Common use of Report to Shareholders Clause in Contracts

Report to Shareholders. Any indemnification of or advance of expenses to a director in accordance with this Article 7, if arising out of a proceeding by or on behalf of the corporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders’ meeting. If the next shareholder action is taken without a meeting at the instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action.

Report to Shareholders. Any indemnification of If the corporation indemnifies or advance of advances expenses to a director in accordance connection with this Article 7, if arising out of a proceeding by or on behalf in the right of the corporation, the corporation shall be reported report the indemnification or advance, in writing writing, to the shareholders with or before the notice of the next shareholders’ ' meeting. If the next shareholder action is taken without a meeting at the instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action.

Report to Shareholders. Any indemnification of or advance of expenses to a director in accordance with this Article 7Article, if arising out of a proceeding by or on behalf of the corporationCorporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders’ ' meeting. If the next shareholder action is taken without a meeting at the instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action.