North Dakota 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
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job.
Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.
N.D. Cent. Code § 47-02-27.1 A contingent property interest is invalid unless: a. When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or b. The interest either vests or terminates within ninety years after its creation.
A professional corporation may render: One specific type of professional service and services ancillary thereto; or. Two or more kinds of professional services that are specifically authorized to be practiced in combination under North Dakota's licensing laws of each of the professional services to be rendered.
What is indemnification? Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
An action for breach of any contract for sale must be commenced within four years after the claim for relief has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
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.
The indemnity may cover liability incurred by the director to any person other than the company or an associated company. This may include both legal costs and the financial costs of an adverse judgement. But the indemnity must not cover liabilities to the company or to any associated company (subsection (2)).