Section 48-26-202 - Other reports to shareholders

(a) If a corporation indemnifies or advances expenses to a director under § 48-18-502, § 48-18-503, § 48-18-504 or § 48-18-505 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the shareholders with or before the notice of the next shareholders' meeting.(b) If a corporation issues or authorizes the issuance of shares for promissory notes or for promises to render services in the future, the corporation shall report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the corporation, with or before the notice of the next shareholders' meeting.Acts 1986, ch. 887, § 16.21.