Honorary Director definition
Examples of Honorary Director in a sentence
An Honorary Director shall be allowed to attend any regular or special meeting of the Board of Directors and may participate in the meeting subject to the control of any person in charge of the meeting.
An Honorary Director may be paid for attendance at any such meeting at a fee established from time to time by the Board of Directors.
The Board of Directors may designate and appoint such person or persons as it determines qualified to be an Honorary Director.
When a director of the Corporation retires under the retirement policies of the Corporation as established from time to time by the Board of Directors, such director automatically shall become an Honorary Director of the Corporation following his or her retirement.
When a Director of the corporation ------------------------------- retires under the retirement policies of the corporation as established from time to time by the Board of Directors, the Board of Directors may appoint such retiring Director as an Honorary Director, Director Emeritus, or member of an advisory board established by the Board of Directors.
To qualify to be an Honorary Director, a person must be a former Director in good standing of the Corporation.
Any Honorary Director who, acting in good faith, suffers any monetary loss as a result of any claim, lawsuit or action arising out of any action or activity as an Honorary Director shall be entitled to indemnification or reimbursement by the Corporation upon a vote authorizing such indemnification or reimbursement by the Board of Directors.
Any individual automatically becoming an Honorary Director or appointed an Honorary Director, Director Emeritus, or member of an advisory board as provided by this Section 3.8 may be compensated as provided in Section 3.7, but such individual may not vote at any meeting of the Board of Directors or be counted in determining a quorum as provided in Section 5.5 and shall not have any responsibility or be subject to any liability imposed upon a director, or otherwise be deemed a director.
Any individual appointed as an Honorary Director, Director Emeritus, or member of an advisory board as provided by this Section 3.8 may be compensated as provided in Section 3.7, but such individual may not vote at any meeting of the Board of Directors or be counted in determining a quorum as provided in Section 5.5 and shall not have any responsibility or be subject to any liability imposed upon a Director, or otherwise be deemed a Director.
The Board of Directors of the Corporation also may appoint any individual an Honorary Director, Director Emeritus, or member of any advisory board established by the Board of Directors.