7.01 Indemnification of Directors, Officers and Employees:
Any person who is involved in any legal action due to the fact that he is or was a director, officer or employee of the Association shall be indemnified by the Association, against all expenses he reasonably incurred in connection with or resulting from such legal action. These expenses shall also include amounts paid by him with the consent of the Association in reasonable settlement of such action except for those matters as to which it shall be determined that he was derelict in the performance of his duty to the Association. This right of indemnification shall apply to matters arising both before and after the time of adoption of this Bylaw and shall not exclude any other legal right of indemnification to which he may be entitled.