HomeMy WebLinkAbout1250~i~s ~~ E,IFI•J
( i make anY l camas or adv~s;ces to an~r perso,~, f l r-~t
corpor~aZ ior~, t runt ~3r athFr ent i t-y, ~ t?~e, tt:an
zdvf3n~:w.s tt~ i~.s afftc~~.rs, directors ar e~~lc+ye=°5 for
exp~rsses i;acurrw=_'. car to be ir7t~u: rid rr~ ttie :.oaar~,e iii
its rtesl .~us~n~ts~E op+sr43ttv:as;
(d) pay° try ar;y ~afffc--a~, trustee, e~rpltayre car rather
~iet'gr~ra, ar;y fl~'iCai;Rt ira s~l:~r'y, l,c~raa.as or t3t1?er cc}r~pen--
sstian for persor-ei :;~.rdices, ira exces3 of ~uc~s
acrro-u-t as bears a reasvnr~blr relat #=>ns~s#t~ tot 2;~
value tc~ tt:e Cc:trpt~r~tiria c~i' tY~e s€rvi~es actually
rendered by s=~ch ~ e;-son.
S},ct to>y ~, lr. ?'Tae (rorporatita~~ rail 1, in accc~rt3t~rarr
wi th sour; if ~~usir~ess pritaciples, exre,~t tartly gas intere•upted
1~y :~xuses beyonal #ts coatrtal, ~de~u.ately r=zastata#ri. repair,
rerac~a an;i replat:e its },rorer•tr sr tTta~t Cite tausineas ~:arritad
Cara may at trll tarries Le properly snd ac!vantuc~eousty cranciu~~~-
ted, w:li pr~~ser`ve iLS cornssrst~ ex:st~-ra~:e, fr€anc:his~s ~r}<i
i~t~iv± leyes, qnd x«111 cr3rrtirauousll~ curi:luit and cart.y on
..s usutcl DuSira~;`3:s a>>~i use. i:,s hest etiQrts to make hoc}~,
to the extent n~Lessc~,ry far the eftici~rat anL prcap~r +nl~era--
tic~r: of its busitaess, arty itnpair?:er:t. of its prcaperty ari5~
ink €`,ther~is+~ t,^t~rl fra G`;r~ss~uent;e Gf c~'~}ir'ecii~tiGri or
t;Lasolescerace.
Sector ,3. 1:;. fih€~ Cvrf,~-}r~i ic~r~ wi I1 ir:su, e car Lai>se
tea be • itisur2r. by rrppr`priate it:suranGe Iae;t i~:! es its propy
~~'ti~s at 14va~i. t~ th~~ extent a:s:atil with c.tpaniea c~:rryinc~
o:a a si~ilrar >;itsiness> x:11 su~;Ta insura;ace p=olicies sT~.;.-11
r, r- cas=ytrbl~~' tc the fir•LStFe as Ta#~ ints.•rcy t ~aay, ~i~T ear`. ;,s
or be#•c~: e s#xt'1{ ~~) ~tt.:ys prior' ir} t`ta~ dose o~ t:ac;~i cii
its fiscal ysa.'s, tTae. C;or-por:ition will rselive;" tc) LTa~: "trustee
a stat-ement iri :aritin~ si~.zed lay an Qi•fir.€r Qf t?ie Cc>rnorat.ior=
d~,-cribing till fnst;:anc:e i3ten ir, fc~rr;e= but tT:e I"rustee may,
rat his e,pt:nr~, r~gzsi re t?ae Cor-pcarat it~r: tt~ cielTc~si t c~i th i t
ar-;y' or all saacb :.~s=.:ras~c:e policies, 7t~se C~rpo;'~;t4~*t si:atl
he sllcawed w!t': re~laeci. Lo any oa° alt srah insur~ar~ce ar=d
durin4 tt°~e p~ric~.~'. of ccrastru~ticsn ~f E:n~r it~.prov~~aent on :any
of its iarr~pertleg t;a ~.al;e ~:rr-,tr~r~:is ~:itti vr~y genera? t: caratra€:~
for rr subcQrrtractor reclu=ring such ceztractur tr+ I'urriish
L3s~y c:° all such irasur~=`~ce. This sl.all rant, how~:v~rf relfest~
the Corpcarat#ara ."reFa its ;:riry ~sblie;3 tieTn tca ,Purr,#st~ bucta
i ;asu:'at}c. e .
;~ectior, ~l. att. ~riy ~cneys in e~teess of dive `;`1a~;.{~-ar~~~3
=ai~ars (~r,L.aC~,~C~ in sr~y titer case raai~i or payaible in r~.spect
al~~