BYLAWS
of
1212 DEVELOPMENT CORP.
(the “Corporation”)
Effective as of July 18, 2016
ARTICLE I MEETINGS OF SHAREHOLDERS
Section1.AnnualMeetings
Theannualmeetingofthe shareholdersof theCorporationshallbeheldatthe time fixed,fromtimetotime,by theBoardofDirectors.
Section2.SpecialMeetings
Special meetings of the shareholders may be called by the Board of Directors or such person or persons authorized by the Board of Directors.
Section3.PlaceofMeetings
Meetings of shareholders shall be held at the registered office of the Corporation, or at such other places, within or without the State of Nevada as the Board of Directors may from time to time fix.
Section4.Noticeof Meetings
Anoticeconveninganannualorspecial meeting which specifiestheplace, day,and hourofthe meeting,andthegeneralnatureofthebusinessofthemeeting,mustbefaxed,personallydeliveredor mailedpostageprepaid to each shareholderof theCorporation entitledtovoteat themeetingat theaddressoftheshareholderas itappearsonthe stock transfer ledgerof theCorporation,atleastten
(10)dayspriortothe meeting.Accidental omissiontogive noticeof ameetingto, or thenon-receiptofnoticeofameetingby,ashareholderwillnotinvalidatetheproceedingsatthatmeeting.
Section 5. Action Without a Meeting
Unlessotherwise providedbylaw,anyactionrequiredto betaken atameetingof theshareholders,or anyother action whichmay betakenat ameetingof theshareholders,may be takenwithoutameeting,withoutprior notice andwithouta vote ifwritten consents are signedbyshareholdersrepresentingamajorityofthesharesentitledtovoteatsuchameeting,excepthowever,ifadifferentproportionofvotingpowerisrequiredbylaw,theArticlesofIncorporationortheseBylaws,thanthat proportion of written consents is required. Such written consents must be filed with the minutes of the proceedings of the shareholders of the Corporation.
Section6.Quorum
a) | Nobusiness,other than the electionof thechairmanor theadjournmentofthemeeting, willbetransactedatanannualorspecialmeeting unlessaquorumofshareholders,entitled to attend and vote, ispresentat thecommencementof themeeting,but thequorumneed notbepresentthroughoutthemeeting. |
b) | ExceptasotherwiseprovidedintheseBylaws,aquorumistwopersonspresentandbeing,orrepresentingbyproxy, shareholdersof theCorporation. |
c) | Ifwithinhalfanhourfromthetimeappointedforanannualorspecialmeetingaquorum isnotpresent,themeeting shall standadjournedtoaday,timeand placeasdeterminedby thechairmanof themeeting. |
Section7.Voting
Subjectto aspecial votingrightsorrestrictions attachedto aclassofshares,eachshareholder shallbeentitledtoonevoteforeachshareofstockinhisorherownnameonthebooksofthecorporation,whetherrepresentedinpersonor byproxy.
Section 8. Motions
Nomotionproposedat anannualorspecialmeeting needbeseconded.
Section9.EqualityofVotes
Inthecaseof anequalityofvotes,thechairmanof themeetingatwhichthe votetakes place isnotentitledtohaveacastingvoteinadditionto the vote orvotestowhich hemay beentitledas ashareholderofproxyholder.
Section 10. Dispute as to Entitlement to Vote
Inadisputeas to the admissionor rejectionof avoteat anannualorspecialmeeting,thedecision ofthechairmanmadeingood faith isconclusive.
Section 11. Proxy
a) | Eachshareholder entitledtovoteat anannualorspecialmeetingmay do soeither inpersonorbyproxy.Aformofproxymustbeinwritingunderthehandoftheappointororofhisorher attorneydulyauthorizedinwriting, or,if theappointor isacorporation,either under the sealof thecorporationorunderthehandof a dulyauthorized officerorattorney.Aproxyholderneed notbe ashareholderof theCorporation. |
b) | Aformofproxyandthepowerofattorneyorotherauthority,ifany,underwhichitissignedor afacsimiledcopy thereof mustbedepositedat theregisteredofficeof theCorporationor atsuch other placeas isspecifiedfor that purposein thenoticeconveningthemeeting.InadditiontoanyothermethodofdepositingproxiesprovidedforintheseBylaws,theDirectorsmayfrom timetotimebyresolution makeregulations relatingtothedepositingofproxies ataplace orplacesandfixing the time ortimesfordepositing theproxies notexceeding 48hours(excluding Saturdays, Sundaysand holidays) precedingthemeetingoradjournedmeeting specifiedinthenoticecallingameetingofshareholders. |
ARTICLE II BOARD OF DIRECTORS
Section1.Number, Term,ElectionandQualifications
a) | ThefirstBoardofDirectorsoftheCorporation,andallsubsequentBoardsoftheCorporation,shall consistofnot less thanone(1) and not more than five (5)directors.ThenumberofDirectorsmay befixed andchanged fromtimetotimebyordinary resolutionof theshareholdersof theCorporation. |
b) | ThefirstBoardofDirectorsshall holdofficeuntilthefirstannualmeetingofshareholdersand until theirsuccessorshave beendulyelected and qualifiedoruntil there isadecreaseinthenumberofdirectors.Thereinafter, Directorswill beelectedat theannualmeetingofshareholdersand shallhold |
officeuntiltheannualmeetingoftheshareholdersnext succeedinghis orherelection,oruntil hisorher prior death,resignationor removal.AnyDirectormayresignatanytimeupon writtennoticeofsuchresignationtotheCorporation.
c) | AcasualvacancyoccurringintheBoardmaybefilledbytheremainingDirectors. |
d) | Betweensuccessiveannual meetings,theDirectorshavethepowertoappointone ormoreadditional Directorsbutnotmore than 1/2ofthe numberofDirectorsfixedat thelast shareholder meetingatwhichDirectorswereelected.ADirectorsoappointedholdsofficeonlyuntilthenextfollowingannualmeetingoftheCorporation,butiseligibleforelectionat that meeting.Solongas he or sheisanadditionalDirector,thenumberofDirectors willbeincreasedaccordingly. |
e) | ADirectorisnotrequiredtoholdashareinthecapitaloftheCorporationasqualificationforhis orheroffice. |
Section2.Duties, Powers andRemuneration
a) | TheBoardofDirectors shallberesponsibleforthecontrol andmanagementof thebusinessandaffairs,property and interestsof theCorporation,andmayexercise all powersof theCorporation,except for those powersconferred uponorreservedfor the shareholdersor anyother personsasrequiredunder Nevada state law, theCorporation's ArticlesofIncorporationor bytheseBylaws. |
b) | Theremunerationof theDirectorsmayfromtimeto timebedeterminedby theDirectorsor,if theDirectors decide,by theshareholders. |
Section3.Meetingsof Directors
a) | ThePresidentoftheCorporationshallpresideaschairmanateverymeetingoftheDirectors,or if thePresidentisnot presentor iswillingtoactaschairman,theDirectorspresent shall choose oneoftheir numberto bechairmanofthemeeting. |
b) | TheDirectorsmaymeet together forthedispatchofbusiness, andadjournand otherwise regulate theirmeetingsas they thinkfit.Questionsarisingat ameeting mustbedecidedbyamajorityofvotes.Incaseof anequalityofvotesthechairmandoes not haveasecondorcasting vote.MeetingsoftheBoardheldatregularintervalsmay beheldat theplace andtimeuponthenotice(ifany)astheBoardmaybyresolutionfromtimetotimedetermine. |
c) | ADirectormayparticipateinameetingoftheBoardorofacommitteeoftheDirectorsusingconferencetelephonesorothercommunications facilitiesbywhichallDirectors participatingin themeeting can hear each other andprovidedthat all such Directorsagreetosuchparticipation.ADirectorparticipatingin ameetinginaccordancewiththisBylawisdeemedto bepresentatthemeeting andtohavesoagreed.SuchDirector willbecountedinthe quorum and entitledtospeakand voteat themeeting. |
d) | ADirectormay,andtheSecretaryonrequestofaDirectorshall,callameetingoftheBoard.Reasonable noticeof themeetingspecifyingtheplace,dayand hourofthe meeting must be givenby mail,postageprepaid, addressedto eachof theDirectors andalternate Directorsat his orher addressas itappearsonthe booksof theCorporationor byleavingit at his orher usualbusinessorresidentialaddressorbytelephone,facsimileorothermethodoftransmittinglegiblyrecorded messages.Itis notnecessarytogivenoticeof ameetingofDirectorsto aDirectorimmediatelyfollowingashareholdermeetingatwhichtheDirectorhasbeenelected,oristhemeetingofDirectorsatwhichtheDirectorisappointed. |
e) | ADirectoroftheCorporationmay file with theSecretaryadocumentexecutedby himwaiving noticeof apast, presentorfuture meetingormeetingsof theDirectorsbeing,orrequiredtohave been, senttohim andmay at any timewithdrawthewaiverwithrespecttomeetings heldthereafter.After filing such waiverwithrespecttofuture meetings and untilthewaiveriswithdrawnnonoticeofameetingofDirectorsneedbegiventotheDirector.All meetingsoftheDirectorssoheld willbedeemed notto beimproperly calledorconstitutedbyreasonofnoticenothavingbeengiventotheDirector. |
f) | ThequorumnecessaryforthetransactionofthebusinessoftheDirectorsmaybefixedbytheDirectors andif not sofixed isamajorityof theDirectors or,if thenumberofDirectorsis fixedatone,is oneDirector. |
g) | ThecontinuingDirectorsmayactnotwithstandingavacancyintheirbodybut,ifandsolong astheirnumberisreducedbelowthenumberfixedpursuanttotheseBylawsasthenecessaryquorum of Directors, the continuing Directors may act for the purpose of increasing the number of Directors to that number, or of summoning a shareholder meeting of the Corporation, but for no other purpose. |
h) | AllactsdonebyameetingoftheDirectors,acommitteeofDirectors,orapersonactingasaDirector, will,notwithstandingthatit beafterwardsdiscovered that there wassomedefectin thequalification,electionorappointmentof theDirectors, shareholdersofthe committeeorpersonactingasaDirector,orthatanyofthemwere disqualified,beasvalidasifthe personhad beendulyelectedorappointedand wasqualifiedto be aDirector. |
i) | Aresolution consentedto inwriting, whetherbyfacsimileorother methodoftransmittinglegiblyrecorded messages,byallof theDirectorsisasvalidas ifit hadbeen passedatameetingof theDirectorsdulycalled and held.Aresolutionmay be in two ormorecounterpartswhichtogetherare deemedtoconstituteoneresolutioninwriting.Aresolutionmustbefiledwiththeminutesoftheproceedingsofthedirectorsandiseffectiveonthedate statedonitoronthelatestdatestatedonacounterpart. |
j) | AllDirectorsoftheCorporationshall have equal votingpower. |
Section4.Removal
One ormoreoralltheDirectorsof theCorporationmay beremoved withorwithout cause atany time by avoteoftwo-thirdsof theshareholdersentitledtovote thereon,at aspecial meetingof theshareholderscalled for thatpurpose.
Section 5. Committees
a) | TheDirectorsmayfromtimetotimebyresolutiondesignatefromamongitsmembersoneormorecommittees,andalternatemembers thereof, astheydeem desirable,each consistingof one ormore members, with such powers and authority(totheextentpermittedbylawand theseBylaws)asmaybeprovidedinsuchresolution.Eachsuchcommitteeshallserveatthepleasureof theBoardofDirectors and unlessotherwisestatedbylaw,theCertificateofIncorporationoftheCorporationorthese Bylaws, shallbegovernedby therules and regulations statedherein regardingtheBoardofDirectors. |
b) | EachCommitteeshallkeepregularminutesofitstransactions,shallcausethemtoberecordedin thebooks kept for that purpose, and shall report them totheBoardatsuch timesastheBoardmayfrom time totimerequire.TheBoardhasthepowerat anytime torevokeoroverridetheauthoritygiventooractsdonebyanyCommittee. |
ARTICLE III OFFICERS
Section1.Number,Qualification,Election and TermofOffice
a) | TheCorporation'sofficers shall have such titles and dutiesasshallbestatedintheseBylawsor in aresolutionof theBoardofDirectorswhichis notinconsistent withthese Bylaws.TheofficersoftheCorporationshallconsistofapresident,secretary,treasurer,andalsomayhaveone ormore vice presidents,assistant secretariesandassistant treasurersand such otherofficersas theBoardofDirectorsmayfromtime totime deemadvisable.Anyofficermay holdtwoormoreofficesintheCorporation,andmayormaynotalsoactasaDirector. |
b) | TheofficersoftheCorporationshallbeelectedbytheBoardofDirectorsattheregularannual meetingof theBoardfollowingtheannualmeetingofshareholders. |
c) | Each officer shall hold office until theannualmeetingof theBoardofDirectorsnext succeedinghisorherelection,anduntilhisorhersuccessorshallhavebeendulyelectedand qualified, subject toearlier terminationby his orher death,resignationorremoval. |
Section2.Resignation
AnyofficermayresignatanytimebygivingwrittennoticeofsuchresignationtotheCorporation.Section3.Removal
Anyofficer appointedby theBoardofDirectorsmay beremovedby amajorityvote of theBoard,either withorwithoutcause,andasuccessorappointedby theBoardat any time,andanyofficerorassistantofficer,ifappointedbyanotherofficer,may likewiseberemovedbysuchofficer.
Section 4. Remuneration
The remuneration of the Officers of the Corporation may from time to time be determined by the Directors or, if the Directors decide, by the shareholders.
Section5.ConflictofInterest
Each officerof theCorporationwhoholdsanotherofficeorpossessesproperty whereby, whether directlyorindirectly,dutiesorinterestsmightbecreatedinconflictwithhisorherdutiesorinterestsas anofficeroftheCorporationshall,inwriting,disclose tothePresidentthefact andthenature,characterand extentoftheconflictandabstain fromvoting withrespectto anyresolution inwhichtheofficer hasapersonalinterest.
ARTICLE V SHARES OF STOCK
Section 1. Certificate of Stock
a) | Thesharesof theCorporationshallberepresentedbycertificatesorshall beuncertificatedshares. |
b) | Certificated sharesof theCorporation shallbesigned,either manuallyor byfacsimile,byofficersoragentsdesignatedby theCorporation for suchpurposes,and shall certifythenumberofshares owned |
by theshareholderintheCorporation.Wheneveranycertificate iscountersigned or otherwiseauthenticatedby atransferagent ortransferclerk,andby a registrar,thena facsimile of the signatures of the officers oragents,the transfer agent ortransfer clerkor the registrar of the Corporation may beprintedor lithographedupon the certificate inlieu of the actual signatures.IftheCorporation usesfacsimilesignaturesofitsofficersand agentson itsstockcertificates, it cannotactas registrar ofits own stock, but its transferagentandregistrar may beidenticalif the institutionactingin thosedualcapacities countersignsorotherwiseauthenticatesanystockcertificatesinbothcapacities.Ifanyofficerwhohassignedorwhosefacsimilesignaturehasbeenplaceduponsuchcertificate,shallhaveceasedtobesuchofficerbeforesuchcertificateisissued,itmaybeissuedbytheCorporation withthesameeffect as ifheweresuch officeratthedateofitsissue.
c) | IftheCorporation issueduncertificatedsharesasprovided forinthese Bylaws, withinareasonable time aftertheissuanceortransferofsuchuncertificatedshares, andatleast annuallythereafter,theCorporationshall sendtheshareholderawritten statement certifyingthenumberofsharesownedbysuchshareholderintheCorporation. |
d) | Exceptasotherwiseprovidedbylaw,therightsandobligationsoftheholdersofuncertificatedshares andtherights and obligationsof theholdersofcertificates representingsharesofthe same class and series shallbeidentical. |
e) | Ifasharecertificate: |
(i) | isworn outordefaced,the Directors shall, uponproductiontothemof thecertificateand upon such otherterms,ifany,as they may thinkfit,orderthecertificateto becancelled and issueanewcertificate; |
(ii) | islost, stolenordestroyed,then upon proof being givento thesatisfactionof theDirectorsanduponandindemnity,ifanybeinggiven,astheDirectorsthinkadequate,theDirectorsshall issueanewcertificate;or |
(iii) | representsmore than one share andtheregisteredownersurrendersittothe Corporation withawritten requestthattheCorporationissue inhis orher name twoormorecertificates,eachrepresentingaspecified numberofsharesandintheaggregaterepresenting the same numberofsharesas thecertificatesosurrendered,theCorporationshallcancelthecertificatesosurrenderedand issue newcertificatesinaccordancewith suchrequest. |
Section2.TransfersofShares
a) | Transfersorregistrationoftransfersofsharesof theCorporation shallbemadeon thestock transfer booksoftheCorporationby theregisteredholder thereof,or by his orher attorneydulyauthorizedby awritten powerofattorney;andin thecaseofsharesrepresentedbycertificates,onlyafterthesurrenderto theCorporationof thecertificatesrepresentingsuchshares with such shares properly endorsed, with such evidence of the authenticity of such endorsement, transfer, authorization and other matters as the Corporation may reasonably require, and the payment of all stock transfer taxes due thereon. |
a) | TheCorporationshallbeentitledtotreat theholderofrecordof anyshareorsharesas theabsoluteownerthereofforallpurposesand,accordingly,shallnotbeboundtorecognizeanylegal, equitableorother claim to,orinterestin,such shareorshareson thepartof anyother person, whetherornotitshall haveexpressorothernoticethereof, exceptasotherwise expressly providedbylaw. |
b) | While theCorporationis not areportingissuerorhasnotfiledaregistrationstatement no shareorsecurity (other thananon-convertibledebtsecurity)may besold,transferredor otherwisedisposedofwithouttheconsentof thedirectorsandthedirectors arenotrequiredtogiveanyreasonforrefusingto |
consenttoanysuchsale,transferorotherdisposition.
Section1.RecordDate
a) | TheDirectorsmayfixin advanceadate, which mustnot bemore than60dayspermittedby theprecedingthedateof ameetingofshareholdersor aclassofshareholders,or of thepaymentof adividendor of theproposedtakingof anyother properactionrequiringthedeterminationofshareholdersas therecorddate forthedeterminationoftheshareholdersentitledtonoticeof,ortoattendandvoteat,ameetingandanadjournmentofthemeeting,or entitled to receive paymentof adividendorfor any other proper purpose and,insuch case, notwithstanding anythingintheseBylaws,onlyshareholdersofrecordsonthe datesofixedwillbedeemedtobetheshareholdersforthepurposesofthisBylaw. |
b) | Wherenorecorddate issofixed forthedeterminationofshareholdersasprovidedin theprecedingBylaw,thedateonwhichthenoticeismailedoronwhichtheresolutiondeclaringthedividendis adopted,asthecasemaybe,istherecorddateforsuchdetermination. |
Section3.FractionalShares
Notwithstanding anything elseintheseBylaws,theCorporation,if theDirectorssoresolve,will notberequired to issuefractionalsharesinconnectionwith anamalgamation, consolidation, exchangeorconversion.At thediscretionoftheDirectors, fractional interestsin sharesmay beroundedto thenearestwholenumber,withfractionsof1/2beingroundedtothenexthighestwholenumber,ormay bepurchasedfor cancellationby theCorporation for suchconsiderationasthe Directorsdetermine.TheDirectorsmaydetermine the manner in whichfractionalinterestsinsharesareto betransferredanddeliveredtotheCorporationinexchangeforconsiderationandadeterminationsomadeisbinding uponallshareholdersofthe Corporation.Incaseshareholdershavingfractionalinterests insharesfailtodeliverthemtotheCorporationinaccordancewithadeterminationmadeby theDirectors,theCorporationmaydepositwiththeCorporation'sRegistrarandTransferAgentasumsufficienttopaytheconsideration payableby theCorporationforthefractional interestsinshares,such deposit tobeset asideintrust for suchshareholders.Such setting asideisdeemed tobepaymenttosuchshareholdersforthefractional interestsinsharesnot sodeliveredwhichwillthereuponnot beconsideredasoutstandingand suchshareholderswillnotbeconsideredto beshareholdersof theCorporation withrespectthereto and will have norightexcept to receive paymentof themoneysosetasideanddepositedupondeliveryofthecertificatesfor thesharesheldpriortotheamalgamation, consolidation, exchangeorconversionwhichresultinfractional interestsinshares.
ARTICLE VI DIVIDENDS
Section1.DeclarationofDividend.
Dividendsmaybedeclared and paid outof any fundsavailabletherefor,asoften, in suchamounts,andatsuchtimeortimesastheBoardofDirectorsmaydetermineandsharesmaybeissuedprorata and withoutconsiderationto theCorporation's shareholdersortotheshareholdersofoneormore classesorseries.
Section 2. Shares as Dividends
Sharesofoneclassorseriesmaynotbeissuedasasharedividendtoshareholdersofanotherclassorseriesunlesssuchissuanceis inaccordancewith the ArticlesofIncorporationand:
a) | amajorityofthecurrentshareholdersoftheclassorseriestobeissuedapprovetheissue;or |
b) | therearenooutstandingsharesoftheclassorseriesofsharesthatareauthorizedtobeissuedas adividend. |
ARTICLE VII BORROWING POWERS
Section1.GeneralPowers
The Directors may from time to time on behalf of the Corporation:
a) | borrow moneyinsuch manner and amount,onsuchsecurity,from suchsourcesand upon such terms andconditionsastheythinkfit, |
b) | issuebonds,debenturesandotherdebtobligationseitheroutrightorassecurityforliabilityorobligationof theCorporationoranother person,and |
c) | mortgage, charge,whetherby way ofspecificorfloatingcharge,and give other securityon theundertaking,oronthewholeorapartofthepropertyandassetsoftheCorporation (bothpresent andfuture). |
Section2.Bonds,Debenturesand OtherCorporateDebt
Abond,debentureorotherdebtobligationof theCorporationmay beissuedat adiscount,premiumorotherwise,and withaspecialprivilegeas toredemption, surrender, drawing, allotmentof or conversion into or exchange for shares or other securities, attending and voting at shareholder meetings of the Corporation, appointment of Directors or otherwise, and may by its terms be assignable free from equities between the Corporation and the person to whom it was issued or a subsequent holder thereof, all as the Directors may determine.
ARTICLE VIII FISCAL YEAR
Thefiscalyearendofthe Corporation shallbefixed,and shallbesubject tochange,by theBoardofDirectorsfromtimetotime,subjecttoapplicablelaw.
ARTICLE IX CORPORATE SEAL
Thecorporateseal,ifany,shallbeinsuch formasshallbeprescribedand altered,fromtimetotime,by theBoardofDirectors.The use of asealorstampby theCorporationoncorporate documentsisnotnecessaryandthelackthereofshallnotinanywayaffectthelegalityofacorporatedocument.
ARTICLE XAMENDMENTS
Section 1. By Shareholders
AllBylawsoftheCorporationshallbesubjecttoalterationorrepeal,andnew Bylawsmaybemadebyamajorityvoteoftheshareholdersatanyannualmeetingorspecialmeetingcalledforthatpurpose.
Section2.ByDirectors
The Board of Directors shall have the power to make, adopt, alter, amend and repeal, from time to time, Bylaws of the Corporation.
ARTICLE XI
DISCLOSURE OF INTEREST OF DIRECTORS
Section1.Disclosure
A Directorwhois,inanyway, directlyorindirectlyinterestedinanexistingor proposedcontractortransactionwiththeCorporationor whoholdsanofficeorpossessesproperty whereby, directlyorindirectly,adutyorinterestmightbecreatedtoconflictwithhisorherdutyorinterestasaDirector,shalldeclarethenatureandextentofhisorherinterestinsuchcontractortransactionoroftheconflictwithhisorherdutyandinterestasaDirector,asthecasemaybe.
Section2.Voting
ADirectorshall not voteinrespectof acontractortransactionwiththeCorporationinwhichheis interestedandifhedoessohisorhervotewill notbecounted,buthewillbecountedinthequorumpresent atthemeetingatwhichthevote is taken.Theforegoing prohibitionsdo notapplyto:
a) | acontractortransactionrelatingto aloantotheCorporation,whichaDirectoror aspecified corporationor aspecifiedfirm in whichhehasaninterest hasguaranteedorjoined inguaranteeingtherepaymentof theloanorpartoftheloan; |
b) | acontractortransactionmadeor to bemade withorfor the benefitof aholdingcorporationorasubsidiarycorporationofwhichaDirectorisadirectororofficer; |
c) | acontractbyaDirectortosubscribefororunderwritesharesordebenturestobeissuedbytheCorporationor asubsidiaryof theCorporation,or acontract,arrangementortransactioninwhichaDirectorisdirectlyorindirectly interested ifalltheotherDirectorsarealso directlyorindirectly interested inthecontract, arrangementortransaction; |
d) | determiningtheremunerationof theDirectors; |
e) | purchasingandmaintaininginsurancetocoverDirectorsagainstliabilityincurredbythemasDirectors;or |
f) | theindemnificationof aDirectorby theCorporation. |
Section3.HoldingOffice
ADirectormayholdanofficeorplaceofprofitwiththeCorporation(otherthantheofficeofAuditorof theCorporation)in conjunction with hisorher officeofDirectorfortheperiod andon theterms (astoremunerationorotherwise)as theDirectorsmaydetermine.NoDirectororintended Directorwill bedisqualifiedby his orher office from contracting withtheCorporationeither withregardtothetenureof anysuch other officeor place ofprofit,or asvendor, purchaserorotherwise,and, no contractortransactionenteredintobyoronbehalfoftheCorporationinwhichaDirectorisinterestedisliableto bevoidedbyreasonthereof.
Section 4. Acting in Professional Capacity
ADirectororhisorherfirmmayactinaprofessionalcapacityfortheCorporation(exceptasAuditorof theCorporation),and heorhisorher firmisentitledtoremunerationforprofessionalservicesas if hewere notaDirector.
Section 5. Other Corporations
ADirectormaybeorbecomeadirectororotherofficeroremployeeof,orotherwiseinterestedin,acorporationorfirminwhichtheCorporationmaybeinterestedasashareholderorotherwise,andtheDirectorisnotaccountableto theCorporationforremunerationorother benefitsreceivedby him asdirector,officeroremployeeof,orfromhisorherinterestin,theothercorporationorfirm,unlesstheshareholdersotherwisedirect.
ARTICLE XII
ANNUAL LIST OF OFFICERS, DIRECTORS AND REGISTERED AGENT
TheCorporation shall,within sixtydaysafterthefilingofits ArticlesofIncorporationwiththeSecretaryofState, and annuallythereafteron orbeforethelastday ofthe monthinwhich the anniversary dateofincorporationoccurs eachyear,filewiththe SecretaryofStatealistofitspresident, secretary andtreasurerand allof itsDirectors,along withthepost office boxorstreetaddress, eitherresidenceorbusiness,andadesignationofitsresident agentin thestateofNevada. Such list shallbecertifiedby anofficerof theCorporation.
ARTICLE XIII
INDEMNITY OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
Section 1. Director Indemnification
TheDirectorsshallcausetheCorporationtoindemnifyaDirectororformer Directorof theCorporation andtheDirectorsmaycausetheCorporationto indemnifyadirectororformerdirectorof acorporationofwhichtheCorporationis orwasashareholderand the heirs andpersonal representativesofany suchperson againstall costs,chargesandexpenses,includinganamountpaidtosettleanactionorsatisfyajudgment, actuallyandreasonably incurredbyhimorthem includinganamount paidtosettle an actionorsatisfyajudgment inactive criminaloradministrativeactionorproceedingtowhichheisor theyare madeapartybyreasonofhisorher beingorhaving beenaDirectorof theCorporationor adirectorofsuchcorporation,includinganactionbroughtby theCorporationorcorporation.EachDirectoroftheCorporationonbeingelectedorappointedisdeemedtohavecontractedwith theCorporationon thetermsofthe foregoingindemnity.
Section 2. Officer Indemnification
TheDirectorsmaycausetheCorporationtoindemnifyanofficer, employeeoragentof theCorporationor of acorporationofwhich the Corporationis orwasashareholder (notwithstandingthathe isalsoaDirector),and hisorherheirsandpersonal representativesagainstallcosts, chargesandexpensesincurredbyhimorthemandresultingfromhisorheractingasanofficer,employeeoragentof theCorporationorcorporation. InadditiontheCorporationshall indemnifytheSecretaryor anAssistanceSecretaryof theCorporation(ifhe isnotafull timeemployeeof theCorporationand notwithstanding thathe isalsoaDirector),andhis orherrespectiveheirs and legalrepresentativesagainst all costs,chargesandexpensesincurred byhim orthem andarisingout of thefunctions
assignedtotheSecretarybytheCorporationActortheseArticlesandeachsuchSecretaryand Assistant Secretary, on being appointed is deemed to have contracted with the Corporation on the terms of the foregoing indemnity.
Section3.Insurance
TheDirectorsmaycausetheCorporationtopurchaseand maintaininsuranceforthebenefitof apersonwho is orwas servingas aDirector,officer, employeeoragentof theCorporationor as adirector,officer,employeeoragentofacorporationofwhichtheCorporationisorwasashareholderandhisorherheirsorpersonalrepresentativesagainstaliabilityincurredbyhimasaDirector,officer, employeeoragent.
CERTIFIED TO BE THE BYLAWS OF: 1212 DEVELOPMENT CORP
/s/William Cory Foulk
William Cory Foulk
Secretary