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ABII » Topics » Section 7.7 Settlement of Claims.

This excerpt taken from the ABII 10-Q filed Dec 20, 2007.

Section 7.7 Settlement of Claims.

The corporation shall not be liable to indemnify any Agent under this Article (a) for any amounts paid in settlement of any action or claim effected without the corporation’s written consent, which consent shall not be unreasonably withheld, or (b) for any judicial award if the corporation was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

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