BYLAWS OF NORDSTROM, INC.
(Amended and Restated as of May 18, 1999)
ARTICLE I
Offices
The principal office of the corporation in the state of Washington shall be
located in the city of Seattle. The corporation may have such other offices,
either within or without the state of Washington, as the Board of Directors
may designate or as the business of the corporation may require from time to
time.
The registered office of the corporation required by the Washington Business
Corporation Act to be maintained in the state of Washington may be, but need
not be, identical with the principal office in the state of Washington and the
address of the registered office may be changed from time to time by the Board
of Directors or by officers designated by the Board of Directors.
ARTICLE II
Shareholders
Section 1. Annual Meetings. The annual meeting of the shareholders shall be
held on the third Tuesday in the month of May each year, at the hour of
11:00 a.m., unless the Board of Directors shall have designated a different
hour and day in the month of May to hold said meeting. The meeting shall be
for the purpose of electing directors and the transaction of such other
business as may come before the meeting. If the day fixed for the annual
meeting shall be a legal holiday in the state of Washington and if the Board
of Directors has not designated some other day in the month of May for such
meeting, such meeting shall be held at the same hour and place on the next
succeeding business day not a holiday. The failure to hold an annual meeting
at the time stated in these Bylaws does not affect the validity of any
corporate action. If the election of directors shall not be held on the day
designated herein or by the Board of Directors for any annual meeting of the
shareholders, or at any adjournment thereof, the Board of Directors shall
cause the election to be held at a special meeting of the shareholders as soon
thereafter as conveniently may be.
Section 2. Special Meetings. Special meetings of the shareholders may be
called for any purpose or purposes, unless otherwise prescribed by statute, at
any time by the Chairman (or any Co-Chairman) of the Board of Directors, by
the President (or any Co-President) if there is not then a Chairman (or Co
Chairman) of the Board of Directors or by the Board of Directors and shall be
called by the Chairman (or any Co-Chairman) of the Board of Directors or the
President (or any Co-President) at the request of holders of not less than 15%
of all outstanding shares of the corporation entitled to vote on any issue
proposed to be considered at the meeting.
Only business within the purpose or purposes described in the meeting notice
may be conducted at a special shareholder's meeting.
Section 3. Place of Meeting. The Board of Directors may designate any place,
either within or without the state of Washington, as the place of meeting for
any annual meeting or for any special meeting of the corporation. If no such
designation is made, the place of meeting shall be the principal offices of
the corporation in the state of Washington.
Section 4. Notice of Meetings. Written notice of annual or special meetings
of shareholders stating the place, day and hour of the meeting and, in the
case of a special meeting, the purpose or purposes for which the meeting is
called, shall be given by the Secretary, or persons authorized to call the
meeting, to each shareholder of record entitled to vote at the meeting, not
less than ten (10) nor more than sixty (60) days prior to the date of the
meeting, unless otherwise prescribed by statute.
Section 5. Waiver of Notice. Notice of the time, place and purpose of any
meeting may be waived in writing (either before or after such meeting) and
will be waived by any shareholder by attendance of the shareholder in person
or by proxy, unless the shareholder at the beginning of the meeting objects to
holding the meeting or transacting business at the meeting. Any shareholder
waiving notice of a meeting shall be bound by the proceedings of the meeting
in all respects as if due notice thereof had been given.
Section 6. Record Date. For the purpose of determining shareholders entitled
to notice of or to vote at any meeting of shareholders, or any adjournment
thereof, or shareholders entitled to receive payment of any dividend, or to
make a determination of shareholders for any other proper purpose, the Board
of Directors may fix in advance a record date for any such determination of
shareholders, such date to be not more than seventy (70) days and, in the case
of a meeting of shareholders, not less than ten (10) days, prior to the date
on which the particular action requiring such determination of shareholders is
to be taken. If no record date is fixed for the determination of shareholders
entitled to notice of or to vote at a meeting of shareholders, or shareholders
entitled to receive payment of a dividend, the day before the date on which
notice of the meeting is mailed or the date on which the resolution of the
Board of Directors declaring such dividend is adopted, as the case may be,
shall be the record date for such determination of shareholders. When a
determination of shareholders entitled to vote at any meeting of shareholders
has been made as provided in this Section, the determination shall apply to
any adjournment thereof, unless the Board of Directors fixes a new record
date, which it must do if the meeting is adjourned more than one hundred
twenty (120) days after the date fixed for the original meeting.
Section 7. Voting Lists. After fixing a record date for a shareholders'
meeting, the corporation shall prepare an alphabetical list of the names of
all shareholders on the record date who are entitled to notice of the
shareholders' meeting. The list shall show the address of and number of
shares held by each shareholder. A shareholder, shareholder's agent, or a
shareholder's attorney may inspect the shareholder list, at the shareholder's
expense, beginning ten days prior to the shareholders' meeting and continuing
through the meeting, at the corporation's principal office or at a place
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identified in the meeting notice in the city where the meeting will be held
during regular business hours. The shareholder list shall be kept open for
inspection at the time and place of such meeting or any adjournment.
Section 8. Quorum and Adjourned Meetings. Unless the Articles of
Incorporation or applicable law provide otherwise, a majority of the
outstanding shares of the corporation entitled to vote, represented in person
or by proxy, shall constitute a quorum at a meeting of shareholders. Once a
share is represented at a meeting, other than to object to holding the meeting
or transacting business, it is deemed to be present for the remainder of the
meeting and any adjournment thereof unless a new record date is set or is
required to be set for the adjourned meeting. A majority of the shares
represented at a meeting, even if less than a quorum, may adjourn the meeting
from time to time without further notice. At a reconvened meeting at which a
quorum shall be present or represented, any business may be transacted which
might have been transacted at the original meeting. Business may continue to
be conducted at a duly organized meeting and at any adjournment of such
meeting (unless a new record date is or must be set for the adjourned
meeting), notwithstanding the withdrawal of enough shares from either meeting
to leave less than a quorum.
Section 9. Proxies. At all meetings of shareholders, a shareholder may vote
by proxy executed in writing by the shareholder or by the shareholder's duly
authorized attorney in fact. Such proxy shall be filed with the Secretary of
the corporation before or at the time of the meeting. No proxy shall be valid
after eleven (11) months from the date of its execution, unless otherwise
provided in the proxy.
Section 10. Voting of Shares. Every shareholder of record shall have the
right at every shareholders' meeting to one vote for every share standing in
the shareholder's name on the books of the corporation. If a quorum exists,
action on a matter, other than election of directors, is approved by the
shareholders if the votes cast favoring the action exceed the votes cast
opposing the action, unless the Articles of Incorporation or applicable law
require a greater number of affirmative votes. Notwithstanding the foregoing,
shares of the corporation may not be voted if they are owned, directly or
indirectly, by another corporation and the corporation owns, directly or
indirectly, a majority of shares of the other corporation entitled to vote for
directors of the other corporation.
Section 11. Acceptance of Votes. If the name signed on a vote, consent,
waiver or proxy appointment does not correspond to the name of a shareholder
of the corporation, the corporation may accept the vote, consent, waiver or
proxy appointment and give effect to it as the act of the shareholder if:
(i) the shareholder is an entity and the name signed purports to be that of an
officer, partner or agent of the entity; (ii) the name signed purports to be
that of an administrator, executor, guardian or conservator representing the
shareholder; (iii) the name signed purports to be that of a receiver or
trustee in bankruptcy of the shareholder; (iv) the name signed purports to be
that of a pledgee, beneficial owner or attorney-in-fact of the shareholder; or
(v) two or more persons are the shareholder as co-tenants or fiduciaries and
the name signed purports to be the name of at least one of the co-owners and
the person signing appears to be acting on behalf of all co-owners.
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Section 12. Nomination of Directors. Only persons who are nominated in
accordance with the following procedures shall be eligible for election as
directors of the corporation. Nominations of persons for election to the
Board of Directors may be made at any annual meeting of shareholders (a) by or
at the direction of the Board of Directors (or any duly authorized committee
thereof) or (b) by any shareholder of the corporation (i) who is a shareholder
of record on the date of the giving of the notice provided for in this Section
10 and on the record date for the determination of shareholders entitled to
vote at the annual meeting and (ii) who timely complies with the notice
procedures and form of notice set forth in this Section 12.
To be timely, a shareholder's notice must be given to the Secretary of
this corporation and must be delivered to or mailed and received at the
principal executive offices of the corporation not less than ninety (90) days
nor more than one hundred twenty (120) days prior to the anniversary of the
immediately preceding annual meeting of shareholders; provided, however, that
in the event that the annual meeting is called for a date that is not within
thirty (30) days before or after the anniversary date, or no annual meeting
was held in the immediately preceding year, notice by the shareholder in order
to be timely must be so received no later than the close of business on the
tenth (10th) days following the day on which the notice of the annual meeting
date was mailed to shareholders.
To be in the proper form, a shareholder's notice must be in written form
and must set forth (a) as to each person whom the shareholder 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 capital stock
of the corporation which 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 proxies for election of director pursuant to
Section 14 of the Securities Exchange Act of 1934, as amended (the "Act") and
the rules and regulations promulgated thereunder and (b) as to the shareholder
giving the notice (i) the name and record address of the shareholder, (ii) the
class or series and number of shares of capital stock of the corporation which
are owned beneficially or by record by the shareholder, (iii) a description of
all arrangements or understandings between the shareholder and each proposed
nominee and any other person or persons (including their names) pursuant to
which the nomination(s) are to be made by the shareholder, (iv) a
representation that the shareholder intends to appear in person or by proxy at
the meeting to nominate the person named in its notice, and (v) any other
information relating to the shareholder 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. The
notice must be accompanied by a written consent of each proposed nominee to be
named as a nominee and to serve as a director if elected.
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
12. If the chairman of the annual meeting determines that a nomination was
not made in accordance with the foregoing procedures, the chairman shall
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declare to the meeting that the nomination was defective and the defective
nomination shall be disregarded.
Section 13. Business at Annual Meetings. No business may be transacted at an
annual meeting of shareholders, other than business that is either (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
shareholder of the corporation (i) who is a shareholder of record on the date
of the giving of the notice provided for in this Section 13 and on the record
date for the determination of shareholders of record on the date for the
determination of shareholders entitled to vote at the annual meeting and (ii)
who timely complies with the notice procedures and form of notice set forth in
this Section 13.
To be timely, a shareholder's notice must be given to the Secretary of the
corporation and must be delivered to or mailed and received at the principal
executive offices of the corporation not less than ninety (90) days nor more
than one hundred twenty (120) days prior to the anniversary date of the
immediately preceding annual meeting of shareholders; provided, however, that
in the event that the annual meeting is called for a date that is not within
thirty (30) days before or after the anniversary date, notice by the
shareholder in order to be timely must be so received no later than the close
of business on the tenth (10th) day following the day on which the notice of
the annual meeting date was mailed to shareholders.
To be in proper form, a shareholder's notice must be in written form and
must set forth as to each matter the shareholder proposes to bring before the
annual meeting (i) a brief description of the business desired to be brought
before the annual meeting and the reasons for documenting the business at the
annual meeting, (ii) the name and record address of the shareholder, (iii) the
number of shares of capital stock of the corporation which are owned
beneficially or of record by each shareholder, (iv) a description of all
arrangements or understandings between the shareholder and any other person or
persons (including their names) in connection with the proposal of the
business and (v) a representation that the shareholder intends to appear in
person or by proxy at the annual meeting to bring such business before the
meeting.
No business shall be conducted at the annual meeting of shareholders
except business brought before the annual meeting in accordance with the
procedures set forth in this Section 13; provided, however, that, once the
business has been properly brought before the annual meeting in accordance
with such procedures, nothing in this Section 13 shall be deemed to preclude
discussion by any shareholder of any such business. If the chairman of the
annual meeting determines that business was not properly brought before the
annual meeting in accordance with the foregoing procedures, the chairman shall
declare to the meeting that the business was not properly brought before the
meeting and the business shall not be transacted.
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ARTICLE III
Board of Directors
Section 1. General Powers. All corporate powers shall be exercised by or
under the authority of, and the business and affairs of the corporation shall
be managed under the direction of, its Board of Directors, except as may be
otherwise provided in these Bylaws, the Amended and Restated Articles of
Incorporation or the Washington Business Corporation Act.
Section 2. Number, Tenure and Qualifications. The number of directors of the
corporation shall be eleven (11). Each director shall hold office until the
next annual meeting of shareholders and until his successors shall have been
elected and qualified. Directors need not be residents of the state of
Washington or shareholders of the corporation.
Section 3. Regular Meeting. A regular meeting of the Board of Directors
shall be held without other notice than this Bylaw immediately after and at
the same place as, the annual meeting of shareholders. Regular meetings of
the Board of Directors shall be held at such place and on such day and hour as
shall from time to time be fixed by the Chairman (or any Co-Chairman) of the
Board of Directors, the President (or any Co-President) or the Board of
Directors. No other notice of regular meeting of the Board of Directors shall
be necessary.
Section 4. Special Meetings. Special meetings of the Board of Directors may
be called by or at the request of the Chairman (or any Co-Chairman) of the
Board of Directors, the President (or any Co-President) or any two directors.
The person or persons authorized to call special meetings of the Board of
Directors may fix any place, either within or without the state of Washington,
as the place for holding any special meeting of the Board of Directors called
by them.
Section 5. Notice. Notice of any special meeting shall be given at least two
days previously thereto by either oral or written notice. Any director may
waive notice of any meeting. The attendance of a director at a meeting shall
constitute a waiver of notice of such meeting, except where a director attends
a meeting for the express purpose of objecting 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 Board of Directors need be specified in the notice or waiver of
notice of such meeting.
Section 6. Quorum. A majority of the number of directors fixed by Section 2
of this Article III shall constitute a quorum for the transaction of business
at any meeting of the Board of Directors, but if less than such majority is
present at a meeting, a majority of the directors present may adjourn the
meeting from time to time without further notice.
Section 7. Manner of Acting. The act 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 8. Vacancies. Any vacancy occurring in the Board of Directors may
be filled by the affirmative vote of a majority of the remaining directors
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though less than a quorum of the Board of Directors. A director elected to
fill a vacancy shall be elected for the unexpirred term of his predecessor i
office. A vacancy on the Board of Directors created by reason of an increase
in the number of directors may be filled by election by the Board of Directors
for a term of the office continuing only until the next election of directors
by the shareholders.
Section 9. Compensation. By resolution of the Board of Directors, each
director may be paid his expenses, if any, of attendance at each meeting of
the Board of Directors and at each meeting of a committee of the Board of
Directors and may be paid a stated salary as director, a fixed sum for
attendance at each such meeting, or both. No such payment shall preclude any
director from serving the corporation in any other capacity and receiving
compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is
present at a meeting of the Board of Directors at which action on any
corporate matter is taken shall be presumed to have assented to the action
taken unless his dissent shall be entered in the minutes of the meeting, or
unless he shall file his written dissent to such action with the person acting
as the secretary of the meeting before the adjournment thereof, or shall
forward such dissent by registered mail to the Secretary of the corporation
immediately after the adjournment of the meeting. Such right to dissent shall
not apply to a director who voted in favor of such action.
Section 11. Committees. The Board of Directors, by resolution adopted by the
greater of a majority of the Board of Directors then in office and the number
of directors required to take action in accordance these Bylaws, may create
standing or temporary committees, including an Executive Committee, and
appoint members form its own number and invest such committees with such
powers as it may see fit, subject to such conditions as may be prescribed by
the Board of Directors, the Articles of Incorporation, these Bylaws and
applicable law. Each committee must have two or more members, who shall serve
at the pleasure of the Board of Directors.
Section 11.1. Authority of Committees. Except for the executive
committee which, when the Board of Directors is not in session, shall have and
may exercise all of the authority of the Board of Directors except to the
extent, if any, that such authority shall be limited by the resolutions
appointing the executive committee, each committee shall have and may exercise
all of the authority of the Board of Directors to the extent provided in the
resolution of the Board of Directors creating the committee and any subsequent
resolutions adopted in like manner, except that no such committee shall have
the authority to: (1) authorize or approve a distribution except according to
a general formula or method prescribed by the Board of Directors, (2) approve
or propose to shareholders sections or proposal required by the Washington
Business Corporation Act to be approved by shareholders, (3) fill vacancies on
the Board or any committee thereof, (4) amend the Articles of Incorporation
pursuant to RCW 23B.10.020, (5) adopt, amend or repeal Bylaws, (6) approve a
plan of merger not requiring shareholder approval, or (7) authorize or approve
the issuance or sale or contact for sale of shares, or determine the
designation and relative rights, preferences and limitations of a class or
series of shares except that the Board may authorize a committee or a senior
executive officer of the corporation to do so within limits specifically
prescribed by the Board.
Section 11.2. Removal. The Board of Directors may remove any member of
any committee elected or appointed by it but only by the affirmative vote of
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the greater of a majority of the directors then in office and the number of
directors required to take action in accordance with these Bylaws.
Section 11.3. Minutes of Meetings. All committees shall keep regular
minutes of their meetings and shall cause them to be recorded in books kept
for that purpose.
ARTICLE IV
Special Measures Applying to Both
Shareholder and Director Meetings
Section 1. Actions by Written Consent. Any corporate action required or
permitted by the Articles of Incorporation, Bylaws, or the laws under which
the corporation is formed, to be voted upon or approved at a duly called
meeting of the directors, committee of directors, or shareholders may be
accomplished without a meeting if one or more unanimous written consents of
the respective directors or shareholders, setting forth the actions so taken,
shall be signed, either before or after the action taken, by all the
directors, committee members or shareholders, as the case may be. Action
taken by unanimous written consent of the directors or a committee of the
Board of Directors is effective when the last director or committee member
signs the consent, unless the consent specifies a later effective date.
Action taken by unanimous written consent of the shareholders is effective
when all consents have been delivered to the corporation, unless the consent
specifies a later effective date.
Section 2. Meetings by Conference Telephone. Members of the Board of
Directors, members of a committee of directors, or shareholders may
participate in their respective meetings by means of a conference telephone or
similar communications equipment by means of which all persons participating
in the meeting can hear each other at the same time; participation in a
meeting by such means shall constitute presence in person at such meeting.
Section 3. Written or Oral Notice. Oral notice may be communicated in
person, or by telephone, wire or wireless equipment, which does not transmit a
facsimile of the notice. Oral notice is effective when communicated. Written
notice may be transmitted by mail, private carrier, or personal delivery;
telegraph or teletype; or telephone, wire or wireless equipment which
transmits a facsimile of the notice. Written notice to a shareholder is
effective when mailed, if mailed with first class postage prepaid and
correctly addressed to the shareholder's address shown in the corporation's
current record of shareholders. In all other instances, written notice is
effective on the earliest of the following: (a) when dispatched to the
person's address, telephone number, or other number appearing on the records
of the corporation by telegraph, teletype or facsimile equipment; (b) when
received; (c) five days after deposit in the United States mail, as evidenced
by the postmark, if mailed with first class postage, prepaid and correctly
addressed; or (d) on the date shown on the return receipt, if sent by
registered or certified mail, return receipt requested and the receipt is
signed by or on behalf of the addressee. In addition, notice may be given in
any manner not inconsistent with the foregoing provisions and applicable law.
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ARTICLE V
Officers
Section 1. Number. The offices and officers of the corporation shall be as
designated from time to time by the Board of Directors. Such offices may
include a Chairman or two or more Co-Chairmen of the Board of Directors, a
President or two or more Co-Presidents, one or more Vice Presidents, a
Secretary and a Treasurer. Such other officers and assistant officers as may
be deemed necessary may be elected or appointed by the Board of Directors.
Any two or more offices may be held by the same persons.
Section 2. Election and Term of Office. The officers of the corporation
shall be elected annually by the Board of Directors at the first meeting of
the Board of Directors held after each annual meeting of shareholders. If the
election of officers shall not be held at such meeting, such election shall be
held as soon thereafter as conveniently may be. Each officer shall hold
office until a successor shall have been duly elected and qualified, or until
the officer's death or resignation, or the officer has been removed in the
manner hereinafter provided.
Section 3. Removal. Any officer or agent may be removed by the Board of
Directors whenever in its judgment, the best interests of the corporation will
be served thereby, but such removal shall be without prejudice to the contract
rights, if any, of the person so removed. Election or appointment of an
officer or agent shall not of itself create contract rights.
Section 4. Vacancies. A vacancy in any office because of death, resignation,
removal, disqualification or otherwise, may be filled by the Board of
Directors for the unexpired portion of the term.
Section 5. Chairman of the Board of Directors. The Chairman or Co-Chairmain
of the Board of Directors, subject to the authority of the Board of Directors,
shall preside at meetings of shareholders and directors and, together with the
President and Co-Presidents, shall have general supervision and control over
the business and affairs of the corporation. The Chairman or a Co-Chairman of
the Board of Directors may sign any and all documents, deeds, mortgages,
bonds, contracts, leases, or other instruments in the ordinary course of
business with or without the signature of a second corporate officer, may sign
certificates for shares of the corporation with the Secretary or Assistant
Secretary of the corporation and may sign any documents which the Board of
Directors has authorized to be executed, except in cases where the signing and
execution thereof shall be expressly delegated by the Board of Directors or by
these Bylaws to some other officer or agent of the corporation, or shall be
required by law to be otherwise signed or executed; and in general may perform
all duties which are normally incident to the office of Chairman of the Board
of Directors or President and such other duties, authority and
responsibilities as may be prescribed by the Board of Directors from time to
time.
Section 6. President. The President or Co-Presidents, together with the
Chairman or Co-Chairmen of the Board of Directors, shall have general
supervision and control over the business and affairs of the corporation
subject to the authority of the Chairman or Co-Chairmen of the Board of
Directors and the Board of Directors. The President or a Co-President may
sign any and all documents, mortgages, bonds, contracts, leases, or other
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instruments in the ordinary course of business with or without the signature
of a second corporate officer, may sign certificates for shares of the
corporation with the Secretary or Assistant Secretary of the corporation and
may sign any documents which the Board of Directors has authorized to be
executed, except in cases where the signing and execution thereof shall be
expressly delegated by the Board of Directors or by these Bylaws to some other
officer or agent of the corporation, or shall be required by law to be
otherwise signed or executed; and in general shall perform all duties incident
to the office of President and such other duties, authority and
responsibilities as may be prescribed by the Chairman or Co-Chairmen of the
Board of Directors or the Board of Directors from time to time.
Section 7. The Vice President. In the absence of the President and all Co
Presidents, or in the event of their death, inability or refusal to act, the
Executive Vice President, if one is designated and otherwise the Vice
Presidents in the order designated at the time of their election or in the
absence of any designation, then in the order of their election, shall perform
the duties of the President and when so acting, shall have all the powers of
and be subject to all the restrictions upon the President. Any Vice President
may sign, with the Secretary or an Assistant Secretary, certificates for
shares of the corporation; and shall perform such other duties as from time to
time may be assigned to the Vice President by the Chairman or Co-Chairmen of
the Board of Directors, President or any Co-President, or by the Board of
Directors.
Section 8. The Secretary. The Secretary shall: (a) keep the minutes of the
proceedings of the shareholders and of the Board of Directors in one or more
books provided for that purpose; (b) see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c) be
custodian of the corporate records and of the seal of the corporation and see
that the seal of the corporation is affixed to all documents and the execution
of which on behalf of the corporation under its seal is duly authorized;
(d) keep a register of the post office address of each shareholder which shall
be furnished to the Secretary by such shareholders; (e) sign with the Chairman
or Co-Chairmen of the Board of Directors, President or a Co-President, or with
a Vice President, certificates for shares of the corporation, or contracts,
deeds or mortgages the issuance or execution of which shall have been
authorized by resolution of the Board of Directors; (f) have general charge of
the stock transfer books of the corporation subject to the authority delegated
to a transfer agent or registrar if appointed; and (g) in general perform all
duties incident to the office of Secretary and such other duties as from time
to time may be assigned to the Secretary by the Chairman or Co-Chairmen of the
Board of Directors, President or any Co-President, or by the Board of
Directors.
Section 9. The Treasurer. The Treasurer shall: (a) have charge and custody
of and be responsible for all funds and securities of the corporation; (b)
receive and give receipts for monies due and payable to the corporation from
any source whatsoever and deposit all such monies in the name of the
corporation in such banks, trust companies or other depositories as shall be
selected in accordance with the provisions of Article VII of these Bylaws; and
(c) in general perform all of the duties incident to the office of Treasurer
and such other duties as from time to time may be assigned to the Treasurer by
the Chairman or Co-Chairmen of the Board of Directors, President or any Co
President, or by the Board of Directors. If required by the Board of
Directors, the Treasurer shall give a bond for the faithful discharge of his
duties in such sum and with such surety or sureties as the Board of Directors
shall determine.
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Section 10. Assistant Secretaries and Assistant Treasurers. The Assistant
Secretaries, when authorized by the Board of Directors, may sign with the
Chairman or Co-Chairmen of the Board of Directors, President or a Co
President, or with a Vice President, certificates for shares of the
corporation or contracts, deeds or mortgages, the issuance or execution of
which shall have been authorized by a resolution of the Board of Directors.
The Assistant Treasurers shall respectively, if required by the Board of
Directors, give bonds for the faithful discharge of their duties in such sums
and with such sureties as the Board of Directors shall determine. The
Assistant Secretaries and Assistant Treasurers, in general, shall perform such
duties as shall be assigned to them by the Secretary or the Treasurer,
respectively, or by the Chairman or Co-Chairmen of the Board of Directors,
President or any Co-President, or by the Board of Directors.
ARTICLE VI
Contracts, Loans, Checks and Deposits
Section 1. Contracts. The Board of Directors may authorize any officer or
officers, agent or agents, to enter into any contract or execute and deliver
any instrument in the name of and on behalf of the corporation and such
authority may be general or confined to specific instances.
Section 2. Loans. No loans shall be contracted on behalf of the corporation
and no evidences of indebtedness shall be issued in its name unless authorized
by the Board of Directors. Such authority may be general or confined to
specific instances.
Section 3. Checks. Drafts. etc. All checks, drafts or other orders for the
payment of money, notes or other evidences of indebtedness issued in the name
of the corporation, shall be signed by such officers, agent or agents of the
corporation and in such manner as shall from time to time be determined by the
Board of Directors.
Section 4. Deposits. All funds of the corporation not otherwise employed
shall be deposited from time to time to the credit of the corporation in such
banks, trust companies or other depositories as the Board of Directors may
select.
ARTICLE VII
Certificates for Shares and Their Transfer
Section 1. Certificates for Shares. Certificates representing shares of the
corporation shall be in such form as shall be determined by the Board of
Directors. Such certificates shall be signed by the Chairman (or any Co
Chairman) of the Board of Directors, the President (or any Co-President) or a
Vice President and by the Secretary or an Assistant Secretary and sealed with
the corporate seal or a facsimile thereof. The signatures of such officers
upon a certificate may be facsimiles if the certificate is countersigned by a
transfer agent, or registered by a registrar, other than the corporation
itself or one of its employees. If any officer who signed a certificate,
either manually or in facsimile, no longer holds such office when the
certificate is issued, the certificate is nevertheless valid. All
certificates for shares shall be consecutively numbered or otherwise
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identified. The name and address of the person to whom the shares represented
thereby are issued, with the number of shares and date of issue, shall be
entered on the stock transfer books of the corporation. All certificates
surrendered to the corporation for transfer shall be canceled and no new
certificate shall be issued until the former certificate for a like number of
shares shall have been surrendered and canceled, except that in case of a
lost, destroyed or mutilated certificate a new one may be issued therefor upon
such terms and indemnity to the corporation as the Board of Directors may
prescribe.
Section 2. Transfer of Shares. Transfer of shares of the corporation shall
be made only on the stock transfer books of the corporation by the holder of
record thereof or by his legal representative, who shall furnish proper
evidence of authority to transfer or by his attorney thereunto authorized by
power of attorney duly executed and filed with the Secretary of the
corporation, or with its transfer agent, if any, and on surrender for
cancellation of the certificate for such shares. The person in whose name
shares stand on the books of the corporation shall be deemed by the
corporation to be the owner thereof for all purposes.
ARTICLE VIII
Fiscal Year
The fiscal year of the corporation shall begin on the first day of
February and end on the thirty-first day of January in each year.
ARTICLE IX
Dividends
The Board of Directors may, from time to time, declare and the corporation
may pay dividends on its outstanding shares in the manner and upon the terms
and conditions provided by law and its articles of incorporation.
ARTICLE X
Corporate Seal
The Board of Directors shall provide a corporate seal which shall be
circular in form and shall have inscribed thereon the name of the corporation
and the state of incorporation and the words, "Corporate Seal."
ARTICLE XI
Indemnification of Directors, Officers and Others
Section 1. Right to Indemnification. Each person (including a person's
personal representative) who was or is made a party or is threatened to be
made a party to or is otherwise involved (including, without limitation, as a
witness) in any threatened, pending, or completed action, suit or proceeding,
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whether civil, criminal, administrative, investigative or by or in the right
of the corporation, or otherwise (hereinafter a "proceeding") by reason of the
fact that he or she (or a person of whom he or she is a personal
representative) is or was a director or officer of the corporation or, being
or having been such a director or officer, is or was serving at the request of
the corporation as a director, officer, partner, trustee, employee, agent or
in any other relationship or capacity whatsoever, of any other foreign or
domestic corporation, partnership, joint venture, employee benefit plan or
trust or other trust, enterprise or other private or governmental entity
agency, board, commission, body or other unit whatsoever (hereinafter an
"indemnitee"), whether the basis of such proceeding is alleged action or
inaction in an official capacity as a director, officer, partner, trustee,
employee, agent or in any other relationship or capacity whatsoever, shall be
indemnified and held harmless by the corporation to the fullest extent not
prohibited by the Washington Business Corporation Act, as the same exists or
may hereafter be amended (but, in the case of any such amendment, only to the
extent that such amendment does not prohibit the corporation from providing
broader indemnification rights than prior to the amendment), against all
expenses, liabilities and losses (including but not limited to attorneys
fees, judgments, claims, fines, ERISA and other excise and other taxes and
penalties and other adverse effects and amounts paid in settlement),
reasonably incurred or suffered by the indemnitee; provided, however, that no
such indemnity shall indemnify any person from or on account of acts or
omissions of such person finally adjudged to be intentional misconduct or a
knowing violation of law, or from or on account of conduct of a director
finally adjudged to be in violation of RCW 23B.08.310, or from or on account
of any transaction with respect to which it was finally adjudged that such
person personally received a benefit in money, property, or services to which
the person was not legally entitled; and further provided, however, that
except as provided in Section 2 of this Article with respect to suits relating
to rights to indemnification, the corporation shall indemnify any indemnitee
in connection with a proceeding (or part thereof) initiated by the indemnitee
only if such proceeding (or part thereof) was authorized by the Board of
Directors of the corporation.
The right to indemnification granted in this Article is a contract right
and includes the right to payment by, and the right to receive reimbursement
from, the corporation of all expenses as they are incurred in connection with
any proceeding in advance of its final disposition (hereinafter an "advance of
expenses"); provided, however, that an advance of expenses received by an
indemnitee in his or her capacity as a director or officer (and not in any
other capacity in which service was or is rendered by such indemnitee unless
required by the Board of Directors) shall be made only upon (i) receipt by the
corporation of a written undertaking (hereinafter an "undertaking") by or on
behalf of such indemnitee, to repay advances of expenses if and to the extent
it shall ultimately be determined by order of a court having jurisdiction
(which determination shall become final upon expiration of all rights to
appeal), hereinafter a "final adjudication", that the indemnitee is not
entitled to be indemnified for such expenses under this Article, (ii) receipt
by the corporation of written affirmation by the indemnitee of his or her good
faith belief that he or she has met the standard of conduct applicable (if
any) under the Washington Business Corporation Act necessary for
indemnification by the corporation under this Article, and (iii) a
determination of the Board of Directors, in its good faith belief, that the
indemnitee has met the standard of conduct applicable (if any) under the
Washington Business Corporation Act necessary for indemnification by the
corporation under this Article.
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Section 2. Right of Indemnitee to Bring Suit. If any claim for
indemnification under Section 1 of this Article is not paid in full by the
corporation within sixty days after a written claim has been received by the
corporation, except in the case of a claim for an advance of expenses, in
which case the applicable period shall be twenty days, the indemnitee may at
any time thereafter bring suit against the corporation to recover the unpaid
amount of the claim. If the indemnitee is successful in whole or in part in
any such suit, or in any suit in which the corporation seeks to recover an
advance of expenses, the corporation shall also pay to the indemnitee all the
indemnitee's expenses in connection with such suit. The indemnitee shall be
presumed to be entitled to indemnification under this Article upon the
corporation's receipt of indemnitee's written claim (and in any suits relating
to rights to indemnification where the required undertaking and affirmation
have been received by the corporation) and thereafter the corporation shall
have the burden of proof to overcome that presumption. Neither the failure of
the corporation (including its Board of Directors, independent legal counsel,
or shareholders) to have made a determination prior to other commencement of
such suit that the indemnitee is entitled to indemnification, nor an actual
determination by the corporation (including its Board of Directors,
independent legal counsel or shareholders) that the indemnitee is not entitled
to indemnification, shall be a defense to the suit or create a presumption
that the indemnitee is not so entitled. It shall be a defense to a claim for
an amount of indemnification under this Article (other than a claim for
advances of expenses prior to final disposition of a proceeding where the
required undertaking and affirmation have been received by the corporation)
that the claimant has not met the standards of conduct applicable (if any)
under the Washington Business Corporation Act to entitle the claimant to the
amount claimed, but the corporation shall have the burden of proving such
defense. If requested by the indemnitee, determination of the right to
indemnity and amount of indemnity shall be made by final adjudication (as
defined above) and such final adjudication shall supersede any determination
made in accordance with RCW 23B.08.550.
Section 3. Non-Exclusivity of Rights. The rights to indemnification
(including, but not limited to, payment, reimbursement and advances of
expenses) granted in this Article shall not be exclusive of any other powers
or obligations of the corporation or of any other rights which any person may
have or hereafter acquire under any statute, the common law, the corporation's
Articles of Incorporation or Bylaws, agreement, vote of shareholders o
disinterested directors, or otherwise. Notwithstanding any amendment to or
repeal of this Article, any indemnitee shall be entitled to indemnification in
accordance with the provisions hereof with respect to any acts or omissions of
such indemnitee occurring prior to such amendment or repeal.
Section 4. Insurance, Contracts and Funding. The corporation may purchase
and maintain insurance, at its expense, to protect itself and any person
(including a person's personal representative) who is or was a director,
officer, employee or agent of the corporation or who is or was a director,
officer, partner, trustee, employee, agent, or in any other relationship or
capacity whatsoever, of any other foreign or domestic corporation,
partnership, joint venture, employee benefit plan or trust or other trust,
enterprise or other private or governmental entity, agency, board, commission,
body or other unit whatsoever, against any expense, liability or loss, whether
or not the power to indemnify such person against such expense, liability or
loss is now or hereafter granted to the corporation under the Washington
Business Corporation Act. The corporation may enter into contracts granting
indemnity, to any such person whether or not in furtherance of the provisions
of this Article and may create trust funds, grant security interests and use
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other means (including, without limitation, letters of credit) to secure and
ensure the payment of indemnification amounts.
Section 5. Indemnification of Employees and Agents. The corporation may, by
action of the Board of Directors, provide indemnification and pay expenses in
advance of the final disposition of a proceeding to employees and agent of the
corporation with the same scope and effect as the provisions of this Article
with respect to the indemnification and advancement of expenses of directors
and officers of the corporation or pursuant to rights granted under, or
provided by, the Washington Business Corporation Act or otherwise.
Section 6. Separability of Provisions. If any provision or provisions of
this Article shall be held to be invalid, illegal or unenforceable for any
reason whatsoever (i) the validity, legality and enforceability of the
remaining provisions of this Article (including without limitation, all
portions of any sections of this Article containing any such provision held to
be invalid, illegal or unenforceable, that are not themselves invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby, and
(ii) to the fullest extent possible, the provisions of this Article
(including, without limitation, all portions of any paragraph of this Article
containing any such provision held to be invalid, illegal or unenforceable,
that are not themselves invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested by the provision held invalid,
illegal or unenforceable.
Section 7. Partial Indemnification. If an indemnitee is entitled to
indemnification by the corporation for some or a portion of expenses,
liabilities or losses, but not for the total amount thereof, the corporation
shall nevertheless indemnify the indemnitee for the portion of such expenses,
liabilities and losses to which the indemnitee is entitled.
Section 8. Successors and Assigns. All obligations of the corporation to
indemnify any indemnitee: (i) shall be binding upon all successors and
assigns of the corporation (including any transferee of all or substantially
all of its assets and any successor by merger or otherwise by operation of
law), (ii) shall be binding on and inure to the benefit of the spouse, heirs,
personal representatives and estate of the indemnitee, and (iii) shall
continue as to any indemnitee who has ceased to be a director, officer,
partner, trustee, employee or agent (or other relationship or capacity).
ARTICLE XII
Books and Records
Section 1. Books of Accounts, Minutes and Share Register. The corporation
shall keep as permanent records minutes of all meetings of its shareholders
and Board of Directors, a record of all actions taken by the shareholders or
Board of Directors without a meeting and a record of all actions taken by a
committee of the Board of Directors exercising the authority of the Board of
Directors on behalf of the corporation. The corporation shall maintain
appropriate accounting records. The corporation or its agent shall maintain a
record of its shareholders, in a form that permits preparation of a list of
the names and addresses of all shareholders, in alphabetical order showing the
number and class of shares held by each. The corporation shall keep a copy of
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the following records at its principal office: the Articles or Restated
Articles of Incorporation and all amendments currently in effect; the Bylaws
or Restated Bylaws and all amendments currently in effect; the minutes of all
shareholders' meetings and records of all actions taken by shareholders
without a meeting, for the past three years; its financial statements for the
past three years, including balance sheets showing in reasonable detail the
financial condition of the corporation as of the close of each fiscal year and
an income statement showing the results of its operations during each fiscal
year prepared on the basis of generally accepted accounting principles or, if
not, prepared on a basis explained therein; all written communications to
shareholders generally within the past three years; a list of the names and
business addresses of its current directors and officers; and its most recent
annual report delivered to the Secretary of State of the State of Washington.
Section 2. Copies of Resolutions. Any person dealing with the corporation
may rely upon a copy of any of the records of the proceedings, resolutions, or
votes of the Board of Directors or shareholders, when certified by the
Chairman (or any Co-Chairman) of the Board of Directors, President (or any Co-
President) or Secretary.
ARTICLE XIII
Amendment of Bylaws
These Bylaws may be amended, altered, or repealed by the affirmative vote of a
majority of the full Board of Directors at any regular or special meeting of
the Board of Directors.
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