SCN: Put up or shut up.
Steve
steve at advocate.net
Sun Jun 25 06:24:13 PDT 2000
> After you read this, tell us your understanding of what this means.
At first glance, it looks like the indemnification provisions contained
in the Articles of Incorporation are in conflict with those in the
Bylaws.
But references in the Articles to intentional misconduct,
recklessness, and gross negligence (the standards for which are far
more rigorous than a simple violation of SCNA procedures),
generally mean as adjudicated. If found guilty, the offender would
likely be prohibited as a matter of public policy from receiving
indemnification. Which is pretty much the same thing as the Bylaws
provision.
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