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arising out of the Director's, officer's, employee's or agent's <br /> status as such, whether or not this corporation would have the <br /> power to indemnify the Director, officer, employee, or agent <br /> against that liability under law; except, the corporation may <br /> not purchase insurance to protect self dealing directors (as <br /> defined in Section 4.23 of these Bylaws) from liability. <br /> Section 7.7. Reports to Directors. If the corporation <br /> has more than twenty -five thousand dollars ($25,000) in gross <br /> receipts in any fiscal year, the president shall furnish a <br /> written report at the first regular meeting of the next fiscal <br /> year to all Directors of this corporation containing the <br /> following information: <br /> (a) The assets and liabilities, including the trust funds, <br /> of this corporation as of the end of the fiscal year; <br /> (b) The principal changes in assets and liabilities, <br /> including trust funds, during the fiscal year; <br /> (c) The revenue or receipts of this corporation both <br /> unrestricted and restricted for particular purposes, <br /> for the fiscal year; <br /> (d) The expenses or disbursements of this corporation, for <br /> both general and restricted purposes during the fiscal <br /> year. <br /> Regardless of the gross receipts of the corporation, the <br /> president must furnish a written report to all Directors that <br /> lists any transaction during the prior fiscal year involving <br /> one thousand dollars ($1,000) or more between this corporation <br /> or a subsidiary and any Director or officer of this corporation <br /> or a subsidiary. The report must disclose the name of the <br /> Director or officer and the person's relationship to the <br /> corporation, the nature of such person's interest in the <br /> transaction and, where practicable, the amount of such <br /> interest. The president must also furnish an annual written <br /> report to all Directors disclosing the amount and circumstances <br /> of any indemnifications or advances aggregating more than one <br /> thousand dollars ($1,000) paid during the prior fiscal year to <br /> any officer or Director of the corporation. <br /> Section 7.8. Amendment of Bylaws. The Bylaws may be <br /> amended or repealed and new Bylaws adopted by the vote of a <br /> majority of all the members of the Board of Directors. Such <br /> amended or newly adopted Bylaws shall take effect immediately. <br /> -11- <br />