(continued from previous page) of insurance policies. No indemnification shall be provided for acts constituting gross negligence, nor for fraud, nor for more reprehensible conduct. In the event of a settlement, the settlement shall be approved by the insurance carrier and paid for by the insurance carrier out of the insurance proceeds. The foregoing rights shall not be exclusive of other rights to which such director, officer, agent or employee may be entitled.
ARTICLE XVII
MISCELLANEOUS
The fiscal year of the Association shall begin on the first day of July and end on the last day of June every year, except that the first fiscal year shall begin on the date of incorporation.
IN WITNESS WHEREOF, we, being all of the directors of GLEN OAKS AT CASTLE PINES NORTH COMMUNITY ASSOCIATION, INC., have hereunto set our hands this 15th day of Jan, 1987.
I, the undersigned, do hereby certify:
THAT I am the duly elected and acting Secretary of GLEN OAKS AT CASTLE PINES NORTH COMMUNITY ASSOCIATION, INC., a Colorado non-profit corporation, and
THAT the foregoing Bylaws constitute the Bylaws of said Association, as duly adopted at a meeting of the Board of Directors thereof, held on the 15th day of Jan, 1987.
IN WITNESS WHEREOF, I have hereunto subscribe my name and affixed the seal of said Association this 15th day of l987.
