Maryland Indemnification Provisions
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How to fill out Indemnification Provisions?
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FAQ
The obligation to indemnify requires the indemnifying party to: Reimburse the indemnified party for its paid costs and expenses, referred to as losses. Advance payment to the indemnified party for its unpaid costs and expenses, such as: Liabilities.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
§2?418. (a) (1) In this section the following words have the meanings indicated. (2) ?Corporation? includes any domestic or foreign predecessor entity of a corporation in a merger, consolidation, or other transaction in which the predecessor's existence ceased upon consummation of the transaction.
"The State shall not assume any obligation to indemnify, hold harmless, or pay attorneys' fees that may arise from or in any way be associated with the performance or operation of this agreement."
§ 2-605. Charter amendment - Minor changes in name or designation of stock classes or series. (2) Change the name or other designation or the par value of any class or series of stock of the corporation and the aggregate par value of the stock of the corporation.
-- A corporation's indebtedness to a stockholder, incurred by reason of a distribution made in ance with this section, is at parity with the corporation's indebtedness to the corporation's general, unsecured creditors, except to the extent subordinated by agreement.
Close corporations are generally smaller businesses who desire the limited liability and tax benefits of a corporation but whose stockholders wish to maintain streamlined managerial control of the business.
(a) Unless the charter or bylaws of the corporation require a greater proportion or this article requires a different proportion, the action of a majority of the directors present at a meeting at which a quorum is present is the action of the board of directors.