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<br />" <br /> <br />'r. <br /> <br />ARTICLE 8 - OTHER MA TIERS <br /> <br />. <br /> <br />8.1 Fiscal Year. The fiscal year of the foundation shall begin on the 1st day of <br />January and end of the last day of December in each year. <br /> <br />8.2 Waiver of Notice. Wheneyer any notice is required to be given to any <br />trustee of the foundation under the proyisions of these bylaws or under the provisions of <br />the articles of infoundation or under the provisions of the Colorado Nonprofit Foundation <br />Act, a waiyer thereof in writing, signed by the person or persons entitled to such notice, <br />whether before or after the time stated therein, shall be deemed equivalent to the giving <br />of such notice. <br /> <br />ARTICLE 9 -INDEMNIFICATION AND LIMITATION <br />ON TRUSTEE LIABILITY <br /> <br />9.1 Nonliability For Prior Acts. A trustee, officer, employee, or agent of the <br />foundation who was not an officer, employee, agent or trustee of the foundation at the <br />time the act complained of was committed shall not be liable to the foundation for <br />monetary damages for breach of any fiduciary or other duty solely by reason of later <br />holding such office. <br /> <br />9.2 Indemnification of Trustees. The foundation shall indemnify trustees <br />who are parties, or are threatened to be made parties of any action, suit, investigation or <br />proceeding, together with any appeal thereof, whether civil, criminal, administrative, . <br />legislative or investigatiye, including actions by or on behalf of the foundation, by reason <br />of the fact that such persons are or were trustees of the foundation, for all expenses, <br />judgments, fines, settlements, including exemplary damages and attorneys' fees in <br />connection with such Claim, provided that such persons acted in good faith and with the <br />reasonable belief their actions were in the best interest of the foundation. The Board of <br />Trustees shall consider the acquisition of Directors and Officers Liability insurance or <br />similar instrument whose intent is the protection of individuals acting in good faith on <br />behalf of the foundation from legal liability . <br /> <br />9.3 Reimbursement of Expenses. Expenses of trustees, officers, <br />employees, trustees or agents of the foundation incurred in connection with successfully <br />establishing their right to indemnification or protection from liability under this Article shall <br />also be indemnified by the foundation. <br /> <br />9.4 Indemnification of Officers. The Board of Trustees shall have the <br />authority to indemnify officers, employees or agents who are parties, or are threatened <br />to be-made parties, to any action, suit, investigation or proceeding, together with any <br />appeal thereof, whether civil, criminal, administrative, legislative or investigative <br />(excluding actions by or on behalf of the foundation), by reason of the fact that, such <br />persons are or were officers of the foundation for all expenses, judgments, fines, <br />settlements, includinn exemplary damages and attorneys' fees in connection with such <br />claim, provided that such persons acted in good faith and with the reasonable belief their <br />actions were in the best interest of the foundation. <br /> <br />ARTICLE 10 - EXECUTIVE DIRECTOR <br /> <br />t <br />