LSB INDUSTRIES, INC. Exhibit 3(ii)
BY-LAWS
ARTICLE I
Offices
Section 1. The principal office of the Corporation shall be in Oklahoma
City, County of Oklahoma, State of Oklahoma, and the Corporation may also have
offices at such other places as the Board of Directors may from time to time
appoint or at such other places as the business of the Corporation requires.
ARTICLE II
Seal
Section 1. The corporate seal shall be in such form as the Board of
Directors may from time to time prescribe. Said seal may be used by causing
it, or a facsimile thereof, to be impressed or affixed or reproduced or
otherwise.
ARTICLE III
Shareholders
Section 1. Place. All meetings of the shareholders shall be held in
Oklahoma City, Oklahoma, or at such other place as the directors may
designate.
Section 2. Annual Meeting. Annual meetings of shareholders to elect
directors and transact such other business as may properly be presented to the
meeting shall be held on the last Tuesday in April of each year if not a legal
holiday, and if a legal holiday, then on the next secular day following, at
10:00 a.m., or if the annual meeting is not held on the above designated date,
then the directors shall cause the annual meeting to be held as soon
thereafter as is convenient.
Section 3. Quorum. The holders of record of a majority of the stock
issued and outstanding, and entitled to vote thereat, present in person, or
represented by proxy, shall be requisite and shall constitute a quorum at all
meetings of the shareholders for the transaction of business, except as
otherwise provided by law, by the Certificate of Incorporation or by these
Bylaws, but in the absence of a quorum the holders of record, present in
person or represented by proxy at such meeting shall have power to adjourn the
meeting from time to time, without notice other than announcement at the
meeting, until the requisite amount of voting stock shall be present. At such
adjourned meeting at which the requisite amount of voting stock shall be
represented, any business may be transacted which might have been transacted
at the meeting as originally notified.
Section 4. Voting; Proxies. Except as otherwise provided by the laws
of the State of Delaware or the Certificate of Incorporation of the
Corporation or these Bylaws:
(a) At every meeting of the shareholders every shareholder
having the right to vote shall be entitled to one vote for each share of
capital stock having voting rights held by him.
(b) Each stockholder entitled to vote at a meeting of
stockholders or to express consent or dissent to corporate action in
writing without a meeting may authorize another person or persons to act
for him by proxy, but no such proxy shall be voted or acted upon after
three years from its date, unless the proxy provides for a longer
period.
(c) Each matter properly presented to any meeting shall be
decided by a majority of the votes cast on the matter.
(d) Election of directors and the vote on any other matter
presented to a meeting need not be by written ballots, but written
ballots may be used if ordered by the chairman of the meeting or if so
requested by any stockholder present or represented by proxy at the
meeting entitled to vote in such election or on such matter, as the case
may be.
Section 5. Notice of Meeting. For each meeting of stockholders written
notice shall be given stating the place, date and hour, and, in the case of a
special meeting, the purpose or purposes for which the meeting is called and,
if the list of stockholders required by Section 6 is not to be at the place of
said meeting at least 10 days prior to the meeting, the place where said list
will be. Except as otherwise provided by Delaware law, the written notice of
any meeting shall be given not less than 10 nor more than 60 days before the
date of the meeting to each stockholder entitled to vote at such meeting. If
mailed, notice shall be deemed to be given when deposited in the United States
mail, postage prepaid, directed to the stockholder at his address as it
appears on the records of the Corporation.
Section 6. List of Stockholders Entitled to Vote. At least 10 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, shall be prepared and 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 10 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. Such list shall 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.
Section 7. Special Meetings. A special meeting of stockholders may be
called at any time by the Board of Directors, its Chairman, the Executive
Committee or the President and shall be called by any of them or by the
Secretary upon receipt of a written request to do so specifying the matter or
matters, appropriate for action at such a meeting, proposed to be presented at
the meeting and signed by holders of record of a majority of the shares of
stock that would be entitled to be voted on such matter or matters if the
meeting was held on the day such request is received and the record date for
such meeting was the close of business on the preceding day. Any such meeting
shall be held at such time and at such place, within or without the State of
Delaware, as shall be determined by the body or person calling such meeting
and as shall be stated in the notice of such meeting.
Section 8. Chairman and Secretary at Meeting. At each meeting of
stockholders, the Chairman of the Board of Directors or in his absence, the
President, or in his absence the person designated in writing by the
President, or if no person is so designated, then a person designated by the
Board of Directors shall preside as Chairman of the meeting; if no person is
so designated, then the meeting shall choose a Chairman by plurality vote.
The Secretary or in his absence a person designated by the Chairman of the
meeting shall act as Secretary of the meeting.
Section 9. Adjourned Meetings. A meeting of stockholders may be
adjourned to another time or place as provided in Sections 3 or 4(d) of this
Article III. Unless the Board of Directors fixes a new record date,
stockholders of record for an adjourned meeting shall be as originally
determined for the meeting from which the adjournment was taken. If the
adjournment is for more than 30 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
adjourned meeting any business may be transacted that might have been
transacted at the meeting as originally called.
Section 10. Consent of Stockholders in Lieu of Meeting. Any action
that may be taken at any annual or special meeting of stockholders may be
taken without a meeting, without prior notice and without a vote, if a consent
in writing, setting forth the action so taken, shall be signed by the holders
of outstanding stock having not less than the minimum number of votes that
would be necessary to authorize or take such action at a meeting at which all
shares entitled to vote thereon were present and voted. Notice of the taking
of such action shall be given promptly to each stockholder that would have
been entitled to vote thereon at a meeting of stockholders and that did not
consent thereto in writing.
Section 11. Fixing of Record Date. 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 to express consent to corporate
action in writing without a meeting, or entitled to receive payment of any
dividend or other distribution or allotment of any rights, or entitled to
exercise any rights in respect of any change, conversion or exchange of stock
or for the purpose of any other lawful action, the Board of Directors may fix,
in advance, a record date, which shall not be more than 60 nor less than
10 days before the date of such meeting, nor more than 60 days prior to any
other action. If no record date is fixed, 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; the record date for
determining stockholders entitled to express consent to corporate action in
writing without a meeting, when no prior action by the Board of Directors is
necessary, shall be the day on which the first written consent is expressed;
and the record date for determining shareholders for any other purpose shall
be at the close of business on the day on which the Board of Directors adopts
the resolution relating thereto.
ARTICLE IV
Directors
Section 1. Number, Term, Qualifications and Vacancies. The property,
business and affairs of the Corporation shall be managed by or under the
direction of its Board of Directors.
The number of directors that shall constitute the whole Board of
Directors may be fixed from time to time by resolution of the Board of
Directors and may consist of not less than three nor more than fifteen
members. The directors shall be divided into three (3) classes. Each class
shall consist, as nearly as possible, of one-third of the whole number of the
Board of Directors. The term of office of those directors of the first class
shall expire at the annual meeting of the shareholders of the Corporation next
ensuing; the term of office of the directors of the second class shall expire
one year thereafter; and the term of office of the directors of the third
class shall expire two years thereafter. At each annual election the
successors to the class of directors whose terms have expired in that year
shall be elected to hold office for a term of three (3) years. Each director
elected shall hold office until his successor is elected and qualified or
until his earlier resignation or removal. Directors and officers need not be
shareholders.
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 the sole
remaining director. Each director chosen to fill a vacancy or newly created
directorship shall hold office until the next election of the class for which
such directors shall have been chosen and until his successor is duly elected
and qualified or until his earlier resignation or removal.
Section 2. Offices and Books. The directors may have one or more
offices, and keep the books of the Corporation at the offices of the
Corporation in Oklahoma City, Oklahoma, or at such other places as they may
from time to time determine.
Section 3. Resignation. Any director of the Corporation may resign at
any time by giving written notice of such resignation to the Board of
Directors, the Chairman of the Board of Directors, the President or the
Secretary of the Corporation. Any such resignation shall take effect at the
time specified therein or, if no time be specified, upon receipt thereof by
the Board of Directors or one of the above-named officers; and, unless
specified therein, the acceptance of such resignation shall not be necessary
to make it effective. When one or more directors shall resign from the Board
of Directors, such vacancy may be filled by a majority of the directors then
in office, although less than a quorum, or by the sole remaining director, and
each director so chosen shall hold office until the next election of the class
for which such director shall have been chosen and until his successor is duly
elected and qualified or until his earlier resignation or removal.
Section 4. Removal. Any one or more directors may be removed only for
cause by the vote or written consent of the holders of a majority of the
issued and outstanding shares of stock of the Corporation entitled to vote for
the election of directors.
Section 5. Regular and Annual Meetings; Notice. Regular meetings of
the Board of Directors shall be held at such time and at such place, within or
without the State of Delaware, as the Board of Directors may from time to time
prescribe. No notice need be given of any regular meeting and a notice, if
given, need not specify the purposes thereof. A meeting of the Board of
Directors may be held without notice immediately after an annual meeting of
stockholders at the same place as that at which such annual meeting of
shareholders was held.
Section 6. Special Meetings; Notice. A special meeting of the Board of
Directors may be called at any time by the Board of Directors, its Chairman,
the Executive Committee, the President or any person acting in the place of
the President and shall be called by any one of them or by the Secretary upon
receipt of a written request to do so specifying the matter or matters,
appropriate for action at such a meeting, proposed to be presented at the
meeting and signed by at least two directors of the Corporation. Any such
meeting shall be held at such time and at such place, within or without the
State of Delaware, as shall be determined by the body or person calling such
meeting. Notice of such meeting stating the time and place thereof shall be
given (a) by deposit of the notice in the United States mail, first class,
postage prepaid, at least three days before the day fixed for the meeting
addressed to each director at his address as it appears on the Corporation's
records or at such other address as the director may have furnished the
Corporation for that purpose, or (b) by delivery of the notice similarly
addressed for dispatch by telegraph, cable or radio or by delivery of the
notice by telephone or in person, in each case at least two days before the
time fixed for the meeting.
Section 5. Presiding Officer and Secretary at Meetings. Each meeting
of the Board of Directors shall be presided over by the Chairman of the Board
of Directors or in his absence by the President or if neither is present by
such member of the Board of Directors as shall be chosen by the meeting. The
Secretary, or in his absence an Assistant Secretary, shall act as secretary of
the meeting, or if no such officer is present, a secretary of the meeting
shall be designated by the person presiding over the meeting.
Section 6. Quorum. A majority of the whole Board of Directors shall
constitute a quorum for the transaction of business, but in the absence of a
quorum, a majority of those present (or if only one be present, then that one)
may adjourn the meeting, without notice other than announcement at the
meeting, until such time as a quorum is present. Except as otherwise required
by the Certificate of Incorporation or these By-Laws, the vote of the majority
of the directors present at a meeting at which a quorum is present shall be
the act of the Board of Directors.
Section 7. Meeting by Telephone. Members of the Board of Directors or
of any committee thereof may participate in meetings of the Board of Directors
or of 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 such participation shall constitute presence
in person at such meeting.
Section 8. Action Without Meeting. Unless otherwise restricted by the
Certificate of Incorporation, 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 of Directors or of such
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 of Directors
or of such committee.
Section 9. Executive and Other Committees. The Board of Directors may,
by resolution passed by a majority of the whole Board of Directors, designate
an Executive Committee and one or more other committees, each such committee
to consist of two or more directors as the Board of Directors may from time to
time determine. Any such committee, to the extent provided in such resolution
or resolutions, 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, including the power to authorize the seal of the Corporation to
be affixed to all papers that may require it; but no such committee shall have
such power or authority in reference to amending the Certificate of
Incorporation, adopting an agreement of merger or consolidation, recommending
to the stockholders the sale, lease, or exchange of all or substantially all
of the Corporation's property and assets, recommending to the stockholders a
dissolution of the Corporation or a revocation of a dissolution, or amending
the By-Laws; and unless the resolution shall expressly so provide, no such
committee shall have the power or authority to declare a dividend or to
authorize the issuance of stock. In the absence or disqualification of a
member of a committee, the member or members thereof present at any meeting
and not disqualified from voting, whether or not he or they constitute a
quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.
Each such committee other than the Executive Committee shall have such name as
may be determined from time to time by the Board of Directors. Any committee
of directors may be discharged or discontinued at any time, with or without
cause, by a majority vote of the Board of Directors at any meeting at which
there is a quorum present, likewise, any member of any committee of directors
may be removed from committee membership, with or without cause, by a majority
vote of the Board of Directors at any meeting at which there is a quorum
present.
Section 10. Compensation. Each director shall be entitled to
reimbursement of his reasonable expenses incurred in attending meetings or
otherwise in connection with his attention to the affairs of the Corporation.
Each director who is not a salaried officer of the Corporation or of a
subsidiary of the Corporation shall, as such director and as a member of any
committee, be entitled to receive such amounts as may be fixed from time to
time by the Board of Directors, in the form either of fees for attendance at
meetings of the Board and of committees thereof, or of payment at the rate of
a fixed sum per month, or both.
Section 11. Additional Powers. In addition to the powers and
authorities by these By-Laws expressly conferred upon it, the Board of
Directors 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, as from time to time amended, or by these By-Laws, as from time
to time amended, directed or required to be exercised or done by the
shareholders.
ARTICLE V
OFFICERS
Section 1. Designation. The Corporation shall have such officers with
such titles and duties as set forth in these By-Laws or in any one or more
resolutions of the Board of Directors adopted on or after the effective date
of these By-Laws which are not inconsistent with these By-Laws and as may be
necessary to enable the Corporation to sign instruments and stock certificates
as required by law.
Section 2. Election; Qualification. The officers of the Corporation
shall be a President, one or more Vice Presidents, a Secretary and a
Treasurer, each of whom shall be elected by the Board of Directors. The Board
of Directors may elect a Chairman of the Board of Directors, a Controller, one
or more Assistant Secretaries, one or more Assistant Treasurers, one or more
Assistant Controllers, and such other officers as it may from time to time
determine. The Chairman of the Board of Directors, if any, shall be elected
from among the directors. Two or more offices may be held by the same person.
Section 3. Term of Office. Each officer shall hold office from the
time of his election and qualification to the time at which his successor is
elected and qualified, unless sooner he shall die or resign or shall be
removed pursuant to Section 5.
Section 4. Resignation. Any officer of the Corporation may resign at
any time by giving written notice of such resignation to the Board of
Directors, the President or the Secretary of the Corporation. Any such
resignation shall take effect at the time specified therein or, if no time be
specified, upon receipt thereof by the Board of Directors or one of the
above-named officers; and, unless specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
Section 5. Removal. Any officer may be removed at any time, with or
without cause, by the vote of a majority of the whole Board of Directors.
Section 6. Vacancies. Any vacancy however caused in any office of the
Corporation may be filled by the Board of Directors.
Section 7. Compensation. The compensation of each officer shall be
such as the Board of Directors may from time to time determine.
Section 8. Chairman of the Board of Directors. The Chairman of the
Board of Directors, if such office be occupied, shall advise and consult with
the President concerning the business and affairs of the Corporation and shall
have such powers and duties as the By-Laws or the Board of Directors may from
time to time prescribe.
Section 9. President. The President shall be the chief executive
officer of the Corporation and shall have general charge of the business and
affairs of the Corporation and shall perform all such other duties as are
incident to the chief executive officer, subject however to the right of the
Board of Directors to confer specified powers on officers of the Corporation.
The President shall be ex-officio a member of all committees of the Board of
Directors.
Section 10. Vice President. Each Vice President shall have such powers
and duties as generally pertain to the office of Vice President and as the
Board of Directors or the President may from time to time prescribe. During
the absence of the President or his inability to act, the Vice President, or
if there shall be more than one Vice President, then that one designated by
the Board of Directors, shall exercise the powers and shall perform the duties
of the President, subject to the direction of the Board of Directors.
Section 11. Secretary. The Secretary shall keep the minutes of all
meetings of stockholders and of the Board of Directors. He shall be custodian
of the corporate seal and shall affix it or cause it to be affixed to such
instruments as he deems necessary or appropriate and attest the same and shall
exercise the powers and shall perform the duties incident to the office of
Secretary, and those that may otherwise from time to time be assigned to him
subject to the direction of the Board of Directors.
Section 12. Treasurer. The Treasurer shall be the chief accounting
officer of the Corporation and shall have care of all funds and securities of
the Corporation and shall exercise the powers and shall perform the duties
incident to the office of Treasurer, subject to the direction of the Board of
Directors.
Section 13. Other Officers. Each other officer of the Corporation
shall exercise the powers and shall perform the duties incident to his office,
subject to the direction of the Board of Directors.
ARTICLE VI
CAPITAL STOCK
Section 1. Stock Certificates. The interest of each holder of stock of
the Corporation shall be evidenced by a certificate or certificates in such
form at the Board of Directors may from time to time prescribe. Each
certificate shall be signed by, or in the name of the Corporation by the
Chairman of the Board of Directors, or the President or a Vice President, and
by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant
Secretary of the Corporation. If such 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 facsimile. If 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 he were such officer, transfer agent or registrar at the date of
issue.
Section 2. Transfer of Stock. Shares of stock shall be transferable on
the books of the Corporation pursuant to applicable law and such rules and
regulations as the Board of Directors shall from time to time prescribe on or
after the effective date of these ByLaws.
Section 3. Holders of Record. Prior to due presentment for
registration of transfer, the Corporation may treat the holder of record of a
share of its stock as the complete owner thereof exclusively entitled to vote,
to receive notifications and otherwise entitled to all the rights and powers
of a complete owner thereof, notwithstanding notice to the contrary.
Section 4. Lost, Stolen, Destroyed, or Mutilated Certificates. The
Corporation may issue a new certificate of stock to replace a certificate
alleged to have been lost, stolen, destroyed or mutilated upon such terms and
conditions as the Board of Directors may from time to time prescribe, and the
Board of Directors may, in its discretion, require the owner of the lost or
destroyed certificate or his legal representative, to give the Corporation a
bond, in such sum as it may direct, not exceeding double the value of the
stock, to indemnify the Corporation against any claim that may be made against
it on account of the alleged loss of any such certificate.
Section 5. Transfer Agent and Registrar. The Board of Directors may
appoint one or more Transfer Agents and Registrars for the Common Stock and
Preferred Stock of the Corporation. The Transfer Agent shall be in charge of
the issue, transfer, and cancellation of shares of stock and shall maintain
stock transfer books, which shall include a record of the shareholders, giving
the names and addresses of all shareholders, and the number and class of
shares held by each; prepare voting lists for meetings of shareholders;
produce and keep open these lists at the meetings; and perform such other
duties as may be delegated by the Board of Directors. Shareholders may give
notice of changes of their addresses to the Transfer Agent. The Registrar
shall be in charge of preventing the over-issue of shares, shall register all
stock certificates, and perform such other duties as may be delegated by the
Board of Directors.
ARTICLE VII
CHECKS
Section 1. 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.
ARTICLE VIII
FISCAL YEAR
Section 1. The fiscal year shall begin the first day of January in each
year.
ARTICLE IX
DIVIDENDS
Section 1. Declaration. Dividends upon the capital stock of the
Corporation, subject to the provisions of the Certificate of Incorporation,
may be declared by the Board of Directors at any regular or special meeting,
pursuant to law. Dividends may be paid in cash, in property, or in shares of
the capital stock of the Corporation.
Section 2. Reserve Fund. The Board of Directors may set aside out of
any funds of the Corporation available for dividends a reserve or reserves for
any proper purposes and in such sum or sums as the directors from time to
time, in their absolute discretion, believe to be proper, and the Board of
Directors may abolish any such reserve.
ARTICLE X
NOTICE
Section 6.1. Waiver of Notice. Whenever notice is required by the
Certificate of Incorporation, the By-Laws, or as otherwise provided by law, a
written waiver thereof, signed by the person entitled to notice, shall be
deemed equivalent to notice, whether before or after the time required for
such notice. Attendance of a person at a meeting shall constitute a waiver of
notice of such meeting except when the person attends a meeting for the
express purpose of objecting, at the beginning of the meeting, to the
transaction of any business because the meeting is not lawfully called or
convened. Neither the business to be transacted at, nor the purpose of, any
regular or special meeting of the stockholders, directors, or members of a
committee of directors need be specified in any written waiver of notice.
Section 2. Mailing of Notice. Whenever under the provisions of these
By-Laws notice is required to be given to any director, officer, or
shareholder and such notice is not waived as provided in Section 1 of this
Article X, it shall not be construed to mean personal notice, but such notice
may be given in writing, by mail, by depositing the same in the post office or
letter box, in a postpaid sealed wrapper, addressed to such shareholder,
officer or director at such address as appears on the books of the
Corporation, or, in default of other address, to such director, officer or
shareholder at the General Post Office in Oklahoma City, Oklahoma, and such
notice shall be deemed to be given at the time when the same shall be thus
mailed.
ARTICLE XI
AMENDMENT OF BY-LAWS
Section 1. Amendment. These By-Laws may be made, altered, or repealed
at any meeting of stockholders or at any meeting of the Board of Directors by
a majority vote of the whole Board.
APPROVAL OF DIRECTORS
The foregoing By-Laws, after being read section by section, were adopted
by the Directors of this Corporation on ________________, 19___, at Oklahoma
City, Oklahoma.
_________________________ __________________________
Jack E. Golsen Donald C. Edelson
_________________________ __________________________
David R. Goss Irwin H. Steinhorn
_________________________ __________________________
Tony M. Shelby Al Braver
- ------------------------- --------------------------
Gerald G. Barton Robert C. Brown, M.D.
- ------------------------- ---------------------------
Bernard G. Ille Jerome D. Shaffer, M.D.
- -------------------------
C. L. Thurman
FIRST AMENDMENT TO
LSB INDUSTRIES, INC.'S
BY-LAWS
The following amendments to LSB Industries, Inc.'s ("LSB") By-Laws were
approved and adopted by the Board of Directors of LSB at their special meeting
held on October 6, 1986:
1. Section 7. Special Meeting. of Article III of the By-Laws of LSB is
hereby amended, in its entirety, to read as follows:
"Section 7. Special Meetings.
A special meeting of stockholders may be called at any time by the
Chairman or by a majority of the directors then in office, and shall be called
by the Chairman upon receipt of a written request to do so specifying the
matter or matters, appropriate for action at such meeting, proposed to be
presented at the meeting and signed by holders of record of two-thirds of the
shares of stock that would be entitled to be voted on such matter or matters
if the meeting was held on the day such request is received and the record
date for such meeting was the close of business on the preceding day. Any
such meeting shall be held at such time and at such place, within or without
the State of Delaware, as shall be determined by the body or person calling
such meeting and as shall be stated in the notice of such meeting."
2. Section 1. Number, Term, Qualifications and Vacancies. of Article IV
of the By-Laws of LSB is hereby amended, in its entirety, to read as follows:
"Section 1. Number, Term, Qualifications and Vacancies.
The property, business and affairs of the Corporation shall be managed
by or under the direction of its Board of Directors.
The number of directors that shall constitute the whole Board of
Directors may be fixed from time to time by resolution of the Board of
Directors and may consist of not less than three nor more than fifteen
members. The directors shall be divided into three (3) classes. Each class
shall consist, as nearly as possible, of one-third of the whole number of the
Board of Directors. The term of office of those directors of the first class
shall expire at the annual meeting of the shareholders of the Corporation next
ensuing; the term of office of the directors of the second class shall expire
one year thereafter; and the term of office of the directors of the third
class shall expire two years thereafter. At each annual election the
successors to the class of directors whose terms have expired in that year
shall be elected to hold office for a term of three (3) years. Each director
elected shall hold office until his successor is elected and qualified or
until his earlier resignation or removal. Directors and officers need not be
shareholders.
Vacancies and newly created directorships resulting from any increase in
the authorized number of directors shall be filled only by a majority of the
directors then in office, although less than a quorum, or by the sole
remaining director. Each director chosen to fill a vacancy or newly created
directorship shall hold office until the next election of the class for which
such directors shall have been chosen and until his successor is duly elected
and qualified or until his earlier resignation or removal."
3. Section 3. Resignations. of Article IV of the By-Laws of LSB is hereby
amended, in its entirety, to read as follows:
"Section 3. Resignation.
Any director of the Corporation may resign at any time by giving written
notice of such resignation to the Board of Directors, the Chairman of the
Board of Directors, the President or the Secretary of the Corporation. Any
such resignation shall take effect at the time specified therein or, if no
time be specified, upon receipt thereof by the Board of Directors, or one of
the above-named officers; and, unless specified therein, the acceptance of
such resignation shall not be necessary to make it effective. When one or
more directors shall resign from the Board of Directors, such vacancy shall be
filled only by a majority of the directors then in office, although less than
a quorum, or by the sole remaining director. Each director so chosen shall
hold office until the next election of the class for which such director shall
have been chosen and until his successor is duly elected and qualified or
until his earlier resignation or removal."
4. Section 4. Removal. of Article IV of the By-Laws of LSB is hereby
amended, in its entirety, to read as follows:
"Section 4. Removal.
Any one or more directors may be removed only for cause by the vote or
written consent of the holders of a majority of the issued and outstanding
shares of stock of the Corporation entitled to vote for the election of all
directors. For purposes of this Article IV, Section 4, cause for removal
shall be deemed to exist only if the Director whose removal is proposed has
been convicted of a felony by a court of competent jurisdiction or has been
adjudged by a court of competent jurisdiction to be liable for intentional
misconduct or knowing violation of law in the performance of such Director's
duty to the Corporation and, in each case, such adjudication is no longer
subject to direct appeal."
5. Section 6. Special Meetings; Notice. of Article IV of the By-Laws of
LSB is hereby amended, in its entirety, to read as follows:
"Section 6. Special Meetings; Notice.
A special meeting of the Board of Directors may be called at any time by
the Chairman or a majority of the directors then in office. Any such meeting
shall be held at such time and at such place, within or without the State of
Delaware, as shall be determined by the body or person calling such meeting.
Notice of such meeting stating the time and place thereof shall be given
(a) by deposit of the notice in the United States mail, first class, postage
prepaid, at least three days before the day fixed for the meeting addressed to
each director at his address as it appears on the Corporation's records or at
such other address as the director may have furnished the Corporation for that
purpose, or (b) by delivery of the notice similarly addressed for dispatch by
telegraph, cable or radio or by delivery of the notice by telephone or in
person, in each case at least two days before the time fixed for the meeting."
6. Section 1. Amendment. of Article XI of the By-Laws of LSB is hereby
amended, in its entirety, to read as follows:
"Section 1. Amendment.
These By-laws may be made, amended, altered, added to, revised or
repealed only by a vote of a majority of the directors then in office or by a
vote of the holders of two-thirds of the issued and outstanding shares of
stock of the Corporation entitled to vote for the election of all directors."
The By-Laws of LSB Industries, Inc., as amended and modified by this
First Amendment to LSB Industries, Inc.'s By-Laws, sets forth the entire
By-Laws of LSB. The amendments to LSB's By-Laws as combined in this First
Amendment to LSB Industries, Inc.'s By-Laws are effective as of the 6th day of
October, 1986, the date that such amendments were approved by the Board of
Directors of LSB.
Dated: October 6, 1986
LSB INDUSTRIES, INC.
Jack E. Golsen
Chairman of the Board
and President
(Seal)
Irwin H. Steinhorn
Secretary
SECOND AMENDMENT
TO THE BY-LAWS
OF
LSB INDUSTRIES, INC.
Section 9. Executive and Other Committees. of ARTICLE IV of LSB
Industries, Inc.'s (the "Company") By-Laws has been duly and validly amended
by the Board of Directors of the Company, by a written memorandum of action,
dated November 7, 1986, executed by all members of the Board of Directors
pursuant to Section 141(f) of the Delaware General Corporation Law, to read as
follows:
"Section 9. Executive and Other Committees. The Board of
Directors may, by resolution passed by a majority of the whole Board of
Directors, designate an Executive Committee and one or more other
committees, each such committee to consist of two or more directors as
the Board of Directors may from time to time determine. Any such
committee, to the extent provided in such resolution or resolutions,
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 that may require it; but no such committee shall have the
power or authority in reference to amending the Certificate of
Incorporation (except that a committee may, to the extent authorized in
the resolution or resolutions providing for the issuance of shares of
stock adopted by the Board of Directors, fix the assignations and any of
the preferences or rights of such shares relating to dividends,
redemption, dissolution, any distribution of assets of the Corporation
or the conversion into, or the exchange of such shares for, shares of
any other class or classes or any other series of the same or any other
class or classes of stock of the Corporation or fix the number of shares
of any series of stock or authorize the increase or decrease of the
shares of any series), adopting an agreement of merger or consolidation,
recommending to the stockholders the sale, lease, or exchange of all or
substantially all of the Corporation's property and assets, recommending
to the stockholders a dissolution of the Corporation or a revocation of
a dissolution, or amending the By-Laws; and unless the resolution shall
expressly so provide, no such committee shall have the power or
authority to declare a dividend or to authorize the issuance of stock.
In the absence or disqualification of a member of a committee, the
member or members thereof present at any meeting and not disqualified
from voting, whether or not he or they constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at
the meeting in the place of any such absent or disqualified member.
Each such committee other than the Executive Committee shall have such
name as may be determined from time to time by the Board of Directors.
Any committee of directors may be discharged or discontinued at any
time, with or without cause, by a majority vote of the Board of
Directors at any meeting at which there is a quorum present, likewise,
any member of any committee of directors may be removed from committee
membership, with or without cause, by a majority vote of the Board of
Directors at any meeting at which there is a quorum present."
The By-Laws of LSB Industries, Inc., as amended and modified by the
First Amendment to LSB Industries, Inc.'s By-Laws, dated October 6, 1986, and
by this Second Amendment to the By-Laws of LSB Industries, Inc., sets forth
the entire By-Laws of LSB. The amendment to the Company's By-Laws as set
forth in this Second Amendment to the LSB Industries, Inc's By-Laws is
effective as of the 7th day of November, 1986, the date of the Memorandum of
Action in which the members of the Board of Directors adopted and approved
such amendment.
Dated: November 7, 1986
LSB INDUSTRIES, INC.
Jack E. Golsen, Chairman of the
Board and President
Irwin H. Steinhorn, Secretary
(SEAL)
THIRD AMENDMENT
TO THE BY-LAWS
OF
LSB INDUSTRIES, INC.
Section 1. Number, Term Qualification and Vacancies of ARTICLE IV and
Section 1. Amendment of ARTICLE IX of LSB Industries, Inc.'s (the "Company")
By-Laws have been duly and validly amended by the Board of Directors of the
Company, by a written memorandum of action, dated June 1, 1989, executed by
all members of the Board of Directors pursuant to Section 141(f) of the
Delaware General Corporation Law, to read as follows:
ARTICLE IV, Section 1. Number, Term, Qualification and Vacancies.
The property, business and affairs of the Corporation shall be
managed by or under the direction of its Board of Directors.
The number of directors that shall constitute the whole Board of
Directors may be fixed from time to time pursuant to a resolution
adopted by a vote of two-thirds of the entire Board of Directors and may
consist of no fewer than three nor more than eight members. The
directors shall be divided into three classes. Each class shall
consist, as nearly as possible, of one-third of the whole number of the
Board of Directors. At each annual election of the successors to the
class of directors whose terms have expired in that year shall be
elected to hold office for a term of three years. Each director elected
shall hold office until his successor is elected and qualified or until
his earlier resignation or removal. Directors and officers need not be
shareholders.
Vacancies and newly created directorships resulting from any
increase in the authorized number of directors shall be filled only by a
majority of the directors then in office, although less than a quorum,
or by the sole remaining director. Each director chosen to fill a
vacancy or newly created directorship shall hold office until the next
election of the class for which such directors shall have been chosen
and until his successor is duly elected and qualified or until his
earlier resignation or removal.
ARTICLE IX, Section 1. Amendment. These By-Laws may be made,
amended, altered, added to, revised or repealed only by a vote of a
majority of the directors then in office or by a vote of the holders of
two-thirds of the issued and outstanding shares of stock of the
Corporation entitled to vote for the election of directors; provided,
however, that Article IV, Section 1 of these By-Laws and this
Article IX, Section 1, may be amended, altered, added to, revised or
repealed only by a vote of two-thirds of the entire Board of Directors
or by a vote of two-thirds of the issued and outstanding shares of stock
of the Corporation entitled to vote for the election of directors.
The By-Laws of LSB Industries, Inc., as amended and modified by
the First Amendment to LSB Industries, Inc.'s By-Laws, dated October 6,
1986, by the Second Amendment to the By-Laws dated June 1, 1989, and by
this Third Amendment to the By-Laws of LSB Industries, Inc., sets forth
the entire By-Laws of LSB. The amendment to the Company's By-Laws as
set forth in this Third Amendment to the LSB Industries, Inc.'s By-Laws
is effective as of the 1st day of June, 1989, the date of the Memorandum
of Action in which the members of the Board of Directors adopted and
approved such amendment.
Dated: June 1, 1989
LSB INDUSTRIES, INC.
Jack E. Golsen, Chairman of
the Board and President
AMENDMENT TO THE BY-LAWS
OF
LSB INDUSTRIES, INC.
The following Amendments to the By-laws of LSB Industries, Inc. ("LSB"),
were approved and adopted by the Board of Directors of LSB at their meeting
held on April 26, 1990:
1. Section 10, Consent to Stockholders in Lieu of Meeting, of ARTICLE III
of the By-laws is hereby deleted in its entirety and in lieu thereof a new
Section 10 is substituted in place thereof, which reads as follows:
Section 10. Consent of Stockholders in Lieu of Meeting.
10.1 Action by Written Consent. Any action which is required to be or may be
taken at any annual or special meeting of stockholders of the corporation may
be taken without a meeting, without prior notice and without a vote, if
consents in writing, setting forth the action so taken, shall have been signed
by the holders of outstanding stock having not less than the minimum number of
votes that would be necessary to authorize or to take such action at a meeting
at which all shares entitled to vote thereon were present and voted; provided
however, that prompt notice of the taking of the corporate action without a
meeting and by less than unanimous written consent shall be given to those
stockholders who have not consented in writing.
10.2 Determination of Record Date of Action by Written Consent. In order to
inform the corporation's stockholders and the investing public in advance that
a record date for action by consent will occur and to comply with the
procedures contained in the American Stock Exchange (or such other exchange on
which the corporation's securities are listed for trading) policies and rules,
the record date for determining stockholders entitled to express consent to
corporate action in writing without a meeting is fixed by the Board of
Directors of the corporation pursuant to Section 213(a) of the Delaware
General Corporation Law as follows: The Board of Directors shall set as the
record date the 10th day after (i) any stockholder of record seeking to have
the stockholders authorize or take corporate action by written consent without
a meeting shall, by written notice to the Secretary which may be given by
telex or telecopy, advise the corporation of the corporate action proposed for
which consents will be sought and request from the Board of Directors a record
date unless a later date is specified by such stockholder, or (ii) the Board
of Directors determines that the corporation should seek corporate action by
written consent, unless a later record date is specified in the resolution of
the Board of Directors containing such determination. In the event that the
record date set as provided falls on a Saturday, Sunday or legal holiday, the
record date shall be the first day next following such date that is not a
Saturday, Sunday or legal holiday. Any record date determined pursuant to
this Subsection 10.2 shall be announced by a pres release prior to the opening
of trading on the American Stock Exchange (or such other exchange on which the
corporation's securities are listed for trading) on the next trading day after
a request for a record date pursuant to clause (i) above is received by the
Secretary or a Board of Directors' determination pursuant to clause
(ii) above.
10.3 Duration and Revocation of Consents. In order that the corporation's
stockholders shall have an opportunity to receive and consider the information
germane to an informed judgment as to whether to give a written consent and in
accordance with the procedures contained in the American Stock Exchange (or
such other exchange on which the corporation's securities are listed for
trading) policies and rules, the stockholders of the corporation shall be
given at least twenty (20) days from the record date to give or revoke written
consents. Consents to corporate action shall be valid for a maximum of sixty
(60) days after the record date. Consents may be revoked by written notice
(i) to the corporation, (ii) to the stockholder or stockholders soliciting
consents or soliciting revocations in opposition to action by consent proposed
by the corporation (the "Soliciting Stockholders"), or (iii) to a proxy
solicitor or other agent designated by the corporation of the Soliciting
Stockholder(s).
10.4 Retention and Duties of Inspectors of Election. Within two (2) business
days after receipt of a request by a stockholder for the setting of a record
date or a determination by the Board of Directors that the corporation should
seek corporate action by written consent, as the case may be, the Secretary of
the corporation shall engage nationally recognized independent inspectors of
elections for the purpose of performing a ministerial review of the validity
of the consents and revocations. The inspectors shall review all consents and
revocations, determine whether the requisite number of valid and unrevoked
consents has been obtained to authorize or take the action specified in the
consents, and forthwith certify such determination for entry in the records of
the corporation kept for the purpose of recording the proceedings of meetings
of stockholders. The cost of retaining inspectors of elections shall be borne
by the party proposing the action by consent.
10.5 Procedures for Counting and Challenging Consents. Consents and
revocations shall be delivered to the inspectors upon receipt by the
corporation, the Soliciting Stockholders or their proxy solicitors or other
designated agents. As soon as consents and revocations are received, the
inspectors shall review the consents and revocations and shall maintain a
count of the number of valid and unrevoked consents. The inspectors shall
keep such count confidential and shall not reveal the count to the
corporation, the Soliciting Stockholders or their representatives. As soon as
practicable after the earlier of (i) sixty (60) days after the record date for
the consents or (ii) a request therefore by the corporation or the Soliciting
Stockholders (whichever is soliciting consents) made after expiration of the
period for giving or revoking consents under Subsection 10.3 above, notice of
which request shall be given to the party opposing the solicitation of
consents, which request shall state that the corporation or Soliciting
Stockholder(s) (as the case may be) in good faith believe that it or they have
received the requisite number of valid and unrevoked consents to authorize or
take the action specified in the consents, the inspectors shall issue a
preliminary report to the corporation and the Soliciting Stockholders stating:
(i) The number of valid consents;
(ii) The number of valid revocations;
(iii) The number of valid and unrevoked consents;
(iv) The number of invalid consents;
(v) The number of invalid revocations;
(vi) Whether, based on their preliminary count, the requisite number of
valid and unrevoked consents has been obtained to authorize or
take the action specified in the consents.
Unless the corporation and the Soliciting Stockholder(s) shall agree to a
shorter or longer period, the corporation and the Soliciting Stockholder(s)
shall have forty-eight (48) hours to review the consents and revocations and
to advise the inspectors and the opposing party in writing as to whether they
intend to challenge the preliminary report of the inspectors. If no written
notice of an intention to challenge the preliminary report is received within
forty-eight (48) hours after the inspector's issuance of the preliminary
report, the inspectors shall issue to the corporation and the Soliciting
Stockholder(s) their final report containing the information from the
inspectors' determination with respect to whether the requisite number of
valid and unrevoked consents was obtained to authorize and take the action
specified in the consents. If the corporation or the Soliciting
Stockholder(s) issue written notice of an intention to challenge the
inspectors' preliminary report within forty-eight (48) hours after the
issuance of that report, a challenge session shall be scheduled by the
inspectors as promptly as practicable. A transcript of the challenge session
shall be recorded by a certified court reporter. Following completion of the
challenge session, the inspectors shall as promptly as practicable issue their
final report to the corporation and the Soliciting Stockholder(s) containing
the information included in the preliminary report, plus all changes in the
vote totals as a result of the challenges and a certification of whether the
requisite number of valid and unrevoked consents was obtained to authorize or
take the action specified in the consents.
10.6 Notice of Results. The corporation shall give prompt notice to the
stockholders of the results of any consent solicitation or the taking of the
corporate action without a meeting and by less than unanimous written consent.
2. Article III of the By-laws is hereby amended by adding at the end
thereof new Sections 12 and 13, which shall read as follows:
Section 12. Business to be Conducted at the Annual or Special Meeting
of the Stockholders. At any annual meeting of the stockholders, only such
business shall be conducted as shall have been brought before the meeting
(i) by or at the direction of the Board of Directors or (ii) by any
stockholder of the corporation who is entitled to vote with respect thereto
and who complies with the notice procedures set forth in this Section 12.
For business to be properly brought before an annual meeting by a stockholder,
the stockholder must have given timely notice thereof in writing to the
Secretary of the corporation. To be timely, a stockholder's notice must be
delivered or mailed to and received at the principal executive offices of the
corporation not less than fifty (50) days prior to the date of the annual
meeting; provided, however, that in the event that less than sixty (60) days'
notice or prior public disclosure of the date of the meeting is given or made
to stockholders, notice by the stockholder to be timely must be received not
later than the close of business on the tenth (lOth) day following the day on
which such notice of the date of the annual meeting was mailed or such public
disclosure was made. A stockholder's notice to the Secretary shall set forth
as to each matter such stockholder proposes to bring before the annual
meeting, the following:
(i) 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;
(ii) The name and address, as they appear on the corporation's books,
of the stockholder proposing such business;
(iii) The class and number of shares of the corporation's voting stock
that are beneficially owned by such stockholder; and
(iv) Any material interest of such stockholder in such business.
Notwithstanding anything in these By-laws to the contrary, no business
shall be brought before or conducted at an annual meeting except in accordance
with the provisions of this Section 12. The Officer of the corporation or
other person presiding over the annual meeting shall, if the facts so warrant,
determine and declare to the meeting that business was not properly brought
before the meeting in accordance with the provisions of this Section 12 and,
if he should so determine, he shall so declare to the meeting and any such
business so determined to be not properly brought before the meeting shall not
be transacted.
At any special meeting of the stockholders, only such business shall be
conducted as shall have been brought before the meeting by or at the direction
of the Board of Directors.
Section 13. Election to the Board of Directors.
13.1 Only persons who are nominated in accordance with the procedures set
forth in these By-laws shall be eligible for election as Directors of the
corporation. Nominations of persons for election to the Board of Directors of
the corporation may be made at a meeting of stockholders at which Directors
are to be elected only:
(i) By or at the direction of the Board of Directors; or
(ii) By any stockholder of the corporation entitled to vote for the
election of Directors at the meeting who complies with the notice
procedures set forth in this Subsection 13.2 below.
13.2 Nominations for election as a Director of the corporation, other than
those made by or at the direction of the Board of Directors, shall be made by
timely notice in writing to the Secretary of the corporation. To be timely, a
stockholder's notice shall be delivered or mailed to and received at the
principal executive offices of the corporation not less than fifty (50) days
prior to the date of the meeting; provided, however, that in the event that
less than sixty (60) days' notice or prior disclosure of the date of the
meeting is given or made to stockholders, notice by the stockholder to be
timely must be so received not later than the close of business on the
tenth (10th) day following the day on which such notice of the date of the
meeting was mailed or such public disclosure was made. Such stockholder's
notice shall set forth:
(i) As to each person whom such stockholder proposes to nominate for
election or reelection as a Director, all information relating to
such person that is required to be disclosed in solicitations of
proxies for election of Directors, or is otherwise required, in
each case pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended (including such person's written consent
to being named in the proxy statement as a nominee and to serving
as a Director if elected); and
(ii) As to the stockholder giving the notice (x) the name and address,
as they appear on the corporation's books, of such stockholder,
and (y) the class and number of shares of the corporation's voting
capital stock that are beneficially owned by such stockholder.
At the request of the Board of Directors any person nominated by the
Board of Directors for election as a Director shall furnish to the Secretary
of the corporation that information required to be set forth in a
stockholder's notice of nomination which pertains to the nominee. No person
shall be eligible for election as a Director of the corporation unless
nominated in accordance with the provisions of this Section 13. The Officer
of the corporation or other person presiding at the meeting shall, if the
facts so warrant, determine that a nomination was not made in accordance with
such provisions and, if he or she should so determine, he or she shall so
declare to the meeting and the defective nomination shall be disregarded.
The By-laws of LSB Industries, Inc., as previously amended, and further
amended and modified by this Amendment to the Bylaws of LSB Industries, Inc.'s
By-laws, sets forth the entire By-laws of LSB. The amendments to LSB's
By-laws as contained in this Fourth Amendment to LSB Industries, Inc.'s
By-laws are effective as of the 26th day of April, 1990, the date that such
amendments were approved by the Board of Directors of LSB.
Dated: , 1997 LSB INDUSTRIES, INC.
--------------------------------------
Jack E. Golsen
Chairman of the Board and President
(SEAL) -------------------------------------
David M. Shear,
Secretary
FIFTH AMENDMENT
TO THE BY-LAWS
OF
LSB INDUSTRIES, INC.
Section 1. Number, Term, Qualification and Vacancies of ARTICLE IV and
Section 1. Amendment of ARTICLE IV of LSB Industries, Inc.'s (the "Company")
By-Laws have been duly and validly amended by the Board of Directors of the
Company, by action taken on November 11, 1993, by a majority of members of the
Board of Directors pursuant the Delaware General Corporation Law, to read as
follows:
ARTICLE IV, Section 1. Number, Term, Qualification and Vacancies.
The property, business and affairs of the Corporation shall be
managed by or under the direction of its Board of Directors.
The number of directors that shall constitute the whole Board of
Directors may be fixed from time to time pursuant to a resolution
adopted by a vote of two-thirds of the entire Board of Directors and may
consist of no fewer than three no more than nine members. The directors
shall be divided into three classes. Each class shall consist, as
nearly as possible, of one-third of the whole number of the Board of
Directors. At each annual election of the successors that year shall be
elected to hold office for a term of three years. Each director elected
shall hold office until his successor is elected and qualified or until
his earlier resignation or removal. Directors and officers need not be
shareholders.
Vacancies and newly created directorships resulting from any
increase in the authorized number of directors shall be filled only by a
majority of the directors then in office, although less than a quorum,
or by the sole remaining director. Each director chosen to fill a
vacancy or newly created directorship shall hold office until the next
election of the class for which such directors shall have been chosen
and until his successor is duly elected and qualified or until his
earlier resignation or removal.
The By-Laws of LSB Industries, Inc., as amended and modified by
the First Amendment to LSB Industries, Inc.'s By-Laws, dated October 6,
1986, by the Second Amendment to the By-Laws dated November 2, 1986, by
the Third Amendment to the By-Laws dated June 1, 1989, by the Fourth
Amendment to the By-Laws dated June 15, 1990 and this Fifth Amendment to
the By-Laws of LSB Industries, Inc. dated November 11, 1993, sets forth
the entire By-Laws of LSB. The amendment to the Company's By-Laws as
set forth in this Fifth Amendment to the LSB Industries, Inc.'s By-Laws
is effective as of the 11th day of November, 1993, the date of the
meeting at which the members of the Board of Directors adopted and
approved such amendment.
Dated: November 11, 1993.
LSB INDUSTRIES, INC.
-------------------------------------
Jack E. Golsen, Chairman of
Board and President
SIXTH AMENDMENT
TO THE BY-LAWS
OF
LSB INDUSTRIES, INC.
Section 1. Number, Term, Qualification and Vacancies of ARTICLE IV and
Section 1. Amendment of ARTICLE IV of LSB Industries, Inc.'s (the "Company")
By-Laws have been duly and validly amended by the Board of Directors of the
Company, by action taken on May 8, 1997, by a majority of members of the Board
of Directors pursuant the Delaware General Corporation Law, to read as
follows:
ARTICLE IV, Section 1. Number, Term, Qualification and Vacancies.
The property, business and affairs of the Corporation shall be
managed by or under the direction of its Board of Directors.
The number of directors that shall constitute the whole Board of
Directors may be fixed from time to time pursuant to a resolution
adopted by a vote of two-thirds of the entire Board of Directors and may
consist of no fewer than three no more than eleven members. The
directors shall be divided into three classes. Each class shall
consist, as nearly as possible, of one-third of the whole number of the
Board of Directors. At each annual election of the successors that year
shall be elected to hold office for a term of three years. Each
director elected shall hold office until his successor is elected and
qualified or until his earlier resignation or removal. Directors and
officers need not be shareholders.
Vacancies and newly created directorships resulting from any
increase in the authorized number of directors shall be filled only by a
majority of the directors then in office, although less than a quorum,
or by the sole remaining director. Each director chosen to fill a
vacancy or newly created directorship shall hold office until the next
election of the class for which such directors shall have been chosen
and until his successor is duly elected and qualified or until his
earlier resignation or removal.
The By-Laws of LSB Industries, Inc., dated January 28, 1997, as
amended and modified by the First Amendment to LSB Industries, Inc.'s
By-Laws, dated October 6, 1986, by the Second Amendment to the By-Laws,
dated November 7, 1986, by the Third Amendment to the By-Laws, dated
June 1, 1989, by the Fourth Amendment to the By-Laws, dated June 15,
1990, by the Fifth Amendment to the By-Laws, dated November 11, 1993 and
this Sixth Amendment to the By-Laws of LSB Industries, Inc., dated May
8, 1997, set forth the entire By-Laws of LSB Industries, Inc. The
amendment to the Company's By-Laws as set forth in this Sixth Amendment
to the By-Laws of LSB Industries, Inc. is effective as of the 8th day of
May, 1997, the date of the meeting at which the members of the Board of
Directors adopted and approved such amendment.
Dated: May 8, 1997.
LSB INDUSTRIES, INC.
----------------------------------------
Jack E. Golsen
Chairman of the Board and President
[S E A L] ----------------------------------------
David M. Shear,
Secretary