Exhibit 3.2
ALBERTSON'S, INC.
BY-LAWS
Amended March 15, 2001 and December 5, 2003
TABLE OF CONTENTS
Page
ARTICLE I
Section 1.1 Registered Office.......................................... 1
Section 1.2 Other Offices.............................................. 1
ARTICLE II
MEETINGS OF THE STOCKHOLDERS
Section 2.1 Place of Meetings.......................................... 1
Section 2.2 Annual Meetings............................................ 1
Section 2.3 Notice of Annual Meeting................................... 1
Section 2.4 List of Stockholders Entitled to Vote...................... 1
Section 2.5 Special Meetings........................................... 2
Section 2.6 Notice of Special Meeting.................................. 2
Section 2.7 Quorum..................................................... 2
Section 2.8 Voting..................................................... 2
Section 2.9 Proxies.................................................... 3
Section 2.10 Nature of Business at Meetings of Stockholders............. 3
A. Limitation........................................ 3
B. Notice Requirement................................ 3
C. Timeliness of Notice.............................. 4
D. Form of Notice.................................... 4
E. Business Brought Improperly....................... 4
Section 2.11 Stock Ledger............................................... 4
Section 2.12 Record Date in General..................................... 4
Section 2.13 Record Date for Stockholder Action by Written Consent...... 5
Section 2.14 Inspectors of Election..................................... 5
ARTICLE III
DIRECTORS
Section 3.1 Number and Election of Directors........................... 6
Section 3.2 Nomination of Directors.................................... 6
A. Limitation........................................ 6
B. Notice Requirement................................ 6
C. Timeliness of Notice.............................. 7
D. Form of Notice.................................... 7
E. Defective Nomination.............................. 7
Section 3.3 Vacancies.................................................. 7
Section 3.4 Resignations and Removals of Directors..................... 8
Section 3.5 Duties and Powers.......................................... 8
Section 3.6 Indemnification............................................ 8
i
A. Power to Indemnify in Actions, Suits or Proceedings
Other than Those by or in the Right of the
Corporation....................................... 8
B. Power to Indemnify in Actions, Suits or Proceedings
by or in the Right of the Corporation............. 9
C. Authorization of Indemnification.................. 9
D. Good Faith Defined..................................9
E. Indemnification by a Court.........................10
F. Expenses Payable in Advance........................10
G. Nonexclusivity of Indemnification and Advancement
of Expenses........................................10
H. Insurance..........................................10
I. Certain Definitions................................11
J. Survival of Indemnification and Advancement of
Expenses...........................................11
K. Limitation on Indemnification......................11
L. Indemnification of Employees and Agents............11
Section 3.7 Retirement Age..............................................12
Section 3.8 Meetings....................................................12
Section 3.9 Quorum......................................................12
Section 3.10 Actions of Board............................................12
Section 3.11 Meetings by Means of Conference Telephone...................12
Section 3.12 Committees..................................................12
Section 3.13 Compensation................................................13
Section 3.14 Interested Directors........................................13
ARTICLE IV
NOTICES
Section 4.1 Notices.....................................................13
Section 4.2 Waiver of Notice............................................14
ARTICLE V
OFFICERS
Section 5.1 Officers Chosen by the Board................................14
Section 5.2 Officers Chosen by the Chief Executive Officer..............14
Section 5.3 Qualification...............................................14
Section 5.4 Voting Securities Owned by the Corporation..................15
Section 5.5 Chairman of the Board.......................................15
Section 5.6 Chief Operating Officer.....................................15
Section 5.7 Vice Chairman of the Corporation............................15
Section 5.8 President...................................................15
Section 5.9 Chief Executive Officer.....................................15
Section 5.10 Vice Presidents.............................................16
Section 5.11 Secretary...................................................16
Section 5.12 Assistant Secretaries.......................................16
Section 5.13 Treasurer...................................................16
Section 5.14 Assistant Treasurers........................................17
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ARTICLE VI
STOCK
Section 6.1 Form of Certificates........................................17
Section 6.2 Signatures..................................................17
Section 6.3 Lost, Destroyed, Stolen or Mutilated Certificates...........17
Section 6.4 Transfers...................................................18
Section 6.5 Transfer and Registry Agents................................18
Section 6.6 Registered Stockholders.....................................18
ARTICLE VII
GENERAL PROVISIONS
Section 7.1 Dividends...................................................18
Section 7.2 Disbursements...............................................18
Section 7.3 Fiscal Year.................................................18
Section 7.4 Corporate Seal..............................................19
Section 7.5 Election Not to Be Subject to Idaho Business
Combination Law.............................................19
Section 7.6 Election Not to Be Subject to Idaho Control Share
Acquisition Law.............................................19
Section 7.7 Entire Board of Directors...................................19
ARTICLE VIII
AMENDMENTS
Section 8.1 Amendments..................................................19
iii
ALBERTSON'S, INC.
BY-LAWS
ARTICLE I
OFFICES
Section 1.1 Registered Office. The registered office of Albertson's, Inc.
------------------ (the "Corporation") shall be in the City of
Wilmington, County of New Castle, State of Delaware.
Section 1.2 Other Offices.
-------------- The Corporation may also have offices at such
other places both within and without the State of Delaware as the Board of
Directors may from time to time determine or the business of the Corporation may
require.
ARTICLE II
MEETINGS OF THE STOCKHOLDERS
Section 2.1 Place of Meetings.
------------------- All meetings of the stockholders for the
election of directors shall be held in the City of Boise, State of Idaho, at
such place as may be fixed from time to time by the Board of Directors, or at
such other place either within or without the State of Delaware as shall be
designated from time to time by the Board of Directors and stated in the notice
of the meeting. Meetings of the stockholders for any other purpose may be held
at such time and place, within or without the State of Delaware, as shall be
stated in the notice of the meeting or in a duly executed waiver of notice
thereof.
Section 2.2 Annual Meetings.
---------------- Annual meetings of stockholders shall be held
on the fourth Friday of May, if not a legal holiday and, if a legal holiday,
then on the next day following that is not a legal holiday, at 10:00 o'clock
A.M., or at such other date and time as shall be designated from time to time by
the Board of Directors and stated in the notice of the meeting, at which the
stockholders shall elect by written ballot a Board of Directors, and transact
such other business as may be properly brought before the meeting.
Section 2.3 Notice of Annual Meeting.
------------------------- Written notice of the annual meeting,
stating the place, date and hour of the meeting, shall be given to each
stockholder entitled to vote at such meeting not less than ten nor more than
sixty days before the date of the meeting.
Section 2.4 List of Stockholders Entitled to Vote.
----------------------------------------- The officer who has
charge of the stock ledger of the Corporation shall prepare and make, or shall
cause to be prepared and made, at least ten days before every meeting of
stockholders a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each
stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for any purpose
germane to the meeting, during ordinary business hours, for a period of at least
1
ten days prior to the meeting, 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.
The list shall also be produced and kept at the time and place of the meeting
during the whole time thereof and may be inspected by any stockholder who is
present; provided, however, the failure to do so shall not offset the validity
of any meeting.
Section 2.5 Special Meetings.
----------------- Unless otherwise prescribed by statute or by
the certificate of incorporation of the Corporation, as amended and restated
from time to time or by one or more certificates of designation filed on behalf
of the Corporation pursuant to Section 151(f) of the Delaware General
Corporation Law (such certificate of incorporation and such certificate or
certificates of designation being collectively referred to herein as the
"Certificate of Incorporation"), special meetings of the stockholders, for any
purpose or purposes, may be called only by the chairman of the Board of
Directors or by the vice chairman or president of the Corporation and shall be
called by the chairman or vice chairman of the Board of Directors or by the vice
chairman, president or secretary of the Corporation at the request in writing of
a majority of the Board of Directors. Such request shall state the purpose or
purposes of the proposed meeting. At a special meeting of the stockholders, only
such business shall be conducted as shall be specified in the notice of meeting
(or any supplement thereto) given by or at the direction of the Board of
Directors.
Section 2.6 Notice of Special Meeting.
------------------------- Written notice of a special meeting,
stating the place, date and hour of the meeting and the purpose or purposes for
which the meeting is called, shall be given to each stockholder entitled to vote
at such meeting not less than ten nor more than sixty days before the date of
the meeting.
Section 2.7 Quorum.
------ The holders of a majority of the shares of common stock
of the Corporation (the "Common Stock") issued and outstanding and entitled to
vote thereat, present in person or represented by proxy, shall constitute a
quorum at all meetings of the stockholders for the transaction of business
except as otherwise provided by law or by the Certificate of Incorporation. A
quorum, once established, shall not be broken by the withdrawal of enough votes
to leave less than a quorum. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the stockholders entitled to
vote thereat, present in person or represented by proxy, shall have the power to
adjourn the meeting from time to time, without notice other than announcement at
the meeting, until a quorum shall be present or represented. At such adjourned
meeting at which a quorum shall be present or represented, any business may be
transacted which might have been transacted at the meeting as originally
noticed. If the adjournment is for more than thirty days or if after the
adjournment a 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 not less than ten nor more than sixty days before the date
of the meeting.
Section 2.8 Voting.
------- Each holder of Common Stock shall be entitled to cast
one vote for each share of Common Stock standing in his or her name on the books
of the Corporation, and each holder of preferred stock shall be entitled to cast
such number of votes as is provided in the Certificate of Incorporation or
Certificate of Designation relating to such preferred stock, voting separately
from or together with the holders of Common Stock as provided in the Certificate
of Incorporation or Certificate of Designation relating to such preferred stock.
The Board of Directors, in its discretion, or the officer of the Corporation
2
presiding at a meeting of stockholders, in his or her discretion, may require
that any votes cast at such meeting shall be cast by written ballot.
Section 2.9 Proxies.
-------- Any stockholder entitled to vote may do so in person
or by his or her proxy appointed by an instrument in writing subscribed by such
stockholder or by his or her attorney thereunto authorized, delivered to the
secretary of the meeting; provided, however, that no proxy shall be voted or
acted upon after three years from its date, unless said proxy provides for a
longer period. Without limiting the manner in which a stockholder may authorize
another person or persons to act for him or her as proxy, either of the
following shall constitute a valid means by which a stockholder may grant such
authority: (a) a stockholder may execute a writing authorizing another person or
persons to act for him or her as proxy. Execution may be accomplished by the
stockholder or his or her authorized officer, director, employee or agent
signing such writing or causing his or her signature to be affixed to such
writing by any reasonable means, including, but not limited to, by facsimile
signature; or (b) a stockholder may authorize another person or persons to act
for him or her as proxy by transmitting or authorizing the transmission of a
telegram 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; provided, however, that any such
telegram or other means of electronic transmission must either set forth or be
submitted with information from which it can be determined that the telegram or
other electronic transmission was authorized by the stockholder. Any copy,
facsimile telecommunication or other reliable reproduction of the writing or
transmission authorizing another person or persons to act as proxy for a
stockholder may be substituted or used in lieu of the original writing or
transmission for any and all purposes for which the original writing or
transmission could be used, provided that such copy, facsimile telecommunication
or other reproduction shall be a complete reproduction of the entire original
writing or transmission.
Section 2.10 Nature of Business at Meetings of Stockholders.
-----------------------------------------------
A. Limitation.
----------- Except as otherwise provided by law or the
Certificate of Incorporation, no business may be transacted at an annual meeting
of stockholders, other than business that is (a) specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the Board of
Directors (or any duly authorized committee thereof), (b) otherwise properly
brought before the annual meeting by or at the direction of the Board of
Directors (or any duly authorized committee thereof) or (c) otherwise properly
brought before the annual meeting by any holder of Common Stock (i) who is a
stockholder of record on the date of the giving of the notice provided for in
this Section 2.10 and on the record date for the determination of stockholders
entitled to vote at such annual meeting and (ii) who complies with the notice
procedures set forth in this Section 2.10.
B. Notice Requirement.
------------------- In addition to any other applicable
requirements, for business to be properly brought before an annual meeting by a
stockholder, such stockholder must have given timely notice thereof to the
secretary of the Corporation in accordance with subsection C of this Section
2.10 in proper written form in accordance with subsection D of this Section
2.10.
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C. Timeliness of Notice.
--------------------- (1) To be timely, a stockholder's
notice to the secretary of the Corporation of business to be brought before a
meeting of stockholders in accordance with Rule 14a-8 promulgated pursuant to
the Securities and Exchange Act of 1934 must be delivered to or mailed and
receivedt the principal executive offices of the Corporation in accordance with
the deadline specified in subsection (e) of that rule. (2) To be timely, a
stockholder's notice to the secretary of the Corporation of business to be
brought before an annual meeting other than in accordance with Rule 14a-8
promulgated pursuant to the Securities and Exchange Act of 1934 must be
delivered to or mailed and received at the principal executive offices of the
Corporation not less than 90 days nor more than 120 days prior to the first
anniversary of the date of the immediately preceding annual meeting of
stockholders; provided, however, that in the event that an annual meeting is
called for a date that is not within 30 days before or after such anniversary
date, in order to be timely, notice by the stockholder must be so received not
later than the close of business on the tenth day following the day on which
notice of the date of the annual meeting was mailed or public disclosure of the
date of the annual meeting was made, whichever occurs first.
D. Form of Notice.
----------------- To be in proper written form, a
stockholder's notice to the secretary of the Corporation of business to be
brought before an annual meeting must set forth as to each matter such
stockholder proposes to bring before the annual meeting (a) a brief description
of the business desired to be brought before the annual meeting and the reasons
for conducting such business at the annual meeting, (b) the name and record
address of such stockholder, (c) the class or series and number of shares of
stock of the Corporation that are owned beneficially or of record by such
stockholder, (d) a description of all arrangements or understandings between
such stockholder and any other person or persons (including their names) in
connection with the proposal of such business by such stockholder and any
material interest such stockholder has in such business and (e) a representation
that such stockholder intends to appear in person or by proxy at the annual
meeting to bring such business before the meeting.
E. Business Brought Improperly.
---------------------------- No business shall be conducted
at the annual meeting of stockholders except business brought before the annual
meeting in accordance with the procedures set forth in this Section 2.10;
provided, however, that, once business has been properly brought before the
annual meeting in accordance with such procedures, nothing in this Section
2.10 shall be deemed to preclude discussion by any stockholder of any such
business. If the chairman of an annual meeting determines that business was not
properly brought before the annual meeting in accordance with the foregoing
procedures, such chairman shall declare to the meeting that the business was not
properly brought before the meeting, and such business shall not be transacted.
Section 2.11 Stock Ledger.
------------- The stock ledger of the Corporation shall be
the only evidence as to who are the stockholders entitled (a) to examine the
stock ledger, the list required by Section 2.4 of these by-laws or the books
of the Corporation or (b) to vote in person or by proxy at any meeting of
stockholders.
Section 2.12 Record Date in General.
----------------------- In order that the Corporation may
determine the stockholders entitled to notice of or to vote at any meeting of
stockholders or any adjournment thereof, or entitled to receive payment of any
dividend or other distribution or allotment of any rights, or entitled to
4
exercise any rights in respect of any change, conversion or exchange of stock,
or for the purpose of any other lawful action (other than an action to be taken
by written consent without a meeting), the Board of Directors may fix a record
date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted by the Board of Directors and which record
date: (a) in the case of determination of stockholders entitled to vote at any
meeting of stockholders or adjournment thereof, shall not be more than sixty nor
less than ten days before the date of such meeting; and (b) in the case of any
other action (other than an action to be taken by written consent without a
meeting), shall not be more than sixty days prior to such other action. If no
record date is fixed: (a) the record date for determining stockholders entitled
to notice of or to vote at a meeting of stockholders shall be at the close of
business on the day next preceding the day on which notice is given, or, if
notice is waived, at the close of business on the day next preceding the day on
which the meeting is held; and (b) the record date for determining stockholders
for any other purpose (other than an action to be taken by written consent
without a meeting) 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 a 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 2.13 Record Date for Stockholder Action by Written Consent.
--------------------------------------------------------- In
order that the Corporation may determine the stockholders entitled to consent to
corporate action in writing without a meeting, the Board of Directors may fix a
record date, which record date shall not precede the date upon which the
resolution fixing the record date is adopted by the Board of Directors, and
which date shall not be more than ten days after the date upon which the
resolution fixing the record date is adopted by the Board of Directors. Any
stockholder of record seeking to have the stockholders authorize or take
corporate action by written consent shall, by written notice to the secretary of
the Corporation, request the Board of Directors to fix a record date. The Board
of Directors shall promptly, but in all events within ten days after the date on
which such a request is received, adopt a resolution fixing the record date. If
no record date has been fixed by the Board of Directors within ten days of the
date on which such a request is received, the record date for determining
stockholders entitled to consent to corporate action in writing without a
meeting, when no prior action by the Board of Directors is required by
applicable law, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the
Corporation by delivery to its registered office in the State of Delaware, its
principal place of business, or an officer or agent of the Corporation having
custody of the book in which proceedings of stockholders meetings are recorded,
to the attention of the secretary of the Corporation. Delivery shall be by hand
or by certified or registered mail, return receipt requested. If no record date
has been fixed by the Board of Directors and prior action by the Board of
Directors is required by applicable law, the record date for determining
stockholders entitled to consent to corporate action in writing without a
meeting shall be at the close of business on the date on which the Board of
Directors adopts the resolution taking such prior action. No consent to
corporate action in writing without a meeting shall be effective unless
delivered to the Corporation within sixty days following the record date
relating thereto fixed pursuant to this Section 2.13.
Section 2.14 Inspectors of Election.
------------------------- In advance of any meeting of
stockholders, the Board of Directors by resolution or the chairman of the Board
of Directors or the vice chairman, president or secretary of the Corporation
shall appoint one or more inspectors of election to act at the meeting and make
a written report thereof. One or more other persons may be designated as
5
alternate inspectors to replace any inspector who fails to act. If no inspector
or alternate is present, ready and willing to act at a meeting of stockholders,
the chairman of the meeting shall appoint one or more inspectors to act at the
meeting. Unless otherwise required by law, inspectors may be officers, employees
or agents of the Corporation. Each inspector, before entering upon the discharge
of his or her duties, shall take and sign an oath faithfully to execute the
duties of inspector with strict impartiality and according to the best of his or
her ability. The inspector shall have the duties prescribed by law, shall take
charge of the polls and, when the vote is completed, shall make a certificate of
the result of the vote taken and of such other facts as may be required by law.
ARTICLE III
DIRECTORS
Section 3.1 Number and Election of Directors.
-------------------------------- The number of directors which
shall constitute the whole Board shall be not less than three nor more than
twenty-one. Within the limits above specified, the number of directors shall be
determined by resolution of the Board or by the vote at the annual meeting of
the holders of at least three-fourths of the outstanding shares of stock then
entitled to vote in elections of directors. The Board shall be divided into
three classes. Any increase or decrease in the number of directors shall be
apportioned among the classes so as to make all classes as nearly equal in
number as possible. No decrease in the authorized number of directors shall
shorten the term of any incumbent director. At each annual meeting the
successors to the class of directors whose term is then expiring shall be
elected to hold office for a term of three years and until their respective
successors are elected. Directors need not be stockholders. The chairman of the
Board of Directors shall be an officer of the Corporation, and the vice chairman
of the Board of Directors need not be an officer of the Corporation. The vice
chairman of the Board of Directors shall be chosen by the Board of Directors and
shall, in the absence of the chairman of the Board of Directors, preside at
meetings of the Board of Directors.
Section 3.2 Nomination of Directors.
------------------------
A. Limitation.
----------- Only persons who are nominated in accordance
with the following procedures shall be eligible for election as directors of the
Corporation, except as may be otherwise provided in the Certificate of
Incorporation. Nominations of persons for election to the Board of Directors may
be made at any annual meeting of stockholders, or at any special meeting of
stockholders called for the purpose of electing directors, (a) by or at the
direction of the Board of Directors (or any duly authorized committee thereof)
or (b) by any holder of Common Stock (i) who is a stockholder of record on the
date of the giving of the notice provided for in this Section 3.2 and on the
record date for the determination of stockholders entitled to vote at such
meeting and (ii) who complies with the notice procedures set forth in this
Section 3.2.
B. Notice Requirement.
-------------------- In addition to any other applicable
requirements, for a nomination of a director to be made by a stockholder, such
stockholder must have given timely notice thereof to the secretary of the
Corporation in accordance with subsection C of this Section 3.2 in proper
written form in accordance with subsection D of this Section 3.2.
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C. Timeliness of Notice.
---------------------- To be timely, a stockholder's
notice to the secretary of the Corporation of a nomination of a director must be
delivered to or mailed and received at the principal executive offices of the
Corporation (a) in the case of an annual meeting not less than 90 days nor more
than 120 days prior to the first anniversary of the date of the immediately
preceding annual meeting of stockholders; provided, however, that in the event
that the annual meeting is called for a date that is not within thirty days
before or after such anniversary, in order to be timely, notice by the
stockholder must be so received not later than the close of business on the
tenth day following the day on which notice of the date of the annual meeting
was mailed or public disclosure of the date of the annual meeting was made,
whichever occurs first; and (b) in the case of a special meeting of stockholders
called for the purpose of electing directors, not later than the close of
business on the tenth day following the day on which notice of the date of the
special meeting was mailed or public disclosure of the date of the special
meeting was made, whichever occurs first.
D. Form of Notice.
--------------- To be in proper written form, a
stockholder's notice to the secretary of the Corporation of a nomination of a
director must set forth (a) as to each person whom the stockholder proposes to
nominate for election as a director (i) the name, age, business address and
residence address of the person, (ii) the principal occupation or employment of
the person, (iii) the class or series and number of shares of stock of the
Corporation that are owned beneficially or of record by the person and (iv) any
other information relating to the person that would be required to be disclosed
in a proxy statement or other filings required to be made in connection with
solicitations of proxies for election of directors pursuant to Section 14 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules
and regulations promulgated thereunder; and (b) as to the stockholder giving the
notice (i) the name and record address of such stockholder, (ii) the class or
series and number of shares of stock of the Corporation that are owned
beneficially or of record by such stockholder, (iii) a description of all
arrangements or understandings between such stockholder and each proposed
nominee and any other person or persons (including their names) pursuant to
which the nomination(s) are to be made by such stockholder, (iv) a
representation that such stockholder intends to appear in person or by proxy at
the meeting to nominate the persons named in its notice and (v) any other
information relating to such stockholder that would be required to be disclosed
in a proxy statement or other filings required to be made in connection with
solicitations of proxies for election of directors pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder. Such notice
must be accompanied by a written consent of each proposed nominee to being named
as a nominee and to serve as a director if elected.
E. Defective Nomination.
--------------------- No person shall be eligible for
election as a director of the Corporation unless nominated in accordance with
the procedures set forth in this Section 3.2. If the chairman of the meeting
determines that a nomination was not made in accordance with the foregoing
procedures, the chairman shall declare to the meeting that the nomination was
defective, and such defective nomination shall be disregarded.
Section 3.3 Vacancies.
---------- Vacancies and newly created directorships
resulting from any increase in the authorized number of directors may be filled
by a majority of the directors then in office, although less than a quorum, or
by a sole remaining director. Any director so chosen shall hold office until the
next annual meeting of stockholders, regardless of the class for which such
7
director has been chosen, and until his or her successor has been elected,
unless sooner displaced. If there are no directors in office, then an election
of directors may be held in the manner provided by statute. If at the time of
filling any vacancy or any newly created directorship the directors then in
office shall constitute less than a majority of the entire Board of Directors
(as constituted immediately prior to any such increase), the Court of Chancery
may, upon application of any stockholder or stockholders holding at least ten
percent of the total number of shares at the time outstanding having the right
to vote for such directors, summarily order an election to be held to fill any
such vacancies or newly created directorships, or to replace the directors
chosen by the directors then in office.
Section 3.4 Resignations and Removals of Directors.
--------------------------------------- Any director of
the Corporation may resign at any time, by giving written notice to the chairman
of the Board of Directors, or to the vice chairman, president or secretary of
the Corporation. Such resignation shall take effect at the time therein
specified or, if no time is specified, immediately; and, unless otherwise
specified in such notice, the acceptance of such resignation shall not be
necessary to make it effective. Except as otherwise required by law and subject
to the rights, if any, of the holders of shares of preferred stock then
outstanding, any director or the entire Board of Directors may be removed from
office at any time, but only for cause, and only by the affirmative vote of the
holders of at least a majority in voting power of the issued and outstanding
stock of the Corporation entitled to vote in the election of directors. As used
in this Section 3.4, the term "cause" shall mean (a) conviction of a crime
involving moral turpitude, (b) administrative agency determination of conduct
involving moral turpitude or (c) a determination in good faith, by a majority in
voting power of the issued and outstanding stock of the Corporation entitled to
vote in the election of directors after a hearing before at minimum such a
majority in voting power, of conduct involving moral turpitude materially
adverse to the interests of the Corporation.
Section 3.5 Duties and Powers.
------------------ The business of the Corporation shall
be managed by or under the direction of the Board of Directors which may
exercise all such powers of the Corporation and do all such lawful acts and
things as are not by statute or by the Certificate of Incorporation or by these
by-laws directed or required to be exercised or done by the stockholders.
Section 3.6 Indemnification.
----------------
A. Power to Indemnify in Actions, Suits or Proceedings Other
-----------------------------------------------------------
than Those by or in the Right of the Corporation.
- ------------------------------------------------- Subject to subsection C of
this Section 3.6, the Corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by
reason of the fact that such person is or was a director or officer of the
Corporation, or is or was a director or officer of the Corporation serving at
the request of the Corporation as a director or officer, employee or agent of
another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by such person
in connection with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action
or proceeding, such person had no reasonable cause to believe his or her conduct
8
was unlawful. The termination of any action, suit or proceeding by judgment,
order, settlement, conviction or upon a plea of nolo contendere or its
equivalent shall not, of itself, create a presumption that such person did not
act in good faith and in a manner which such person reasonably believed to be in
or not opposed to the best interests of the Corporation, and, with respect to
any criminal action or proceeding, had reasonable cause to believe that his or
her conduct was unlawful.
B. Power to Indemnify in Actions, Suits or Proceedings by or
-----------------------------------------------------------
in the Right of the Corporation.
- -------------------------------- Subject to subsection C of this Section 3.6,
the Corporation shall indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action or
suit by or in the right of the Corporation to procure a judgment in its favor by
reason of the fact that such person is or was a director or officer of the
Corporation, or is or was a director or officer of the Corporation serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise, against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection with the defense or settlement
of such action or suit if such person acted in good faith and in a manner such
person reasonably believed to be in or not opposed to the best interests of the
Corporation; except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Corporation unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court
shall deem proper.
C. Authorization of Indemnification.
--------------------------------- Any indemnification
under this Section 3.6 (unless ordered by a court) shall be made by the
Corporation only as authorized in the specific case upon a determination that
indemnification of the director or officer is proper in the circumstances
because such person has met the applicable standard of conduct set forth in
subsection A or subsection B of this Section 3.6, as the case may be. Such
determination shall be made (a) by a majority vote of the directors who are not
parties to such action, suit or proceeding, even though less than a quorum, or
(b) if there are no such directors, or if such directors so direct, by
independent legal counsel in a written opinion or (c) by the stockholders. To
the extent, however, that a director or officer of the Corporation has been
successful on the merits or otherwise in defense of any action, suit or
proceeding described above, or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys' fees)
actually and reasonably incurred by such person in connection therewith, without
the necessity of authorization in the specific case.
D. Good Faith Defined.
------------------- For purposes of any determination under
subsection C of this Section 3.6, a person shall be deemed to have acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the Corporation, or, with respect to any criminal action
or proceeding, to have had no reasonable cause to believe his or her conduct was
unlawful, if such person's action is based on the records or books of account of
the Corporation or another enterprise, or on information supplied to such person
9
by the officers of the Corporation or another enterprise in the course of their
duties, or on the advice of legal counsel for the Corporation or another
enterprise or on information or records given or reports made to the Corporation
or another enterprise by an independent certified public accountant or by an
appraiser or other expert selected with reasonable care by the Corporation or
another enterprise. The term "another enterprise" as used in this subsection D
shall mean any other corporation or any partnership, joint venture, trust,
employee benefit plan or other enterprise of which such person is or was serving
at the request of the Corporation as a director, officer, employee or agent. The
provisions of this subsection D shall not be deemed to be exclusive or to limit
in any way the circumstances in which a person may be deemed to have met the
applicable standard of conduct set forth in subsection A or subsection B of this
Section 3.6, as the case may be.
E. Indemnification by a Court.
--------------------------- Notwithstanding any contrary
determination in the specific case under subsection C of this Section 3.6, and
notwithstanding the absence of any determination thereunder, any director or
officer may apply to the Court of Chancery of the State of Delaware or any other
court of competent jurisdiction in the State of Delaware for indemnification to
the extent otherwise permissible under subsection A and subsection B of this
Section 3.6. The basis of such indemnification by a court shall be a
determination by such court that indemnification of the director or officer is
proper in the circumstances because such person has met the applicable standards
of conduct set forth in subsection A or subsection B of this Section 3.6, as the
case may be. Neither a contrary determination in the specific case under
subsection C of this Section 3.6 nor the absence of any determination thereunder
shall be a defense to such application or create a presumption that the director
or officer seeking indemnification has not met any applicable standard of
conduct. Notice of any application for indemnification pursuant to this
subsection E shall be given to the Corporation promptly upon the filing of such
application. If successful, in whole or in part, the director or officer seeking
indemnification shall also be entitled to be paid the expense of prosecuting
such application.
F. Expenses Payable in Advance.
---------------------------- Expenses incurred by a
director or officer in defending or investigating a threatened or pending
action, suit or proceeding shall be paid by the Corporation in advance of the
final disposition of such action, suit or proceeding upon receipt of an
undertaking by or on behalf of such director or officer to repay such amount if
it shall ultimately be determined that such person is not entitled to be
indemnified by the Corporation as authorized in this Section 3.6.
G. Nonexclusivity of Indemnification and Advancement of
-----------------------------------------------------------
Expenses.
- --------- The indemnification and advancement of expenses provided by or
granted pursuant to this Section 3.6 shall not be deemed exclusive of any other
rights to which those seeking indemnification or advancement of expenses may be
entitled under the Certificate of Incorporation or any by-law, agreement,
contract, vote of stockholders or disinterested directors or pursuant to the
direction (howsoever embodied) of any court of competent jurisdiction or
otherwise, both as to action in such person's official capacity and as to action
in another capacity while holding such office, it being the policy of the
Corporation that indemnification of the persons specified in subsection A and
subsection B of this Section 3.6 shall be made to the fullest extent permitted
by law. The provisions of this Section 3.6 shall not be deemed to preclude the
indemnification of any person who is not specified in subsection A or subsection
B of this Section 3.6 but whom the Corporation has the power or obligation to
indemnify under the provisions of the General Corporation Law of the State of
Delaware (the "GCL"), or otherwise.
10
H. Insurance.
---------- The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director or officer of the
Corporation, or is or was a director or officer of the Corporation serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise, against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person's
status as such, whether or not the Corporation would have the power or the
obligation to indemnify such person against such liability under the provisions
of this Section 3.6.
I. Certain Definitions.
-------------------- For purposes of this Section 3.6,
references to "the Corporation" shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger that, if its separate
existence had continued, would have had power and authority to indemnify its
directors or officers, so that any person who is or was a director or officer of
such constituent corporation, or is or was a director or officer of such
constituent corporation serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise, shall stand in
the same position under the provisions of this Section 3.6 with respect to the
resulting or surviving corporation as such person would have stood with respect
to such constituent corporation if its separate existence had continued. For
purposes of this Section 3.6, references to "fines" shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and
references to "serving at the request of the Corporation" shall include any
service as a director, officer, employee or agent of the Corporation which
imposes duties on, or involves services by, such director or officer with
respect to an employee benefit plan, its participants or beneficiaries; and a
person who acted in good faith and in a manner such person reasonably believed
to be in the interest of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in a manner "not opposed to the best
interests of the Corporation" as referred to in this Section 3.6.
J. Survival of Indemnification and Advancement of Expenses.
-----------------------------------------------------------
The indemnification and advancement of expenses provided by, or granted pursuant
to, this Section 3.6 shall, unless otherwise provided when authorized or
ratified, continue as to a person who has ceased to be a director or officer and
shall inure to the benefit of the heirs, executors and administrators of such a
person.
K. Limitation on Indemnification.
------------------------------ Notwithstanding anything
contained in this Section 3.6 to the contrary, except for proceedings to enforce
rights to indemnification (which shall be governed by subsection E hereof), the
Corporation shall not be obligated to indemnify any director or officer (or his
or her heirs, executors or personal or legal representatives) or advance
expenses in connection with a proceeding (or part thereof) initiated by such
person unless such proceeding (or part thereof) was authorized or consented to
by the Board of Directors of the Corporation.
L. Indemnification of Employees and Agents.
---------------------------------------- The Corporation
may, to the extent authorized from time to time by the Board of Directors,
provide rights to indemnification and to the advancement of expenses to
employees and agents of the Corporation similar to those conferred in this
Section 3.6 to directors and officers of the Corporation.
11
>
Section 3.7 Retirement Age.
---------------- No director after having attained
the age of 70 years shall be allowed to run for re-election or reappointment to
the Board of Directors.
Section 3.8 Meetings.
--------- The Board of Directors of the Corporation may
hold meetings, both regular and special, either within or without the State of
Delaware. Regular meetings of the Board of Directors may be held at such time
and at such place as may be from time to time determined by the Board of
Directors and, unless required by resolution of the Board of Directors, without
notice. Special meetings of the Board of Directors may be called by the chairman
of the Board of Directors, by the vice chairman or president of the Corporation
or by a majority of the directors then in office. Notice thereof stating the
place, date and hour of the meeting shall be given to each director either by
mail not less than forty-eight hours before the date of the meeting, by
telephone, facsimile, telegram or other electronic means on twenty-four hours'
notice, or on such shorter notice as the person or persons calling such meeting
may deem necessary or appropriate in the circumstances.
Section 3.9 Quorum.
------- Except as may be otherwise required by law,
the Certificate of Incorporation or these by-laws, at all meetings of the Board
of Directors, a majority of the entire Board of Directors shall constitute a
quorum for the transaction of business and the vote 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. If a quorum shall not be present at any meeting of the
Board of Directors, the directors present thereat may adjourn the meeting from
time to time, without notice other than announcement at the meeting of the time
and place of the adjourned meeting, until a quorum shall be present.
Section 3.10 Actions of Board.
----------------- Unless otherwise restricted by the
Certificate of Incorporation 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 all members of the Board or committee, as the
case may be, consent thereto in writing and the writing or writings are filed
with the minutes of proceedings of the Board or committee.
Section 3.11 Meetings by Means of Conference Telephone.
------------------------------------------ Unless
otherwise provided by the Certificate of Incorporation or these by-laws, members
of the Board of Directors of the Corporation, or any committee designated by the
Board of Directors, may participate in a meeting of the Board of Directors or
such 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 3.11 shall
constitute presence in person at such meeting.
Section 3.12 Committees.
----------- The Board of Directors may designate one or
more committees, each committee to consist of two or more of the directors of
the Corporation. The Board of Directors may designate one or more directors as
alternate members of any committee, who may replace any absent or disqualified
member at any meeting of such committee. In the absence or disqualification of a
member of a committee, the member or members present at any meeting and not
disqualified from voting, whether or not such member or members constitute a
quorum, may unanimously appoint another member of the Board of Directors to act
12
at the meeting in the place of any such absent or disqualified member. Any such
committee, to the extent provided in one or more resolutions adopted by of the
Board of Directors, shall have and may exercise all the powers and authority of
the Board of Directors in the management of the business and affairs of the
Corporation, and may authorize the seal of the Corporation to be affixed to all
papers which may require it; but no such committee shall have the power or
authority in reference to the following matters: (i) approving or adopting, or
recommending to the stockholders, any action or matter expressly required by the
GCL to be submitted to stockholders for approval or (ii) adopting, amending or
repealing any by-law of the Corporation. Each committee shall keep regular
minutes and report to the Board of Directors when required.
Section 3.13 Compensation.
------------- 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 and/or a
stated salary, or such other emoluments as the Board of Directors shall from
time to time determine. 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 3.14 Interested Directors.
--------------------- 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 Directors or committee thereof which authorizes
the contract or transaction, or solely because such person's or their votes are
counted for such purpose if (a) the material facts as to such person's or their
relationship or interest and as to the contract or transaction are disclosed or
are known to the Board of Directors or the committee, and the Board of Directors
or committee in good faith authorizes the contract or transaction by the
affirmative votes of a majority of the disinterested directors, even though the
disinterested directors be less than a quorum; or (b) the material facts as to
such person's or their relationship or interest and as to the contract or
transaction are disclosed or are known to the stockholders entitled to vote
thereon, and the contract or transaction is specifically approved in good faith
by vote of the 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 thereof or the 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 that authorizes the contract
or transaction.
ARTICLE IV
NOTICES
-------
Section 4.1 Notices.
-------- Whenever written notice is required by law, the
Certificate of Incorporation or these by-laws to be given to any director,
member of a committee or stockholder, such notice may be given by mail,
addressed to such director, member of a committee or stockholder, at such
person's address as it appears on the records of the Corporation, with postage
13
thereon prepaid, and such notice shall be deemed to be given at the time when
the same shall be deposited in the United States mail. Written notice may also
be given personally or by telegram, facsimile or other electronic means.
Section 4.2 Waiver of Notice.
----------------- Whenever any notice is required by law,
the Certificate of Incorporation or these by-laws to be given to any director,
member of a committee or stockholder, a waiver thereof in writing, signed by the
person or persons entitled to said notice, whether before or after the time
stated therein, shall be deemed equivalent to notice. Attendance of a person at
a meeting, present by person or represented by proxy, shall constitute a waiver
of notice of such meeting, except where the person attends the 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. Neither
the business to be transacted at, nor the purpose of, any regular or special
meeting of stockholders, directors or members of a committee of directors need
be specified in any written waiver of notice except to the extent required by
law, the Certificate of Incorporation or these by-laws.
ARTICLE V
OFFICERS
--------
Section 5.1 Officers Chosen by the Board.
----------------------------- The following officers of
the Corporation shall be chosen by the Board of Directors at its meeting held
either the day before or the day of each annual meeting of stockholders: a
chairman of the Board of Directors (who must be a director) and a president of
the Corporation. The Board of Directors shall designate the chairman of the
Board of Directors, the chief executive officer and the president of the
Corporation. A vice chairman of the Corporation may be chosen by the Board of
Directors at its meeting held either the day before or the day of each annual
meeting of stockholders. The Board of Directors may also choose such other
officers as it deems necessary or appropriate. The officers of the Corporation
chosen by the Board of Directors 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 of Directors. Any officer chosen or appointed by the
Board of Directors may be removed from office at any time by the affirmative
vote of a majority of the Board of Directors. Any vacancy occurring in any of
such offices shall be filled by the Board of Directors. The salaries of the
officers of the Corporation chosen by the Board of Directors shall be fixed by
the Board of Directors.
Section 5.2 Officers Chosen by the Chief Executive Officer.
----------------------------------------------- The chief
executive officer may appoint any vice presidents (including executive vice
presidents, senior vice presidents and group vice presidents), the secretary,
any assistant secretaries, the treasurer, any assistant treasurers, presidents
and other officers of subsidiary corporations and such other officers and agents
as he or she may 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 chief executive officer, who may remove any such officers
from office at any time.
Section 5.3 Qualification.
-------------- Any number of offices may be held by the
same person, unless otherwise prohibited by law, the Certificate of
Incorporation or these By-laws. The officers of the Corporation need not be
14
stockholders of the Corporation nor, except in the case of the chairman of the
Board of Directors, need such officers be directors of the Corporation.
Section 5.4 Voting Securities Owned by the Corporation.
------------------------------------------- Instruments
relating to securities owned by the Corporation, including powers of attorney,
proxies, waivers of notice of meeting, consents and other instruments relating
to securities owned by the Corporation may be executed in the name of and on
behalf of the Corporation by the chairman of the Board of Directors or by the
vice chairman or president of the Corporation, and any such officers may, in the
name of and on behalf of the Corporation, take all such action as any such
officer may deem advisable to vote in person or by proxy at any meeting of
security holders of any corporation in which the Corporation may own securities
and at any such meeting shall possess and may exercise any and all rights and
power incident to the ownership of such securities that the Corporation, as the
owner thereof, might have exercised and possessed if present. The Board of
Directors may from time to time confer, by resolution, like powers upon any
other person or persons.
Section 5.5 Chairman of the Board.
---------------------- The chairman of the Board of
Directors shall preside at all meetings of the Board of Directors and shall
possess the power to sign on behalf of the Corporation all certificates,
contracts and other instruments the execution of which may be authorized by the
Board of Directors. The chairman of the Board of Directors shall also perform
such other duties and may exercise such other powers as from time to time may be
assigned to him or her by these by-laws or by the Board of Directors.
Section 5.6 Chief Operating Officer.
------------------------ The chief operating officer shall
possess the power to sign on behalf of the Corporation all certificates,
contracts and other instruments the execution of which may be authorized by the
Board of Directors. The chief operating officer shall have responsibility for
the operations of the Corporation as authorized by the Board of Directors and
shall perform such other duties and may exercise such other powers as from time
to time may be assigned to him or her by these by-laws or by the Board of
Directors.
Section 5.7 Vice Chairman of the Corporation.
--------------------------------- The vice chairman of the
Corporation shall possess the power to sign on behalf of the Corporation all
certificates, contracts and other instruments the execution of which may be
authorized by the Board of Directors and shall perform such other duties and may
exercise such other powers as from time to time may be assigned to him or her by
these by-laws or by the Board of Directors.
Section 5.8 President.
---------- The president shall possess the power to sign
on behalf of the Corporation all certificates, contracts and other instruments
the execution of which may be authorized by the Board of Directors and shall
perform such other duties and may exercise such other powers as from time to
time may be assigned to him or her by these by-laws or by the Board of
Directors.
Section 5.9 Chief Executive Officer.
------------------------ The chief executive officer shall
possess the power to sign on behalf of the Corporation all certificates,
contracts and other instruments the execution of which may be authorized by the
Board of Directors. The chief executive officer shall preside at, or shall
designate such other officer of the Corporation to preside at, meetings of
stockholders. The chief executive officer shall have general and active
15
management of the business affairs of the Corporation, including the right to
appoint such officers as provided for in Section 5.2 of these by-laws, and shall
see that all orders and resolutions of the Board of Directors are carried into
effect. The chief executive officer shall also perform such other duties and may
exercise such other powers as from time to time may be assigned to him or her by
these by-laws or by the Board of Directors.
Section 5.10 Vice Presidents.
---------------- Each executive vice president, senior
vice president or group vice president designated by the Board of Directors
shall be vested with all powers and shall perform all the duties of the
president in the absence or the disability of the president. Each vice president
shall be vested with such powers and shall perform such duties granted or
imposed upon him or her by the Board of Directors or by the chief executive
officer at the time of his or her appointment to office or as from time to time
may be assigned to him or her by these by-laws, by the chief executive officer
or by the Board of Directors.
Section 5.11 Secretary.
---------- The secretary shall attend all meetings of the
Board of Directors and all meetings of the stockholders and record all the
proceedings thereat in a book or books to be kept for that purpose and shall
perform like duties for the standing committees when requested. The secretary
shall give, or cause to be given, notice of all meetings of the stockholders and
special meetings of the Board of Directors, and shall perform such other duties
as may be prescribed by the Board of Directors or the chief executive officer,
under whose supervision the secretary shall be. If the secretary shall be unable
or shall refuse to cause to be given notice of all meetings of the stockholders
and special meetings of the Board of Directors, and if there be no assistant
secretary, then either the Board of Directors or the chief executive officer may
choose another officer to cause such notice to be given. The secretary shall
have custody of the corporate seal of the Corporation, and the secretary or any
assistant secretary, if there be one, shall have authority to affix the same to
any instrument requiring it and, when so affixed, it may be attested by the
signature of the secretary or by the signature of any such assistant secretary.
The Board of Directors may give general authority to any other officer to affix
the seal of the Corporation and to attest the affixing by his or her signature.
The secretary shall see that all books, reports, statements, certificates and
other documents and records required by law to be kept or filed are properly
kept or filed, as the case may be.
Section 5.12 Assistant Secretaries.
---------------------- Assistant secretaries, if there be
any, shall perform such duties and have such powers as from time to time may be
assigned to them by the Board of Directors, the chief executive officer or the
secretary, and in the absence of the secretary or in the event of his or her
disability or refusal to act, shall perform the duties of the secretary, and
when so acting, shall have all the powers of and be subject to all the
restrictions upon the secretary.
Section 5.13 Treasurer.
---------- The treasurer shall have custody of the
corporate funds and securities and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the Corporation and shall
deposit all moneys and other valuable effects in the name and to the credit of
the Corporation in such depositories as may be designated by or at the direction
of the Board of Directors. The treasurer shall disburse the funds of the
Corporation as may be ordered by the Board of Directors, taking proper vouchers
for such disbursements, and shall render to the chief executive officer and the
Board of Directors at its regular meetings, or when the Board of Directors so
16
requires, an account of all of his or her transactions as treasurer and of the
financial condition of the Corporation. If required by the Board of Directors,
the treasurer shall give the Corporation a bond in such sum and with such surety
or sureties as shall be satisfactory to the Board of Directors for the faithful
performance of the duties of the office of treasurer and for the restoration to
the Corporation, in case of the treasurer's death, resignation, retirement or
removal from office, of all books, papers, vouchers, money and other property of
whatever kind in the treasurer's possession or under control of the treasurer
belonging to the Corporation.
Section 5.14 Assistant Treasurers.
--------------------- Assistant treasurers, if there be
any, shall perform such duties and have such powers as from time to time may be
assigned to them by the Board of Directors, the chief executive officer or the
treasurer, and in the absence of the treasurer or in the event of the
treasurer's disability or refusal to act, shall perform the duties of the
treasurer, and when so acting, shall have all the powers of and be subject to
all the restrictions upon the treasurer. If required by the Board of Directors,
an assistant treasurer shall give the Corporation a bond in such sum and with
such surety or sureties as shall be satisfactory to the Board of Directors for
the faithful performance of the duties of the office of assistant treasurer and
for the restoration to the Corporation, in case of the assistant treasurer's
death, resignation, retirement or removal from office, of all books, papers,
vouchers, money and other property of whatever kind in the assistant treasurer's
possession or under control of the assistant treasurer belonging to the
Corporation.
ARTICLE VI
STOCK
------
Section 6.1 Form of Certificates.
--------------------- Every holder of stock in the
Corporation shall be entitled to have a certificate signed in the name of the
Corporation, by (a) the chairman of the Board of Directors or the vice chairman,
the president or an executive vice president of the Corporation and (b) the
treasurer or an assistant treasurer or the secretary or an assistant secretary
of the Corporation certifying the number of shares of stock of the Corporation
owned by such holder.
Section 6.2 Signatures.
----------- Where a certificate is countersigned (a) by a
transfer agent other than the Corporation or its employee or (b) by a registrar
other than the Corporation or its employee, any other signature on the
certificate may be a facsimile. In case any officer, transfer agent or registrar
who has signed or whose facsimile signature has been placed upon a certificate
shall have ceased to be such officer, transfer agent or registrar before such
certificate is issued, it may be issued by the Corporation with the same effect
as if such person were such officer, transfer agent or registrar at the date of
issue.
Section 6.3 Lost, Destroyed, Stolen or Mutilated Certificates.
-------------------------------------------------- The
Board of Directors may direct a new certificate or certificates to be issued in
place of any certificate or certificates theretofore issued by the Corporation
alleged to have been lost, stolen or destroyed upon the making of an affidavit
of that fact by the person claiming the certificate of stock to be lost, stolen
or destroyed. When authorizing such issue of a new certificate or certificates,
the Board of Directors may, in its discretion as a condition precedent to the
issuance thereof, require the owner of such lost, stolen or destroyed
certificate or certificates, or such person's legal representative, to advertise
the same in such manner as it shall require and/or to give the Corporation a
17
bond in such sum as it may direct as indemnity against any claim that may be
made against the Corporation with respect to the certificate alleged to have
been lost, stolen or destroyed.
Section 6.4 Transfers.
---------- Stock of the Corporation shall be transferable
in the manner prescribed by law and in these by-laws. Transfers of stock shall
be made on the books of the Corporation only by the person named in the
certificate or by such person's attorney lawfully constituted in writing and
upon the surrender of the certificate therefor, properly endorsed for transfer
and payment of all necessary transfer taxes; provided, however, that such
surrender and endorsement or payment of taxes shall not be required in any case
in which the officers of the Corporation shall determine to waive such
requirement. Every certificate exchanged, returned or surrendered to the
Corporation shall be marked "Canceled," with the date of cancellation, by the
secretary or assistant secretary of the Corporation or the transfer agent
thereof. No transfer of stock shall be valid as against the Corporation for any
purpose until it shall have been entered in the stock records of the Corporation
by an entry showing from and to whom transferred.
Section 6.5 Transfer and Registry Agents.
-----------------------------The Corporation may from time
to time maintain one or more transfer offices or agencies and registry offices
or agencies at such place or places as may be determined from time to time by
the Board of Directors.
Section 6.6 Registered Stockholders.
------------------------ The Corporation shall be entitled
to recognize the exclusive right of a person registered on its books as the
owner of shares to receive dividends and to vote as such owner a person
registered on it books as the owner of shares, and shall not be bound to
recognize any equitable or other claim to or interest in such share or shares on
the part of any other person, whether or not it shall have express or other
notice thereof, except as otherwise provided by law.
ARTICLE VII
GENERAL PROVISIONS
------------------
Section 7.1 Dividends.
---------- Subject to the requirements of the GCL and the
provisions of the Certificate of Incorporation, dividends upon the stock of the
Corporation may be declared by the Board of Directors at any regular or special
meeting of the Board of Directors, and may be paid in cash, in property or in
shares of the Corporation's stock. 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 Board of Directors from time to time, in its absolute discretion,
may deem proper as a reserve or reserves for any purpose, and the Board of
Directors may modify or abolish any such reserve.
Section 7.2 Disbursements.
-------------- All checks or demands for money and notes of
the Corporation shall be signed by such officer or officers or such other person
or persons as the Board of Directors may from time to time designate.
Section 7.3 Fiscal Year.
------------ The fiscal year of the Corporation shall be
fixed by resolution of the Board of Directors.
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Section 7.4 Corporate Seal.
--------------- The corporate seal shall have inscribed
thereon the name of the Corporation and the words "Corporate Seal, Delaware."
The seal may be used by causing it or a facsimile thereof to be impressed or
fixed or reproduced or otherwise.
Section 7.5 Election Not to Be Subject to Idaho Business Combination
-----------------------------------------------------------
Law.
- ---- The Corporation expressly elects not to be subject to the provisions of the
Idaho Business Combination Law, codified as Chapter 17 of Title 30 of the Idaho
Code.
Section 7.6 Election Not to Be Subject to Idaho Control Share
-----------------------------------------------------------
Acquisition Law
- --------------- The Corporation expressly elects not to be subject to the
provisions of the Idaho Control Share Acquisition Law, codified as Chapter 16 of
Title 30 of the Idaho Code.
Section 7.7 Entire Board of Directors.
-------------------------- As used in these by-laws, the
term "entire Board of Directors" means the total number of directors that the
Corporation would have if there were no vacancies.
ARTICLE VIII
AMENDMENTS
----------
Section 8.1 Amendments.
----------- These by-laws may be altered, amended or
repealed, in whole or in part, or new by-laws may be adopted by the Board of
Directors or by the stockholders as provided in the Certificate of
Incorporation.
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