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RESTATED
BYLAWS
OF
MARTIN MARIETTA MATERIALS, INC.
(Incorporated under the laws of North Carolina, November 12, 1993, and herein
referred to as the "Corporation")
ARTICLE I.
SHAREHOLDERS
Section 1.01. ANNUAL MEETINGS. The Corporation shall hold an
annual meeting of the shareholders for the election of directors and the
transaction of any business within the powers of the Corporation on such date
during the month of May in each year as shall be determined by the Board of
Directors or at such time during the year as the Board of Directors may
prescribe. Subject to Section 1.12 of these Bylaws, any business of the
Corporation may be transacted at such annual meeting. Failure to hold an
annual meeting at the designated time shall not, however, invalidate the
corporate existence or affect otherwise valid corporate acts.
Section 1.02. SPECIAL MEETINGS. The power to call a special meeting
of the shareholders of the Corporation shall be governed by Article 9 of
the Corporation's Restated Articles of Incorporation, as such provision
may be amended from time to time.
Section 1.03. PLACE OF MEETINGS. All meetings of shareholders
shall be held at such place within the United States as may be designated in
the Notice of Meeting.
Section 1.04. NOTICE OF MEETINGS. Not less than ten (10) days nor
more than sixty (60) days before the date of every shareholders'
meeting, the Secretary shall give to each shareholder entitled to vote at
such meeting and each other shareholder entitled to notice of the meeting,
written or printed notice stating the time and place of the meeting and, in
the case of a special meeting, the purpose or purposes for which the meeting is
called, either by mail or by presenting it to him or her personally or by
leaving it at his or her residence or usual place of business. If mailed, such
notice shall be deemed to be given when deposited in the United States mail
addressed to the shareholder at his or her post office address as it
appears on the records of the Corporation, with postage thereon prepaid.
Any meeting of shareholders, annual or special, may adjourn from time to time
without further notice to a date not more than 120 days after the original
record date at the same or some other place.
Section 1.05. WAIVER OF NOTICE. Any shareholder may waive notice
of any meeting before or after the meeting. The waiver must be in writing,
signed by the shareholder and delivered to the Corporation for inclusion in
the minutes or filing with the corporate records. A shareholder's
attendance, in person or by proxy, at a meeting (a) waives objection to lack
of
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notice or defective notice of the meeting, unless the shareholder
or his proxy at the beginning of the meeting objects to holding the
meeting or transacting business at the meeting; and (b) waives objection to
consideration of a particular matter at the meeting that is not within the
purpose or purposes described in the meeting notice, unless the shareholder or
his proxy objects to considering the matter before it is voted upon.
Section 1.06. PRESIDING OFFICER AND SECRETARY AT MEETINGS. At
each meeting of shareholders the Chairman of the Board, or in his or her
absence the President, or in their absence, the person designated in writing by
the Chairman of the Board, or if no person is so designated, then a person
designated by the Board of Directors, shall preside as chairman of the meeting;
if no person is so designated, then the meeting shall choose a chairman by a
majority of all votes cast at a meeting at which a quorum is present. The
Secretary, or in the absence of the Secretary, a person designated by the
chairman of the meeting, shall act as secretary of the meeting.
Section 1.07. QUORUM. Shares entitled to vote as a separate
voting group may take action on a matter at the meeting only if a quorum
of those shares exists. A majority of the votes entitled to be cast on the
matter by the voting group constitutes a quorum of that voting group for
action on that matter.
Once a share is represented for any purpose at a meeting, it is
deemed present for quorum purposes for the remainder of the meeting and
for any adjournment of that meeting unless a new record date is or must be set
for that adjourned meeting.
In the absence of a quorum at the opening of any meeting
of shareholders, such meeting may be adjourned from time to time by the vote
of a majority of the votes cast on the motion to adjourn; and, subject
to the provisions of Section 1.04, at any subsequent session of a meeting that
has been adjourned any business may be transacted that might have been
transacted at the original meeting if a quorum exists with respect to the
matter proposed.
Section 1.08. PROXIES. Shares may be voted either in person or by
one or more proxies authorized by a written appointment of proxy signed
by the shareholder or by his duly authorized attorney in fact. An appointment
of proxy is valid for eleven (11) months from the date of its execution,
unless a different period is expressly provided in the appointment form.
Section 1.09. VOTING OF SHARES. Subject to the provisions of the
Articles of Incorporation, each outstanding share shall be entitled to one
vote on each matter voted on at a meeting of shareholders.
Except in the election of directors as governed by the provisions
of Section 2.03, if a quorum exists, action on a matter by a voting
group is approved if the votes cast within the voting group favoring the
action exceed the votes cast opposing the action, unless a greater vote is
required by law or the Articles of Incorporation or these Bylaws.
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Absent special circumstances, shares of the Corporation are
not entitled to vote if they are owned, directly or indirectly, by
another corporation in which the Corporation owns, directly or indirectly, a
majority of the shares entitled to vote for directors of the second
corporation; provided that this provision does not limit the power of the
Corporation to vote its own shares held by it in a fiduciary capacity.
Section 1.10. SHAREHOLDERS' LIST. Before each meeting of
shareholders, the Secretary of the Corporation shall prepare an
alphabetical list of the shareholders entitled to notice of such meeting.
The list shall be arranged by voting group (and within each voting group, by
class or series of shares) and show the address of and number of shares held
by each shareholder. The list shall be kept on file at the principal office
of the Corporation, or at a place identified in the meeting notice in the city
where the meeting will be held, for the period beginning two business days
after notice of the meeting is given and continuing through the meeting, and
shall be available for inspection by any shareholder, his agent or attorney,
at any time during regular business hours. The list shall also be available
at the meeting and shall be subject to inspection by any shareholder,
his agent or attorney, at any time during the meeting or any adjournment
thereof.
Section 1.11. INSPECTORS OF ELECTION. In advance of any meeting
of shareholders, the Board of Directors may appoint Inspectors of Election to
act at such meeting or at any adjournment or adjournments thereof. If
such Inspectors are not so appointed or fail or refuse to act, the chairman
of any such meeting may (and shall upon the request of shareholders entitled
to cast a majority of all the votes entitled to be cast at the meeting)
make such appointments. No such Inspector need be a shareholder of the
Corporation.
If there are three (3) or more Inspectors of Election, the
decision, act or certificate of a majority shall be effective in all
respects as the decision, act or certificate of all. The Inspectors of
Election shall determine the number of shares outstanding, the voting
power of each, the shares represented at the meeting, the existence of
a quorum, the authenticity, validity and effect of proxies; shall
receive votes, ballots, assents or consents, hear and determine all
challenges and questions in any way arising in connection with the vote,
count and tabulate all votes, assents and consents, and determine the
result; and do such acts as may be proper to conduct the election and the
vote with fairness to all shareholders. On request, the Inspectors
shall make a report in writing of any challenge, question or matter determined
by them, and shall make and execute a certificate of any fact found by them.
Section 1.12. DIRECTOR NOMINATIONS AND SHAREHOLDERS BUSINESS.
(a) Advance Notice of Nominations of Directors. Only persons who
are nominated in accordance with the provisions set forth in these Bylaws
shall be eligible to be elected as directors at an annual or special
meeting of shareholders. Nomination for election to the Board of Directors
shall be made by the Board of Directors or a Nominating Committee
appointed by the Board of Directors.
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Nomination for election of any person to the Board of Directors
may also be made by a shareholder if written notice of the nomination of such
person shall have been delivered to the Secretary of the Corporation at the
principal office of the Corporation not less than 60 days nor more than 90
days prior to the first anniversary of the preceding year's annual meeting;
provided, however, that in the event that the date of the annual meeting is
advanced by more than 30 days or delayed by more than 60 days from such
anniversary date, notice by shareholder must be so delivered not earlier
than the 90th day prior to such annual meeting and not later than the close of
business on the later of the 60th day prior to such annual meeting or the
tenth day following the day on which public announcement of the date of such
meeting is first made. Each such notice shall set forth: (a) the name and
address of the shareholder who intends to make the nomination, the beneficial
owner, if any, on whose behalf the nomination is made and of the person or
persons to be nominated; (b) the class and number of shares of stock of the
Corporation which are owned beneficially and of record by such shareholder
and such beneficial owner, and a representation that the shareholder
intends to appear in person or by proxy at the meeting to nominate the person
or persons specified in the notice; (c) 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; (d)
all other information regarding each nominee proposed by such shareholder
as would be required to be included in a proxy statement filed pursuant to
the proxy rules of the Securities and Exchange Commission if the nominee had
been nominated by the Board of Directors; and (e) the written consent of each
nominee to serve as director of the Corporation if so elected. The
chairman of the meeting may refuse to acknowledge the nomination of any person
not made in compliance with the foregoing procedure.
(b) Advance Notice of General Matters. No business shall be
transacted at an annual meeting of shareholders, except such business as
shall be (a) specified in the notice of meeting given as provided in
Section 1.04, (b) otherwise brought before the meeting by or at the
direction of the Board of Directors, or (c) otherwise brought before the
meeting by a shareholder of record entitled to vote at the meeting, in
compliance with the procedure set forth in this Section 1.12. For business to
be brought before an annual meeting by a shareholder pursuant to (c) above,
the shareholder must have given timely notice in writing to the Secretary. To
be timely, a shareholder's notice must be delivered to, or mailed to and
received at the principal executive offices of the Corporation not less
than 60 days nor more than 90 days prior to the first anniversary of the
preceding year's annual meeting; provided, however, that in the event that
the date of the annual meeting is advanced by more than 30 days or delayed
by more than 60 days from such anniversary date, notice by the shareholder
must be so delivered not earlier than the 90th day prior to such annual
meeting and not later than the close of business on the later of the 60th day
prior to such annual meeting or the tenth day following the day on which
public announcement of the date of such meeting is first made. Notice of
actions to be brought before the annual meeting pursuant to (c) above shall 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 brining such business before
the annual meeting, (ii) the name and address, as they appear on the
Corporation's books, of each shareholder proposing such business, (iii) the
classes and number of shares of the Corporation that are owned of record and
beneficially by such shareholder, and (iv) any material interest of such
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shareholder in such business other than his interest as shareholder
of the Corporation. Notwithstanding anything in these Bylaws to the contrary,
no business shall be conducted at an annual meeting except in accordance with
the provisions set forth in this Section 1.12. If the chairman of the annual
meeting determines that any business was not properly brought before the
meeting in accordance with provisions prescribed by these Bylaws, he shall
so declare to the meeting, and to the extent permitted by law, any such
business not properly brought before the meeting shall not be transacted.
(c) General
For purposes of this Section 1.12, "public announcement" shall
mean disclosure in a press release reported by the Dow Jones News Service,
Associated Press or comparable news service or in a document publicly
filed by the Corporation with the Securities and Exchange Commission pursuant
to Sections 13, 14 or 15(d) of the Exchange Act.
Notwithstanding the foregoing provisions of this Section 1.12,
a shareholder shall also comply with all applicable requirements of state law
and of the Exchange Act and the rules and regulations thereunder with respect
to the matters set forth in this Section 1.12. Nothing in this Section 1.12
shall be deemed to affect any rights of shareholders to request inclusion of
proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the
Exchange Act.
ARTICLE II.
BOARD OF DIRECTORS
Section 2.01. POWERS. The business and affairs of the Corporation
shall be managed under the direction of its Board of Directors. The Board of
Directors may exercise all the powers of the Corporation, except such as are by
statute or the Articles of Incorporation or the Bylaws conferred upon or
reserved to the shareholders.
Section 2.02. NUMBER OF DIRECTORS. The number of directors of
the Corporation shall be determined in accordance with Article 5(a) of
the Corporation's Restated Articles of Incorporation, as such provision
may be amended from time to time. No person shall be eligible to be
elected as a director for a term which expires after such person reaches the
age of 72 years.
Section 2.03. ELECTION OF DIRECTORS. The election of directors of
the Corporation shall be governed by Article 5(b) of the Corporation's
Restated Articles of Incorporation, as such provision may be amended from time
to time.
Section 2.04. CHAIRMAN OF THE BOARD. The Board of Directors
shall designate from its membership a Chairman of the Board, who shall
have such powers and perform such duties as may be prescribed by these Bylaws
and assigned to him or her by the Board of Directors.
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Section 2.05. REMOVAL. The removal of directors of the Corporation
shall be governed by Article 5(d) of the Corporation's Restated Articles of
Incorporation, as such provision may be amended from time to time.
Section 2.06. VACANCIES. Vacancies in the Board of Directors shall
be filled in accordance with Article 5(c) of the Corporation's Restated
Articles of Incorporation, as such provision may be amended from time to time.
Section 2.07. REGULAR MEETINGS. Regular meetings of the Board of
Directors shall be held at such time and place within or without the State of
North Carolina as may be designated by the Board of Directors.
Section 2.08. SPECIAL MEETINGS. Special meetings of the Board
of Directors may be called at any time, at any place, and for any purpose by
the Chairman of the Board, the President, the Chairman of the Executive
Committee, or upon the request of a majority of the Board of any
officer of the Corporation.
Section 2.09. NOTICE OF MEETINGS. Regular meetings of the Board
of Directors may be held without notice. Notice of the place, day, and
hour of every special meeting of the Board of Directors shall be given to each
director twenty-four (24) hours (or more) before the meeting, by telephoning
the notice to such director, or by delivering the notice to him or her
personally, or by sending the notice to him or her by telegraph, or by
facsimile, or by leaving notice at his or her residence or usual place
of business, or, in the alternative, by mailing such notice three (3) days
(or more) before the meeting, postage prepaid, and addressed to him or her
at his or her last known post office address, according to the records of
the Corporation. If mailed, such notice shall be deemed to be given when
deposited in the United States mail, properly addressed with postage thereon
prepaid. If notice be given by telegram or by facsimile, such notice shall
be deemed to be given when the telegram is delivered to the telegraph company
or when the facsimile is transmitted. If the notice be given by telephone or
by personal delivery, such notice shall be deemed to be given at the time
of the communication or delivery. Unless required by law, by these Bylaws or by
resolution of the Board of Directors, no notice of any meeting of the Board of
Directors, need state the business to be transacted thereat. Any meeting of
the Board of Directors, regular or special, may adjourn from time to time to
reconvene at the same or some other place, and no further notice need be
given of any such adjourned meeting.
Section 2.10. WAIVER OF NOTICE. Any director may waive notice of
any meeting before or after the meeting. The waiver must be in writing,
signed by the director entitled to the notice and delivered to the
Corporation for inclusion in the minutes or filing with the corporate
records. A director's attendance at or participation in a meeting waives
any required notice of such meeting unless the director at the beginning of
the meeting, or promptly upon arrival, objects to holding the meeting or
to transacting business at the meeting and does not thereafter vote for
or assent to action taken at the meeting.
Section 2.11. TELEPHONE MEETING. Members of the Board, or of any
committee thereof, may participate in a meeting by means of conference
telephone or similar communications
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equipment by means of which all persons participating in the
meeting can hear each other at the same time. Participation in this
manner shall constitute presence in person at the meeting.
Section 2.12. ACTION WITHOUT MEETING. Action required or permitted
to be taken at a meeting of the Board of Directors may be taken without a
meeting if the action is taken by all members of the Board. The action must be
evidenced by one or more written consents signed by each director before or
after such action, describing the action taken, and included in the minutes
or filed with the corporate records.
Section 2.13. PRESIDING OFFICER AND SECRETARY AT MEETINGS. Each
meeting of the Board of Directors shall be presided over by the Chairman of the
Board of Directors or in his or her absence, by the President or if neither is
present by such member of the Board of Directors as shall be chosen by the
meeting. The Secretary, or in his or her absence, an Assistant Secretary,
shall act as secretary of the meeting, or if no such officer is present, a
secretary of the meeting shall be designated by the person presiding over the
meeting.
Section 2.14. QUORUM AND VOTING. At all meetings of the Board
of Directors, one third (1/3) of the Board of Directors, but in no case less
than two (2) directors, shall constitute a quorum for the transaction of
business. Except in cases in which it is by statute, by the Articles of
Incorporation, or by the Bylaws otherwise provided, the vote of a majority
of such quorum at a duly constituted meeting shall be sufficient to pass any
measure. In the absence of a quorum, the directors present by majority vote
and without notice other than by announcement may adjourn the meeting from
time to time until a quorum shall be present. At any such adjourned meeting
at which a quorum shall be present, any business may be transacted which
might have been transacted at the meeting originally notified.
Section 2.15. PRESUMPTION OF ASSENT. A director who is present at
a meeting of the Board of Directors or a committee of the Board of Directors
when corporate action is taken is deemed to have assented to the action taken
unless (a) he objects at the beginning of the meeting, or promptly upon his
arrival, to holding it or to transacting business at the meeting, or (b)
his dissent or abstention from the action taken is entered in the minutes of
the meeting, or (c) he files written notice of his dissent or abstention
with the presiding officer of the meeting before its adjournment or
with the Corporation immediately after the adjournment of the meeting.
Such right of dissent or abstention is not available to a director who
votes in favor of the action taken.
Section 2.16. COMPENSATION. The Board of Directors may provide
by resolution for the compensation of directors for their services as such and
for the payment or reimbursement of any or all expenses incurred by
them in connection with such services.
ARTICLE III. COMMITTEES Section 3.01.
COMMITTEES OF THE BOARD. The Board of Directors may by resolution
create an Executive Committee, an Audit Committee, a Nominating
Committee and such other committees of the Board and appoint members of the
Board of Directors to serve on
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them. The creation of a committee of the Board and appointment
of members to it must be approved by a majority of the number of directors
in office when the action is taken. Each committee of the Board must have
two or more members and, to the extent authorized by law and specified by the
Board of Directors, shall have and may exercise all of the authority of
the Board of Directors, shall have and may exercise all of the authority
of the Board of Directors in the management of the Corporation, except that a
committee may not have such powers or perform such duties as may be (i)
inconsistent with law, (ii) inconsistent with the Articles of
Incorporation or Bylaws, or (iii) inconsistent with the resolution
creating such committee and the authority delegated to it therein. Each
committee member serves at the pleasure of the Board of Directors. The
provisions in these Bylaws governing meetings, action without meetings,
notice and waiver of notice, and quorum and voting requirements of
the Board of Directors apply to committees of the Board established
under this section.
Section 3.02. MEETINGS OF COMMITTEES. Each committee of the Board
of Directors shall fix its own rules of procedure consistent with the
provisions of the Board of Directors governing such committee, and shall meet
as provided by such rules or by resolution of the Board of Directors, and it
shall also meet at the call of its chairman or any two (2) members of such
committee. Unless otherwise provided by such rules or by such resolution,
the provisions of the article of these Bylaws entitled "Board of Directors"
relating to the place of holding and notice required of meetings of the Board
of Directors shall govern committees of the Board of Directors. A
majority of each committee shall constitute a quorum thereof; provided,
however, that in the absence of any member of such committee, the members
thereof present at any meeting, whether or not they constitute a quorum, may
appoint a member of the Board of Directors to act in the place of such absent
member. Except in cases in which it is otherwise provided by the rules of
such committee or by resolution of the Board of Directors, the vote of a
majority of such quorum at a duly constituted meeting shall be sufficient to
pass any measure.
ARTICLE IV.
OFFICERS
Section 4.01. OFFICERS OF THE CORPORATION. The officers of
the Corporation shall consist of a President, a Secretary, a Treasurer and
such elected Vice-Presidents, Assistant Secretaries, Assistant Treasurers, and
other officers as may from time to time be appointed by or under the authority
of the Board of Directors. Any two or more offices may be held by the same
person, but no officer may act in more than one capacity where action
of two or more officers is required.
Section 4.02. APPOINTMENT AND TERM. The officers of the
Corporation shall be appointed by the Board of Directors or by a duly
appointed officer authorized by the Board of Directors to appoint one
or more officers or assistant officers. Each officer shall hold office
until his or her death, resignation, retirement, removal, disqualification or
his or her successor shall have been appointed.
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Section 4.03. PRESIDENT. The President shall be the Chief
Executive Officer of the Corporation and shall, in the absence of the
Chairman of the Board, preside at all meetings of the shareholders. Subject to
the authority of the Board of Directors, he or she shall have general charge
and supervision of the Business and affairs of the Corporation. He or
she may sign with the Secretary or an Assistant Secretary certificates of
stock of the Corporation. He or she shall have the authority to sign and
execute in the name of the Corporation all deeds, mortgages, bonds,
contracts or other instruments. He or she shall have the authority to vote
stock in other corporations, and he or she shall perform such other duties
of management as may be prescribed by a resolution or resolutions or as
otherwise may be assigned to him or her by the Board of Directors. He or she
shall have the authority to delegate such authorization and power as
vested in him or her by these Bylaws to some other officer or employee or
agent of the Corporation as he or she shall deem appropriate.
Section 4.04. VICE-PRESIDENTS. In the absence of the President or
in the event of his or her death, inability or refusal to act, the
Vice-Presidents in the order of their length of service, as such, unless
otherwise determined by the Board of Directors, shall perform the duties of
the President, and when so acting shall have the powers of and be subject to
all the restrictions upon the President. In the absence of the Chairman of
the Board or 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
prescribed by the President or Board of Directors.
Section 4.05. SECRETARY. The Secretary shall keep the minutes of
the meetings of the shareholders and of the Board of Directors, in books
provided for the purpose; shall see that all notices of such meetings are
duly given in accordance with the provisions of the Bylaws of the Corporation,
or as required by law; may sign certificates of shares of the Corporation with
the Chairman of the Board; shall be custodian of the corporate seal;
shall see that the corporate seal is affixed to all documents, the execution
of which, on behalf of the Corporation, under its seal, is duly authorized,
and when so affixed may attest the same; and in general, shall perform all
duties incident to the office of a secretary of a corporation, and such other
duties as from time to time may be assigned to the Secretary by the President
or the Board of Directors.
Section 4.06. TREASURER. The Treasurer shall have charge of and
be responsible for all funds, securities, receipts and disbursements of
the Corporation, and shall deposit, or cause to be deposited, in the name
of the Corporation, all monies or other valuable effects in such
banks, trust companies, or other depositories as shall, from time to time, be
selected by the Board of Directors; and in general, shall perform all the
duties incident to the office of a treasurer of a corporation, and such
other duties as from time to time may be assigned to him or her by the
President or the Board of Directors.
Section 4.07. OFFICERS HOLDING TWO OR MORE OFFICES. Any two (2) or
more of the above mentioned offices, except those of President and
Vice-President, may be held by the same person, but no officer shall execute,
acknowledge or verify any instrument in more than one capacity, if such
instrument be required by law, by the Articles of Incorporation or by these
By-Laws, to be executed, acknowledged or verified by any two (2) or more
officers.
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Section 4.08. COMPENSATION OF OFFICERS. The compensation of
all officers of the Corporation shall be fixed by or under the authority
of the Board of Directors, and no officer shall serve the Corporation in
any other capacity and receive compensation therefor unless such additional
compensation shall be duly authorized. The appointment of an officer does not
itself create contract rights.
Section 4.09. RESIGNATIONS. An officer may resign at any time
by communicating his or her resignation to the Corporation, orally or in
writing. A resignation is effective when communicated unless it specifies
in writing a later effective date. If a resignation is made effective at a
later date that is accepted by the Corporation, the Board of Directors may fill
the pending vacancy before the effective date if the Board provides that the
successor does not take office until the effective date.
Section 4.10. REMOVAL. Any officer of the Corporation may be
removed, with or without cause, by the Board of Directors, if such removal is
determined in the judgment of the Board of Directors to be in the best
interests of the Corporation, and any officer of the Corporation duly
appointed by another officer may be removed, with or without cause, by such
officer.
Section 4.11. BONDS. The Board of Directors may by resolution
require any officer, agent, or employee of the Corporation to give
bond to the Corporation, with sufficient sureties, conditioned on the
faithful performance of the duties of his respective office or position and to
comply with such other conditions as may from time to time be required by the
Board of Directors.
ARTICLE V.
SHARES
Section 5.01. CERTIFICATES. Each shareholder shall be entitled to
a certificate or certificates which shall represent and certify the number
and kind of shares owned by such shareholder in the Corporation. Such
certificates shall be signed by the Chairman of the Board or the
President, or in their absence, any Vice-President, and countersigned by the
Secretary or an Assistant Secretary, and sealed with the seal of the
Corporation or a facsimile of such seal. Shares certificates shall be in
such form, not inconsistent with law or with the charter, as shall be
approved by the Board of Directors. When certificates for stock of any
class are countersigned by a transfer agent, other than the Corporation or
its employee, or by a registrar, other than the Corporation or its
employee, any other signature on such certificates may be a facsimile. In
case any officer of the Corporation who has signed any certificate ceases to
be an officer of the Corporation, whether because of death,
resignation or otherwise, before such certificate is issued, the certificate
may nevertheless be issued and delivered by the Corporation as if the
officer had not ceased to be such officer as of the date of its issue.
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Section 5.02. TRANSFER OF SHARES. Shares shall be transferable only
on the books of the Corporation by the holder thereof, in person or by
duly authorized attorney, upon the surrender of the certificate
representing the shares to be transferred, properly endorsed. The Board of
Directors shall have power and authority to make such other rules and
regulations concerning the issue, transfer and resignation of
certificates of stock as it may deem expedient.
Section 5.03. TRANSFER AGENTS AND REGISTRARS. The Corporation may
have one (1) or more transfer agents and one(1) or more registrars of its
stock, whose respective duties the Board of Directors may, from time to time,
define. No certificate of stock shall be valid until countersigned by a
transfer agent, if the Corporation has a transfer agent, or until registered by
a registrar, if the Corporation has a registrar. The duties of transfer agent
and registrar may be combined.
Section 5.04. RECORD DATES. The Board of Directors is hereby
empowered to fix, in advance, a date as the record date for the purpose of
determining shareholders entitled to notice of, or to vote at, any meeting of
shareholders, or shareholders entitled to receive payment of any dividend or
the allotment of any rights, or in order to make a determination of
shareholders for any other proper purpose. Such date in any case shall 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 a
record date is not set and the transfer books are not closed, the record
date for the purpose of making any proper determination with respect to
shareholders shall be fixed in accordance with applicable law.
Section 5.05. NEW CERTIFICATES. In case any certificate of stock
is lost, stolen, mutilated or destroyed, the Board of Directors may authorize
the issue of a new certificate in place thereof upon such terms and conditions
as it may deem advisable; or the Board of Directors may delegate such power
to any officer or officers or agents of the Corporation; but the Board of
Directors or such officer or officers, in their discretion, may refuse to
issue such new certificate save upon the order of some court having
jurisdiction in the premises.
ARTICLE VI.
INDEMNIFICATION
Any person (1) who at any time serves or has served as
an officer, employee or a director of the Corporation, or (2) who, while
serving as an officer, employee or a director of the Corporation, serves or
has served at the request of the Corporation as a director, officer,
partner, trustee, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, or as a trustee, other fiduciary
or administrator under an employee benefit plan, shall have a right to be
indemnified by the Corporation to the fullest extent permitted by law
(provided that any employee of the Corporation shall have a right to be
indemnified by the Corporation acting in his or her capacity as an employee
of the Corporation only upon satisfaction of the standards of conduct for
officers and directors set forth in the North Carolina Business Corporation
Act) against (a) expenses, including attorneys' fees, incurred by him or
her in connection with any threatened, pending or completed civil,
criminal, administrative, investigative
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or arbitrative action, suit or proceeding (and any
appeal therein), whether or not brought by or on behalf of the Corporation,
seeking to hold him or her liable by reason of the fact that such person is
or was acting in such capacity, and (b) payments made by such person in
satisfaction of any liability, judgment, money decree, fine (including an
excise tax assessed with respect to an employee benefit plan), penalty or
settlement for which he or she may have become liable in any such action, suit
or proceeding. To the fullest extent from time to time permitted by law,
the Corporation agrees to pay the indemnitee's expenses, including
attorney's fees and expenses incurred in defending any such action,
suit, or proceeding in advance of the final disposition of such action,
suit, or proceeding and without requiring a preliminary determination
of the ultimate entitlement to indemnification; provided that, the
indemnified party first provides the Corporation with (a) a written
affirmation of the indemnified party's good faith belief that such party meets
the standard of conduct necessary for indemnification under the laws of the
State of North Carolina and (b) a written undertaking by or on behalf of
such indemnified party to repay the amount advanced if it shall ultimately
be determined by a final judicial decision from which there is no further
right to appeal that the applicable standard of conduct has not been met. The
foregoing rights of the indemnitee hereunder shall inure to the benefit of the
indemnitee, whether or not he or she is an officer, director, employee, or
agent at the time such liabilities or expenses are imposed or incurred.
The Board of Directors of the Corporation shall take all
such action as may be necessary and appropriate to authorize the Corporation
to pay the indemnification required by this bylaw, including without
limitation, making a determination that indemnification is permissible in the
circumstances and a good faith evaluation of the manner in which the claimant
for indemnity acted and of the reasonable amount or indemnity due him. The
Board of Directors may appoint a committee or special counsel to make
such determination and evaluation. The Board may give notice to, and
obtain approval by, the shareholders of the Corporation for any decision to
indemnify.
Any person who at any time after the adoption of this
bylaw serves or has served in the aforesaid capacity for or on behalf
of the Corporation shall be deemed to be doing or to have done so in reliance
upon and as consideration for, the right of indemnification provided herein.
Such right shall inure to the benefit of the legal representatives of any
such person and shall not be exclusive of any other rights to which such
person may be entitled apart from the provision of this bylaw, including a
right of indemnification under any statute, agreement or insurance policy.
ARTICLE VII.
SUNDRY PROVISIONS
Section 7.01. SEAL. The corporate seal of the Corporation shall
consist of two concentric circles between which is the name of the
Corporation and in the center of which is inscribed SEAL; and such seal, as
impressed or affixed on the margin hereof, is hereby adopted as the corporate
seal of the Corporation.
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Section 7.02. AMENDMENTS. Except as otherwise provided in the
Articles of Incorporation or by law, these Bylaws, including any bylaws
adopted by the shareholders, may be amended or repealed and new bylaws may be
adopted by the Board of Directors.