Commit 7ca49505 authored by Martin Roukala's avatar Martin Roukala 🐙
Browse files

delete the article 5

This is not necessary anymore because all the transactions need to be approved
by SPI. The treasurer's role would become "the person who is regularly in
contact with SPI's treasurer". This person has no authority and cannot be
in legal trouble so everything is fine.
parent 5ee05eaf
No preview for this file type
......@@ -644,42 +644,6 @@ The duties of the Treasurer shall include, but not limited to:
Board may assign.
To the fullest extent permitted by the General Corporation Law of the State of
Delaware, as the same exists or may hereafter be amended, a director of the
corporation shall not be personally liable to the corporation or its members for
monetary damages for breach of fiduciary duty as a director.
\section{Right to Indemnification}
Each person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (other than an action by or in the
right of the corporation) by reason of the fact that he or she is or was a
Director or Officer of the corporation or is or was serving at the request of
the corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, shall be
entitled to indemnification against expenses (including attorneys' fees),
judgments, fines, and amounts paid in settlement to the fullest extent now or
hereafter permitted by applicable law as long as such person acted in good faith
and in a manner that such person reasonably believed to be in or not be opposed
to the best interests of the corporation provided, however, that the corporation
shall indemnify any such person seeking indemnity in connection with an action,
suit or proceeding (or part thereof) initiated by such person only if such
action, suit or proceeding (or part thereof) was authorized by the Board of
\section{Advance Payment of Expenses}
Expenses (including reasonable attorneys' fees) incurred by any person who is or
was an Officer, Director of the corporation or who is or was serving at the
request of the corporation as an officer or director of another corporation,
partnership, joint venture, trust or other enterprise, in defending any civil,
criminal, administrative or investigative action, suit or proceeding, shall be
paid by X.Org in advance of the final disposition of such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such person to
repay such amount if it is ultimately determined that he or she is not entitled
under applicable law to be indemnified by the corporation.
\section{Financial Year}
Supports Markdown
0% or .
You are about to add 0 people to the discussion. Proceed with caution.
Finish editing this message first!
Please register or to comment