Will & Testament
Any proposal to sell, dissolve, or liquidate the Cooperative must be approved by 2/3 of all Owners and 2/3 of all Directors. In such an event, after paying or adequately providing for all debts, liabilities, and repayment to contributors, the Cooperative shall make payments in following the procedures described under “How Surplus Is Distributed”
Defending and Compensating Directors, Officers, Staff, and Owners
Ampled shall have the power to indemnify its Directors, Officers, Workers, Owners, and their agents to the fullest extent permitted by law. Ampled shall compensate a Director, Officer, Worker or Owner for any expenses incurred from lawsuits, penalties, fines, and costs of defense if the person incurred these expenses in connection with fulfilling their duties as a Director, Officer, Staff or Owner. This is also called “indemnification.” However, Ampled is not obligated to “indemnify” a person if such expenses arose from a situation where the person stole funds, knowingly received funds they were not entitled to, intentionally committed a crime, or recklessly or intentionally harmed Ampled or its Directors, Officers, Workers, or Owners.
Last modified 3yr ago