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or' hereafter acquire, and without limiting the generality of such <br /> statement, they shall be entitled to their respective rights of <br /> indemnification under any bylaw, agreement, provision of law, or <br /> otherwise, as well as their rights under this section. The Board <br /> of Directors may adopt rules and regulations (bylaws) from time to <br /> time with respect to indemnification to provide at all times the <br /> fullest indemnification permitted by the law of the State of <br /> Washington, and may cause the Corporation to purchase and maintain <br /> insurance on behalf of any person who is or was a director or <br /> officer of the Corporation, or its representative in any other <br /> enterprise, against any liability asserted against such person and <br /> incurred in any such capacity or arising out of such status, <br /> whether or not the Corporation would have the power to indemnify <br /> such person. <br /> Section 14. Any net earnings of the Corporation beyond those <br /> necessary for retirement of indebtedness incurred by it, shall <br /> inure to the City, and not for the benefit of any other person. <br /> Alteration of the Charter of or dissolution of or audits of the <br /> Corporation shall be as provided by the Act and by subsequent <br /> ordinances of the City. Upon dissolution of the Corporation, <br /> title to all property owned by the Corporation shall vest in the <br /> City. <br /> Section 15. This ordinance shall be liberally construed to <br /> effect its purposes. <br /> Section 16. Emergency. A public emergency is hereby <br /> declared to exist due to pending applications from corporations <br /> for industrial development bond financing under the Act, and this <br /> -6- BD726 82/06/01 <br />