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The Corporation shall make no distribution of income to
its member, directors or officers, except as salaries for services
rendered and reimbursement of expenses as provided for herein and
in the By-Laws of the .Corporation. The Corporation shall be
conducted as a non-profit corporation.
Any Common Surplus shall be held for the use and benefit
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of the Corporation's members in proportion to the percentage of
their ownership in the Common Elements of the Corporation.
Upon termination of the Condominium and dissolution or
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final liquidation of this Corporation, the distribution to the
members of this Corporation of the Common Surplus in proportion
to the percentage of their ownership in the Common Elements shall
not constitute or be deemed to~be a dividend or distribution of
income.
ARTICLE XI
INDEMNIFICATION
Every director and every officer of the Corporation
shall be indemnified by the Corporation against all expenses and
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liabilities, including attorney's fees, reasonably incurred by or
imposed upon him•in connection•with any proceeding to which he
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may be a~party, or in which he may become involved, by reason of
j his being or having been a director or officer of the Corporation,
i or any settlement thereof, whether. or not he is a director or
officer at the time such expenses are incurred unless the liability
of the director in question or officer is adjudged by decision~of ~
court to result from the willful misfeasance or malfeasance of
such officer or director in the performance of his duties; provided,
however, that in the event of a settlement, the indemnification
herein shall ripply only when the Board of .Directors approves such
settlement and reimbursement as being in the best interest of the
~ Corporation. The foregoing right of indemnification shall be in
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~ addition to and shall not be exclusive of all other rights to
which said director or officer may be entitled.
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BoaK 302 Fn~~1317
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