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•ONCA permits corporation to indemnify the directors and officers and to purchase insurance
–ONCA expressly requires that the purchase of insurance be in compliance with the Charities Accounting Act and its regulations
–Regulation 4/01 under the Charities Accounting Act requires directors to consider certain factors enumerated in the regulation before they consent to the indemnification of its directors or purchasing D&O insurance
–The indemnification or the purchase of insurance must not render the corporation insolvent
•CNCA is silent on all of these issues but it is likely the same approach would apply
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