5 Guam Code Ann. § 87118
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Terms Used In 5 Guam Code Ann. § 87118
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Trustee: A person or institution holding and administering property in trust.
The Corporation shall indemnify any Trustee, Administrator, officer, staff person, or former Trustee, Administrator, officer or staff person who may have served at its request as a Trustee, Administrator or officer of the Corporation, in whole or in part, in connection in the defense of any action, suit, proceedings, civil or criminal, in which the person is made a party by reason of affiliation, with the Corporation, except in relation to matters as to which the person is adjudged in the action, suit or proceeding to be liable for negligence or criminal misconduct in the performance of duty to the Corporation; and, to make other indemnification that is authorized by the Articles of Incorporation, Bylaws or resolutions adopted after notice by Trustees entitled to vote.