1
Exhibit 3.2
BY-LAWS
of
120 OAKLAND PLACE, INC.
ARTICLE I
Meetings of Stockholders
Section 1. Annual Meeting. The annual meeting of stockholders of
the corporation for the election of directors and for the transaction of other
business shall be held at such time and such place within or without the State
of Delaware as shall be determined by the Board of Directors or the President
and stated in the notice of the meeting or in a duly executed waiver of notice
thereof.
Section 2. Special Meetings. A special meeting of stockholders may
be called by the Board of Directors or the President, and shall be called by the
President, the Secretary or an Assistant Secretary at the request in writing of
a majority of the Board of Directors, or at the request in writing of the
holders of record of a majority of the outstanding shares of the stock of the
corporation entitled to vote at the meeting. Each special meeting of
stockholders shall be held at such time and place within or without the State of
Delaware as shall be stated in the notice of the meeting or in a duly executed
waiver of notice thereof. Business transacted at any special meeting of
stockholders shall be limited to the purpose or purposes stated in the notice of
the meeting.
Section 3. Notice and Purpose of Meetings. Written notice of every
meeting of stockholders stating the place, date and hour of the meeting and, in
the case of a special meeting, in general terms, the purpose or purposes for
which the meeting is called, shall be given not
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less than ten nor more than sixty days before the meeting to each stockholder of
record entitled to vote at the meeting. If mailed, such notice shall be deemed
to be given when deposited in the United States mail, with first-class postage
thereon prepaid, directed to each stockholder at his address as it appears on
the records of the corporation.
Section 4. List of Stockholders. The officer who has charge of the
stock ledger of the corporation shall prepare and make, at least ten days before
every meeting of stockholders, a complete list of the stockholders entitled to
vote at the meeting, arranged in alphabetical order, and showing the address of
each stockholder and the number of shares of the stock of the corporation
registered in the name of each stockholder. Such list shall be open to
examination of any stockholder, for any purpose germane to the meeting, during
ordinary business hours, for a period of at least ten days prior to the meeting,
either at a place within the city where the meeting is to be held, which place
shall be specified in the notice of the meeting, or, if not so specified, at the
place where the meeting is to be held. The list shall also be produced and kept
at the time and place of the meeting during the whole time thereof, and may be
inspected by any stockholder who is present.
Section 5. Quorum. Except as otherwise required by law or the
certificate of incorporation, a quorum at all meetings of stockholders shall
consist of the holders of record of not less than a majority of the outstanding
shares of the stock of the corporation entitled to vote at the meeting, present
in person or by proxy, except when the stockholders are required to vote by
class, in which event the holders of record of not less than a majority of the
outstanding shares of the appropriate class shall be present in person or by
proxy.
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Section 6. Adjournments. The stockholders entitled to vote who are
present in person or by proxy at any meeting of stockholders, whether or not a
quorum shall be present at the meeting, shall have power by a majority of the
votes cast to adjourn the meeting from time to time without notice other than
announcement at the meeting of the time and place to which the meeting is
adjourned. At any adjourned meeting held without notice at which a quorum shall
be present any business may be transacted that might have been transacted on the
original date of the meeting. If the adjournment is for more than thirty days,
or if after the adjournment a new record date is fixed for the adjourned
meeting, a notice of the adjourned meeting shall be given to each stockholder of
record entitled to vote at the adjourned meeting.
Section 7. Voting; Proxies. Unless otherwise provided in the
certificate of incorporation, each stockholder of record shall be entitled at
every meeting of stockholders to one vote for each share of the stock of the
corporation standing in his name on the record of stockholders on the record
date fixed for the meeting or, if no record date for the meeting was fixed, on
the date of the meeting. Each stockholder entitled to vote at a meeting of
stockholders or to express consent or dissent to corporate action in writing
without a meeting may act in person or may authorize another person to act for
him by proxy, but no proxy shall be voted or acted upon after three years from
its date unless it provides for a longer period.
Directors elected at any meeting of stockholders shall, except as
otherwise required by law, be elected by a plurality of the votes cast. All
other corporate action to be taken by vote of stockholders shall, except as
otherwise required by law or the certificate of incorporation, be authorized by
a majority of the votes cast. Unless otherwise provided in the certificate of
incorporation, the vote for directors shall be by ballot, but the vote upon any
other question be-
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fore a meeting of stockholders shall not be by ballot unless required by law or
unless the person presiding at such meeting shall so direct or unless any
stockholder present in person or by proxy and entitled to vote thereon shall so
demand.
Section 8. Consent of Stockholders in Lieu of Meeting. Unless
otherwise provided in the certificate of incorporation, any action required to
be taken at any annual or special meeting of stockholders, or any action
(including, without limitation, adoption, amendment or repeal of by-laws) which
may be taken at any annual or special meeting of stockholders, may be taken
without a meeting, without prior notice and without a vote, if a consent in
writing, setting forth the action so taken, shall be signed by the holders of
outstanding shares of the stock of the corporation having not less than the
minimum number of votes that would be necessary to authorize or take such action
at a meeting at which all shares entitled to vote thereon were present and
voted. Notice of the taking of the corporate action without a meeting by less
than unanimous written consent shall be given to those stockholders who have not
consented in writing.
Section 9. Waiver of Notice. Whenever notice is required by law or
these by-laws to be given to any stockholder, a written waiver thereof, signed
by such stockholder in person or by proxy, whether before or after the time
stated therein, shall be deemed equivalent to notice. The attendance of any
stockholder at a meeting in person or by proxy shall constitute a waiver of
notice of such meeting, except where the person attends a meeting for the
express purpose of objecting, at the beginning of the meeting, to the
transaction of any business because the meeting is not lawfully called or
convened. Neither the business to be transacted at, nor the pur-
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pose of, any annual or special meeting of the stockholders need be specified in
any written waiver of notice.
Section 10. Inspectors of Election. The Board of Directors may, in
advance of any meeting of the stockholders, appoint one or more inspectors to
act at the meeting or any adjournment thereof. If inspectors are not so
appointed in advance of the meeting, the person presiding at such meeting may,
and on the request of any stockholder entitled to vote thereat shall, appoint
one or more inspectors. In case any inspector appointed fails to appear or act,
the vacancy may be filled by appointment made by the Board of Directors in
advance of the meeting or at the meeting by the person presiding thereat. Each
inspector, before entering upon the discharge of his duties, shall take and sign
an oath faithfully to execute the duties of inspector at such meeting with
strict impartiality and according to the best of his ability. No person who is a
candidate for the office of director of the corporation shall act as an
inspector at any meeting of the stockholders at which directors are elected.
Section 11. Duties of Inspectors of Election. Whenever one or more
inspectors of election may be appointed as provided in these by-laws, he or they
shall determine the number of shares outstanding and entitled to vote, the
shares represented at the meeting, the existence of a quorum, the validity and
effect of proxies, and shall receive votes, ballots or consents, hear and
determine all challenges and questions arising in connection with the right to
vote, count and tabulate all votes, ballots, or consents, determine the result,
and do such acts as are proper to conduct the election or vote with fairness to
all stockholders.
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ARTICLE II
Directors
Section 1. General Powers. The property, business and affairs of
the corporation shall be managed by or under the direction of its Board of
Directors.
Section 2. Number and Qualifications. The Board of Directors shall
consist of one or more members. The exact number of directors shall be fixed
from time to time by action of the stockholders or by vote of a majority of the
entire Board of Directors.
Section 3. Election and Term of Office. Except as otherwise
required by law or these by-laws, each director shall be elected at the annual
meeting of stockholders of the corporation and shall hold office until the next
annual meeting of stockholders and until his successor has been elected and
qualified, or until his earlier death, resignation or removal.
Section 4. Resignation. Any director may resign at any time by
giving written notice to the corporation. Such resignation shall take effect at
the time specified therein; unless otherwise specified therein, the acceptance
of such resignation shall not be necessary to make it effective.
Section 5. Removal of Directors. Except as otherwise provided by
law, any director or the entire Board of Directors may be removed, with or
without cause, by the holders of a majority of the shares of the stock of the
corporation then entitled to vote at an election of directors.
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Section 6. Vacancies. Newly created directorships and vacancies in
the Board of Directors, including vacancies resulting from the resignation of
directors effective immediately or at a future date or from the removal of
directors, with or without cause, may be filled by vote of the stockholders, by
vote of a majority of the directors then in office (including directors whose
resignations are effective at a future date), although less than a quorum, or by
the sole remaining director. Each director so chosen shall hold office until the
next annual meeting of stockholders and until his successor has been elected and
qualified, or until his earlier death, resignation or removal. A vote to fill a
vacancy or vacancies created by the resignation or resignations of a director or
directors effective at a future date shall take effect when the resignation or
resignations become effective.
Section 7. First Meeting of Newly Elected Directors. The first
meeting of the newly elected Board of Directors may be held immediately after
the annual meeting of stockholders and at the same place as the annual meeting
of stockholders, provided a quorum be present, and no notice of the meeting
shall be necessary. In the event the first meeting of the newly elected Board of
Directors is not held at said time and place, it shall be held as provided in
Section 8 or 9 of this Article II.
Section 8. Regular Meetings of Directors. Regular meetings of the
Board of Directors may be held without notice at such time and such place within
or without the State of Delaware as may be fixed from time to time by resolution
of the Board of Directors. If any day fixed for a regular meeting shall be a
legal holiday at a place where the meeting is to be held, then the meeting which
would otherwise be held on that day shall be held at the same hour on the next
succeeding business day.
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Section 9. Special Meetings of Directors. A special meeting of the
Board of Directors may be called by the President, or, in the absence or
disability of the President, any Vice President, or by any two directors or if
there is only one director, by that one director. Each special meeting of the
Board of Directors may be held at such time and such place within or without the
State of Delaware as shall be stated in the notice of the meeting or in a duly
executed waiver of notice thereof.
Section 10. Notice of Special Meetings. Notice of each special
meeting of the Board of Directors, stating the time and place thereof, shall be
given by the President, any Vice President, the Secretary, any Assistant
Secretary or any member of the Board of Directors, to each member of the Board
of Directors (a) not less than three days before the meeting by depositing the
notice in the United States mail, with first-class postage thereon prepaid,
directed to each member of the Board of Directors at the address designated by
him for such purpose (or, if none is designated, at his last known address), or
(b) not less than twenty-four hours before the meeting by either (i) delivering
the same to each member of the Board of Directors personally, (ii) sending the
same by telephone, telegraph, cable or wireless to address designated by him for
such purposes (or, if none is designated, to his last known address) or (iii)
delivering the notice to the address designated by him for such purpose (or, if
none is designated, to his last known address). The notice of any meeting of the
Board of Directors need not specify the purpose or purposes for which the
meeting is called, except as otherwise required by law or these by-laws.
Section 11. Quorum and Action by the Board. At all meetings of the
Board of Directors, except as otherwise required by law or these by-laws, a
quorum shall be required for the transaction of business and shall consist of
not less than a majority of the entire Board of Di-
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rectors, and the vote of a majority of the directors present shall decide any
question that may come before the meeting. A majority of the directors present,
whether or not a quorum is present, may adjourn any meeting to another time or
place without notice other than announcement at the meeting of the time and
place to which the meeting is adjourned.
Section 12. Procedure. The order of business and all other matters
of procedure at every meeting of directors may be determined by the person
presiding at the meeting.
Section 13. Committees of Directors. The Board of Directors may, by
resolution adopted by vote of a majority of the entire Board of Directors
designate one or more committees, each committee to consist of one or more of
the directors of the corporation. The Board may designate one or more directors
as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of the committee. In the absence or
disqualification of any member or alternate member of a committee, the member or
members thereof present at any meeting and not disqualified from voting, whether
or not he or they constitute a quorum, may unanimously appoint another member of
the Board of Directors to act at the meeting in the place of any such absent or
disqualified member or alternate member. Any such committee, to the extent
provided in the resolution of the Board of Directors, shall have and may
exercise all the powers and authority of the Board of Directors in the
management of the property, business and affairs of the corporation, and may
authorize the seal of the corporation to be affixed to all papers which may
require it; but no such committee shall have the power or authority of the Board
of Directors in reference to amending the certificate of incorporation, adopting
an agreement of merger or consolidation, recommending to the stockholders the
sale, lease or exchange of all or substantially all of the corporation's
property and assets, recommending to the stock-
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holders a dissolution of the corporation or a revocation of a dissolution,
amending the by-laws of the corporation, declaring a dividend or authorizing the
issuance of stock. Each such committee shall keep regular minutes of its
proceedings and report the same to the Board of Directors when required. A
majority vote of all the members of any such committee may fix its rules or
procedure, determine its actions and fix the time and place within or without
the State of Delaware for its meetings and specify the number of members
required to constitute a quorum and what notice thereof, if any, shall be given,
unless the Board of Directors shall otherwise provide. The Board of Directors
may at any time fill vacancies in, change the membership of or discharge any
such committee.
Section 14. Compensation of Directors. The Board of Directors shall
have the authority to fix the compensation of directors. The directors may be
paid their expenses, if any, of attendance at each meeting of the Board of
Directors and may be paid a fixed sum for attendance at each meeting of the
Board of Directors or a stated salary as director. No such payment shall
preclude any director from serving the corporation in any other capacity and
receiving compensation therefor. Members of committees of the Board of Directors
may be allowed like compensation for attending committee meetings.
Section 15. Action Without a Meeting. Any action required or
permitted to be taken by the Board of Directors or any committee thereof may be
taken without a meeting if all members of the Board of Directors or the
committee consent in writing to the adoption of a resolution authorizing the
action. The resolution and the written consents thereto by the members of the
Board of Directors or committee shall be filed with the minutes of the
proceedings of the Board of Directors or committee.
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Section 16. Presence at Meeting by Telephone. Members of the Board
of Directors or any committee thereof may participate in a meeting of the Board
of Directors or committee 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 in a meeting by such means shall
constitute presence in person at the meeting.
Section 17. Waiver of Notice. Whenever notice is required by law or
these by-laws to be given to any director, a written waiver thereof, signed by
such director, whether before or after the time stated therein, shall be deemed
equivalent to notice.
ARTICLE III
Officers
Section 1. Officers; Term of Office. The Board of Directors shall
annually, at the first meeting of the Board of Directors after the annual
meeting of stockholders, elect a Chairman of the Board, a President, one or more
Vice Presidents, a Secretary, and a Treasurer. The Board of Directors may from
time to time elect or appoint such additional officers as it may determine. Such
additional officers shall have such authority and perform such duties as the
Board of Directors may from time to time prescribe.
The Chairman of the Board, the President, each Vice-President, the
Secretary and the Treasurer shall each, unless otherwise determined by the Board
of Directors, hold office until the first meeting of the Board of Directors
following the next annual meeting of stockholders and until his successor has
been elected and qualified, or until his earlier death, resignation or removal.
Each additional officer appointed or elected by the Board of Directors shall
hold office
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for such term as shall be determined from time to time by the Board of Directors
and until his successor has been elected or appointed and qualified, or until
his earlier death, resignation or removal.
Section 2. Removal. Any officer may be removed or have his
authority suspended by the Board of Directors at any time, with or without
cause.
Section 3. Resignation. Any officer may resign at any time by
giving written notice to the corporation. Such resignation shall take effect at
the time specified therein; unless otherwise specified therein, the acceptance
of such resignation shall not be necessary to make it effective.
Section 4. Vacancies. A vacancy in any office arising for any
reason may be filled by the Board of Directors.
Section 5. Chairman of the Board. The Chairman of the Board shall
preside at all meetings of stockholders and of the Board of Directors and shall
be entitled to vote upon all questions.
Section 6. The President. The President shall be the chief
executive officer of the corporation. In the absence of the Chairman of the
Board, the President preside at all meetings of stockholders and of the Board of
Directors. He shall have the powers and duties of immediate supervision and
management of the corporation which usually pertain to his office, and shall
perform all such other duties as are properly required of him by the Board of
Directors.
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Section 7. The Vice Presidents. The Vice Presidents may be
designated by such title or titles as the Board of Directors may determine, and
each Vice President in such order of seniority as may be determined by the Board
of Directors shall, in the absence or disability of the President, or at his
request, perform the duties and exercise the powers of the President. Each of
the Vice Presidents also shall have such powers as usually pertain to his office
and shall perform such duties as usually pertain to his office or as are
properly required of him by the Board of Directors.
Section 8. The Secretary and Assistant Secretaries. The Secretary
shall issue notices of all meetings of stockholders and of the Board of
Directors where notices of such meetings are required by law or these by-laws.
He shall attend meetings of stockholders and of the Board of Directors and keep
the minutes thereof in a book or books to be provided for that purpose. He shall
affix the corporate seal to and sign such instruments as require the seal and
his signature and shall perform such other duties as usually pertain to his
office or as are properly required of him by the Board of Directors.
Section 9. The Treasurer and Assistant Treasurers. The Treasurer
shall have the care and custody of all the moneys and securities of the
corporation. He shall cause to be entered in books of the corporation to be kept
for that purpose full and accurate accounts of all moneys received by him and
paid by him on account of the corporation. He shall make and sign such reports,
statements and instruments as may be required of him by the Board of Directors
or by the laws of the United States or of any state, country or other
jurisdiction in which the corporation transacts business, and shall perform such
other duties as usually pertain to his office or as are properly required of him
by the Board of Directors.
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Section 10. Officers Holding Two or More Offices. Any two or more
offices 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 or otherwise to be executed or verified by two or more officers.
Section 11. Duties of Officers May be Delegated. In case of the
absence or disability of any officer of the corporation, or in case of a vacancy
in any office or for any other reason that the Board of Directors may deem
sufficient, the Board of Directors, except as otherwise provided by law, may
temporarily delegate the powers or duties of any officer to any other officer or
to any director.
Section 12. Compensation. The compensation of all officers shall be
determined by the Board of Directors. The compensation of all other employees
shall be fixed by the President within such limits as may be prescribed by the
Board of Directors.
Section 13. Security. The corporation may secure the fidelity of
any or all of its officers or agents by bond or otherwise, as may be required
from time to time by the Board of Directors.
ARTICLE IV
Indemnification of Officers and Directors
Section 1. Right of Indemnification. Every person now or hereafter
serving as a director or officer of the corporation and every such director or
officer serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, shall be indemnified by the corporation in accordance with
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and to the fullest extent permitted by law for the defense of, or in connection
with, any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative.
Section 2. Expenses. Expenses incurred in defending a civil or
criminal action, suit or proceeding may be paid by the corporation in advance of
the final disposition of such action, suit or proceeding as authorized by the
Board of Directors in the specific case upon receipt of an undertaking by or on
behalf of the director or officer to repay such amount unless it shall
ultimately be determined that he is entitled to be indemnified by the
corporation as authorized in this Article IV.
Section 3. Other Rights of Indemnification. The right of
indemnification herein provided shall not be deemed exclusive of any other
rights to which any such director or officer may now or hereafter be entitled
under any by-law, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding such office, and shall continue as to a person
who has ceased to be a director or officer and shall inure to the benefit of the
heirs, executors and administrators of such person.
ARTICLE V
Shares and Their Transfer
Section 1. Certificates. Every stockholder of the corporation shall
be entitled to a certificate or certificates, to be in such form as the Board of
Directors shall prescribe, certifying the number of shares of the stock of the
corporation owned by him.
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Section 2. Issuance of Certificates. Certificates representing
shares of stock of the corporation shall be numbered in the order in which they
are issued and shall be signed by the President or any Vice President and the
Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary
of the corporation. Any of or all the signatures on the certificate may be a
facsimile. In case any officer or officers of the corporation who shall have
signed, or whose facsimile signature or signatures shall have been used on, any
such certificate shall have ceased to be such officer or officers before such
certificate is issued, such certificate may nevertheless be issued as though the
person or persons who signed such certificate, or whose facsimile signature or
signatures shall have been affixed thereto, had not ceased to be such officer or
officers.
Section 3. More Than One Class of Stock. If the corporation shall
be authorized to issue more than one class of stock or more than one series of
any class, the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof and
the qualification, limitations or restrictions of such preferences and/or rights
shall be set forth in full or summarized on the face or back of the certificate
which the corporation shall issue to represent such class or series of stock,
provided that, except for restrictions on transfer of stock (as provided in
section 202 of the General Corporation Law of Delaware), in lieu of the
foregoing requirements, there may be set forth on the face or back of the
certificate which the corporation shall issue to represent such class or series
of stock, a statement that the corporation will furnish without charge to each
stockholder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences
and/or rights.
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Section 4. Stock Ledger. A record shall be kept by the Secretary,
transfer agent or by any other officer, employee or agent designated by the
Board of Directors of the name of the individual, firm or corporation holding
the shares of the stock of the corporation represented by each certificate, the
number of shares represented y such certificate, the date of issue thereof and,
in case of cancellation, the date of cancellation thereof.
Section 5. Transfer of Shares. Upon surrender to the corporation or
the transfer agent of the corporation of a certificate representing shares of
the stock of the corporation duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the
corporation to issue a new certificate to the person entitled thereto, cancel
the old certificate and record the transaction upon its books. Whenever any
transfer of shares shall be made for collateral security, and not absolutely, it
shall be so expressed in the entry of the transfer if, when the certificates are
presented to the corporation for transfer, both the transferor and transferee
request the corporation to do so.
Section 6. Registered Stockholders. The corporation shall be
entitled to recognize the exclusive right of a person registered on its books as
the owner of shares of the stock of the corporation to receive dividends, and to
vote as such owner, and to hold liable for call and assessments a person
registered on its books as the owner of such shares, and shall not be bound to
recognize any equitable or other claim to or interest in such shares on the part
of any other person, whether or not it shall have express or other notice
thereof, except as otherwise provided by the laws of Delaware.
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Section 7. Regulations. The Board of Directors may make such rules
and regulations as it may deem expedient, not inconsistent with law, the
certificate of incorporation or these by-laws, concerning the issue, transfer
and registration of certificates representing shares of the stock of the
corporation. It may appoint, or authorize any officer or officers to appoint,
one or more transfer clerks or one or more transfer agents or one or more
registrars, and may require all such certificates to bear the signature or
signatures of any of them.
Section 8. Lost, Stolen and Destroyed Certificates. The Board of
Directors may in its discretion cause a new certificate representing shares of
the stock of the corporation to be issued in place of any certificate
theretofore issued by the corporation alleged to have been lost, stolen or
destroyed, upon satisfactory proof of that fact by the person claiming the
certificate to have been lost, stolen or destroyed; but the Board of Directors
may in its discretion refuse to issue a new certificate except upon the order of
a court having jurisdiction in such matters. When authorizing such issue of a
new certificate, the Board of Directors may, in its discretion, and as a
condition precedent to the issuance thereof, require the owner of such lost,
stolen or destroyed certificate, or his legal representative, to give the
corporation a bond sufficient to indemnify it against any claim that may be made
against it on account of the alleged loss, theft or destruction of any such
certificate or the issuance of such new certificate.
Section 9. Fixing of Record Date. In order that the corporation may
determine the stockholders entitled to notice of or to vote at any meeting of
stockholders or any adjournment thereof, or to express consent to corporate
action in writing without a meeting, or entitled to receive payment of any
dividend or other distribution or allotment of any rights, or entitled to
exercise any rights in respect to any change, conversion or exchange of shares
of the stock
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of the corporation, or for the purpose of any other lawful action, the Board of
Directors may fix, in advance, a record date, which shall not be more than sixty
or less than ten days before the date of such meeting, nor more than sixty days
prior to any other action. Only such stockholders as shall be stockholders of
record on the date so fixed shall be entitled to notice of, and to vote at such
meeting of stockholders and any adjournment thereof, or to receive payment of
such dividend or such other distribution or such allotment of rights, or to
exercise such rights in respect to any such change, conversion or exchange of
shares of the stock of the corporation, or to participate in such other action,
or to give such consent, as the case may be, notwithstanding any transfer of any
shares of the stock of the corporation on the books of the corporation after any
such record date so fixed. A determination of stockholders of record entitled to
notice of or to vote at any meeting of stockholders shall apply to any
adjournment of the meeting; provided, however, that the Board of Directors may
fix a new record date for the adjourned meeting.
If no record date is fixed by the Board of Directors, (a) the record
date for determining stockholders entitled to notice of or to vote at any
meeting of stockholders shall be at the close of business on the day next
preceding the day on which notice is given or, if notice is waived, at the close
of business on the day next preceding the day on which the meeting is held, (b)
the record date for determining stockholders entitled to express consent to
corporate action in writing without a meeting, when no prior action by the Board
of Directors is necessary, shall be the day on which the first written consent
is expressed, and (c) the record date for determining stockholders for any other
purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto.
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ARTICLE VI
Finances
Section 1. Corporate Funds. The funds of the corporation shall be
deposited in its name with such banks, trust companies or other depositories as
the Board of Directors may from time to time designate. All checks, notes,
drafts and other negotiable instruments of the corporation shall be signed by
such officer or officers, employee or employees, agent or agents as the Board of
Directors may from time to time designate. No officers, employees or agents of
the corporation, alone or with others, shall have power to make any checks,
notes, drafts or other negotiable instruments in the name of the corporation or
to bind the corporation thereby, except as provided in this Section 1.
Section 2. Fiscal Year. The fiscal year of the corporation shall be
the calendar year unless otherwise provided by the Board of Directors.
Section 3. Dividends; Reserves. Dividends upon the stock of the
corporation, payable out of funds legally available therefor, may be declared by
the Board of Directors at any regular or special meeting. Dividends may be paid
in cash, in property, or in shares of the stock of the corporation. Before
declaring any dividend, the Board of Directors may set aside out of any funds of
the corporation legally available for dividends such sum or sums as the Board of
Directors from time to time in its discretion shall deem proper as a reserve for
working capital, for contingencies, for equalizing dividends or for such other
purpose or purposes as the Board of Directors shall deem conducive to the
interests of the corporation, and the Board of Directors may modify or abolish
any such reserve in the manner in which it was created.
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Section 4. Loans to Employees and Officers. The corporation may
lend money to or guarantee any obligation of, or otherwise assist any officer or
other employee of the corporation, including any officer or employee who is also
a director of the corporation, whenever in the judgment of the directors, such
loan, guaranty or assistance may reasonably be expected to benefit the
corporation. The loan, guaranty or other assistance may be with or without
interest, and may be unsecured or secured in such manner as the Board of
Directors shall approve, including, without limitation, a pledge of shares of
stock of the corporation.
ARTICLE VII
Corporate Seal
Section 1. Form of Seal. The corporate seal shall have inscribed
thereon the name of the corporation, the year of its incorporation and the words
"Corporate Seal" and "Delaware", and shall otherwise be in such form as shall be
prescribed from time to time by the Board of Directors.
Section 2. Use of Seal. The corporate seal may be used by causing
it or a facsimile thereof to be impressed or affixed or reproduced in any
manner.
ARTICLE VIII
Amendments
Section 1. Procedure For Amending By-Laws. By-laws of the
corporation may be adopted, amended or repealed (a) at any meeting of
stockholders, notice of which shall have referred to the proposed action, by the
holders of a majority of the shares of the corporation then entitled to vote at
an election of directors, or (b), if the power to adopt, amend or repeal by-
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laws shall have been conferred upon the directors in the certificate of
incorporation, at any meeting of the Board of Directors, notice of which shall
have referred to the proposed action, by the vote of a majority of the entire
Board of Directors.
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