Report of indemnification to members
In plain English: Requires the association to tell members when it protects a director financially. If the association indemnifies a director or advances a director's expenses under the referenced statutes, it must report that in writing to the members with or before the notice of the next member meeting. Failing to make this report does not, by itself, cancel indemnification that is otherwise valid.
10-11621. Report of indemnification to members
If a corporation indemnifies or advances expenses to a director under sections 10-3851 through 10-3854, the corporation shall report the indemnification or advance in writing to the members with or before the notice of the next meeting of members. Failure to report under this section does not invalidate otherwise valid indemnification.