EXHIBIT 3.2
BYLAWS
OF
BURRARD CAPITAL, INC.,
A NEVADA CORPORATION
ARTICLE I
OFFICES
SECTION 1. REGISTERED OFFICE. The registered office of Burrard Capital,
Inc., a Nevada corporation ("Corporation"), shall be maintained at such
locations within the State of Nevada as the Board of Directors from time to time
shall designate. The Corporation shall maintain in charge of such registered
office an agent upon whom process against the Corporation may be served.
SECTION 2. OTHER OFFICES. The Corporation may also have an office or
offices at such other place or places, either within or without the State of
Nevada, as the Board of Directors from time to time may determine or the
business of the Corporation may require.
ARTICLE II
MEETINGS OF SHAREHOLDERS
SECTION 1. ANNUAL MEETINGS. Subject to the provisions of these Bylaws, the
annual meeting of the shareholders for the election of directors and for the
transaction of such other business as may properly come before such meeting
shall be held on such date and at such time as shall be designated by the Board
of Directors and stated in the notice of such meeting. If the election for
directors shall not be held on the day designated therefor or at any adjournment
thereof, the directors shall cause such election to be held at a special meeting
of the shareholders as soon thereafter as may be convenient. At such special
meeting, subject to the provisions of these Bylaws, the shareholders may elect
the directors and transact any other business with the same force and effect as
at an annual meeting duly called and held.
SECTION 2. SPECIAL MEETINGS. A special meeting of the shareholders for any
purpose or purposes, unless otherwise prescribed by statute, may be called at
any time and shall be called by the President or Secretary, upon the direction
of the Board of Directors, or upon the written request of a shareholder or
shareholders holding of record at least ten percent (10%) of the outstanding
shares of the Corporation entitled to vote at such a meeting.
SECTION 3. PLACE OF MEETINGS. All meetings of the shareholders shall be
held at the principal place of business of the Corporation or at such other
place, within or without the State of Nevada, as shall be designated by the
Board of Directors and stated in the notice of each such meeting.
SECTION 4. NOTICE OF MEETINGS. Except as otherwise provided by law, notice
of each meeting of the shareholders, whether annual, special, or adjourned,
shall be given, not less than ten (10) days nor more than sixty (60) days before
the day on which such meeting is to be held, to each shareholder of record
entitled to vote at such meeting by delivering a written or printed notice
thereof to such shareholder personally, by facsimile machine, or by mailing such
notice in a postage prepaid envelope addressed to such shareholder at the post
office address furnished by such shareholder to the Secretary for such purpose,
or, if such shareholder shall not have furnished to the Secretary an address for
such purpose, then at the address of such shareholder
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last known to the Secretary. Except when expressly required by law, no
publication of any notice of a meeting of shareholders shall be required. Notice
of any meeting of shareholders shall not be required to be given to any
shareholder who shall attend such meeting in person or by proxy. If any
shareholder shall in person or by proxy waive notice, in writing, of such
meeting, whether before or after such meeting, notice thereof need not be given
to such shareholder. Notice of any adjourned meeting of the shareholders shall
not be required to be given, except when expressly required by law.
SECTION 5. QUORUM. At each meeting of the shareholders, the presence in
person or by proxy of shareholders holding of record a majority of the
outstanding shares entitled to vote at such meeting shall be necessary and
sufficient to constitute a quorum for the transaction of business. In the
absence of a quorum, the shareholders entitled to vote who are present in person
or by proxy at the time and place of any meeting, or, if no shareholder entitled
to vote is so present in person or by proxy, any officer entitled to preside at
or act as secretary of such meeting may adjourn such meeting from time to time,
without notice other than an announcement at such meeting, until a quorum shall
be present. At any such adjourned meeting at which a quorum may be present, any
business may be transacted which might have been transacted at the meeting as
originally called.
SECTION 6. ORGANIZATION. At every meeting of the shareholders, the
President, or, in his or her absence, a Vice President, or, in the absence of
the President and all of the Vice Presidents, a chairman chosen by a majority in
interest of the shareholders present in person or by proxy and entitled to vote
thereat, shall act as chairman. The Secretary, or, in his or her absence, an
Assistant Secretary, shall act as secretary at all meetings of the shareholders.
In the absence from any such meeting of the Secretary or an Assistant Secretary,
the chairman may appoint any person to act as secretary of such meeting.
SECTION 7. BUSINESS AND ORDER OF BUSINESS. Subject to the provisions of
these Bylaws, at each meeting of the shareholders, such business may be
transacted as may properly be brought before such meeting.
SECTION 8. VOTING. At each meeting of the shareholders, each shareholder
shall be entitled to one vote in person or by proxy for each share of the
Corporation having voting rights registered in his or her name on the books of
the Corporation at the close of business on the day next preceding the day on
which notice of such meeting was given, or, if no notice was given, on the day
next preceding the day on which such meeting is held, except when, pursuant to
the provisions of Section 7 of Article VII of these Bylaws, a date shall have
been fixed as a record date for the determination of the shareholders entitled
to vote. Any shareholder entitled to vote may vote in person or by proxy in
writing; provided, however, that no proxy shall be valid after eleven (11)
months after the date of its execution, unless otherwise provided therein. The
presence at any meeting of any shareholder who has given a proxy shall not
revoke such proxy, unless such shareholder shall file written notice of such
revocation with the secretary of such meeting prior to the voting of such proxy.
At each meeting of the shareholders, all matters other than those the
manner of deciding of which is expressly regulated by statute, the Articles of
Incorporation, or these Bylaws, shall be decided by a majority of the votes cast
by the holders of shares entitled to vote thereon.
The Board of Directors, in advance of any meeting of the shareholders, or
the chairman of such meeting, at such meeting, may appoint one or more
inspectors of election to act at such meeting or any adjournment thereof, but no
inspectors need be appointed unless expressly requested at such meeting by a
shareholder entitled to vote thereat.
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SECTION 9. CONDUCT OF MEETINGS OF SHAREHOLDERS. Meetings of the
shareholders shall generally follow reasonable and fair procedure. Subject to
the foregoing, the conduct of any meeting and the determination of procedure and
rules shall be within the absolute discretion of the chairman, and there shall
be no appeal from any ruling of the chairman with respect to procedure or rules.
Accordingly, in any meeting of the shareholders, or part thereof, the chairman
shall have the absolute power to determine appropriate rules or to dispense with
theretofore prevailing rules. Without limiting the foregoing, the following
rules shall apply:
(a) Within his or her sole discretion, the chairman of a meeting may
adjourn such meeting by declaring such meeting adjourned. Upon his
or her doing so, such meeting shall be immediately adjourned.
(b) The chairman may ask or require that anyone who is not a bona fide
shareholder or proxy leave a meeting.
(c) A resolution or motion shall be considered for vote only if proposed
by a shareholder or duly authorized proxy, and seconded by a person,
who is a shareholder or a duly authorized proxy, other than the
person who proposed the resolution or motion. The chairman may
propose any motion for vote.
(d) The chairman of a meeting may impose any reasonable limits with
respect to participation by shareholders in a meeting, including,
but not limited to, limits on the amount of time at the meeting
taken up by the remarks or questions or any shareholder, limits on
the numbers of questions per shareholder, and limits as to the
subject matter and timing of questions and remarks by shareholders.
Notwithstanding anything in these Bylaws to the contrary, no business
shall be conducted at any meeting of the shareholders except in accordance with
the procedures set forth in this Section 9; provided, however, that nothing in
this Section 9 shall be deemed to preclude discussion by any shareholder as to
any business properly brought before any meeting.
The chairman shall, if the facts warrant, determine, and declare at any
meeting of the shareholders that business was not properly brought before such
meeting in accordance with the provisions of this Section 9, and if he or she
should so determine, he or she shall so declare to such meeting and any such
business not properly brought before such meeting shall not be transacted.
SECTION 10. ADVANCE NOTICE OF SHAREHOLDER PROPOSED BUSINESS AT ANY MEETING
OF THE SHAREHOLDERS. To be properly brought before any annual meeting of the
shareholders, business must be either (a) specified in the notice of such
meeting (or any supplement thereto) given by or at the direction of the Board of
Directors, (b) otherwise properly brought before such meeting by or at the
direction of the Board of Directors, or (c) otherwise properly brought before
such meeting by a shareholder. In addition to any other applicable requirements,
including, but not limited to, requirements imposed by federal and state
securities laws pertaining to proxies, for business to be properly brought
before any meeting by a shareholder, such shareholder must have given timely
notice thereof in writing to the Secretary. To be timely, shareholder's notice
must be delivered to or mailed and received at the principal executive offices
of the Corporation not later than the close of business on the 15th day
following the day on which such notice of the date of the annual meeting was
mailed or such public disclosure was made, whichever first occurs. A
shareholder's notice to the Secretary shall set forth as to each matter such
shareholder proposes to
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bring before any meeting of the shareholders (i) a brief description of the
business desired to be brought before the meeting and the reasons for conducting
such business at the meeting, (ii) the name and record address of the
shareholder proposing such business, (iii) the class and number of shares of the
Corporation which are beneficially owned by such shareholder, and (iv) any
material interests of such shareholder in such business.
Notwithstanding anything in these Bylaws to the contrary, no business
shall be conducted at any annual meeting except in accordance with the
procedures set forth in this Section 10. The chairman of such annual meeting
shall, if the facts warrant, determine and declare to the meeting that business
was not properly brought before such meeting and in accordance with the
provisions of this Section 10, and if he or she should so determine, he or she
shall so declare to such meeting and any such business not properly brought
before such meeting shall not be transacted.
SECTION 11. ACTION BY SHAREHOLDERS WITHOUT A MEETING. Any action required
or permitted to be taken at a meeting of the shareholders under any provisions
of the Nevada General Corporation Law, the Articles of Incorporation, or these
Bylaws may be taken without a meeting if all of the shareholders entitled to
vote thereon consent in writing to such action being taken, or, subject to the
provisions of Section 78.320 of the Nevada General Corporation Law, if the
shareholders who would have been entitled to cast the minimum number of votes
which would be necessary to authorize such action at a meeting at which all of
the shareholders entitled to vote thereon were present and voting shall consent
in writing to such action being taken. Whenever action of the Corporation is so
taken, the consents of the shareholders consenting thereto shall be filed with
the minutes of proceedings of the shareholders.
ARTICLE III
BOARD OF DIRECTORS
SECTION 1. GENERAL POWERS. The property, affairs, and business of the
Corporation shall be managed by the Board of Directors.
SECTION 2. NUMBER, QUALIFICATIONS, AND TERM OF OFFICE. The number of
directors of the Corporation shall be not less than one (1) or more than nine
(9). The number of the initial Board of Directors shall be three (3). The actual
number of directors may be changed, from time to time, within the minimum and
maximum, by the Board of Directors. In the absence of a resolution by the Board
of Directors changing the number of directors, the number of directors shall be
the number of directors of the initial Board of Directors. The directors shall
be elected annually at the annual meeting of the shareholders. Each director
shall hold office until his or her successor shall have been elected and
qualified, until his or her death, until he or she shall have resigned in the
manner set forth in Section 13 of this Article III, or until he or she shall
have been removed in the manner set forth in Section 14 of this Article III,
whichever shall first occur. Any director elected to fill a vacancy in the Board
of Directors shall be deemed elected for the unexpired portion of the term of
his or her predecessor on the Board of Directors. Each director, at the time of
his or her election, shall be at least eighteen (18) years of age.
SECTION 3. NOMINATION OF DIRECTORS. (a) Only persons who are nominated in
accordance with the procedures set forth in this section shall be eligible for
election as directors. The Board of Directors, or a duly appointed committee
thereof, shall act as a nominating committee for selecting nominees for election
as directors. Except in the case of a nominee substituted as a result of the
death or incapacity of a nominee of the nominating committee, the nominating
committee shall deliver written nominations to the Secretary at least ninety
(90) days prior to the appropriate date of the previous meeting of shareholders
called for election of directors. Provided
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such nominating committee makes such nominations, no nominations for directors,
except those made by the nominating committee, shall be voted upon at the annual
meeting unless other nominations by shareholders are made in accordance with the
provisions of this section. No person shall be elected as a director of the
Corporation unless nominated in accordance with the procedures set forth in this
section. Ballots specifying the names of all persons nominated by the nominating
committee and by shareholders shall be provided for use at the annual meeting.
(b) Nominations of persons for election to the Board of Directors of the
Corporation at an annual meeting of shareholders may be made by any shareholder
entitled to vote for the election of directors at such meeting who complies with
the procedures set forth in this section. Such nominations, other than those
made by the Board of Directors or a nominating committee thereof, shall be made
pursuant to timely notice in writing to the Secretary as set forth in this
section. To be timely, a shareholder's notice shall be delivered to or received
at the principal executive offices of the Corporation not less than ninety (90)
days prior to the appropriate anniversary date of the previous meeting of
shareholders of the Corporation called for the election of directors. Each such
shareholder's notice shall set forth (1) the name and address of the shareholder
who intends to make the nomination and of the person or persons to be nominated;
(2) a representation that the shareholder is a holder of record of stock of the
Corporation entitled to vote at such meeting and intends to appear in person or
by proxy at the meeting to nominate the person or persons specified in the
notice; (3) a description of all arrangements or understandings between the
shareholder and each nominee and any other person or persons (naming such person
or persons) pursuant to which the nomination or nominations are to be made by
the shareholder; (4) such other information regarding each nominee proposed by
such shareholder as would be required to be disclosed in solicitations of
proxies with respect to nominees for election as directors, pursuant to
Regulation 14A pursuant to the Securities Exchange Act of 1934, as amended,
including, but not limited to, information required to be disclosed by Items 4,
5, 6, and 7 of Schedule 14A; (5) the consent of each nominee to serve as
director of the Corporation if so elected; and (6) the class and number of
shares of stock of the Corporation which are beneficially owned by such
shareholder on the date of such shareholder notice and, to the extent known, by
any other shareholders known by such shareholder to be supporting such nominees
on the date of such shareholder notice. At the request of the Board of
Directors, any person nominated by the Board of Directors, or a nominating
committee thereof, for election as a director shall furnish to the Secretary
that information required to be set forth in a shareholder's notice of
nomination which pertains to the nominee together with the required written
consents, each as described herein.
(c) The Board of Directors may reject any nomination by a shareholder not
timely made in accordance with the requirements of this section. If the Board of
Directors or a designated committee thereof, determines that the information
provided in a shareholders notice does not satisfy the informational
requirements of this section in any material aspect, the Secretary shall notify
such shareholder of the deficiency in the notice. The shareholder shall have an
opportunity to cure the deficiency by providing additional information to the
Secretary within such period of time, not to exceed five (5) days from the date
such deficiency notice is given to the shareholder, as the Board of Directors or
such committee shall reasonably determine. If the deficiency is not cured within
such period, or if the Board of Directors or such committee reasonably
determines that the additional information provided by the shareholder, together
with information previously provided, does not satisfy the requirements of this
section in any material respect, then the Board of Directors may reject such
shareholder's nomination. The Secretary shall notify a shareholder in writing
whether his or her nomination has been made in accordance with the time and
informational requirements of this section. Notwithstanding the procedures set
forth in this section, if neither the Board of Directors nor such committee
makes a determination as to the validity of any nominations by a shareholder,
the chairman of such annual meeting shall determine and declare at such annual
meeting whether the nomination was made in accordance
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with the terms of this section. If such chairman determines a nomination was
made in accordance with the terms of this section, he or she shall so declare at
such annual meeting and ballots shall be provided for use at the annual meeting
with respect to such nominee. If such chairman determines that a nomination was
not made in accordance with this section, he or she shall so declare at the
annual meeting and defective nomination shall be disregarded.
SECTION 4. ELECTION OF DIRECTORS. At each meeting of the shareholders for
the election of directors, the directors shall be chosen by a plurality of the
votes cast at such election by the holders of shares entitled to vote thereon.
The vote for directors need not be by ballot, unless demanded by a shareholder
entitled to vote thereon at such election and before the voting begins. The
shareholders shall not be entitled to cumulate their votes for directors.
SECTION 5. ANNUAL MEETINGS. The annual meeting of the Board of Directors
shall be held in each year immediately after the annual meeting of shareholders,
at such place as the Board of Directors from time to time may fix and, if so
held, no notice of such meeting need be given.
SECTION 6. REGULAR MEETINGS. Regular meetings of the Board of Directors
shall be held at such times as the Board of Directors shall determine. If any
day fixed for a regular meeting shall be a legal holiday at the place where the
meeting is to be held, then the meeting which would otherwise be held on that
day shall be held at said place at the same hour on the next succeeding business
day that is not a legal holiday. Notice of regular meetings need not be given.
SECTION 7. SPECIAL MEETINGS. Special meetings of the Board of Directors
shall be held whenever called by the President or any one (1) director. Notice
of each such meeting shall be mailed to each director, addressed to him or her
at his or her residence or usual place of business, at least five (5) days
before the day on which such meeting is to be held, or shall be sent to him or
her at such place by facsimile machine, telegraph, cable, telex, or the
equivalent, or be delivered personally or by telephone, not later than the day
preceding the day on which such meeting is to be held, except that in the event
of an emergency, the President may direct that shorter notice of a special
meeting be given personally or by facsimile machine, telephone, telegraph,
cable, telex, or the equivalent. Neither the business to be transacted nor the
purpose of any such meeting need be specified in such notice. Notice of any
meeting of the Board of Directors need not be given, however, if waived in
writing or by facsimile machine, telegraph, telex, cable, or the equivalent,
either before or after such meeting, or, at the meeting. Any meeting of the
Board of Directors shall be a legal meeting without any notice having been
given, if all the directors shall be present thereat.
SECTION 8. PLACE OF MEETING. Meetings of the Board of Directors may be
held at such place or places within or without the State of Nevada as the Board
of Directors from time to time may designate.
SECTION 9. QUORUM AND MANNER OF ACTING. A majority of the directors shall
be required to constitute a quorum for the transaction of business at any
meeting. The act of a majority of the directors present at any meeting while a
quorum is present shall be an act of the Board of Directors. In the absence of a
quorum, a majority of the directors present may adjourn any meeting from time to
time until a quorum be had. Notice of any adjourned meeting shall be given, in
the same manner as notice of special meetings is required to be given, as set
forth in these Bylaws. The directors shall act only as a board and the
individual directors shall have no power as such.
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SECTION 10. ACTION BY WRITTEN CONSENT. Any action required or permitted to
be taken at any meeting of the Board of Directors or any committee thereof may
be taken without a meeting if, prior or subsequent to such action, all members
of the Board of Directors or of such committee, as the case may be, consent
thereto in writing and such written consents are filed with the minutes of the
proceedings of the Board of Directors or such committee. Such consent shall have
the same effect as a unanimous vote of the Board of Directors or such committee
for all purposes and may be stated as such in any certificate or other document.
SECTION 11. ORGANIZATION. At each meeting of the Board of Directors, the
President or, in his or her absence, a chairman chosen by a majority of the
directors present, shall act as chairman. The Secretary, or, in his or her
absence, an Assistant Secretary, or, in the absence of the Secretary and the
Assistant Secretaries, any person appointed by the chairman, shall act as
secretary of such meeting.
SECTION 12. ORDER OF BUSINESS. At all meetings of the Board of
Directors business may be transacted in such order as the Chairman of the
Board of Directors may determine.
SECTION 13. RESIGNATIONS. Any director of the Corporation may resign at
any time by giving written notice to the President or to the Secretary. The
resignation of any director shall take effect at the time specified therein and,
unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make such resignation effective.
SECTION 14. REMOVAL OF DIRECTORS. Any director may be removed at any time,
either with or without cause, by the shareholders at any regular or special
meeting of the shareholders and the vacancy in the Board of Directors caused
thereby may be filled by the shareholders at the same meeting.
SECTION 15. VACANCIES. In addition to a vacancy occurring by removal by
the shareholders, as contemplated by Section 14 of these Bylaws, a vacancy in
the Board of Directors shall occur upon the happening of any of the following
events:
(a) a director dies or resigns:
(b) the shareholders fail to elect the number of directors
authorized to be elected at any meeting of shareholders at which
any director is to be elected;
(c) the Board of Directors by resolution have elected to increase the
number of directors;
(d) the Board of Directors declare vacant the office of any director
for such cause as the Board may determine; or
(e) a vacancy occurs for any other reason.
Any vacancy occurring in the Board of Directors shall be filled by a
majority of the remaining members of the Board of Directors, though
less than a quorum, and each person so elected shall hold office
until the next annual meeting of shareholders and until his or her
successor is duly elected and has qualified.
SECTION 16. COMPENSATION. The directors shall receive no compensation
for their services as directors.
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SECTION 17. INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS.
The Corporation may indemnify each director, officer, employee and agent of the
Corporation, pursuant to the provisions of Section 78.7502 of the Nevada General
Corporation Law, as set forth in Article VI of these Bylaws.
SECTION 18. EXECUTIVE AND OTHER COMMITTEES.
(a) The Board of Directors, by resolution adopted by a majority of the
members of the Board of Directors determined in the manner specified by these
Bylaws, may create and establish an Executive Committee consisting of not less
than two (2) directors. The Board of Directors may provide the Executive
Committee with such powers as the Board of Directors determines to be necessary
or appropriate, subject to such conditions as may be prescribed by the Board of
Directors, these Bylaws, the Articles of Incorporation and the Nevada General
Corporation Law.
(b) During the intervals between the meetings of the Board of Directors,
the Executive Committee may exercise all the authority of the Board of
Directors; provided, however, that the Executive Committee shall not have the
power to amend or repeal any resolution of the Board of Directors that by its
terms shall not be subject to amendment or repeal by the Executive Committee,
and the Executive Committee shall not have the authority of the Board of
Directors in reference to (1) approving or proposing to shareholders action
required to be approved by shareholders; (2) filling vacancies on the Board of
Directors or on any of its committees; (3) amending the Articles of
Incorporation; (4) adopting, amending or repealing bylaws; or (5) approving a
plan of merger or share exchange not requiring shareholder approval.
(c) The Executive Committee shall meet from time to time on call of the
Chairman of the Board of Directors or of any two (2) or more members of the
Executive Committee. Meetings of the Executive Committee may be held at such
place or places, within or without the State of Nevada, as the Executive
Committee shall determine or as may be specified or fixed in the respective
notices or waivers of such meetings. The Executive Committee may fix its own
rules of procedures, including provision for notice of its meetings. It shall
keep a record of its proceedings and shall report these proceedings to the Board
of Directors at the meeting thereof held next after they have been taken, and
all such proceedings shall be subject to revision or alternation by the Board of
Directors except to the extent that action shall have been taken pursuant to or
in reliance upon such proceedings prior to any such revision or alternation.
(d) The Executive Committee shall act by majority vote of its members;
provided, however, the provisions of Section 19 of these Bylaws notwithstanding,
that contracts or transactions of and by the Corporation in which officers or
directors of the Corporation are interested shall require the affirmative vote
of majority of the disinterested members of the Executive Committee, at a
meeting of the Executive Committee at which the material facts as to the
interest and as to the contract or transaction are disclosed or known to the
members of the Executive Committee prior to the vote.
(e) Members of the Executive Committee may participate in committee
proceedings by means of conference telephone or similar communications equipment
by means of which all persons participating in the proceedings can hear each
other, and such participation shall constitute presence in person at such
proceedings.
(f) The Board of Directors, by resolution adopted in accordance with
Paragraph (a) of this section, may designate one or more directors as alternate
members of the Executive
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Committee who may act in the place and stead of any absent member or members at
any meeting of said committee.
(g) The Board of Directors, by resolution adopted by a majority of the
entire Board of Directors, may designate one or more additional committees, each
committee to consist of two (2) or more of the directors, which shall have such
name or names and shall have and may exercise such powers of the Board of
Directors, except the powers denied to the Executive Committee, as may be
determined from time to time by the Board of Directors. Such committees shall
provide for their own rules of procedure, subject to the same restrictions
thereon as provided above for the Executive Committee.
(h) The Board of Directors shall have the power at any time to remove any
member of any committee, with or without cause, and to fill vacancies in and to
dissolve any such committee.
SECTION 19. PROVISION CONCERNING INTERESTED TRANSACTIONS. Any contract or
other transaction between the Corporation and (i) any director, or (ii) any
corporation, unincorporated association, business trust, estate, partnership,
trust, joint venture, individual or other legal entity ("Legal Entity") (A) in
which any director has a material financial interest or is a general partner, or
(B) of which any director is a director, officer, or trustee (collectively, a
"Conflict Transaction"), shall be valid for all purposes, if the material facts
of such Conflict Transaction and such director's interest were disclosed or
known to the Board of Directors, a committee with authority to act thereon, or
the shareholders entitled to vote thereon, and the Board of Directors, such
committee, or such shareholders authorized, approved, or ratified such Conflict
Transaction. A Conflict Transaction shall be authorized, approved or ratified:
(a) By the Board or Directors or such committee, if it receives
affirmative vote of majority of the directors who have no
interest in the Conflict Transaction, notwithstanding the fact
that such majority may not constitute a quorum or a majority of
the Board of Directors or such committee or a majority of the
directors present at such meeting, and notwithstanding the
presence or vote of any director who does have such an interest;
provided, however, that no Conflict Transaction may be
authorized, approved or ratified by a single director; or
(b) By such shareholders, if such Conflict Transaction receives the
vote of a majority of the shares entitled vote, in which vote
shares owned or voted under the control of any director who, or
of any Legal Entity that, has an interest in the Conflict
Transaction may be counted. This section shall not be construed
to require authorization, ratification or approval by the
shareholders of any Conflict Transaction, or to invalidate any
Conflict Transaction that would otherwise be valid under the
common and statutory law applicable thereto.
SECTION 20. TELEPHONIC MEETING. Unless restricted by the Articles of
Incorporation, any one or more members of the Board of Directors may participate
in a meeting of the Board of Directors by means of a conference telephone or
similar communications equipment by means of which all persons participating in
the meeting can hear each other. Participation by such means shall constitute
presence in person at a meeting.
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ARTICLE IV
OFFICERS
SECTION 1. NUMBER. The officers of the Corporation shall be a
President, a Treasurer, and a Secretary, and, in the discretion of the Board
of Directors, one or more Vice Presidents.
SECTION 2. ELECTION, QUALIFICATIONS, AND TERMS OF OFFICE. The officers
shall be elected annually by the Board of Directors. Each officer shall hold
office until his or her successor shall have been elected and qualified, or
until his or her earlier death, resignation, or removal in the manner provided
in these Bylaws. Any person may hold more than one office.
SECTION 3. RESIGNATIONS. Any officer may resign at any time by giving
written notice of such resignation to the Board of Directors, the President, or
the Secretary. Unless otherwise specified in such written notice, such
resignation shall take effect upon receipt of the notice thereof by the Board of
Directors or any such officer.
SECTION 4. VACANCIES. A vacancy in any office because of death,
resignation, removal, disqualification, or any other cause shall be filled
for the unexpired portion of the term by the Board of Directors.
SECTION 5. THE PRESIDENT. The President shall be the chief executive
officer of the Corporation. Subject to the direction of the Board of Directors,
the President shall have general charge of the business affairs and property of
the Corporation and general supervision over its officers and agents. If
present, the President shall preside at all meetings of shareholders and at all
meetings of the Board of Directors. The President shall see that all orders and
resolutions of the Board of Directors are carried into effect. The President may
sign, with any other officer "hereunto authorized, share certificates of the
Corporation, the issuance of which shall have been duly authorized, and may sign
and execute, in the name of the Corporation, deeds, mortgages, bonds, contracts,
agreements, and other instruments duly authorized by the Board of Directors,
except in these instances where the signing and execution thereof shall be
expressly delegated by the Board of Directors to some other officer or agent.
From time to time, the President shall report to the Board of Directors all
matters within his or her knowledge which the interests of the Corporation may
require to be brought to their attention. The President shall also perform such
other duties as are given to him or her by these Bylaws or as from time to time
may be assigned to him or her by the Board of Directors.
SECTION 6. THE SECRETARY. The Secretary shall (a) record all the
proceedings of the meetings of the shareholders and Board of Directors in a book
or books to be kept for that purpose; (b) cause all notices to be duly given in
accordance with the provisions of these Bylaws and as required by statute; (c)
be custodian of the records and of the seal of the Corporation and cause such
seal to be affixed to all certificates representing shares of the Corporation
prior to the issuance thereof and to all instruments the execution of which on
behalf of the Corporation under its seal shall have been duly authorized; (d)
see that the lists, books, reports, statements, certificates, and other
documents and records required by statute are properly kept and filed; (e) have
charge of the share record books of the Corporation and cause the same to be
kept in such manner as to show at any time the amount of shares of the
Corporation issued and outstanding, the names and addresses of the holders of
record thereof, the number of shares held by each, and the date when each became
such holder of record; (f) perform the duties required of him or her under
Section 9 of Article II of these Bylaws; (g) sign (unless the Treasurer shall
sign) certificates representing shares of the Corporation, the issuance of which
shall have been duly authorized; and (h) in general, perform all duties incident
to the office of Secretary and such other duties as are given to him or her by
these Bylaws or as from time to time may be assigned to him or her by the Board
of Directors or the President.
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SECTION 7. THE CHIEF FINANCIAL OFFICER. The Chief Financial Officer shall
(a) have charge of and supervision over and by responsible for the funds,
securities, receipts, and disbursements of the Corporation; (b) cause the moneys
and other valuable effects of the Corporation to be deposited in the name and to
the credit of the Corporation in such banks or trust companies, or with such
bankers or other depositories, as shall be selected in accordance with Section 3
of Article V of these Bylaws or to be otherwise dealt with in such manner as the
Board of Directors may direct; (c) cause the funds of the Corporation to be
disbursed by checks or drafts upon the authorized depositories of the
Corporation and cause to be taken and preserved proper vouchers for all moneys
disbursed; (d) render to the Board of Directors or the President, whenever
requested, a statement of the financial condition of the Corporation and of all
his or her transactions as Chief Financial Officer; (e) cause to be kept, at the
principal office of the Corporation or at such other office (within or without
the State of Nevada) as shall be designated by the Board of Directors, correct
books of account of all its business and transactions; (f) sign (unless the
Secretary shall sign) certificates representing shares of the Corporation, the
issuance of which shall have been duly authorized; and (g) in general, perform
all duties incident to the office of Treasurer and such other duties as are
given to him or her by these Bylaws or as from time to time may be assigned to
him or her by the Board of Directors or the President.
SECTION 8. THE VICE PRESIDENTS. At the request of the President, any Vice
President shall perform all the duties of the President and, when so acting,
shall have all the powers of and be subject to all restrictions upon the
President. Any Vice President may also sign, with any other officer thereunto
duly authorized, share certificates of the Corporation, the issuance of which
shall have been duly authorized, and may sign and execute in the name of the
Corporation, deeds, mortgages, bonds, contracts, agreements, and other
instruments duly authorized by the Board of Directors, except in those instances
where the signing and execution thereof shall be expressly delegated by the
Board of Directors to some other officer or agent. Each Vice President shall
perform such other duties as are given to him or her by these Bylaws or as from
time to time may be assigned to him or her by the Board of Directors or the
President.
SECTION 9. SALARIES. The salaries of the officers of the Corporation shall
be fixed from time to time by the Board of Directors. No officer shall be
prevented from receiving such salary by reason of the fact that he or she is
also a director of the Corporation.
SECTION 10. SURETY BONDS. In the event the Board of Directors shall so
require, any officer or agent of the Corporation shall execute a bond to the
Corporation, in such amount and with such surety or sureties as the Board of
Directors may direct, conditioned upon the faithful discharge of his or her
duties.
ARTICLE V
CONTRACTS AND FINANCIAL MATTERS
SECTION 1. EXECUTION OF CONTRACTS. The President or any Vice President,
subject to the approval of the Board of Directors, may enter into any contract
or execute and deliver any instrument in the name and on behalf of the
Corporation. Such authorization may be general or restricted to specific
instances.
SECTION 2. CHECKS AND DRAFTS. All checks, drafts, or other orders for the
payment of money and all notes or other evidences of indebtedness issued in the
name of the Corporation shall be signed by such officer or officers or agent or
agents of the Corporation as shall be thereunto so authorized from time to time
by resolution of the Board of Directors.
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SECTION 3. DEPOSITS. All funds of the Corporation not otherwise employed
shall be deposited from time to time to its credit in such banks or trust
companies or with such bankers or other depositaries as the Board of Directors
may select or as may be selected by any officer or officers or agent or agents
authorized so to do by the Board of Directors. Endorsements for deposit to the
credit of the Corporation in any of its duly authorized depositaries shall be
made in such manner as the Board of Directors from time to time may determine.
SECTION 4. GENERAL AND SPECIAL BANK ACCOUNTS. The Board of Directors may
authorize from time to time the opening and keeping of general and special bank
accounts with such banks, trust companies, or other depositaries as the Board of
Directors may designate and may make such special rules and regulations with
respect thereto, not inconsistent with the provisions of these Bylaws, as the
Board of Directors may deem expedient.
SECTION 5. LOANS. No loans or advances shall be contracted on behalf of
the Corporation and no negotiable paper shall be issued in its name, unless and
except as authorized by the Board of Directors. Such authorization may be
general or restricted to specific instances. Any officer or agent of the
Corporation thereunto so authorized may effect loans and advances for the
Corporation and for such loans and advances may make, execute, and deliver
promissory notes, bonds, or other evidences of indebtedness of the Corporation.
Any officer or agent of the Corporation thereunto so authorized may pledge,
hypothecate, or transfer, as security for the payment of any and all loans,
advances, indebtedness, and liabilities of the Corporation, any and all stocks,
bonds, other securities, and other personal property at any time held by the
Corporation and, to that end, may endorse, assign, and deliver the same and do
every act and shine necessary or proper in connection therewith.
SECTION 6. PROXIES. Proxies to vote with respect to shares of stock of
other corporations owned by or standing in the name of the Corporation may be
executed and delivered from time to time on behalf of the Corporation by such
person or persons as shall be thereunto authorized from time to time by the
Board of Directors.
ARTICLE VI
INDEMNIFICATION AND INSURANCE
SECTION 1. RIGHT TO INDEMNIFICATION. Each person who was or is made a
party or is threatened to be made a party to or is involved in any pending,
threatened, or completed civil, criminal, administrative, or arbitration action,
suit, or proceeding, or any appeal therein or any inquiry or investigation which
could lead to such action, suit, or proceeding ("proceeding"), by reason of his
or her being or having been a director, officer, employee, or agent of the
Corporation or of any constituent corporation absorbed by the Corporation in a
consolidation or merger or by reason of his or her being or having been a
director, officer, trustee, employee, or agent of any other corporation
(domestic or foreign) or of any partnership, joint venture, sole proprietorship,
trust, employee benefit plan, or such enterprise (whether or not for profit),
serving as such at the request of the Corporation or of any such constituent
corporation, or the legal representative of any such director, officer, trustee,
employee, or agent, shall be indemnified and held harmless by the Corporation to
the fullest extent permitted by the Nevada General Corporation Law, as the same
exists or may hereafter be amended (but, in the case of any such amendment, only
to the extent that such amendment permits the Corporation to provide broader
indemnification rights than the Nevada General Corporation Law permitted prior
to such amendment), from and against any and all reasonable costs,
disbursements, and attorney's fees, and any and all amounts paid or incurred in
satisfaction of settlements, judgments, fines, and penalties, incurred or
suffered in connection with any such proceeding, and such indemnification
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shall continue as to a person who has ceased to be a director, officer, trustee,
employee, or agent and shall inure to the benefit of his or her heirs,
executors, administrators, and assigns; provided, however, that, except as
provided in Section 2 of this Article VI, the Corporation shall indemnify any
such person seeking indemnification in connection with a proceeding (or part
thereof) initiated by such person only if such proceeding (or part thereof) was
specifically authorized by the Board of Directors of the Corporation. The right
to indemnification specified in this Article VI shall be a contract right and
shall include the right to be paid by the Corporation the expenses incurred in
connection with any proceeding in advance of the final disposition of such
proceeding as authorized by the Board of Directors; provided, however; that, if
the Nevada General Corporation Law so requires, the payment of such expenses in
advance of the final disposition of a proceeding shall be made only upon receipt
by the Corporation of an undertaking, by or on behalf of such director, officer,
employee, or agent, to repay all amounts so advanced unless it shall ultimately
be determined that such person is entitled to be indemnified under this article
or otherwise.
SECTION 2. RIGHT OF CLAIMANT TO BRING SUIT. If a claim made under Section
1 of this Article VI is not paid in full by the Corporation within thirty (30)
days after a written request has been received by the Corporation, the claimant
may, at any time thereafter, apply to a court for an award of indemnification by
the Corporation for the unpaid amount of the claim and, if successful on the
merits or otherwise in connection with any proceeding or in the defense of any
claim, issue, or matter therein, the claimant shall also be entitled to be paid
by the Corporation for any and all expenses incurred or suffered in connection
with such proceeding. It shall be a defense to any such action (other than an
action brought to enforce a claim for the advancement of expenses incurred in
connection with any proceeding where the required undertaking, if any, has been
tendered to the Corporation) that the claimant has not satisfied the standard of
conduct which makes it permissible under the Nevada General Corporation Law for
the Corporation to indemnify the claimant for the amount claimed, but the burden
of proving such defense shall be on the Corporation. Neither the failure of the
Corporation (including its Board of Directors, its independent legal counsel, or
its shareholders) to have made a determination prior to the commencement of such
proceeding that indemnification of the claimant is proper in the circumstances
because he or she has satisfied the applicable standard of conduct set forth in
the Nevada General Corporation Law, nor an actual determination by the
Corporation (including its Board of Directors, its independent legal counsel, or
its shareholders) that the claimant has not satisfied such applicable standard
of conduct, nor the termination of any proceeding by judgment, order,
settlement, or conviction, or upon a plea of nolo contendere or its equivalent,
shall be a defense to the action or create a presumption that the claimant has
not satisfied the applicable standard of conduct.
SECTION 3. NONEXCLUSIVITY OF RIGHTS. The right to indemnification and
advance of expenses provided by or granted pursuant to this Article VI shall not
exclude or be exclusive of any other rights to which any person may be entitled
under the Articles of Incorporation of the Corporation, these Bylaws, any
agreement, vote of shareholders, or otherwise; provided, however, that no
indemnification shall be made to or on behalf of such person if a judgment or
other final adjudication adverse to such person establishes that such person has
not satisfied the applicable standard of conduct required to be satisfied under
the Nevada General Corporation Law.
SECTION 4. INSURANCE. The Corporation may purchase and maintain insurance
on behalf of any director, officer, employee, or agent of the Corporation, or of
another corporation, partnership, joint venture, trust, employee benefit plan,
or other enterprise, against any expenses incurred in any proceeding and against
any liabilities asserted against him or her by reason of
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such person's being or having been such a director, officer, employee, or agent,
whether or not the Corporation would have the power to indemnify such person
against such expenses and liabilities under the provisions of this Article VI or
otherwise.
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ARTICLE VII
SHARES AND THEIR TRANSFER
SECTION 1. SHARE CERTIFICATES. Every holder of shares of the Corporation
shall be entitled to have a certificate, signed by the President or a Vice
president and either the Treasurer or the Secretary, certifying the number of
shares owned by him or her in the Corporation. In case any officer of the
Corporation who has signed any such certificate shall cease to be such officer,
for whatever cause, before the certificate shall have been delivered by the
Corporation, the certificate shall be deemed to have been adopted by the
Corporation, unless the Board of Directors shall otherwise determine prior to
the issuance and delivery thereof, and may be issued and delivered as though the
person who signed it had not ceased to be such officer of the Corporation.
Certificates representing shares of the Corporation shall be in such form as
shall be approved by the Board of Directors. There shall be entered upon the
share record books of the Corporation, at the time of issuance of each share,
the number of the certificate issued, the name and address of the person owning
the shares represented thereby, the number of shares, and the date of issuance
thereof. Every certificate exchanged or returned to the Corporation shall be
marked "cancelled" with the date of cancellation.
SECTION 2. SHARE RECORD BOOKS. The share record books and the blank
share certificate books shall be kept by the Secretary, or by any officer or
agent designated by the Board of Directors.
SECTION 3. ADDRESSES OF SHAREHOLDERS. Each shareholder shall designate to
the Secretary of the Corporation an address at which notices of meetings and all
other corporate notices may be served, delivered, or mailed to such shareholder
and, if any shareholder shall fail to designate such address, all corporate
notices (whether served or delivered by the Secretary, another shareholder, or
any other person) may be served upon such shareholder by mail directed to him or
her at his or her last known post office address.
SECTION 4. TRANSFERS OF SHARES. Transfers of shares of the Corporation
shall be made on the books of the Corporation by the holder or record thereof or
by his or her attorney thereunto duly authorized by a power of attorney duly
executed in writing and filed with the Secretary and on surrender of the
certificate or certificates representing such shares. The Corporation shall be
entitled to treat the holder of record of any shares as the absolute owner
thereof for all purposes and, accordingly, shall not be obligated to recognize
any legal, equitable, or other claim to or interest in such shares on the part
of any other person, whether or not it or they shall have express of other
notice thereof, except as otherwise expressly provided by statute; provided,
however, that whenever any transfer of shares shall be made for collateral or
security and not absolutely and written notice thereof shall be given to the
Secretary, such fact shall be expressed in the entry of the transfer.
Notwithstanding anything to the contrary contained in these Bylaws, the
Corporation shall not be required or permitted to make any transfer of shares of
the Corporation which, if made, would violate the provisions of any agreement
restricting the transfer of shares of the Corporation to which the Corporation
shall be a party; provided, however, that the restriction upon the transfer of
the shares represented by any share certificate shall be set forth or referred
to upon the certificate.
SECTION 5. RULES AND REGULATIONS. Subject to the provisions of this
Article VII, the Board of Directors may make such rules and regulations as it
may deem expedient concerning the issuance, transfer, and registration of
certificates for shares of the Corporation.
SECTION 6. LOST, DESTROYED, AND MUTILATED CERTIFICATES. The holder of any
shares shall immediately notify the Corporation of any loss, destruction, or
mutilation of the certificate
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therefor and the Board of Directors, in its discretion, may cause to be issued
to him or her a new certificate or certificates upon surrender of the mutilated
certificate or, in case of loss or destruction of the certificate, upon
satisfactory proof of such loss or destruction. The Board of Directors, in its
discretion, may require the owner of the lost or destroyed certificate or his or
her legal representative to give the Corporation a bond, in such amount (not
exceeding twice the value of such shares) and with such surety or sureties as it
may direct, to indemnify the Corporation against any claim that may be made
against it on account of the alleged loss or destruction of any such
certificate.
SECTION 7. FIXING OF RECORD DATES. The Board of Directors shall have the
power to fix in advance a date, not more than sixty (60) nor less than ten (10)
days, preceding the date of any meeting of shareholders, the date for the
payment of any dividend or allotment of any right, the date when any change,
conversion, or exchange of shares shall go into effect, or for the purpose of
any other action, as a record date for the determination of the shareholders
entitled to notice of and to vote at any such meeting, entitled to receive
payment of any such dividend or allotment of any right, entitled to exercise the
rights in respect to any such change, conversion, or exchange of shares, or
entitled to participate in or be entitled to the benefit of any such other
action. Whenever a record date has been so fixed, only shareholders of record on
such date shall be entitled to notice of and to vote at such meeting, to receive
payment of any such dividend or allotment of any right, to exercise such rights
in respect to any such change, conversion, or exchange of shares, or to
participate in or be entitled to the benefit of any such other action.
SECTION 8. REFUSAL TO REGISTER TRANSFER. The Corporation shall not
register any transfer of securities issued by the Corporation in any transaction
that qualifies for that certain exemption from the registration and prospectus
delivery requirements of the Securities Act of 1933, as amended, specified by
the provisions of Regulation S, unless such transfer is made in accordance with
the provisions of Regulation S.
ARTICLE VIII
DIVIDENDS AND SURPLUS
Subject to any restrictions imposed by statute, the Board of Directors
from time to time, in its discretion, may fix and vary the amount of the working
capital of the Corporation and determine what, if any, dividends shall be
declared and paid to the shareholders out of the surplus of the Corporation. The
Board of Directors, in its discretion, may use and apply any surplus in
purchasing or acquiring any of the shares of the Corporation in accordance with
law or any of its bonds, debentures, or other obligations, or from time to time
may set aside from such surplus such amount or amounts as it, in its absolute
discretion, may deem proper as a reserve fund to meet contingencies or for
equalizing dividends, for the purpose of maintaining or increasing the property
or business of the Corporation, or for any other purposes it may deem consistent
with the best interest of the Corporation. All such surplus, until actually
declared in dividends or used and applied as aforesaid, shall be deemed to be so
set aside by the Board of Directors for one or more of said purposes.
ARTICLE IX
CORPORATION SEAL
The Corporation shall have a corporate seal which shall be in circular
form, shall bear the name of the Corporation and the words and figures denoting
its organization under the laws of the
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State of and the year thereof and otherwise shall be in such form as shall be
approved from time to time by the Board of Directors.
ARTICLE X
FISCAL YEAR
The fiscal year of the Corporation shall be fixed by resolution of the
Board of Directors.
ARTICLE XI
ACCOUNTANTS
The Board of Directors of the Corporation from time to time shall
designate the independent accountants of the Corporation.
ARTICLE XII
AMENDMENTS
All Bylaws of the Corporation shall be subject to amendment, alteration,
or repeal, and new Bylaws not inconsistent with any provision of the Articles of
Incorporation of the Corporation or any provision of law may be made, by the
shareholders or by the Board of Directors, except as otherwise expressly
required by statute. Any Bylaw adopted, amended, or repealed by the shareholders
may be amended or repealed by the Board of Directors, unless the resolution of
the shareholders adopting such Bylaw expressly reserves the right to amend or
repeal it only to the shareholders.
ARTICLE XIII
FORCE AND EFFECT
These Bylaws are subject to the provisions of the Nevada General
Corporation Law and the Articles of Incorporation, as the same may be amended
from time to time. If any provision in these Bylaws is inconsistent with an
express provision of either of the Nevada General Corporation Law or the
Articles of Incorporation, the provision of the Nevada General Corporation Law
or the Articles of Incorporation, as the case may be, shall govern, prevail and
control the extent of such inconsistency.
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CERTIFICATION OF SECRETARY
The above Bylaws are certified to have been adopted by the Board of Directors of
Burrard Capital, Inc., a Nevada corporation, on the 27 day of June, 2002.
/s/ Thomas Pressello
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