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High River Gold Mines Ltd HRIVF



GREY:HRIVF - Post by User

Post by StockPiler1on Jun 15, 2009 3:33pm
458 Views
Post# 16071810

New By-Law and Schedule A

New By-Law and Schedule AI will be voting "No" to the new by-law. Mostly due to page 10 in Schedule A:

8.02       Indemnity
Subject to the Act, the Corporation shall indemnify a director or officer of the Corporation, a former director or officer of the Corporation or another individual who acts or acted at the Corporation's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgement, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding to which the individual is involved because of that association with the Corporation or other entity, if:

    (a)    the individual acted honestly and in good faith with a view to the best interests of the Corporation , or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity in the Corporation's request; and
    (b) in the case of of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's intent was lawful.


Here is the Definition:
Indemnify: 1 : to secure against hurt, loss, or damage 2 : to make compensation to for incurred hurt, loss, or damage

I'm not sure if this is new to the by-law but it looks like they wrote themselves a license to cheat and steal.

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