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The Corporation shall make no distribution of income to
its members, 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 ~
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
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
liabilities, including attorney's fees, reasonably incurred by or
imposed upon him in connection with any, proceeding to which he
may be a art or in which he ma become in
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his being or having been a director or officer of the Corporation,
or any settlement thereof, whether or not he is a director or
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officer at the time such expenses are incurred unless the liability
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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 perfonaance of his duties; provided,
however, that in the event of a settlement, the indemnification
herein shall_apply only when the Board of Directors approves such
settlement and reimbursement as being in the best interest of the
A 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 E~.
I which said director or officer may be entitled.
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