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2005 Ordinances
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3/13/2006 11:57:55 AM
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3/31/2005 2:05:24 PM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />(b) In every instance in which the Virginia Nonstock Corporation Act, as it exists on <br />the date hereof or may hereafter be amended, permits the limitation or elimination of liability of <br />directors or officers of a corporation to the corporation, the members, directors and officers of <br />the CDA shall not be liable to the CDA. <br /> <br />(c) The CDA shall indemnify any individual who is, was or is threatened to be made <br />a party to a proceeding (including a proceeding by or in the right of the CDA) because such <br />individual is or was a member, director or officer of the CDA or because such individual is or <br />was serving the CDA or any other legal entity in any capacity at the request of the CDA while a <br />member, director or officer of the CDA, against all liabilities and reasonable expenses incurred <br />in the proceeding except such liabilities and expenses as are incurred because of such individual's <br />willful misconduct or knowing violation of the criminal law. Service as a member, director or <br />officer of a legal entity controlled by the CDA shall be deemed service at the request of the <br />CDA. The determination that indemnification under this paragraph (c) is permissible and the <br />evaluation as to the reasonableness of expenses in a specific case shall be made, in the case of a <br />member or director, as provided by law, and in the case of an officer, as provided in Section (d) <br />of this Article; provided, however, that if a majority of the members of the CDA has changed <br />after the date of the alleged conduct giving rise to a claim for indemnification, such <br />determination and evaluation shall, at the option of the person claiming indemnification, be made <br />by special legal counsel agreed upon by the CDA Board and such person. Unless a <br />determination has been made that indemnification is not permissible, the CDA shall make <br />advances and reimbursements for expenses incurred by a member, director or officer in a <br />proceeding upon receipt of an undertaking from such member, director or officer to repay the <br />same if it is ultimately determined that such member, director or officer is not entitled to <br />indemnification. Such undertaking shall be an unlimited, unsecured general obligation of the <br />member, director or officer and shall be accepted without reference to such member's, director's <br />or officer's ability to make repayment. The termination of a proceeding by judgment, order, <br />settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not of itself <br />create a presumption that a member, director or officer acted in such a manner as to make such <br />member, director or officer ineligible for indemnification. The CDA is authorized to contract in <br />advance to indemnify and make advances and reimbursements for expenses to any of its <br />members, directors or officers to the same extent provided in this paragraph (c). <br /> <br />(d) The CDA may, to a lesser extent or to the same extent that it is required to <br />provide indemnification and make advances and reimbursements for expenses to its members, <br />directors and officers pursuant to paragraph (c) of this Article, provide indemnification and make <br />advances and reimbursements for expenses to its employees and agents, the members, directors, <br />officers, employees and agents of its subsidiaries and predecessor entities, and any person <br />serving any other legal entity in any capacity at the request of the CDA, and may contract in <br />advance to do so. The determination that indemnification under this paragraph (d) is <br />permissible, the authorization of such indemnification and the evaluation as to the <br />reasonableness of expenses in a specific case shall be made as authorized from time to time by <br />general or specific action of the CDA Board, which action may be taken before or after a claim <br />
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