Exhibit 3.1
ARTICLES OF INCORPORATION
OF
INDEPENDENT FILM DEVELOPMENT CORPORATION
ARTICLE I
1. NAME: The name of the corporation is: INDEPENDENT FILM DEVELOPMENT CORPORATION.
2. REGISTERED OFFICE AND AGENT: The address of the corporation's
principal office is 918 E. Sahara, Las Vegas, NV 89104. The
corporation's agent for service of process at that address is Paul Willson.
3. PURPOSE: The purpose of the corporation is to carry on its business as a non-diversified closed-end management investment company, as those
terms are used in the Investment Company Act of 1940 ("1940 Act"),
having elected to be regulated under the 1940 Act as a business
development company, which is a closed-end management investment
company that provides small businesses that qualify as an "eligible
portfolio company" with investment capital and also significant
managerial assistance. In addition to (and to the extent not
inconsistent with) the foregoing, the Corporation shall be authorized
to transact all lawful business for which a profit corporation may be
incorporated pursuant to the Nevada Revised Statutes.
4. CAPITAL STOCK: The aggregate number of shares of all classes of
capital stock which the Corporation has authority to issue is
500,000,000 of which 485,000,000 are to be shares of common stock,
$0.001 par value per share, and of which 15,000,000 are to be shares
of serial preferred stock, $0.001 par value per share. The shares may
be issued by the Corporation from time to time as approved by the
board of directors of the Corporation without the approval of the
stockholders except as otherwise provided in this Article IV or the
rules of a national securities exchange if applicable. The
consideration for the issuance of the shares shall be paid to or
received by the Corporation in full before their issuance and shall
not be less than the par value per share. The consideration for the
issuance of the shares shall be cash, services rendered, personal
property (tangible or intangible), real property, leases of real
property or any combination of the foregoing. In the absence of
actual fraud in the transaction, the judgment of the board of
directors as to the value of such consideration shall be conclusive.
Upon payment of such consideration such shares shall be deemed to be
fully paid and non-assessable. In the case of a stock dividend, the
part of the surplus of the Corporation which is transferred to stated
capital upon the issuance of shares as a stock dividend shall be
deemed to be the consideration for their issuance. Stockholders shall
not be liable to any extent for the payment of any debt of the
Corporation. The Board of Directors of the Corporation may, by
adoption of a resolution or Bylaw, impose restrictions upon the
transferability by shareholders of shares of the Corporation's capital
stock. Each holder of shares of capital stock shall, upon demand,
disclose to the Corporation such information with respect to direct or
indirect holdings of such shares as the directors or any officer or
agent of the Corporation designated by the board of directors deems
necessary to comply with the Internal Revenue Code, the 1940 Act, The
Securities Act of 1933, the Securities Exchange Act of 1934, or the
Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time, or to comply with the requirements or
demands of any taxing authority.
A description of the different classes and series (if any) of the
Corporation's capital stock, and a statement of the relative powers,
designations, preferences and rights of the shares of each class and
series of capital stock, and the qualifications, limitations or
restrictions thereof, are as follows:
A. COMMON STOCK. Subject to the provisions of these Articles, each
holder of shares of common stock shall be entitled to one vote for
each share held by such holder.
Whenever there shall have been paid, or declared and set aside for
payment, to the holders of the outstanding shares of any class or
series of stock having preference over the common stock as to the
payment of dividends, the full amount of dividends and sinking fund or
retirement fund or other retirement payments, if any, to which such
holders are respectively entitled in preference to the common stock,
and on any class or series of stock entitled to participate therewith
as to dividends, out of any assets legally available for the payment
of dividends, but only when and as declared by the board of directors
of the Corporation.
In the event of any liquidation, dissolution or winding up of the
Corporation, after there shall have been paid, or declared and set
aside for payment to the holders of the outstanding shares of any
class having preference over the commons stock in any such event, the
full preferential amounts to which they are respectively entitled the
holders of the common stock and of any class or series of stock
entitled to participate therewith, in whole or in part, as to
distribution of assets shall be entitled, after payment or provision
for payment of all debts and liabilities of the Corporation, to
receive the remaining assets of the Corporation available for
distribution, in cash or in kind.
Each share of common stock shall have the same relative powers,
preferences and rights as, and shall be identical in all respects
with, all the other shares of common stock of the Corporation.
B. SERIAL PREFERRED STOCK.
The preferences and relative rights and qualifications, limitations or
restrictions of the Corporation's serial preferred stock are as
follows:
A. Designation and Amount. All of the presently authorized preferred
shares, being Fifteen Million (15,000,000) shares of par value $0.001
preferred stock, are designated as shares of "Preferred Stock" and par
value is $0.001 per share.
B. Rank. The Preferred Stock shall be senior to the Common Stock and
any subsequently authorized series or class of the Corporation's
preferred stock.
C. Liquidation Rights. In the event of any liquidation, dissolution,
or winding up of the Corporation, whether voluntary or voluntary, the
holders of the Preferred Stock then outstanding shall be entitled to
be paid out of the assets of the Corporation available for
distribution to its shareholders, before any payment or declaration
and setting apart for payment of any amount shall be made in respect
of any outstanding capital stock of the Corporation, an amount equal
to $0.01 per share.
D. Dividends. Holders of shares of Preferred Stock shall be entitled
to receive dividends, ratably and on the same basis as holders of
Common Stock, when, as, and if declared by the Corporation.
E. Conversion. Each share of Preferred Stock shall be convertible, at
the option of the holder, into twenty-five (25) shares of the
Corporation's Common Stock; provided, however, that if the Corporation
effects any subdivision, forward or reverse split, or other
reclassification of its Common Stock, the conversion basis of the
Preferred Stock hereunder shall also be proportionately adjusted.
F. Voting. Holders of shares of Preferred Stock shall be entitled to
cast twenty-five (25) votes for each share of Preferred Stock held for
any matter presented to the shareholders of the Corporation at any
regular or special meeting of the shareholders, or for any other
matter that may require approval of the shareholders of the
Corporation.
G. Protective Provisions. As long as any shares of Preferred Stock
shall be outstanding, the Corporation shall not, without the approval
(by vote or written consent, as provided by law) of the holders of at
least two-thirds of the total number of shares of Preferred Stock
outstanding: (i) alter or change the rights, preferences or privileges
of the Preferred Stock, (ii) increase the authorized number of
Preferred Shares, (iii) create any new class of shares having
preferences over or on a parity with the Preferred Stock, (iv)
repurchase any of the Common Stock of the Corporation, (v) merge or
consolidate with any other entity except into or with a wholly-owned
subsidiary of the Corporation, or (vi) sell, convey or otherwise
dispose of, or create or incur any mortgage, lien, charge or
encumbrance on or security interest in or pledge of, or sell and
leaseback, all or substantially all of the property or business of the
Corporation.
H. Revisions. Except as otherwise provided in these Articles, the
board of directors of the Corporation is authorized, by resolution or
resolutions from time to time adopted, to provide for the issuance of
serial preferred stock in series and to amend or supplement the
powers, designations, preferences and relative, participating,
optional or other special rights of the shares of each such series,
and the qualifications, limitation or restrictions thereof, including,
but not limited to, determination of any of the following:
(1) the distinctive serial designation and the number of shares
constituting such series;
(2) the rights in respect of dividends, if any to be paid on the
shares of such series, whether dividends shall be cumulative and, if
so, from which date or dates, the payment or date or dates for
dividends, and the participating or other special rights, if any with
respect to dividends;
(3) the voting powers, full or limited, if any, of the shares of such
series;
(4) whether the shares of such series shall be redeemable and, if so,
the price or prices of which, and the terms and conditions upon which
such shares may be redeemed;
(5) the amount or amounts payable upon the shares of such series in
the event of voluntary or involuntary liquidation, dissolution or
winding up of the Corporation;
(6) whether the shares of such series shall be entitled to the
benefits of a sinking or retirement fund to be applied to the purchase
or redemption of such shares, and, if so entitled, the amount of such
fund and the manner of its application, including the price or prices
at which such shares may be redeemed or purchased through the
application such funds;
(7) whether the shares of such series shall be convertible into, or
exchangeable for, shares of any other class or any other series of the
same or any other class or classes of stock of the Corporation and, if
so convertible or exchangeable, the conversion price or prices, or the
rate or rates of exchange, and the adjustments thereof, if any at
which such conversion or exchange may be made, and any other terms and
conditions such conversion or exchange;
(8) the subscription or purchase price and form of consideration for
which the shares of such series shall be issued; and
(9) whether the shares of such series which are redeemed or converted
shall have the status of authorized but unissued shares of serial
preferred stock and whether such shares may be reissued as shares of
the same or any other series of serial preferred stock.
Provided, however, that each share of each such series of serial
preferred stock shall have the same relative powers, preferences and
rights as, and shall be identical in all respects with, all the other
shares of the Corporation of the same series, except the times from
which dividends on shares which may be issued from time to time of any
such series may begin to accrue.
5. MEETINGS OF STOCKHOLDERS: Meetings of the shareholders shall be held at such place within or without the State of Nevada as may be provided by the by-laws of the corporation. Special meetings of the
shareholders may be called by the president or any other executive
officer of the corporation, the board of directors, or any member
thereof, or by the record holder or holders of at least ten percent
(10%) of all shares entitled to vote at the meeting. Any action
otherwise required to be taken at a meeting of the shareholders,
except election of directors, may be taken, shall be signed by
shareholders having at least a majority of the voting power.
6. MANAGEMENT OF THE AFFAIRS OF THE CORPORATION:
A. All corporate powers and authority of the Corporation shall be
vested in and exercised by the Board of Directors except as otherwise
provided by statute, these Articles, or the Bylaws of the Corporation.
B. The Board of Directors shall have the power to adopt, alter, or
repeal the Bylaws of the Corporation, unless the Bylaws otherwise
provide.
C. The Board of Directors shall have the power 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) shall be open to inspection
by stockholders. No stockholder shall have any right to inspect any
account, book, or document of the Corporation except to the extent
permitted by statute or the Bylaws.
D. The Board of Directors shall have the power to determine, in
accordance with generally accepted accounting principles, the
Corporation's net income, its total assets and liabilities, and the
net asset value of the shares of capital stock of the Corporation.
The Board of Directors may delegate such power to any one or more of
the directors or officers of the Corporation, its investment adviser,
administrator, custodian, or depositary of the Corporation's assets,
or another agent of the Corporation appointed for such purposes.
E. Except as otherwise required under the 1940 Act, the Board of
Directors shall have the power to make distributions, including
dividends, from any legally available funds in such amounts, and in a
manner and to the stockholders of record as of such a date, as the
Board of Directors may determine.
7. BOARD OF DIRECTORS:
A. Directors shall be elected at the annual meeting of the
shareholders, and the persons receiving the highest number of votes
shall be declared duly elected, providing such numbers shall represent
a majority of all votes cast.
B. The number of the Corporation's directors shall be least three (3),
and may be increased beyond three by the majority vote of the
Corporation's board of directors in accordance with the Bylaws.
C. A majority of the board of directors shall be necessary to
constitute a quorum; and when so constituted, the board shall be
authorized to transact such business as may be delegated to it by the
stockholders and whenever the board of directors shall be so assembled
an act as a board, either within or without the State of Nevada, any
action taken shall be the action of the board of directors and shall
be binding upon the corporation, provided that three days prior
notice, given either orally or in writing, of the time and place of
the meeting and of the nature of business proposed to be transacted
shall have been given to the entire board of directors, unless such
notice be waived as hereinafter provided. Any director may waive
notice of any meeting; and in the event of such waiver, notice shall
be in writing or written memorandum shall be made of an oral waiver of
notice.
D. To the maximum extent permitted by the laws of Nevada (but not in
violation of any applicable requirement or limitation of the 1940
Act), in each case as currently in effect or as may hereafter be
amended, No director of the Corporation shall be liable to the
Corporation or its stockholders for money damages, and the Corporation
shall indemnify and advance expenses to its present and past
directors, officers, employees and agents (including any person or
firm appointed by the Corporation to serve as investment adviser or
any similar function), and persons who are serving or have served at
the request of the Corporation in similar capacities for other
entities. No amendment, alteration, or repeal of this Article VII(B)or
the adoption, alteration, or amendment of any other provision of these
Articles or the Bylaws of the Corporation inconsistent with this
Article VII(B), shall adversely affect any limitation on liability or
indemnification of any person under this Article VII(B) with respect
to any act or failure to act which occurred prior to such amendment,
alteration, repeal, or adoption.
8. OFFICERS: The officers of the corporation shall consist of a chairman of the board of directors, a president, a vice-president, a secretary and a treasurer, who shall perform such duties and have such authority as usually pertains to such officers of a corporation or as may be prescribed by the board directors from time to time.
QUALIFICATION OF OFFICERS: Officers of the corporation need not be
residents of the State of Nevada and need not own shares of the
corporation's stock. The secretary and treasurer may, but need not be,
the same person.
ELECTION: Directors shall be elected at the annual meeting of the
shareholders, and the persons receiving the highest number of votes
shall be declared duly elected, providing such numbers shall represent
a majority of all votes cast. Within ten (10) days after the election,
the directors shall meet and elect a president, vice-president,
secretary and treasurer.
TERM OF OFFICE: The term of office of all directors and officers shall
be one year, provided all directors and officers shall hold office
until their successors are duly elected and qualified.
RESIGNATION OF OFFICERS: Any officer or director may resign by filing
his written resignation with the secretary of the corporation, or in
the case of the secretary, with the president of the corporation and
upon acceptance thereof by the board of directors or if such board
shall neglect to act upon such resignation within fourteen (14) days
after receipt, the resignation shall become effective and the office
shall be deemed vacant.
REMOVAL OF OFFICERS: Any officer or director of this corporation may
be removed at any time without cause in the manner provided by the
laws of the State of Nevada for the removal of such officer or
director, or by a majority vote of the outstanding stock of the
corporation at any special meeting of the stockholders called for that
purpose as herein provided.
VACANCIES: In the case of the death, disability, or resignation of any
officer or director of the company, the remaining directors or
director of the company, even though less than a quorum, shall fill
vacancies for the unexpired term or terms.
9. DURATION: The period of duration of the corporation shall be
perpetual.
10. AMENDMENT: These Articles, by vote of not less than fifty per cent of the issued and outstanding capital stock of the corporation, may be
deemed amended in any respect amendable at law at any meeting. A copy
of the proposed amendment shall be given to the stockholders as
provided in ARTICLE 5 hereof.
11. BY-LAWS: The board of directors of the corporation shall have
authority to adopt such by-laws as in their judgment may be deemed
necessary or advisable for the management and transaction of the
business of the corporation, provided that such by-laws are not in
conflict with these Articles or the laws of the State of Nevada.
Dated: September 10, 2007 /S/ Kenneth Eade
________________________
Kenneth Eade,
Incorporator