6B (3) - Laserfiche WebLink

Home Browse Search

ARTICLE X Mkcellnnenim Section 1. Corporate Seal. If the Board obtains a seal of the Corporation, it shall be circular in form with the name of the Corporation around the periphery and the words "Nonprofit" and "Seal" through its center. Section 2. Fiscal Year. The fiscal year of the Corporation shall begin on the first day of each year and end on the last day of the year. Section 3. Rules of Order. Meetings of members and meetings of the Board of Directors shall be governed by the rules contained in the Roberts Rules of Order, Revised, in all cases in which such Rules are applicable and in which they are not inconsistent with the Articles of Incorporation, this Code of By -Laws or any special rules of order of the Corporation. Section 4. Disbursement of Assets upon Dissolution. Upon any dissolution of the Corporation, all of its assets and properties shall become the property of, and transferred to, the Commission to be used to maintain and further the development of the Blackthorn Corporate Park. Section 5. Affiliation with Other Entities. The Board may, in its discretion, enter into affiliation with any other organization whose goals and objectives will advance or enhance the purposes of the Corporation, provided that such affiliation will not adversely affect the tax status of the Corporation. Section 6. Indemnification. Each Director and officer shall be indemnified by the Corporation against all costs and expenses actually and necessarily incurred by him in connection with the defense of any action, suit or proceeding in which he may be involved or to which he may be made a party by reason of his being or having been such Director or officer, except in relation to matters as to which he shall be finally adjudged in such action, suit or proceeding to be liable for negligence or misconduct in the performance of his duty. Such costs and expense shall include amounts reasonably paid in settlement for the purpose of curtailing costs of litigation, but only if the Corporation is advised in writing by legal counsel that in his opinion the person indemnified did not commit such negligence or misconduct.