Report to Shareholders. To the extent required by applicable law, any indemnification or advance of expenses to Indemnitee in accordance with this Agreement shall be reported in writing to the shareholders with or before the notice or waiver of notice of the next shareholders meeting or with or before the next submission to shareholders of a consent to action without a meeting and, in any case, within the 12 month period immediately following the indemnification or advance.
Report to Shareholders in relation to the preparation of reports to shareholders including annual and half-yearly reports; and
Report to Shareholders. If the Corporation indemnifies or advances expenses to a director in connection with a proceeding by or in the right of the Corporation, the Corporation shall report the indemnification or advance, in writing, to shareholders with or before the notice of the next shareholders’ meeting.
Report to Shareholders. The corporation shall report in writing to shareholders any indemnity or advanced expenses paid to a director, officer, employee or agent with or before the notice of the next shareholders' meeting.
Report to Shareholders. Any indemnification of or advance of expenses to a director in accordance with this Article, if arising out of a proceeding by or on behalf of the Corporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders' meeting.
Report to Shareholders. Any indemnification of or advance of expenses to a director in accordance with this Article VI, if arising out of a proceeding by or on behalf of the corporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders’ meeting. If the next shareholder action is taken without a meeting at the instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action.
Report to Shareholders. 18 10.11 Severability...................................................................................... 18
Report to Shareholders. If the Company has paid indemnity or has advanced expenses to a Person under this Section, the Company shall promptly report the indemnification or advance in writing to the Shareholders.
Report to Shareholders. The Company shall prepare and provide to the Shareholders financial statements on a quarterly basis and management reports on a monthly basis. The Company shall also prepare year-end financial statements which shall be audited by an internationally reputable accounting firm selected by the Board.
Report to Shareholders. The savings and loan industry experienced a number of changes in 1996, the long-term effect of which could be viewed as positive. In 1996 the industry contributed almost six billion dollars to fully fund the Savings Association Insurance Fund (SAIF). The industry also received a measure of relief with respect to the onerous tax requirement which may cause certain thrifts to recapture all or a portion of their bad debt reserves in the event of a charter change. These changes generally level the competitive playing field among thrifts and other insured financial institutions and should allow many financial institutions increased flexibility to choose the charter through which they wish to operate. The short-term effect of the SAIF recapitalization payment was a direct charge to current earnings. The Company's charge amounted to approximately $1.6 million. Despite this one-time charge, the Company recorded outstanding earnings for 1996 of $4.29 million, or $1.57 per share, which included a recovery of a $732,000 valuation allowance on a deferred tax asset. Overall for 1996 the Company achieved a 13.77% return on shareholders' equity. By comparison, publicly-traded thrifts as a whole achieved a median return on equity of 5.19%. Excluding the effects of non-recurring items, earnings for 1996 would have been $1.67 per share compared to $1.55 per share for the prior year. The Company ended 1996 with assets of $498.4 million, an increase of $45 million over the prior year. As a result of this 10% increase in assets, net interest income increased $1.57 million or over 11.5%. Despite the $45 million asset growth, the ratio of general and administrative expenses to average assets increased a modest four basis points to 1.83%, still considerably lower than most in the industry.
