Board Bylaws

A.1.7 INDEMNIFICATION

  A. The Board hereby agrees that every member and officer of the Board shall be deemed to have assumed office on the express understanding, agreement and condition that every member and officer of the Board and the heirs, executors and administrators and estate, and effects of every member and officer, respectively, shall from time to time and at all times be indemnified and saved harmless out of the funds of the Institute from and against:

    (1) All costs, charges and expenses whatsoever sustained or incurred by a member or officer in or about any action, suit or proceeding which is brought, commenced or prosecuted against such member or officer, for or in respect of any act, deed, matter or thing whatsoever, made, done or permitted by that member or officer, in or about the execution of the duties performed by that individual as a member or officer of the Board.

    (2) All other costs, charges and expenses sustained or incurred in or about or in relation to the affairs of the Institute; except such costs, charges or expenses as are occasioned by the Board member's own wilful neglect or default.

    (3) An officer of the Board is defined as the President, or the Bursar.