Exhibit 3.90
BY-LAWS OF ZEPHYR CORPORATION
TABLE OF CONTENTS
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| Article I General |
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Section 1.1. |
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Drafters Note |
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Section 1.2. |
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Relationship to Charter, etc |
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Section 1.3. |
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Seal |
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Section 1.4. |
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Fiscal Year |
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| Article II Stockholders |
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Section 2.1. |
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Place of Meetings |
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Section 2.2. |
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Annual Meeting |
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Section 2.3. |
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Quorum |
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Section 2.4. |
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Right to Vote; Proxies |
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2 |
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Section 2.5. |
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Voting |
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Section 2.6. |
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Notice of Annual Meetings |
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3 |
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Section 2.7. |
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Stockholders List |
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Section 2.8. |
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Special Meetings |
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Section 2.9. |
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Notice of Special Meetings |
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4 |
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Section 2.10. |
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Inspectors |
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Section 2.11. |
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Stockholders Consent in Lieu of Meetings |
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| Article III Directors |
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Section 3.1. |
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Number of Directors |
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Section 3.2. |
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Change in Number of Directors; Vacancies |
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Section 3.3. |
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Resignation |
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5 |
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Section 3.4. |
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Removal |
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Section 3.5. |
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Place of Meetings and Books |
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5 |
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Section 3.6. |
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General Powers |
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Section 3.7. |
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Committees |
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Section 3.8. |
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Powers Denied to Committees |
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Section 3.9. |
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Substitute Committee Member |
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Section 3.10 |
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Compensation of Directors |
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Section 3.11 |
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Annual Meeting |
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Section 3.12. |
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Regular Meetings |
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Section 3.13. |
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Special Meetings |
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Section 3.14. |
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Quorum |
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Section 3.15. |
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Telephonic Participation in Meetings |
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Section 3.16. |
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Action by Consent |
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| Article IV Officers |
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Section 4.1. |
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Selection; Statutory Officers |
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Section 4.2. |
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Time of Election |
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Section 4.3. |
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Additional Officers |
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Section 4.4. |
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Terms of Office |
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Section 4.5. |
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Compensation of Officers |
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Section 4.6. |
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Chairman of the Board |
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Section 4.7. |
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President |
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Section 4.8. |
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Vice-Presidents |
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Section 4.9. |
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Treasurer |
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Section 4.10. |
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Secretary |
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Section 4.11. |
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Assistant Secretary |
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Section 4.12. |
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Assistant Treasurer |
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Section 4.13. |
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Subordinate Officers |
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| Article V Stock |
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Section 5.1. |
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Stock |
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10 |
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Section 5.2. |
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Fractional Share Interests |
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Section 5.3. |
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Transfers of Stock |
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Section 5.4. |
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Record Date |
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Section 5.5. |
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Transfer Agent and Registrar |
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Section 5.6. |
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Dividends |
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12 |
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Section 5.7. |
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Lost, Stolen or Destroyed Certificates |
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Section 5.8. |
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Inspection of Books |
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| Article VI Miscellaneous Management Provisions |
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Section 6.1. |
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Execution of Papers |
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Section 6.2. |
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Notices |
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Section 6.3. |
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Conflict of Interest |
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Section 6.4. |
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Voting of Securities Owned by this Corporation |
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| Article VII Indemnification |
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Section 7.1. |
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Right to Indemnification |
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| Article VIII Amendments |
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15 |
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Section 8.1. |
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Amendments |
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BY-LAWS OF ZEPHYR CORPORATION
Article I General
Section 1.1. Drafters Note. Although these by-laws have been
drafted to conform generally to corporate law requirements, specific corporate law
requirements should be consulted in the event of any significant corporate action. If
any provision of these by-laws shall conflict with applicable law, such law shall
control.
Section 1.2. Relationship to Charter, etc. These by-laws are
subject to applicable corporate law and to the Corporations certificate of
incorporation, articles of organization or similar document (the charter). In these
by-laws, references to law, the charter and by-laws mean the law, the provisions of the
charter and the by-laws as from time to time in effect.
Section 1.3. Seal. The board of directors may provide for a seal of
the Corporation, which, if so provided, shall be in the form of a circle and shall have
inscribed thereon the name of the Corporation, the state of its incorporation, and such
other words, dates or images as may be approved from time to time by the directors.
Section 1.4. Fiscal Year. The fiscal year of the Corporation shall
end on December 31 of each year, unless otherwise fixed by resolution of the Board of
Directors.
Article II Stockholders
Section 2.1. Place of Meetings. All meetings of the stockholders
shall be held at the principal executive office of the Corporation, except such meetings
as the Board of Directors expressly determine shall be held elsewhere, in which case
meetings may be held upon notice as hereinafter provided at such other place or places
within or without the state of incorporation of the Corporation as the Board of
Directors shall have determined and as shall be stated in such notice.
Section 2.2. Annual Meeting. The annual meeting of the stockholders
shall be held each year on a date and at a time designated by the Board of Directors. At
each annual meeting the stockholders entitled to vote shall elect a Board of Directors by
plurality vote by ballot, and they may transact such other corporate business as
may properly be brought before the meeting. At the annual meeting any business may
be transacted, irrespective of whether the notice calling such meeting shall have
contained a reference thereto, except where notice is required by law, the charter, or
these by-laws. If the election of directors shall not be
held on the day designated in
accordance with these by-laws, the directors shall cause the election to be held as soon
thereafter as convenient, and to that end, if the annual meeting is omitted on the day
herein provided therefore or if the election of directors shall not be held thereat, a
special meeting of the stockholders may be held in place of such omitted meeting or
election, and any business transacted or election held at such special meeting shall have
the same effect as if transacted or held at the annual meeting; and in such case all
references in these bylaws to the annual meeting of the stockholders, or to the annual
election of directors, shall be deemed to refer to or include such special meeting. Any
such special meeting shall be called as provided in Section 2.9.
Section 2.3. Quorum. At all meetings of the stockholders, the
holders of a majority by voting power of the stock issued and outstanding and entitled to
vote thereat, present in person or represented by proxy, shall constitute a quorum
requisite for the transaction of business, except as otherwise provided by law, by the
charter or by these by-laws. If, however, such majority shall not be present or
represented at any meeting of the stockholders, the stockholders entitled to vote
thereat, present in person or by proxy, by a majority vote, shall have power to adjourn
the meeting from time to time without notice other than announcement at the meeting until
the requisite amount of voting stock shall be present. If the adjournment is for more
than thirty (30) days, or if after the adjournment new record date is fixed for the
adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder
of record entitled to vote at the meeting. At such adjourned meeting, at which the
requisite amount of voting stock shall be represented, any business may be transacted
which might have been transacted if the meeting had been held as originally called.
Section 2.4. Right to Vote; Proxies. Each holder of a share or
shares of capital stock of the Corporation having the right to vote at any meeting shall
be entitled to one vote for each such share of stock held by him, unless otherwise
provided in the charter. Any stockholder entitled to vote at any meeting of stockholders
may vote either in person or by proxy, but no proxy which is dated more than three years
prior to the meeting at which it is offered shall confer the right to vote thereat unless
the proxy provides that it shall be effective for a longer period. Subject to applicable
statutory provisions, a proxy may be
granted by a writing executed by the stockholder or his authorized officer,
director, employee or agent or by transmission or authorization of transmission of a
telegram, cablegram, or other means of electronic transmission to the person who will be
the holder of the proxy or to a proxy solicitation firm, proxy support service
organization or like agent duly authorized by the person who will be the holder of the
proxy to receive such transmission.
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Section 2.5. Voting. At all meetings of stockholders, except as
otherwise expressly provided for by statute, the charter or these by-laws, (a) in all
matters other than the election of directors, the affirmative vote a majority of shares
present in person or represented by proxy at the meeting and entitled to vote on such
matter shall be the act of the stockholders and (b) directors shall be elected by a
plurality of the votes the shares present in person or represented by proxy at the
meeting and entitled to vote on the election of directors. Except as otherwise expressly
provided by law, the charter or these by-laws, at all meetings of stockholders the voting
shall be by voice vote, but any stockholder qualified to vote on the matter in question
may demand a stock vote, by shares of stock, upon such question, whereupon such stock
vote shall be taken by ballot, each of which shall state the name of the stockholder
voting and the number of shares voted by him, and, if such ballot be cast by a proxy, it
shall also state the name of the proxy.
Section 2.6. Notice of Annual Meetings. Written notice of the
annual meeting of the stockholders shall be mailed to each stockholder entitled to vote
thereat at such address as appears on the stock books of the Corporation at least 10
days (and not more than 60 days) prior to the meeting. It shall be the duty of every
stockholder to furnish to the Secretary of the Corporation or to the transfer agent, if
any, of the class of stock owned by him, his post-office address and to notify said
Secretary or transfer agent of any change therein.
Section 2.7. Stockholders List. A complete list of the stockholders
entitled to vote at any meeting of stockholders, arranged in alphabetical order and
showing the address of each stockholder, and the number of shares registered in the name
of each stockholder, shall be prepared by the Secretary and made available either at a
place within the city where the meeting is to be held, which place shall be specified in
the notice of the meeting, or, if not so specified, at the place where the meeting is to
be held, at least 10 days before such meeting, and shall at all times during the usual
hours for business, and during the whole time of said election, be open to the
examination of any stockholder for a purpose germane to the meeting.
Section 2.8. Special Meetings. Special meetings of the stockholders
for any purpose or purposes, unless otherwise provided by statute, may be called by the
Board of Directors or the Chairman of the Board.
Section 2.9. Notice of Special Meetings. Written notice of a
special meeting of stockholders, stating the time and place and object thereof shall be
mailed, postage prepaid, not less than 10 nor more than 60 days before such meeting, to
each stockholder entitled to vote thereat,
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at such address as appears on the books of
the Corporation. No business may be transacted at such meeting except that referred to
in said notice, or in a supplemental notice given also in compliance with the provisions
hereof or such other business as may be germane or supplementary to that stated in said
notice or notices.
Section 2.10. Inspectors. One or more inspectors may be appointed
by the Board of Directors before or at any meeting of stockholders, or, if no such
appointment shall have been made, the presiding officer may make such appointment at the
meeting. At the meeting for which the inspector or inspectors are appointed, he or they
shall open and close the polls, receive and take charge of the proxies and ballots, and
decide all questions touching on the qualifications of voters, the validity of proxies
and the acceptance and rejection of votes. If any inspector previously appointed shall
fail to attend or refuse or be unable to serve, the presiding officer shall appoint an
inspector in his place.
Section 2.11. Stockholders Consent in Lieu of Meeting. Unless
otherwise provided in the charter, any action required by law to be taken at any annual
or special meeting of stockholders of the Corporation, or any action which may be taken
at any annual or special meeting of such stockholders, may be taken without a meeting,
without prior notice and without a vote, in the manner, and to the fullest extent,
provided by applicable law.
Article III
Directors
Section 3.1. Number of Directors. Except as otherwise provided by
law, the charter or these by-laws, the property and business of the Corporation shall be
managed by or under the direction of a board of not less than two nor more than thirteen
directors. No decrease in the number of directors shall have the effect of shortening the
term of any incumbent director. Within the limits specified, the number of directors
shall be determined by resolution of the Board of Directors or by the stockholders at the
annual meeting. Directors need not be stockholders, residents of the Corporations state
of
incorporation or citizens of the United States. The directors shall be elected by
ballot at the annual meeting of the stockholders and each director shall be elected to
serve until his successor shall be elected and shall qualify or until his earlier
resignation or removal; provided that in the event of failure to hold such
meeting or to hold such election at such meeting, such election may be held at any
special meeting of the stockholders called for that purpose. If the office of any
director becomes vacant by reason of death, resignation, disqualification, removal,
failure to elect, or otherwise, the remaining directors, although more or less than a
quorum, by a majority vote of such
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remaining directors may elect a successor or
successors who shall hold office for the unexpired term.
Section 3.2. Change in Number of Directors; Vacancies. The maximum
number of directors may be increased by an amendment to these by-laws adopted by a
majority vote of the Board of Directors or by a majority vote of the capital stock having
voting power, and if the number of directors is so increased by action of the Board of
Directors or of the stockholders or otherwise, then the additional directors may be
elected in the manner provided above for the filling of vacancies in the Board of
Directors or at the annual meeting of stockholders or at a special meeting called for
that purpose.
Section 3.3. Resignation. Any director of this Corporation may
resign at any time by giving written notice to the Chairman of the Board, if any, the
President or the Secretary of the Corporation. Such resignation shall take effect at the
time specified therein, at the time of receipt if no time is specified therein and at the
time of acceptance if the effectiveness of such resignation is conditioned upon its
acceptance. Unless otherwise specified therein, the acceptance of such resignation shall
not be necessary to make it effective.
Section 3.4. Removal. Any director or the entire Board of
Directors may be removed, with or without cause, by the holders of a majority of the
shares then entitled to vote at an election of directors.
Section 3.5. Place of Meetings and Books. The Board of Directors
may hold their meetings and keep the books of the Corporation inside or outside the
Corporations state of incorporation, at such places as they may from time to time
determine.
Section 3.6. General Powers. In addition to the powers and authority
expressly conferred upon them by these by-laws, the board may exercise all such powers of
the Corporation and do all such lawful acts and things as are not by statute or by the
charter or by these
by-laws directed or required to be exercised or done by the stockholders.
Section 3.7. Committees. The Board of Directors may designate one or
more committees by resolution or resolutions passed by a majority of the whole board.
Such committee or committees shall consist of one or more directors of the Corporation,
and, to the extent provided in the resolution or resolutions designating them, shall have
and may exercise specific powers of the Board of Directors in the management of the
business and affairs of the Corporation to the extent permitted by statute and shall have
power to authorize the seal of the Corporation to be affixed to all papers which may
require it. Such committee or committees
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shall have such name or names as may be
determined from time to time by resolution adopted by the Board of Directors.
Section 3.8. Powers Denied to Committees. Committees of the Board
of Directors shall not, in any event, have any power or authority to amend the charter,
adopt an agreement of merger, or consolidation, recommend to the stockholders the sale,
lease or exchange of all or substantially all of the Corporations property and assets,
recommend to the stockholders a dissolution of the Corporation or a revocation of a
dissolution or to amend the by-laws of the Corporation unless the resolution or
resolutions designating such committee expressly so provides. Further, no committee of
the Board of Directors shall have the power or authority to declare a dividend, to
authorize the issuance of stock or to adopt a certificate of ownership and merger unless
the resolution or resolutions designating such committee expressly so provides.
Section 3.9. Substitute Committee Member. In the absence or on the
disqualification of a member of a committee, the member or members thereof present at any
meeting and not disqualified from voting, whether or not he or they constitute a quorum,
may unanimously appoint another member of the Board of Directors to act at the meeting in
the place of such absent or disqualified member. Any committee shall keep regular minutes
of its proceedings and report the same to the board as may be required by the board.
Section 3.10. Compensation of Directors. The Board of Directors
shall have the power to fix the compensation of directors and members of committees of
the Board. The directors may be paid their expenses, if any, of attendance at each
meeting of the Board of Directors and may be paid a fixed sum for attendance at each
meeting of the Board of Directors or a stated salary as director. No such payment shall
preclude any director from serving the Corporation in
any other capacity and receiving compensation therefor. Members of special or
standing committees may be allowed like compensation for attending committee meetings.
Section 3.11. Annual Meeting. The newly-elected board may meet at
such place and time as shall be fixed and announced by the presiding officer at the
annual meeting of stockholders, for the purpose of organization or otherwise, and no
further notice of such meeting shall be necessary to the newly elected directors in order
legally to constitute the meeting, provided a quorum shall be present, or they may meet
at such place and time as shall be stated in a notice given to such directors two (2)
days prior to such meeting, or as shall be fixed by the consent writing of all the
directors.
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Section 3.12. Regular Meetings. Regular meetings of the board may
be held without notice at such time and place as shall from time to time be determined
by the board.
Section 3.13. Special Meetings. Special meetings of the board may be
called by the Chairman of the Board on 2 days notice to each director, or such shorter
period of time before the meeting as will nonetheless be sufficient for the convenient
assembly of the directors so notified. Special meetings shall be called by the Secretary
in like manner and on like notice, on the written request of two or more directors.
Section 3.14. Quorum. At all meetings of the Board of Directors, a
majority of the total number of directors shall be necessary and sufficient to constitute
a quorum for the transaction of business, and the act of a majority of the directors
present at any meeting at which there is a quorum shall be the act of the Board of
Directors, except as may be otherwise specifically permitted or provided by statute, or
by the charter, or by these by-laws. If at any meeting of the board there shall be less
than a quorum present, a majority of those present may adjourn the meeting from time to
time until a quorum is obtained, and no further notice thereof need be given other than
by announcement at said meeting which shall be so adjourned.
Section 3.15. Telephonic Participation in Meetings. Members of the
Board of Directors or any committee designated by such board may participate in a meeting
of the board or committee by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other,
and participation in a meeting pursuant to this section shall constitute presence in
person at such meeting.
Section 3.16. Action by Consent. Unless otherwise restricted by law,
the charter or these by-laws, any action required or permitted to be taken at any meeting
of the Board of Directors or of any committee thereof may be taken without a meeting, if
written consent thereto is signed by all members of the board or of such committee as the
case may be and such written consent is filed with the minutes of proceedings of the
board or committee.
Article IV Officers
Section 4.1. Selection; Statutory Officers. The officers of the
Corporation shall be chosen by the Board of Directors. There shall be a President, a
Secretary and a Treasurer, and there may be a Chairman of
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the Board of Directors, one
or more Vice Presidents, one or more Assistant Secretaries, and one or more Assistant
Treasurers, as the Board of Directors may elect. Any number of offices may be held by
the same person. Subject to law, the charter and to the other provisions of these
by-laws, each officer shall have, in addition to the duties and powers herein set
forth, such duties and powers as are commonly incident to his office and such
additional duties and powers as the board of directors may from time to time designate.
Section 4.2. Time of Election. The officers above named shall be
chosen by the Board of Directors at its first meeting after each annual meeting of
stockholders. None of said officers need be a director or stockholder.
Section 4.3. Additional Officers. The board may appoint such other
officers and agents as it shall deem necessary, who shall hold their offices for such
terms and shall exercise such powers and perform such duties as shall be determined from
time to time by the board.
Section 4.4. Terms of Office. Each officer of the Corporation shall
hold office until his successor is chosen and qualified, or until his earlier
resignation or removal. Any officer elected or appointed by the Board of Directors may
be removed at any time by the Board of Directors, with or without cause.
Section 4.5. Compensation of Officers. The Board of Directors shall
have power to fix the compensation of all officers of the Corporation. It may authorize
any officer, upon whom the power of appointing subordinate officers may have been
conferred, to fix the compensation of such subordinate officers.
Section 4.6. Chairman of the Board. The Chairman of the Board of
Directors shall preside at all meetings of the stockholders and directors, and shall have
such other duties as may be assigned to him from time to time by the Board of Directors.
Section 4.7. President. Unless the Board of Directors otherwise
determines, the President shall be the chief executive officer and head of the
Corporation. Unless there is a Chairman of the Board, the President shall preside at all
meetings of directors and stockholders. Under the supervision of the Board of Directors
and of any applicable committee thereof, the President shall have the general control
and management of its business and affairs, subject, however, to the right of the Board
of Directors and of any applicable committee to confer any specific power, except such
as may be by statute exclusively conferred on the President, upon any other officer or
officers of the Corporation. The
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President shall perform and do all acts and things incident to the position of
President and such other duties as may be assigned to him from time to time by the
Board of Directors or any applicable committee thereof.
Section 4.8. Vice-President. The Vice-Presidents shall perform such
of the duties of the President on behalf of the Corporation as may be respectively
assigned to them from time to time by the Board of Directors or by the executive
committee or by the President. The Board of Directors or any applicable committee may
designate one of the Vice-Presidents as the Executive Vice-President, and in the absence
or inability of the President to act, such Executive Vice-President shall have and
possess all of the powers and discharge all of the duties of the President, subject to
the control of the board and of any applicable committee.
Section 4.9. Treasurer. The Treasurer shall have the care and
custody of all the funds and securities of the Corporation which may come into his hands
as Treasurer, and the power and authority to endorse checks, drafts and other instruments
for the payment of money for deposit or collection when necessary or proper and to
deposit the same to the credit of the Corporation in such bank or banks or depository or
depositories as the Board of Directors or any applicable committee, or the officers or
agents to whom the Board of Directors or any applicable committee may delegate such
authority, may designate, and he may endorse all commercial documents requiring
endorsements for or on behalf of the Corporation. He may sign all receipts and vouchers
for the payments made to the Corporation. He
shall render an account of his transactions to the Board of Directors or to any
applicable committee as often as the board or such committee shall require the same. He
shall enter regularly in the books to be kept by him for that purpose full and adequate
account of all moneys received and paid by him on account of the Corporation. He shall
perform all acts incident to the position of Treasurer, subject to the control of the
Board of Directors and of any applicable committee. He shall, when requested pursuant to
vote of the Board of Directors or any applicable committee, give a bond to the
Corporation conditioned for the faithful performance of his duties, the expense of which
bond shall be borne by the Corporation.
Section 4.10. Secretary. The Secretary shall keep the minutes of all
meetings of the Board of Directors and of the stockholders. He shall attend to the giving
and serving of all notices of the Corporation. Except as otherwise ordered by the Board
of Directors or any applicable committee, he shall attest the seal of the Corporation
upon all contracts and instruments executed under such seal and shall affix the seal of
the Corporation thereto and to all certificates of shares of capital stock of the
Corporation. He shall have charge of the stock certificate book, transfer book and stock
ledger, and such other books and papers as the Board of
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Directors or any applicable committee may direct. He shall, in general, perform all
the duties of Secretary, subject to the control of the Board of Directors and of any
applicable committee.
Section 4.11. Assistant Secretary. The Board of Directors may
appoint or remove one or more Assistant Secretaries of the Corporation. Any Assistant
Secretary upon his appointment shall perform such duties of the Secretary, and also any
and all such other duties as the Board of Directors, any applicable committee, the
President, any Vice-President, the Treasurer or the Secretary may designate.
Section 4.12. Assistant Treasurer. The Board of Directors may
appoint or remove one or more Assistant Treasurers of the Corporation. Any Assistant
Treasurer upon his appointment shall perform such of the duties of the Treasurer, and
also any and all such other duties as the Board of Directors or any applicable committee
may designate.
Section 4.13. Subordinate Officers. The Board of Directors may
select such subordinate officers as it may deem desirable. Each such officer shall hold
office for such period, have such authority, and perform such duties as the Board of
Directors may prescribe. The Board of Directors may, from time to time, authorize any
officer to appoint and remove subordinate officers and to prescribe the powers and
duties thereof.
Article V Stock
Section 5.1. Stock. Each stockholder shall be entitled to a
certificate or certificates of stock of the Corporation in such form as the Board of
Directors may from time to time prescribe. The certificates of stock of the Corporation
shall be numbered and shall be entered in the books of the Corporation as they are
issued. They shall certify the holders name and number and class of shares and shall be
signed by both of (a) either the President or a Vice-President, and (b) any one of
the Treasurer or the Secretary, and shall be sealed with the corporate seal of the
Corporation. If such certificate is countersigned (1) by a transfer agent other than the
Corporation or its employee, or, (2) by a registrar other than the Corporation or its
employee, the signature of the officers of the Corporation and the corporate seal may be
facsimiles. In case any officer or officers who shall have signed, or whose facsimile
signature or signatures shall have been used on, any such certificate or certificates
shall cease to be such officer or officers of the Corporation, whether because of death,
resignation or otherwise, before such certificate or certificates shall have been
delivered by the Corporation, such certificate or certificates may nevertheless be
adopted by the Corporation and be issued and delivered as though the person or persons
who signed such
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certificate or certificates or whose facsimile signature shall have been
used thereon had not ceased to be such officer or officers or the Corporation.
Section 5.2. Fractional Share Interests. The Corporation may, but
shall not be required to, issue fractions of a share. If the Corporation does not issue
fractions of a share, it shall (a) arrange for the disposition of fractional interests by
those entitled thereto, (b) pay in cash the fair value of fractions of a share as of the
time when those entitled to receive such fractions are determined, or (c) issue scrip or
warrants in registered or bearer form which shall entitle the holder to receive a
certificate for a full share upon the surrender of such scrip or warrants aggregating a
full share. A certificate for a fractional share shall, but scrip or warrants shall not
unless otherwise provided therein, entitle the holder to exercise voting rights, to
receive dividends thereon, and to participate in any of the assets of the Corporation in
the event of liquidation. The Board of Directors may cause scrip or warrants to be issued
subject to the conditions that they shall become void if not exchanged for certificates
representing full shares before a specified date, or subject to the conditions that the
shares for which scrip or warrants are exchangeable may be sold by the Corporation and
the proceeds thereof distributed to the holders of scrip or warrants, or subject to any
other conditions which the Board of Directors may impose.
Section 5.3. Transfers of Stock. Subject to any transfer restrictions
then in force, the shares of stock of the Corporation shall be
transferable only upon its books by the holders thereof in person or by their duly
authorized attorneys or legal representatives and upon such transfer the old certificates
shall be surrendered to the Corporation by the delivery thereof to the person in charge of
the stock and transfer books and ledgers or to such other person as the directors may
designate by whom they shall be canceled and new certificates shall thereupon be issued.
The Corporation shall be entitled to treat the holder of record of any share or shares of
stock as the holder in fact thereof and accordingly shall not be bound to recognize any
equitable or other claim to or interest in such share on the part of any other person
whether or not it shall have express or other notice thereof save as expressly provided by
applicable law.
Section 5.4. Record Date. For the purpose of determining the
stockholders entitled to notice of or to vote at any meeting of stockholders or any
adjournment thereof, or to express consent to corporate action in writing without a
meeting, or entitled to receive payment of any dividend or other distribution or the
allotment of any rights, or entitled to exercise any rights in respect of any change,
conversion, or exchange of stock or for the purpose of any other lawful action, the Board
of Directors may fix, in advance, a record date, which shall not be more than 60 days nor
less
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than 10 days before the date of such meeting, nor more than 60 days prior to any
other action. If no such record date is fixed by the Board of Directors, the record date
for determining stockholders entitled to notice of or to vote at a meeting of
stockholders shall be the day on which the first written consent is expressed; and the
record date for determining stockholders for any other purpose shall be at the close of
business on the day on which the Board of Directors adopts the resolution relating
thereto. A determination of stockholders of record entitled to notice of or to vote at
any meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 5.5. Transfer Agent and Registrar. The Board of Directors
may appoint one or more transfer agents or transfer clerks and one or more registrars
and may require all certificates of stock to bear the signature or signatures of any of
them.
Section 5.6. Dividends. Dividends upon the capital stock of the
Corporation, subject to the provisions of the charter, if any, may be declared by the
Board of Directors at any regular or special meeting, pursuant to law. Dividends may be
paid in cash, in property, or in shares of the capital stock, subject to the provisions
of the charter and applicable law. Before payment of any dividend, there may be set aside
out of any funds of the Corporation available for dividends such sum or sums as the
directors from time to time, in their absolute discretion, think proper as a reserve or
reserves to meet contingencies, or for equalizing dividends, or for repairing or
maintaining any property of the Corporation, or for such other purpose as the directors
shall think conducive to the interest of the Corporation, and the directors may modify or
abolish any such reserve in the manner in which it was created.
Section 5.7. Lost, Stolen or Destroyed Certificates. No
certificates for shares of stock of the Corporation shall be issued in place of any
certificate alleged to have been lost, stolen or destroyed, except upon production of
such evidence of the loss, theft or destruction and upon indemnification of the
Corporation and its agents to such extent and in such manner as the Board of Directors
may from time to time prescribe.
Section 5.8. Inspection of Books. The Board of Directors shall have
power from time to time to determine whether and to what extent and at what times and
places and under what conditions and regulations the accounts and books of the
Corporation (other than the stock ledger) or any of them, shall be open to inspection of
stockholders and no stockholder shall have any right to inspect any account or book or
document of the Corporation except as conferred by statute or authorized by the Board of
Directors.
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Article VI Miscellaneous Management Provisions
Section 6.1. Execution of Papers. Except as the board of directors
may generally or in particular cases authorize the execution thereof in some other
manner, all deeds, leases, transfers, contracts, bonds, notes, checks, drafts or other
obligations made accepted or endorsed by the Corporation shall be signed by the chairman
of the board, if any, the president, a vice president or the treasurer.
Section 6.2. Notices. Notices to directors may, and notices to
stockholders shall, be in writing and delivered personally or mailed to the directors or
stockholders at their addresses appearing on the books of the Corporation. Notice by mail
shall be deemed to be given 5 days after the same shall be mailed. Notice to directors
may also be given by telegram, telecopy or orally, by telephone or in person. Whenever
any notice is required to be given under the provisions of the statutes or of the charter
of the Corporation or of these by-laws, a written waiver of notice, signed by the person
or persons entitled to said notice, whether before or after the time stated therein or
the meeting or action to which such notice relates, shall be deemed equivalent to notice.
Attendance
of a person at a meeting shall constitute a waiver of notice of such meeting except
when the person attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting is not lawfully
called or convened.
Section 6.3. Conflict of Interest. No contract or transaction between
the Corporation and one or more of its directors or officers, or between the Corporation
and any other corporation, partnership, association, or other organization in which one or
more of its directors or officers are directors or officers, or have a financial interest,
shall be void or voidable solely for this reason, or solely because the director or
officer is present at or participates in the meeting of the board of or committee thereof
which authorized the contract or transaction, or solely because his or their votes are
counted for such purpose, if: (a) the material facts as to this relationship or interest and
as to the contract or transaction are disclosed or are known to the Board of Director or
the committee and the board or committee in good faith authorizes the contract or
transaction by the affirmative vote of a majority of the disinterested directors, even
though the disinterested directors be less than a quorum; or (b) the material facts as to
his relationship or interest and as to the contract or transaction are disclosed or are
known to the stockholders of the Corporation entitled to vote thereon, and the contract or
transaction is specifically approved by vote of such stockholders; or (c) the contract
or transaction is fair as to the Corporation as of the time it is authorized, approved or
ratified, by the Board of Directors, a committee or the
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stockholders. Common or interested
directors may be counted in determining the presence of a quorum at a meeting of the Board
of Directors or of a committee which authorizes the contract or transaction.
Section 6.4. Voting of Securities Owned by This Corporation. Subject
always to the specific directions of the Board of Directors, (a) any shares or other
securities issued by any other Corporation and owned or controlled by this Corporation
may be voted in person at any meeting of security holders of such other corporation by
the President, any Vice President, or the Treasurer, and (b) whenever, in the judgment of
the President or any other appropriate officer, it is desirable for this Corporation to
execute a proxy or written consent in respect to any shares or other securities issued by
any other Corporation and owned by this Corporation, such proxy or consent shall be
executed in the name of this Corporation by the President or such officer, without the
necessity of any authorization by the Board of Directors, affixation of corporate seal or
countersignature or attestation by another officer. Any person or persons designated in
the manner above stated as the proxy or proxies of this Corporation shall have full
right, power and authority to
vote the shares or other securities issued by such other corporation and owned by
this Corporation the same as such shares or other securities might be voted by this
Corporation.
Article VII Indemnification
Section 7.1. The Corporation shall, to the maximum extent permitted from time
to time under the laws of the state of incorporation of the Corporation, indemnify, and
upon request shall advance expenses to any person who is or was a party or is threatened to
be made a party to any threatened, pending or completed action, suit, proceeding or claim,
whether civil, criminal, administrative or investigative, by reason of the fact that such
person is or was or has agreed to be a director or officer of this Corporation or while a
director or officer is or was serving at the request of this Corporation as a director,
officer, partner, trustee, fiduciary, employee or agent of any corporation, partnership,
joint venture, trust or other enterprise, including service with respect to employee
benefit plans, against expenses (including attorneys fees and expenses), judgments, fines,
penalties and amounts paid in settlement incurred in connection with such action, suit,
proceeding or claim; provided, however, that the foregoing shall not require this
Corporation to indemnify or advance expenses to any person in connection with any action,
suit, proceeding, claim or counterclaim initiated by or on behalf of such person, other
than an action to enforce indemnification rights. Such indemnification shall not be
exclusive of other indemnification rights arising under any by-law, agreement, vote of
directors or stockholders or otherwise and shall inure to the benefit of the heirs and
legal representatives of such person. Any
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such person seeking indemnification under this
Section 7.1 shall be deemed to have met the standard of conduct required for such
indemnification unless the contrary shall be established. The Corporation shall have the
power to provide indemnification and advance expenses to any other person, including
employees and agents of the Corporation and stockholders purporting to act on behalf of the
Corporation, to the extent permitted by the law of the state of incorporation of the
Corporation.
Article VIII Amendments
Section 8.1. Amendments. The by-laws of the Corporation may be
altered, amended or repealed at any meeting of the Board of Directors upon notice
thereof in accordance with these by-laws, or at any meeting of the stockholders by the
vote of the holders of the majority of the stock issued and outstanding and entitled to
vote at such meeting, in accordance with the provisions of the charter of the
Corporation and applicable laws.
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