a secretary and such other officers described in its bylaws or appointed by the board of directors in ance with the bylaws.
Officers are appointed by the board of directors during incorporation. The company documents the officers' positions and responsibilities in the corporation's articles, bylaws, or resolutions. It is possible for one employee to fill all positions, providing a range of services to the organization.
The following are the Massachusetts requirements for directors of corporations: Minimum number. Corporations must have no fewer than three directors, unless there are two or fewer shareholders. In such case, there may be one or two directors.
Corporate bylaws establish the rules and roles within your corporation. Your bylaws put your corporation's rules, processes, and structure into writing. They determine what powers your directors and officers will have, and how many votes are needed to make a change.
Section 145(c)(1) provides that to the extent a director has been successful on the merits or otherwise in defense of any action, suit, or proceeding referenced in Section 145(a) or Section 145(b), the director shall be indemnified against expenses actually and reasonably incurred by the director in connection ...
An indemnity agreement is a promise to hold another party harmless when that party suffers some injury, legal harm, or financial harm.
Massachusetts officer requirements: A president, a treasurer, and a clerk are required. The president must be a director. The clerk must be a Massachusetts resident unless a resident agent was appointed.