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EXHIBIT 3.2
SENSIENT TECHNOLOGIES CORPORATION
AMENDED AND RESTATED BY-LAWS
1. OFFICES
1.1 Business Offices. The principal office of the corporation in
the State of Wisconsin shall be located in the City of Milwaukee, County of
Milwaukee. The corporation may have such other offices, either within or without
the State of Wisconsin, as the Board of Directors may designate or as the
business of the corporation may require from time to time.
1.2 Registered Office. The registered office of the corporation
required by the Wisconsin Business Corporation Law to be maintained in the State
of Wisconsin may be, but need not be, identical with the principal office in the
State of Wisconsin, and the address of the registered office may be changed from
time to time by the Board of Directors.
2. SHAREHOLDERS
2.1 Annual Meeting. The date of the annual meeting of shareholders
shall be set by the Board of Directors each year for the third Thursday after
the first Friday of April, or on such other day as may be designated by the
Board of Directors, upon the recommendation of the Nominating Committee, for the
purpose of electing directors and transacting such other business as may come
before the meeting; provided, however, that any such other date shall be not
later than June 1. In fixing a meeting date for any annual meeting of
shareholders, the Board of Directors may consider such factors as it deems
relevant within the good faith exercise of its business judgment.
2.2 Purposes of Annual Meeting. At an annual meeting of
shareholders (an "Annual Meeting"), only business properly brought before the
meeting as provided in this Section may be transacted. To be properly brought
before an Annual Meeting, business must be (i) brought before the meeting by or
at the direction of the Board of Directors, or (ii) otherwise properly brought
before the meeting by a shareholder of record where the shareholder has complied
with the requirements of this Section. To bring business before an Annual
Meeting, a shareholder must have given written notice thereof, either by
personal delivery or by United States certified mail, postage prepaid, to the
Secretary of the corporation, that is received by the Secretary not less than
fifty (50) days in advance of the third Thursday after the first Friday in the
month of April next following the last Annual Meeting held; provided that if the
Annual Meeting of shareholders is held earlier than the third Thursday after the
first Friday in the month of April, such notice must be given on or before the
later of (x) the date fifty (50) days prior to the earlier date of the Annual
Meeting and (y) the date ten (10) business days after the first public
disclosure, which may include any public filing with the Securities and Exchange
Commission or a press release to Dow Jones & Company or any similar service, of
the earlier date of the Annual Meeting. Any such notice shall set forth the
following as to each matter the shareholder proposes to bring
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before the Annual Meeting: (A) a brief description of the business desired to be
brought before the meeting and the reasons for conducting such business at the
meeting and, if such business includes a proposal to amend the Amended and
Restated Articles of Incorporation or By-laws of the corporation, the language
of the proposed amendment; (B) the name and address, as they appear on the
corporation's books, of the shareholder proposing such business and the
beneficial owner or owners, if any, on whose behalf the business is proposed;
(C) the class and number of shares of the corporation which are beneficially
owned by such shareholder and beneficial owner or owners; (D) 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 propose such business; and (E) any material interest of the
shareholder and beneficial owner or owners in such business and such persons'
reasons for conducting such business at the meeting. If the chairman of the
shareholders meeting shall determine that business was not properly brought
before the meeting and in accordance with the provisions of the By-laws, he or
she shall so declare to the meeting and any such business not properly brought
before the meeting shall not be transacted. Notwithstanding the foregoing
provisions of this Section, a shareholder shall also comply with all applicable
requirements of the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder with respect to the matters set forth in this
Section.
2.3 Special Meetings.
(a) A special meeting of the shareholders of the
corporation (a "Special Meeting") may be called only by (i) the Chairman of the
Board, (ii) the Chief Executive Officer, or (iii) the Board of Directors, and
shall be called by the Chairman of the Board or the Chief Executive Officer upon
the written demand, in accordance with this Section 2.3, of the holders of
record of shares representing at least 10% of all the votes entitled to be cast
on any issue proposed to be considered at the Special Meeting. Only such
business shall be conducted at a Special Meeting as shall have been described in
the notice of meeting sent to shareholders pursuant to Section 2.5 of these
By-laws.
(b) To enable the corporation to determine the
shareholders entitled to demand a Special Meeting, the Board of Directors may
fix a record date to determine the shareholders entitled to make such a demand
(the "Demand Record Date"). The Demand Record Date shall not precede the date
upon which the resolution fixing the Demand Record Date is adopted by the Board
of Directors and shall not be more than ten (10) days after the date upon which
the resolution fixing the Demand Record Date is adopted by the Board of
Directors. Any shareholder of record seeking to have shareholders demand a
Special Meeting shall, by written notice to the Secretary of the corporation,
request the Board of Directors to fix a Demand Record Date. The Board of
Directors shall promptly, but in all events within ten (10) days after the date
on which a valid request to fix a Demand Record Date is received, adopt a
resolution fixing the Demand Record Date and shall make a public announcement of
such Demand Record Date. If no Demand Record Date has been fixed by the Board of
Directors within ten (10) days after the date on which such request is received
by the Secretary, the Demand Record Date shall be the tenth (10th) day after the
first date on which a valid written request to set a Demand Record Date is
received by the Secretary. To be valid, such written request shall set forth the
purpose or purposes for which the Special
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Meeting is to be held, shall be signed by one or more shareholders of record (or
their duly authorized proxies or other representatives), shall bear the date of
signature of each such shareholder (or proxy or other representative) and shall
set forth all information about each such shareholder and about the beneficial
owner or owners, if any, on whose behalf the request is made that would be
required to be set forth in a shareholder's notice described in Sections 2.2 and
3.9 of these By-laws.
(c) For a shareholder or shareholders to demand a Special
Meeting, a written demand or demands for a Special Meeting by the holders of
record as of the Demand Record Date of shares representing at least ten percent
(10%) of all the votes entitled to be cast on each issue proposed to be
considered at the Special Meeting must be delivered to the corporation. To be
valid, each written demand by a shareholder for a Special Meeting shall set
forth the specific purpose or purposes for which the Special Meeting is to be
held (which purpose or purposes shall be limited to the purpose or purposes set
forth in the written request to set a Demand Record Date received by the
corporation pursuant to paragraph (b) of this Section 2.3), shall be signed by
one or more persons who as of the Demand Record Date are shareholders of record
(or their duly authorized proxies or other representatives), shall bear the date
of signature of each such shareholder (or proxy or other representative), shall
set forth the name and address, as they appear in the corporation's books, of
each shareholder signing such demand and the class or series and number of
shares of the corporation which are owned of record and beneficially by each
such shareholder, shall be sent to the Secretary by hand or by certified or
registered mail, return receipt requested, and shall be received by the
Secretary within seventy (70) days after the Demand Record Date.
(d) The corporation shall not be required to call a
Special Meeting upon shareholder demand unless, in addition to the documents
required by paragraph (c) of this Section 2.3, the Secretary receives a written
agreement signed by each Soliciting Shareholder (as defined herein), pursuant to
which each Soliciting Shareholder, jointly and severally, agrees to pay the
corporation's costs of holding the Special Meeting, including the costs of
preparing and mailing proxy materials for the corporation's own solicitation,
provided that if each of the resolutions introduced by any Soliciting
Shareholder at such meeting is adopted, and each of the individuals nominated by
or on behalf of any Soliciting Shareholder for election as director at such
meeting is elected, then the Soliciting Shareholders shall not be required to
pay such costs. For purposes of this paragraph (d) the following terms shall
have the meanings set forth below:
(i) "Affiliate" shall have the meaning assigned
to such term in Rule 12b-2 promulgated under
the Securities Exchange Act of 1934, as
amended (the "Exchange Act").
(ii) "Participant" shall have the meaning
assigned to such term in Rule 14a-11
promulgated under the Exchange Act.
(iii) "Person" shall mean any individual, firm,
corporation, partnership, joint venture,
association, trust, unincorporated
organization or other entity.
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(iv) "Proxy" shall have the meaning assigned to
such term in Rule 14a-1 promulgated under
the Exchange Act.
(v) "Solicitation" shall have the meaning
assigned to such term in Rule 14a-11
promulgated under the Exchange Act.
(vi) "Soliciting Shareholder" shall mean, with
respect to any Special Meeting demanded by a
shareholder or shareholders, any of the
following Persons:
(A) if the number of shareholders
signing the demand or demands of
meeting delivered to the corporation
pursuant to paragraph (c) of this
Section 2.3 is ten (10) or fewer,
each shareholder signing any such
demand;
(B) if the number of shareholders
signing the demand or demands of
meeting delivered to the corporation
pursuant to paragraph (c) of this
Section 2.3 is more than ten (10),
each Person who either (I) was a
Participant in any Solicitation of
such demand or demands or (II) at
the time of the delivery to the
corporation of the documents
described in paragraph (c) of this
Section 2.3, had engaged or intended
to engage in any Solicitation of
Proxies for use at such Special
Meeting (other than a Solicitation
of Proxies on behalf of the
corporation); or
(C) any Affiliate of a Soliciting
Shareholder, if a majority of the
directors of the corporation then in
office determine, reasonably and in
good faith, that such Affiliate
should be required to sign the
written notice described in
paragraph (c) of this Section 2.3
and/or the written agreement
described in this paragraph (d) in
order to prevent the purposes of
this Section 2.3 from being evaded.
(e) Except as provided in the following sentence, any
Special Meeting shall be held at such hour and day as may be designated by
whichever of the Chairman of the Board, the Chief Executive Officer or the Board
of Directors shall have called such meeting. In the case of any Special Meeting
called by the Chairman of the Board or the Chief Executive Officer upon the
demand of shareholders (a "Demand Special Meeting"), such meeting shall be held
at such hour and day as may be designated by the Board of Directors; provided,
however, that the date of any Demand Special Meeting shall be not more than
seventy (70) days after the Meeting Record Date (as defined in Section 2.6); and
provided further that in the event that the directors then in office fail to
designate an hour and date for a Demand Special Meeting within ten (10) days
after the date that valid written demands for such meeting by the holders of
record as of the Demand Record Date of shares representing at least ten percent
(10%) of all the votes entitled to be cast on each issue proposed to be
considered at the special meeting are delivered to the corporation (the
"Delivery Date"), then
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such meeting shall be held at 2:00 P.M. local time on the one hundredth (100th)
day after the Delivery Date, or if such one hundredth (100th) day is not a
Business Day (as defined below), on the first preceding Business Day. In fixing
a meeting date for any Special Meeting, the Chairman of the Board, the Chief
Executive Officer or the Board of Directors may consider such factors as he or
it deems relevant within the good faith exercise of his or its business
judgment, including, without limitation, the nature of the action proposed to be
taken, the facts and circumstances surrounding any demand for such meeting, and
any plan of the Board of Directors to call an Annual Meeting or a Special
Meeting for the conduct of related business.
(f) The corporation may engage independent inspectors of
elections to act as an agent of the corporation for the purpose of promptly
performing a ministerial review of the validity of any purported written demand
or demands for a Special Meeting received by the Secretary. For the purpose of
permitting the inspectors to perform such review, no purported demand shall be
deemed to have been delivered to the corporation until the earlier of (i) five
(5) Business Days following receipt by the Secretary of such purported demand
and (ii) such date as the independent inspectors certify to the corporation that
the valid demands received by the Secretary represent at least ten percent (10%)
of all the votes entitled to be cast on each issue proposed to be considered at
the Special Meeting. Nothing contained in this paragraph shall in any way be
construed to suggest or imply that the Board of Directors or any shareholder
shall not be entitled to contest the validity of any demand, whether during or
after such five (5) Business Day period, or to take any other action (including,
without limitation, the commencement, prosecution or defense of any litigation
with respect thereto).
(g) For purposes of these By-laws, "Business Day" shall
mean any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of Wisconsin are authorized or obligated by law or
executive order to close.
2.4 Place of Meeting. The Board of Directors, the Chairman of the
Board or the Chief Executive Officer may designate any place, either within or
without the State of Wisconsin, as the place of meeting for the Annual Meeting,
any Special Meeting or any postponement thereof. If the Board of Directors, the
Chairman of the Board or the Chief Executive Officer shall fail or neglect to
make such designation, the Secretary shall designate the place of such meeting.
If no designation is made, the place of meeting shall be the registered office
of the corporation in the State of Wisconsin. Any adjourned meeting may be
reconvened at any place designated by vote of the Board of Directors or by the
Chairman of the Board or the Chief Executive Officer.
2.5 Notice of Meeting. The corporation shall send written or
printed notice stating the place, day and hour of any Annual Meeting or Special
Meeting not less than ten (10) days nor more than sixty (60) days before the
date of such meeting either personally or by mail to each shareholder of record
entitled to vote at such meeting and to other shareholders as may be required by
law or by the Amended and Restated Articles of Incorporation. In the event of
any Demand Special Meeting, such notice of meeting shall be sent not more than
thirty (30) days after the Delivery Date. If mailed, such notice of meeting
shall be addressed to the shareholder at the shareholder's address as it appears
on the corporation's record of
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shareholders. Unless otherwise required by law or the Amended and Restated
Articles of Incorporation, a notice of an Annual Meeting need not include a
description of the purpose for which the meeting is called. In the case of any
Special Meeting, (a) the notice of meeting shall describe any business that the
Board of Directors shall have theretofore determined to bring before the meeting
and (b) in the case of a Demand Special Meeting, the notice of meeting (i) shall
describe any business set forth in the statement of purpose of the demands
received by the corporation in accordance with Section 2.3 of these By-laws and
(ii) shall contain all of the information required in the notice received by the
corporation in accordance with Section 2.3(b) of these By-laws. A shareholder's
attendance at a meeting, in person or by proxy, waives objection to the
following: (A) lack of notice or defective notice of the meeting, unless the
shareholder at the beginning of the meeting or promptly upon arrival objects to
holding the meeting or transacting business at the meeting; and (B)
consideration of a particular matter at the meeting that is not within the
purpose described in the meeting notice, unless the shareholder objects to
considering the matter when it is presented.
2.6 Fixing of Certain Record Dates.
(a) The Board of Directors may fix a future date not less
than ten (10) days and not more than sixty (60) days prior to the date of any
Annual Meeting or Special Meeting as the record date for the determination of
shareholders entitled to notice of, or to vote at, such meeting (the "Meeting
Record Date"). In the case of any Demand Special Meeting, (i) the Meeting Record
Date shall be not later than the thirtieth (30th) day after the Delivery Date
and (ii) if the Board of Directors fails to fix the Meeting Record Date within
thirty (30) days after the Delivery Date, then the close of business on such
thirtieth (30th) day shall be the Meeting Record Date. The shareholders of
record on the Meeting Record Date shall be the shareholders entitled to notice
of and to vote at the meeting. Except as may be otherwise provided by law, a
determination of shareholders entitled to notice of or to vote at a meeting of
shareholders is effective for any adjournment of such meeting unless the Board
of Directors fixes a new Meeting Record Date, which it shall do if the meeting
is postponed or adjourned to a date more than one hundred twenty (120) days
after the date fixed for the original meeting.
(b) The Board of Directors may fix a future date as the
record date for the determination of shareholders entitled to receive payment of
any share dividend or distribution. If no record date is so fixed by the Board
of Directors, the record date for determining shareholders entitled to a
distribution (other than a distribution involving a purchase, redemption or
other acquisition of the corporation's shares) or a share dividend is the date
on which the Board of Directors authorized the distribution or share dividend,
as the case may be.
2.7 Voting Lists. After a record date for a Special Meeting or
Annual Meeting has been fixed, the corporation shall prepare a list of the names
of all of the shareholders entitled to notice of the meeting. The list shall be
arranged by class or series of shares, if any, and show the address of and
number of shares held by each shareholder. Such list shall be available for
inspection by any shareholder, beginning two business days after notice of the
meeting is given for which the list was prepared and continuing to the date of
the meeting, at
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the corporation's principal office or at a place identified in the meeting
notice in the city where the meeting will be held. The corporation shall make
the shareholders' list available at the meeting, and any shareholder or his or
her agent or attorney may inspect the list at any time during the meeting or any
adjournment thereof. Refusal or failure to prepare or make available the
shareholders' list shall not affect the validity of any action taken at a
meeting of shareholders.
2.8 Quorum; Votes. Shares entitled to vote as a separate voting
group may take action on a matter at a meeting only if a quorum of those shares
exists with respect to that matter. If the corporation has only one class of
stock outstanding, such class shall constitute a separate voting group for
purposes of this Section 2.8. Except as otherwise provided in the Amended and
Restated Articles of Incorporation or the Wisconsin Business Corporation Law, a
majority of the votes entitled to be cast on the matter shall constitute a
quorum of the voting group for action on that matter. Once a share is
represented for any purpose at a meeting, other than for the purpose of
objecting to holding the meeting or transacting business at the meeting, it is
considered present for purposes of determining whether a quorum exists for the
remainder of the meeting and for any adjournment of that meeting unless a new
record date is or must be set for the adjourned meeting. If a quorum exists,
except in the case of the election of directors, action on a matter shall be
approved if the votes cast within the voting group favoring the action exceed
the votes cast opposing the action, unless the Amended and Restated Articles of
Incorporation or the Wisconsin Business Corporation Law requires a greater
number of affirmative votes. Unless otherwise provided in the Amended and
Restated Articles of Incorporation, each director shall be elected by a
plurality of the votes cast by the shares entitled to vote in the election of
directors at a meeting at which a quorum is present.
2.9 Proxies. At all meetings of shareholders, a shareholder
entitled to vote may vote his or her shares in person or by proxy. A shareholder
may appoint a proxy to vote or otherwise act for the shareholder by signing an
appointment form, either personally or by his or her attorney-in-fact. An
appointment of a proxy is effective when received by the Secretary or other
officer or agent of the corporation authorized to tabulate votes. An appointment
is valid for eleven months from the date of its signing unless a different
period is expressly provided in the appointment form.
2.10 Voting of Shares. Each outstanding share, regardless of class,
shall be entitled to one vote upon each matter submitted to a vote at a meeting
of shareholders, except to the extent that the voting rights of the shares of
any class or classes are enlarged, limited, or denied by the Amended and
Restated Articles of Incorporation of the corporation or by the Wisconsin
Business Corporation Law.
2.11 Subsidiary Shares. Shares held by another corporation, if a
sufficient number of shares entitled to elect a majority of the directors of
such other corporation is held directly or indirectly by the corporation, shall
not be entitled to vote at any meeting, but shares held in a fiduciary capacity
may be voted.
2.12 Acceptance of Instruments Showing Shareholder Action. If the
name signed on a vote, consent, waiver or proxy appointment corresponds to the
name of a shareholder,
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the corporation, if acting in good faith, may accept the vote, consent, waiver
or proxy appointment and give it effect as the act of a shareholder. If the name
signed on a vote, consent, waiver or proxy appointment does not correspond to
the name of a shareholder, the corporation, if acting in good faith, may accept
the vote, consent, waiver or proxy appointment and give it effect as the act of
the shareholder if any of the following apply:
(a) The shareholder is an entity and the name signed
purports to be that of an officer or agent of the entity.
(b) The name purports to be that of a personal
representative, administrator, executor, guardian or conservator representing
the shareholder and, if the corporation requests, evidence of fiduciary status
acceptable to the corporation is presented with respect to the vote, consent,
waiver or proxy appointment.
(c) The name signed purports to be that of a receiver or
trustee in bankruptcy of the shareholder and, if the corporation requests,
evidence of this status acceptable to the corporation is presented with respect
to the vote, consent, waiver or proxy appointment.
(d) The name signed purports to be that of a pledgee,
beneficial owner, or attorney-in-fact of the shareholder and, if the corporation
requests, evidence acceptable to the corporation of the signatory's authority to
sign for the shareholder is presented with respect to the vote, consent, waiver
or proxy appointment.
(e) Two or more persons are the shareholders as
co-tenants or fiduciaries and the name signed purports to be the name of at
least one of the co-owners and the person signing appears to be acting on behalf
of all co-owners.
The corporation may reject a vote, consent, waiver or proxy
appointment if the Secretary or other officer or agent of the corporation who is
authorized to tabulate votes, acting in good faith, has reasonable basis for
doubt about the validity of the signature on it or about the signatory's
authority to sign for the shareholder.
2.13 Conduct of Meeting. The Chairman of the Board, and in his or
her absence, any officer or director designated by the Chairman of the Board,
and in his or her absence, the Chief Executive Officer, and in his or her
absence, the President, and in his or her absence, a Vice President in the order
provided under Section 4.7 of these By-laws, and in their absence, any person
chosen by the shareholders present, shall call any Annual Meeting or Special
Meeting to order and shall act as Chairman of the Meeting, and the Secretary of
the corporation shall act as secretary of any meeting of the shareholders, but
in the absence of the Secretary, the Chairman of the Meeting may appoint any
other person to act as secretary of the meeting.
2.14 Postponement; Adjournment.
(a) Any Annual Meeting or any Special Meeting called by
the Chairman of the Board, the Chief Executive Officer (other than a Demand
Special Meeting) or the Board
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of Directors may be postponed at any time or from time to time after written
notice of the meeting has been delivered to shareholders as follows: (i) in the
case of the Annual Meeting or a Special Meeting called by the Board of
Directors, by action of the Board of Directors or a duly authorized committee
thereof and (ii) in the case of a Special Meeting called by the Chairman of the
Board or the Chief Executive Officer, at the request of the person calling the
meeting and with the consent of the Board of Directors or a duly authorized
committee thereof. Any such postponement or postponements shall be disclosed in
any public filing with the Securities and Exchange Commission or by means of a
press release to Dow Jones & Company or any similar service promptly following
such postponement, and promptly thereafter written notice of such postponement
stating the place, day and hour to which the meeting was postponed shall be
delivered to each shareholder of record entitled to vote at such meeting.
(b) A meeting of shareholders may be adjourned to a
different date, time or place from time to time, whether or not there is a
quorum, (i) at any time, upon a resolution of shareholders if the number of
votes cast in favor of such resolution exceed the number of votes cast against
such resolution, or (ii) by order of the chairman of the meeting, but only where
such order is delivered before any business is transacted at such meeting and
such adjournment is for a period of thirty (30) days or less. At such adjourned
meeting at which a quorum shall be present or represented, any business may be
transacted which might have been transacted at the meeting originally noticed.
Any such adjournment or adjournments pursuant to clause (i), if the new date,
time and place of the meeting are not announced at the meeting prior to
adjournment or if a new record date is or must be fixed for the meeting, or
pursuant to clause (ii) shall be disclosed in any public filing with the
Securities and Exchange Commission or by means of a press release to Dow Jones &
Company or any similar service promptly following such adjournment, and promptly
thereafter written notice of such adjournment stating the date, time and place
to which the meeting was adjourned shall be delivered to each shareholder of
record entitled to vote at such meeting, except that (except as may be otherwise
required by law) no such disclosure in filings, press releases or notices to
shareholders shall be required if an adjournment is for a period of forty-eight
(48) hours or less.
3. BOARD OF DIRECTORS
3.1 General Powers. All corporate powers of the corporation shall
be exercised by or under the authority of, and the business and affairs of the
corporation managed under the direction of, its Board of Directors.
3.2 Number, Tenure and Qualifications.
(a) The number of directors of the corporation shall be
eleven (11). No more than two (2) officers or employees of the corporation or
any of its subsidiaries shall simultaneously serve as directors of the
corporation. The directors shall be divided into three (3) classes with the
first class to consist of three (3) directors and the second and third classes
to consist of four (4) directors each. The term of office of those of the first
class shall expire at the Annual Meeting to be held in January, 1984, and of the
second class one year
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thereafter and of the third class, two years thereafter, and in all cases, until
their respective successors shall have been elected and qualified. At the Annual
Meetings following the initial election of directors by classes, the successors
to the class of directors whose term expires in that year shall be elected for a
term of three (3) years to succeed those whose terms expire, so that the term of
office of one class of directors shall expire in each year, but, subject to the
provisions of the By-laws of the corporation, each director shall hold office
for the term for which he or she is elected and until his or her successor is
elected and, if necessary, qualified or until there is a decrease in the number
of directors that takes effect upon or after the expiration of the term for
which he or she is elected.
(b) Directors need not be residents of the State of
Wisconsin or shareholders of the corporation. A director having attained age
seventy (70) shall automatically cease to be a director of the corporation
effective as of the Annual Meeting immediately following such director's
seventieth (70th) birthday. All directors who are also officers of the
corporation shall automatically cease to be directors of the corporation,
effective as of his or her date of termination of employment from the
corporation, with the exception of any corporate officer holding, or who has
held the position of Chief Executive Officer.
(c) A Chairman of the Board shall be elected by the Board
of Directors from among its members to preside at all meetings of the
shareholders and the Board of Directors. The Director, who need not be an
employee of the corporation, elected Chairman of the Board shall serve in such
position for the term of office as elected by the shareholders or the Board of
Directors and until his or her successor shall have been duly elected or until
his or her death or until resignation or removal in the manner hereinafter
provided. The Chairman of the Board, if an employee of the corporation, may be
elected Chief Executive Officer of the corporation by the Board of Directors.
The Chairman of the Board shall perform all duties incident to the office and
such other duties as may be prescribed by the Board of Directors from time to
time.
(d) All directors of the corporation, who are not
simultaneously employed as officers by the corporation, shall be properly
compensated and reimbursed for their services as a director on the basis of an
annual retainer, meeting attendance fees and reasonable expenses incurred as a
director as established and approved annually by the Board of Directors upon the
recommendation of the Nominating Committee. Any employee of the corporation, who
is elected a director of the corporation, shall not receive any compensation,
expense reimbursement or participation in director benefit programs for his or
her services as a director of the corporation. A Chief Executive Officer, who
retires from the corporation prior to attaining age seventy (70) while serving
as a director, immediately becomes eligible for compensation, expense
reimbursement and director benefit program participation as a non-employee
director effective as of the individual's retirement date from the corporation.
3.3 Regular Meetings. A regular meeting of the Board of Directors
shall be held without other notice than this By-law immediately after, and at
the same place as, the Annual Meeting of shareholders, and each adjourned
session thereof. The Board of Directors may, by resolution, provide the time and
place, either within or without the State of Wisconsin, for the holding of
additional regular meetings without other notice than such resolution.
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3.4 Special Meetings. Special meetings of the Board of Directors
may be called by or at the request of the Chairman of the Board, Chief Executive
Officer or a majority of the number of directors fixed by Section 3.2. The
person or persons authorized to call special meetings of the Board of Directors
may fix any place, either within or without the State of Wisconsin, as the place
for holding any special meeting of the Board of Directors called by them.
3.5 Notice of Meetings. Except as otherwise provided in the
Amended and Restated Articles of Incorporation or the Wisconsin Business
Corporation Law, notice of the date, time and place of any special meeting of
the Board of Directors and of any special meeting of a committee of the Board of
Directors shall be given orally or in writing to each director or committee
member at least forty-eight (48) hours prior to the meeting, except that notice
by mail shall be given at least seventy-two (72) hours prior to the meeting. The
notice need not describe the purpose of the meeting.
3.6 Quorum; Votes. One-third (1/3) of the number of directors
fixed by Section 3.2 shall constitute a quorum for the transaction of business
at any meeting of the Board of Directors, but though less than such quorum is
present at a meeting, a majority of the directors present may adjourn the
meeting from time to time without further notice. If a quorum is present when a
vote is taken, the affirmative vote of a majority of directors present shall be
the act of the Board of Directors, unless the act of a greater number is
required by law, by the Amended and Restated Articles of Incorporation or by
these By-laws.
3.7 Removal and Resignation. A director may be removed from office
by the affirmative vote of the holders of two-thirds (2/3) of the outstanding
shares entitled to vote taken at a meeting called for that purpose. A director
may resign at any time by delivering his written resignation to the Secretary of
the corporation or to the Chairman of the Board. A resignation is effective when
the notice is received unless the notice specifies a later effective date.
3.8 Vacancies. Any vacancy occurring in the Board of Directors,
including a vacancy created by an increase in the number of directors, may be
filled by any of the following: (i) the shareholders, (ii) the Board of
Directors or (iii) if the directors remaining in office constitute fewer than a
quorum of the Board of Directors, the directors, by the affirmative vote of a
majority of all directors remaining in office; provided, however, that if the
vacant office was held by a director elected by a voting group of shareholders,
only the holders of shares of that voting group may vote to fill the vacancy if
it is filled by the shareholders, and only the remaining directors elected by
that voting group may vote to fill the vacancy if it is filled by the directors.
The Directors so elected shall hold office until the next succeeding election of
the class for which such director shall have been elected.
3.9 Nominations. Nominations for the election of directors may be
made only by the Board of Directors, by the Nominating Committee of the Board of
Directors (or, if none, any other committee serving a similar function) or by
any shareholder entitled to vote generally in elections of directors where the
shareholder complies with the requirements of this Section. Any shareholder of
record entitled to vote generally in elections of directors may nominate one or
more persons for election as directors at a meeting of shareholders only
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if written notice of such shareholder's intent to make such nomination or
nominations has been given to the Secretary of the corporation and is received
by the Secretary (i) with respect to an election to be held at an Annual
Meeting, not more than ninety (90) days nor less than fifty (50) days in advance
of the third Thursday after the first Friday of the month of April next
following the last Annual Meeting held; provided, that if the Annual Meeting is
held earlier than the third Thursday after the first Friday of the month of
April, such notice must be given on or before the later of (x) the date fifty
(50) days prior to the earlier date of the Annual Meeting and (y) the date ten
(10) business days after the first public disclosure, which may include any
public filing with the Securities and Exchange Commission or a press release to
Dow Jones & Company or any similar service, of the earlier date of the Annual
Meeting, and (ii) with respect to an election to be held at a Special Meeting as
to which notice of such meeting states that it is to be held for the election of
directors, not earlier than ninety (90) days prior to such Special Meeting and
not later than the close of business on the later of (x) the tenth (10th)
business day following the date on which notice of such meeting is first given
to shareholders and (y) the fiftieth (50th) day prior to such Special Meeting.
Each such notice of a shareholder's intent to nominate a director or directors
at an Annual Meeting or Special Meeting shall set forth the following: (A) the
name and address, as they appear on the corporation's books, of the shareholder
who intends to make the nomination and of the beneficial owner or owners, if
any, on whose behalf the nomination is to be made and the name and residence
address of the person or persons to be nominated; (B) the class and number of
shares of the corporation which are beneficially owned by the shareholder and
beneficial owner or owners; (C) 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; (D) a description of all arrangements
or understandings between the shareholder and/or beneficial owner or owners 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
shareholders; (E) such other information regarding each nominee proposed by such
shareholder as would be required to be disclosed in solicitations of proxies for
election of directors, or would be otherwise required, in each case pursuant to
Regulation 14A under the Securities Exchange Act of 1934, as amended, including
any information that would be required to be included in a proxy statement filed
pursuant to Regulation 14A had the nominee been nominated by the Board of
Directors; and (F) the written consent of each nominee to be named in a proxy
statement and to serve as a director of the corporation if so elected. No person
shall be eligible to serve as a director of the corporation unless nominated in
accordance with the procedures set forth in this By-law. If the chairman of the
shareholders meeting shall determine that a nomination was not made in
accordance with the procedures prescribed by the By-laws, he or she shall so
declare to the meeting and the defective nomination shall be disregarded.
Notwithstanding the foregoing provisions of this Section 3.9, a shareholder
shall also comply with all applicable requirements of the Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder with respect
to the matters set forth in this Section.
3.10 Compensation. The Board of Directors, irrespective of any
personal interest of any of its members, upon the recommendation of the
Nominating Committee, may establish compensation of all directors for services
to the corporation as directors, or may delegate such authority to an
appropriate committee.
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3.11 Presumption of Assent. A director of the corporation who is
present and is announced as present at a meeting of the Board of Directors or a
committee thereof of which he or she is a member at which action on any
corporate matter is taken assents to the action taken, unless any of the
following occurs: (i) the director objects at the beginning of the meeting or
promptly upon his or her arrival to the holding of the meeting or transacting
business at the meeting; (ii) the director's dissent or abstention from the
action taken is entered in the minutes of the meeting; (iii) the director
delivers written notice of his or her dissent or abstention to the presiding
officer of the meeting before its adjournment or to the corporation immediately
after adjournment of the meeting; or (iv) the director dissents or abstains from
action taken, minutes of the meeting are prepared that fail to show the
director's dissent or abstention from the action taken and the director delivers
to the corporation a written notice of that failure that complies with Section
180.0141 of the Wisconsin Business Corporation Law promptly after receiving the
minutes. Such right to dissent or abstain shall not apply to a director who
voted in favor of such action.
3.12 Committees of the Board of Directors.
(a) Subject to the provisions of the Wisconsin Business
Corporation Law, there shall be those committees of the Board of Directors set
forth in Sections 3.13-3.18 of these By-laws, and the Board of Directors may
from time to time establish other committees including standing or special
committees, which shall have such duties and powers as are authorized by these
By-laws or by the Board of Directors; provided, however, that no committee shall
do any of the following: (i) authorize distributions; (ii) approve or propose to
shareholders action that the Wisconsin Business Corporation Law requires be
approved by shareholders; (iii) fill vacancies on the Board of Directors or,
unless the Board of Directors provides by resolution that any vacancies on a
committee shall be filled by the affirmative vote of a majority of the remaining
committee members, on any of its committees; (iv) amend the corporation's
Amended and Restated Articles of Incorporation; (v) adopt, amend or repeal the
corporation's By-laws; (vi) approve a plan of merger not requiring shareholder
approval; (vii) authorize or approve reacquisition of shares, except according
to a formula or method prescribed by the Board of Directors; and (viii)
authorize or approve the issuance or sale or contract for sale of shares, or
determine the designation and relative rights, preferences and limitations of a
class or series of shares, except that the Board of Directors may authorize a
committee or the Chief Executive Officer of the corporation to do so within
limits prescribed by the Board of Directors. In addition to the powers expressly
enumerated in these By-laws, the Board of Directors may, by resolution, at any
time desirable, adopt new powers and authority of any committee.
(b) Committee members and the chairman of each committee,
including any alternates, shall be appointed by the Board of Directors as
provided in the Wisconsin Business Corporation Law. The Chief Executive Officer
of the corporation shall make recommendations to the Board of Directors for its
action concerning members to be appointed to the several committees of the Board
of Directors. Any member of any committee may be removed at any time with or
without cause by the Board of Directors. Vacancies which occur in any committee
may be filled by a resolution of the Board of Directors. If any vacancy shall
occur in any committee by reason of death, resignation,
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disqualification, removal or otherwise, the remaining members of such committee,
so long as the committee has at least two (2) members and a quorum is present,
may continue to act
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until such vacancy is filled. The Board of Directors may, by resolution, at any
time deemed desirable, discontinue any standing or special committee, subject to
the requirements of the By-laws of the corporation. Members of standing
committees, and their chairmen, shall be appointed yearly at the organizational
meeting of the Board of Directors which is held immediately following the Annual
Meeting of shareholders. Members of committees may receive such compensation for
their services as the Board of Directors, upon the recommendation of the
Nominating Committee, may determine.
3.13 Executive Committee. There shall be an Executive Committee of
the Board of Directors. The Executive Committee shall consist of the Chief
Executive Officer of the corporation and not less than three (3) other
directors. Subject to the Wisconsin Business Corporation Law and Section 3.12 of
these By-laws, the Executive Committee shall have all of the powers of the Board
of Directors in the management and conduct of the business and affairs of the
corporation in the intervals between meetings of the Board of Directors, and
shall report its actions to the Board of Directors at its regular meetings.
3.14 Audit Committee. There shall be an Audit Committee of the
Board of Directors. The Committee shall have at least three (3) members. The
members of the Committee shall meet the independence and experience requirements
of the New York Stock Exchange. The Committee shall have the authority to
conduct any investigation appropriate to fulfilling its responsibilities and
shall have the authority to retain, at the Company's expense, legal, accounting
or other consultants it deems necessary in the performance of its duties. The
Committee shall have all of the responsibilities of a qualified audit committee
under New York Stock Exchange rules including without limitation the
responsibilities set forth below.
Review Procedures
1. Review and reassess the adequacy of this charter at least
annually. Submit the charter to the Board of Directors for
approval and have the document published at least every three
years in accordance with Securities and Exchange Commission
regulations.
2. Review the Company's annual audited financial statements prior
to filing or distribution. Review should include discussion
with management and the independent auditors of significant
issues regarding accounting principles, practices, and
judgments.
3. In consultation with management, the independent auditors, and
the internal auditors, consider the integrity of the Company's
financial reporting processes and controls. Discuss
significant financial risk exposures and the steps management
has taken to monitor, control, and report such exposures.
Review significant findings prepared by the independent
auditors and the internal auditing department together with
management's responses.
4. Review with financial management and the independent auditors
the Company's quarterly financial results prior to filing the
Company's Form 10-Q with the Securities and Exchange
Commission. Discuss any significant
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changes to the Company's accounting principles and any items
required to be communicated by the independent auditors in
accordance with AICPA SAS 61. The Chair of the Committee may
represent the entire Audit Committee for purposes of this
review.
Independent Auditors
5. The independent auditors are ultimately accountable to the
Audit Committee and the Board of Directors. The Audit
Committee and the Board of Directors shall have the ultimate
authority to select, evaluate the performance of and, where
appropriate, replace the independent auditors. The Audit
Committee shall annually recommend to the Board of Directors
the appointment or replacement of the independent auditors.
6. Approve the fees and any other significant compensation to be
paid to the independent auditors.
7. On an annual basis, the Committee shall obtain a formal
written statement from the independent auditors delineating
all relationships between the Company and its affiliates,
including the written letter and disclosure required by ISB
Standard No. 1, as it may be supplemented.
8. From time to time, as appropriate, engage in a dialogue with
the independent auditors with respect to any disclosed
relationships or services that may impact the objectivity and
independence of such accountants and recommend to the Board of
Directors appropriate action in response to the outside
auditors' report to satisfy itself of the auditors'
independence.
9. Review the independent auditors audit plan - discuss scope,
staffing, locations, reliance upon management, and internal
audit and general audit approach.
10. Prior to releasing the year-end earnings, discuss the results
of the audit with the independent auditors. Discuss with the
independent accountants the Company's internal controls and
the matters required to be communicated to audit committees in
accordance with AICPA SAS 61.
Internal Audit Department and Legal Compliance
11. Review the budget, activities, organizational structure,
qualifications and performance of the internal audit
department, as needed.
12. Review any reports covering issues which are material to the
Company's financial statements prepared by the internal audit
department together with management's response and follow-up
to these reports.
13. On at least an annual basis, review with the Company's
counsel, any legal matters that could have a significant
impact on the organization's financial
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14. statements, the Company's compliance with applicable laws and
regulations, and inquiries received from regulators or
governmental agencies.
Other Responsibilities
14. Annually prepare, based on the review and discussions referred
to above, a report to shareholders as required by Securities
and Exchange Commission rules and regulations. The report
should be included in the Company's annual proxy statement.
15. Review and update periodically the Company's Code of Conduct
and ensure that compliance with the Code of Conduct is
adequately monitored by management.
16. Perform any other activities consistent with this charter, the
Company's by-laws, and governing law, as the Committee or the
Board deems necessary or appropriate.
17. Periodically report to the Board of Directors on significant
results of the foregoing activities.
3.15 Compensation and Development Committee. There shall be a
Compensation and Development Committee of the Board of Directors. The Committee
shall have the following membership and powers:
(a) The Committee shall be composed of at least three (3)
members. Each member of the Committee shall be both a "nonemployee director"
(within the meaning of Rule 16b-3 of the Securities and Exchange Act) and an
"outside director" (within the meaning of Section 162(m)(4)(C) of the Internal
Revenue Code).
(b) The Committee shall review and approve all
compensation plans and programs (philosophy and guidelines) for the senior
management of the corporation including salary structure, base salary, short and
long-term incentive compensation plans, including stock options and nonqualified
benefit plans and programs, including fringe benefit plans and programs.
(c) The Committee shall prepare such reports as are
required to be included in the corporation's proxy statement.
(d) The Committee shall review and approve annual changes
in the compensation of each officer appointed by the Board of Directors
including base salary and short and long term incentive awards.
(e) The Committee shall review and approve all awards
under the corporation's Stock Option Plans.
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(f) The Committee shall consider and make recommendations
to the Board of Directors regarding the selection and retention of all elected
officers of the corporation (as defined in Section 4.1) and shall annually
recommend to the Board of Directors the appointment of such officers of the
corporation at the time of the Annual Meeting of shareholders.
(g) The Committee shall approve all executive employment
contracts.
(h) The Committee shall oversee the selection of outside
consultants to review the compensation programs of the corporation and shall
meet with such consultants with or without management as appropriate.
(i) The Committee shall annually review the performance
of the Chief Executive Officer.
(j) The Committee shall annually review and approve the
Chief Executive Officer's management development and succession plans for the
corporation.
(k) The Committee shall have such other duties as may be
lawfully delegated to it from time to time by the Board of Directors.
3.16 Finance Committee. There shall be a Finance Committee of the
Board of Directors. The Committee shall have the following membership and
powers:
(a) The Committee shall have at least three (3) members.
At least fifty percent (50%) of the members of the Committee shall be
non-employee directors.
(b) The Committee shall review and approve the
corporation's annual capital budget, long-term financing plans, existing credit
facilities, investments and commercial and investment banking relationships.
(c) The Committee shall review and approve the
corporation's existing insurance coverages, foreign currency management and
Stock Repurchase Program.
(d) The Committee shall review and approve the financial
management and administrative operation of the corporation's qualified and
non-qualified employee benefit plans.
(e) The Committee shall have such other duties as
lawfully may be delegated to it from time to time by the Board of Directors.
3.17 Nominating Committee. There shall be a Nominating Committee of
the Board of Directors. The Committee shall have the following membership and
powers:
(a) The Committee shall have at least three (3) members.
All members of the Committee shall be non-employee directors.
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(b) The Committee shall review candidates to serve as
director and shall recommend candidates to the Board of Directors for nomination
to stand for election at each Annual Meeting of shareholders or other meetings
where directors are to be elected and shall recommend persons to serve as
proxies to vote proxies solicited by the Board of Directors in connection with
such meetings.
(c) The Committee shall cause the names of all director
candidates that are approved by the Board of Directors to be listed in the
corporation's proxy materials and shall support the election of all candidates
so nominated by the Board of Directors to the extent permitted by law.
(d) The Committee shall review and make recommendations
to the Board of Directors concerning the composition and size of the Board of
Directors and potential candidates to serve in the future on the Board of
Directors.
(e) The Committee shall review candidates for election as
directors submitted by shareholders for compliance with these By-laws.
(f) The Committee shall review and recommend to the Board
of Directors the overall compensation programs for directors, including annual
retainer, meeting fees, deferred compensation, stock or option plans or other
incentive plans, and retirement plans.
(g) The Committee shall recommend to the Board of
Directors the date, time and place of the Annual Meeting of the shareholders.
(h) The Committee shall have such other duties as
lawfully may be delegated to it from time to time by the Board of Directors.
3.18 Scientific Advisory Committee. There shall be a Scientific
Advisory Committee of the Board of Directors. The Committee shall have the
following membership and powers:
(a) The Committee shall have at least three (3) members.
At least fifty percent (50%) of the members of the Committee shall be
non-employee directors.
(b) The Committee shall review and evaluate the research
and development programs of the corporation with respect to quality and scope.
(c) The Committee shall advise the Board of Directors on
maintaining product leadership through technological innovation.
(d) The Committee shall review and make recommendations
to the Board of Directors regarding the technological aspects of the
corporation's business, including new business opportunities.
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(e) The Committee shall report to the Board of Directors
on new technological and regulatory trends that will have a significant impact
on the business of the corporation.
(f) The Committee shall have such other duties as
lawfully may be delegated to it from time to time by the Board of Directors.
3.19 Meetings of Committees. Each committee of the Board of
Directors shall fix its own rules of procedure which shall include and be
consistent with the provisions of the Wisconsin Business Corporation Law, these
By-laws and any resolutions of the Board of Directors governing such committee,
and shall make such reports to the Board of Directors of its activities as the
Board of Directors may request. Each committee shall meet as provided by such
rules and shall also meet at the call of its chairman or any two (2) members of
such committee. Unless otherwise provided by such rules, the provisions of these
By-laws under Section 3 entitled "Board of Directors" relating to the place of
holding meetings and the notice required for meetings of the Board of Directors
shall govern the place of meetings and notice of meetings for committees of the
Board of Directors. A majority of the members of each committee shall constitute
a quorum thereof, except that when a committee consists of two (2) members, then
the two (2) members shall constitute a quorum. In the absence of a quorum, a
majority of the members present at the time and place of any meeting may adjourn
the meeting from time to time until a quorum shall be present and the meeting
may be held as adjourned without further notice or waiver. Except in cases where
it is otherwise provided by the rules of such committee, the vote of a majority
of the members present at a duly constituted meeting at which a quorum is
present shall be sufficient to pass any measure by the committee.
3.20 Informal Action Without Meeting. Any action required or
permitted by the Amended and Restated Articles of Incorporation or By-laws or
any provision of law to be taken by the Board of Directors or a committee at a
meeting may be taken without a meeting if the action is taken by all members of
the Board of Directors or of the committee. The action shall be evidenced by one
or more written consents describing the action taken, signed by each director or
committee member and retained by the corporation. Such action shall be effective
when the last director or committee member signs the consent, unless the consent
specifies a different effective date.
3.21 Telephonic Meetings. Notwithstanding any place set forth in
the notice of the meeting or these By-laws, members of the Board of Directors
may participate in regular or special meetings of the Board of Directors and all
Committees of the Board of Directors by or through the use of any means of
communication by which either: (a) all directors participating may
simultaneously hear each other, such as by conference telephone, or (b) all
communication during the meeting is immediately transmitted to each
participating director, and each participating director is able to immediately
send messages to all other participating directors; provided however, that the
Chairman of the Board or the chairman of the respective Committee of the Board
of Directors or other person or persons calling a meeting may determine that the
directors cannot participate by such means, in which case the notice of the
meeting, or other notice to directors given prior to the meeting, shall state
that each director's physical presence shall be required. If a meeting is
conducted through the use of
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such means, then at the commencement of such meeting all participating directors
shall be informed that a meeting is taking place at which official business may
be transacted. A director participating in a meeting by such means shall be
deemed present in person at such meeting. The identity of each director
participating in such a meeting must be verified in such manner as the chairman
of the meeting deems reasonable under the circumstances before a vote may be
taken.
4. OFFICERS
4.1 Number.
(a) The principal executive officers of the corporation
shall be a Chairman, a Chief Executive Officer, a President, one or more Vice
Presidents, one or more of whom may be designated Executive Vice President, one
or more of whom may be designated Senior Vice President, and one or more of whom
may be designated Vice President and Group Executive, a Secretary, a Treasurer,
a Controller, a Chief Financial Officer and divisional presidents, each of whom
shall be appointed by the Board of Directors (the officers thus appointed by the
Board of Directors are sometimes referred to herein as the "elected" officers).
All other officers, other designated divisional or staff officers, and all
assistant officers (including one or more Assistant Secretaries and/or Assistant
Treasurers) shall be appointed by the Board of Directors or the Chief Executive
Officer. Such officers, agents and employees appointed by the Chief Executive
Officer shall hold office at the discretion of the Chief Executive Officer. Any
two or more offices may be held by the same person.
(b) The duties of the elected officers shall be those
enumerated herein and any further duties designated by the Board of Directors.
The duties herein specified for particular officers may be transferred to and
vested in such other officers as the Board of Directors shall appoint from time
to time and for such periods or without limitation as to time as the Board of
Directors shall order.
(c) The duties and powers of all officers appointed by
the Chief Executive Officer shall be those specifically prescribed for the
position(s) by the Chief Executive Officer at the time of appointment.
4.2 Appointment and Term of Office.
(a) The elected officers of the corporation shall be
appointed annually by the Board of Directors at the first meeting of the Board
of Directors held after each Annual Meeting of the shareholders. If the
appointment of officers shall not be held at such meeting, such appointment
shall be held as soon thereafter as convenient. Each such officer shall hold
office until his or her successor shall have been duly appointed or until his or
her death or until he or she shall resign or shall have been removed in the
manner hereinafter provided.
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(b) A vacancy in any office appointed by the Board of
Directors, because of death, resignation, removal, disqualification or otherwise
may be filled by the Board of Directors for the unexpired portion of the term.
4.3 Removal. The Board of Directors may remove any officer or
agent at any time, with or without cause and notwithstanding the contract
rights, if any, of the officer or agent removed. Appointment shall not of itself
create contract rights.
4.4 Resignation. An officer may resign at any time by delivering
written notice to the Secretary of the corporation. The resignation is effective
when the notice is delivered, unless the notice specifies a later effective date
and the corporation accepts the later effective date.
4.5 The Chief Executive Officer. The Chief Executive Officer,
subject to the control of the Board of Directors, shall supervise and control
all of the business and affairs of the corporation. He or she shall, in the
absence of the Chairman of the Board, preside at all meetings of the
shareholders and directors. He or she shall have authority, subject to such
rules as may be prescribed by the Board of Directors, to appoint and remove
certain officers and such agents and employees of the corporation as he or she
shall deem necessary, to prescribe their powers, duties and compensation, and to
delegate authority to them. He or she shall have authority to sign, execute and
acknowledge, on behalf of the corporation, all deeds, mortgages, bonds
contracts, leases, reports and all other documents or instruments necessary or
proper to be executed in the course of the corporation's regular business, or
which shall be authorized by the Board of Directors; and except as otherwise
provided by law or the Board of Directors, he or she may authorize any other
officer or agent of the corporation to sign, execute and acknowledge such
documents or instruments in his or her place and stead. In general, he or she
shall perform all duties incident to the office of Chief Executive Officer and
such other duties as may be prescribed by the Board of Directors from time to
time.
4.6 The President. The President shall be the chief operating
officer of the corporation. In the absence of the Chief Executive Officer or in
the event of his or her death, inability or refusal to act, or in the event for
any reason it shall be impracticable for the Chief Executive Officer to act
personally, the President shall perform the duties of the Chief Executive
Officer and when so acting shall have all the powers of and be subject to all
the restrictions upon the Chief Executive Officer. The President shall have the
authority to sign all stock certificates, contracts, and other instruments of
the corporation necessary or proper to be executed in the course of the
corporation's regular business, or which shall be authorized by the Board of
Directors, and shall perform all duties as are incident to his or her office or
are properly required of him or her by the Board of Directors, the Chairman of
the Board or the Chief Executive Officer. He or she shall have the authority,
subject to such rules, directions, or orders as may be prescribed by the
Chairman of the Board, the Board of Directors or the Chief Executive Officer, to
appoint and terminate the appointment of such agents and employees of the
corporation as he or she shall deem necessary, to prescribe their power, duties
and compensation and to delegate authority to them.
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4.7 Vice Presidents. At the time of appointment, one or more of
the elected Vice Presidents may be designated Executive Vice President and one
or more of them may be designated Senior Vice President. In the absence of the
President or in the event of his or her death, inability or refusal to act, or
in the event for any reason it shall be impracticable for the President to act
personally, the Executive Vice Presidents in the order of their tenure in such
position, or in the absence of any such designation, or in the event of his or
her inability to act, any Senior Vice President in the order of their tenure in
such position, or in the absence of any such designation, or in the event of his
or her inability to act, then the other Vice Presidents in order of their tenure
in such position, shall perform the duties of the President and when so acting
shall have all the powers of and be subject to all the restrictions upon the
President. Any Vice President may sign, with the Secretary or Assistant
Secretary, certificates for shares of the corporation and shall perform such
other duties as from time to time may be assigned to him or her by the Chairman
of the Board, the Chief Executive Officer or the Board of Directors.
4.8 The Secretary. The Secretary shall: (a) keep as permanent
records, the minutes of the shareholders' and of the Board of Directors'
meetings, records of actions taken by the Board of Directors without a meeting,
and records of actions taken by a Committee of the Board of Directors in place
of the Board of Directors and on behalf of the corporation; (b) see that all
notices are duly given in accordance with the provisions of these By-laws or as
required by law; (c) be custodian of the corporate records and of the seal of
the corporation and see that the seal of the corporation is affixed to all
documents the execution of which on behalf of the corporation under its seal is
duly authorized; (d) maintain or cause an authorized agent to maintain a record
of the corporation's shareholders, in a form that permits preparation of a list
of the names and addresses of all shareholders, by class or series of shares and
showing the number and class or series of shares held by each shareholder; and
(e) in general perform all duties incident to the office of Secretary and such
other duties as from time to time may be assigned to him or her by the Chief
Executive Officer or by the Board of Directors.
4.9 The Treasurer. If required by the Board of Directors, the
Treasurer shall give a bond for the faithful discharge of his or her duties in
such sum and with such surety or sureties as the Board of Directors shall
determine. He or she shall: (a) have charge and custody of and be responsible
for all funds and securities of the corporation, receive and give receipts for
moneys due and payable to the corporation from any source whatsoever, and
deposit all such moneys in the name of the corporation in such banks, trust
companies or other depositaries as shall be selected in accordance with the
provisions of Section 5 of these By-laws; and (b) in general perform all of the
duties incident to the office of Treasurer and such other duties as from time to
time may be assigned to him or her by the Chief Executive Officer or by the
Board of Directors.
4.10 The Controller. The Controller shall be the chief accounting
officer of the corporation. He or she shall: (a) maintain appropriate accounting
records for the corporation; (b) cause regular audits of these accounting
records to be made; and (c) in general perform all of the duties incident to the
office of Controller and such other duties as from time to time may be assigned
to him or her by the Chief Executive Officer or by the Board of Directors.
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4.11 Compensation.
(a) The compensation of the elected officers shall be
fixed from time to time by the Compensation and Development Committee of the
Board of Directors and no such officer shall be prevented from receiving such
compensation by reason of the fact that he or she is also a Director of the
corporation.
(b) The compensation of all officers appointed by the
Chief Executive Officer shall be set by the Chief Executive Officer, from time
to time.
5. CONTRACTS, LOANS, CHECKS AND DEPOSITS
5.1 Contracts. The Board of Directors may authorize any officer or
officers, agent or agents, to enter into any contract or execute and deliver any
instrument in the name of and on behalf of the corporation, and such
authorization may be general or confined to specific instances.
5.2 Loans. No indebtedness for borrowed money shall be contracted
on behalf of the corporation and no evidences of indebtedness shall be issued in
its name unless authorized by or under the authority of a resolution of the
Board of Directors. Such authorization may be general or confined to specific
instances.
5.3 Checks, Drafts, etc. All checks, drafts or other orders for
the payment of money, notes or other evidences of indebtedness issued in the
name of the corporation, shall be signed by such officer or officers, agent or
agents of the corporation and in such manner, including by means of facsimile
signatures, as shall from time to time be determined by or under the authority
of resolution of the Board of Directors.
5.4 Deposits. All funds of the corporation not otherwise employed
shall be deposited from time to time to the credit of the corporation in such
banks, trust companies or other depositaries as may be selected by or under the
authority of the Board of Directors.
6. CERTIFICATES FOR SHARES AND THEIR TRANSFER
6.1 Certificates for Shares. Certificates representing shares of
the corporation shall be in such form as shall be determined by the Board of
Directors. Such certificates shall be signed by the Chairman, Chief Executive
Officer, President or Chief Financial Officer and by the Secretary or an
Assistant Secretary. All certificates for shares shall be consecutively numbered
or otherwise identified. The name and address of the person to whom the shares
represented thereby are issued, with the number of shares and the date of issue,
shall be entered on the stock transfer books of the corporation. All
certificates surrendered to the corporation for transfer shall be entered on the
stock transfer books of the corporation. All certificates surrendered to the
corporation for transfer shall be cancelled and no new certificates shall be
issued until the former certificate for a like number of shares
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shall have been surrendered and cancelled, except that in case of a lost,
destroyed or mutilated certificate, a new one may be issued therefor upon such
terms and indemnity to the corporation as the Board of Directors may prescribe.
6.2 Signature by Former Officer, Transfer Agent or Registrar. In
case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon any certificate for shares has ceased to be such
officer, transfer agent or registrar before such certificate is issued, the
certificate may be issued by the corporation with the same effect as if that
person were still an officer, transfer agent or registrar at the date of its
issue.
6.3 Uncertificated Shares. The Board of Directors may authorize
the issuance of any shares of any of the corporation's classes or series without
certificates. The authorization does not affect shares already represented by
certificates until the certificates are surrendered to the corporation.
6.4 Transfer of Shares. Transfer of shares of the corporation
shall be made only on the stock transfer books of the corporation by the holder
of record thereof or by his or her legal representative, who shall furnish
proper evidence of authority to transfer, or by his or her attorney thereunto
authorized by power of attorney duly executed and filed with the Secretary of
the corporation, and on surrender for cancellation of the certificate for such
shares. The person in whose name shares stand on the books of the corporation
shall be deemed by the corporation to be the owner thereof for all purposes.
6.5 Restrictions on Transfer. The face or reverse side of each
certificate representing shares shall bear a conspicuous notation of any
restriction upon the transfer of such shares imposed by the corporation.
6.6 Lost, Destroyed or Stolen Certificates. Where the owner claims
that his or her certificate for shares has been lost, destroyed or wrongfully
taken, a new certificate shall be issued in place thereof if the owner (a) so
requests before the corporation has notice that such shares have been acquired
by a bona fide purchaser, and (b) if required by the corporation, files with the
corporation a sufficient indemnity bond, and (c) satisfies such other reasonable
requirements as may be prescribed by or under the authority of the Board of
Directors.
6.7 Consideration for Shares. The shares of the corporation may be
issued for such consideration as shall be fixed from time to time and determined
to be adequate by the Board of Directors, provided that any shares having a par
value shall not be issued for a consideration less than the par value thereof.
The consideration may consist of any tangible or intangible property or benefit
to the corporation, including cash, promissory notes, services performed,
contracts for services to be performed, or other securities of the corporation.
When the corporation receives the consideration for which the Board of Directors
authorized the issuance of shares, such shares shall be deemed to be fully paid
and nonassessable by the corporation.
6.8 Stock Regulations. The Board of Directors shall have the power
and authority to make all such rules and regulations not inconsistent with the
statutes of the State of Wisconsin as they may deem expedient concerning the
issue, transfer and registration of
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certificates representing shares of the corporation including the appointment or
designation of one or more stock transfer agents and one or more stock
registrars.
7. WAIVER OF NOTICE
7.1 Shareholder Written Waiver. A shareholder may waive any notice
required by the Wisconsin Business Corporation Law, the Amended and Restated
Articles of Incorporation or these By-laws before or after the date and time
stated in the notice. The waiver shall be in writing and signed by the
shareholder entitled to the notice, shall contain the same information that
would have been required in the notice under the Wisconsin Business Corporation
Law except that the time and place of meeting need not be stated, and shall be
delivered to the corporation for inclusion in the corporate records.
7.2 Shareholder Waiver by Attendance. A shareholder's attendance
at a meeting, in person or by proxy, waives objection to both of the following:
(a) Lack of notice or defective notice of the meeting,
unless the shareholder at the beginning of the meeting or promptly upon arrival
objects to holding the meeting or transacting business at the meeting.
(b) Consideration of a particular matter at the meeting
that is not within the purpose described in the meeting notice, unless the
shareholder objects to considering the matter when it is presented.
7.3 Director Written Waiver. A director may waive any notice
required by the Wisconsin Business Corporation Law, the Amended and Restated
Articles of Incorporation or these By-laws before or after the date and time
stated in the notice. The waiver shall be in writing, signed by the director
entitled to the notice and retained by the corporation.
7.4 Director Waiver by Attendance. A director's attendance at or
participation in a meeting of the Board of Directors or any committee thereof
waives any required notice to him or her of the meeting unless the director at
the beginning of the meeting or promptly upon his or her arrival objects to
holding the meeting or transacting business at the meeting and does not
thereafter vote for or assent to action taken at the meeting.
8. LIABILITY AND INDEMNIFICATION OF OFFICERS AND DIRECTORS
8.1 Limited Liability of Directors to Corporation and
Shareholders. A director is not liable to the corporation, its shareholders, or
any person asserting rights on behalf of the corporation or its shareholders,
for damages, settlements, fees, fines, penalties or other monetary liabilities
arising from a breach of, or failure to perform, any duty resulting solely from
his or her status as a director, unless the person asserting liability proves
that the breach or failure to perform constitutes any of the following:
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(a) a willful failure to deal fairly with the corporation
or its shareholders in connection with a matter in which the director has a
material conflict of interest;
(b) a violation of criminal law, unless the director had
reasonable cause to believe his or her conduct was lawful, or no reasonable
cause to believe his or her conduct was unlawful;
(c) a transaction from which the director derived an
improper personal profit; or
(d) willful misconduct.
8.2 Indemnification.
(a) A corporation shall indemnify a director or officer,
to the extent he or she has been successful on the merits or otherwise in the
defense of a proceeding, for all reasonable expenses incurred in the proceeding
if the director or officer was a party because he or she is a director or
officer of the corporation.
(b) In cases not included under the foregoing paragraph,
a corporation shall indemnify a director or officer against liability incurred
by the director or officer in a proceeding to which the director or officer was
a party because he or she is a director or officer of the corporation, unless
liability was incurred because the director or officer breached or failed to
perform a duty he or she owes to the corporation and the breach or failure to
perform constitutes any of the following:
(i) a willful failure to deal fairly with the
corporation or its shareholders in
connection with a matter in which the
director or officer has a material conflict
of interest;
(ii) a violation of criminal law, unless the
director or officer had reasonable cause to
believe his or her conduct was lawful or no
reasonable cause to believe his or her
conduct was unlawful;
(iii) a transaction from which the director or
officer derived an improper personal profit;
or
(iv) willful misconduct.
(b) Determination of whether indemnification is required
under this subsection shall be made under section 180.0855 of the Wisconsin
Business Corporation Law.
(c) The termination of a proceeding by judgment, order,
settlement or conviction, or upon a plea of no contest or an equivalent plea,
does not, by itself, create a presumption that indemnification of the director
or officer is not required under this subsection.
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(d) A director or officer who seeks indemnification under
this section shall make a written request to the corporation.
(e) Indemnification under this section is not required if
the director or officer has previously received indemnification or allowance of
expenses from any person, including the corporation, in connection with the same
proceeding.
8.3 Reliance by Directors and Officers. Unless a director or
officer has knowledge that makes reliance unwarranted, a director or officer, in
discharging his or her duties to the corporation, may rely on information,
opinions, reports or statements, any of which may be written or oral, formal or
informal, including financial statements and other financial data, if prepared
or presented by any of the following:
(a) an officer or employee of the corporation whom the
director or officer believes in good faith to be reliable and competent in the
matters presented; or
(b) legal counsel, public accountants or other persons as
to matters the director or officer believes in good faith are within the
person's professional or expert competence.
(c) In the case of reliance by a director, a committee of
the Board of Directors of which the director is not a member if the director
believes in good faith that the committee merits confidence.
8.4 Consideration of Interests in Addition to Shareholders'
Interests. In discharging his or her duties to the corporation and in
determining what he or she believes to be in the best interests of the
corporation, a director or officer may, in addition to considering the effects
of any action on shareholders, consider any of the following:
(a) the effects of the action on employees, suppliers and
customers of the corporation;
(b) the effects of the action on communities in which the
corporation operates; or
(c) any other factors the director or officer considers
pertinent.
8.5 Insurance. The corporation may purchase and maintain insurance
on behalf of an individual who is an employee, agent, director or officer of the
corporation against liability asserted against or incurred by the individual in
his or her capacity as an employee, agent, director or officer or arising from
his or her status as an employee, agent, director or officer, regardless of
whether the corporation is required or authorized to indemnify or allow expenses
to the individual against the same liability under sections 180.0851, 180.0853,
180.0856 and 180.0858 of the Wisconsin Business Corporation Law.
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8.6 General.
(a) Except as limited by law, the indemnification and
allowance of expenses provided by Sections 8.1 through 8.5 of this Article do
not preclude any additional right to indemnification or allowance of expenses
that a director, officer or employee may have under any written agreement
between such person and the corporation, resolution of the Board of Directors or
resolution adopted by the corporation's shareholders.
(b) For purposes of this article, the definitions
contained in section 180.0850 of the Wisconsin Business Corporation Law are
incorporated herein by this reference. The term "employee" shall mean a natural
person who is or was an employee of the corporation or who, while an employee of
the corporation, is or was serving at the corporation's request as a director,
officer, partner, committee, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, and, unless the context
requires otherwise, the estate or personal representative of the employee.
(c) The corporation, by its Board of Directors, may
indemnify under Section 8.2, or with any limitations, any employee or former
employee of the corporation with respect to any action taken or not taken in his
or her capacity as or while an employee. Notwithstanding the foregoing, the
corporation shall indemnify an employee who is not a director or officer
corporation, to the extent that he or she has been successful on the merits or
otherwise in defense of a proceeding, for all expenses incurred in the
proceeding if the employee was a party because he or she was an employee of the
corporation.
9. GENERAL
9.1 Fiscal Year. The fiscal year of the corporation shall end on
December 31 of each year, the first full calendar fiscal year being the year
ending December 31, 2000.
9.2 Seal. The Board of Directors shall provide a corporate seal
which shall be circular in form and shall have inscribed thereon the name of the
corporation and the words "Corporate Seal, Wisconsin".
9.3 Notices. Except as otherwise required by law or these By-laws,
any notice required to be given by these By-laws may be given orally or in
writing and notice may be communicated in person, by mail or private carrier, by
telephone, telegraph, teletype, facsimile or other form of wire or wireless
communication, and, if these forms of personal notice are impracticable, notice
may be communicated by a newspaper of general circulation in the area where
published, or by radio, television or other form of public broadcast
communication. Oral notice is effective when communicated. Written notice is
effective as follows: (a) if delivered in person, when received; (b) if given by
mail, when deposited, postage prepaid, in the United States mail addressed to
the director at his or her business or home address (or such other address as
the director may have designated in writing filed with the Secretary); (c) if
given by private carrier, when delivered to the carrier; (d) if given by
telegraph, when delivered to the telegraph company; and (e) if given by
facsimile, e-mail or
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other form of wireless communication, at the time transmitted to a facsimile
number or e-mail address at any address designated in (b) above.
9.4 No Nominee Procedures. The corporation has not established,
and nothing contained in these By-laws shall be deemed to establish, any
procedure by which a beneficial owner of the corporation's shares that are
registered in the name of a nominee is recognized by the corporation as the
shareholder under Section 180.0723 of the Wisconsin Business Corporation Law.
10. AMENDMENTS
10.1 Power to Amend and Repeal. Except as may be limited pursuant
to Section 10.2, these By-laws may be amended or repealed, and new By-laws may
be adopted, either by the shareholders at any meeting, or by vote of a majority
of the shares present or represented thereat, or by the Board of Directors by a
vote of a majority of the Board of Directors; except that Sections 2.3, 2.8,
3.2, 3.7, 3.8, 10.1, and 10.2 of the By-laws may be amended only by the
affirmative vote of the holders of two-thirds (2/3) of the outstanding shares
entitled to vote thereon or by the affirmative vote of a majority of the
directors. Except as may be limited pursuant to Section 10.2, the Board of
Directors shall have the power to amend or repeal any By-law adopted by the
shareholders, and any By-law adopted by the Board of Directors shall be subject
to amendment or repeal by the shareholders as well as by the directors.
10.2 Restrictions on Amendment and Repeal.
(a) The Board of Directors shall have no power to amend
or repeal any By-law or amendment adopted by the shareholders which contains a
specific provision to the effect that such By-law or amendment shall not be
subject to amendment or repeal by the Board of Directors.
(b) The Board of Directors shall have no power to amend
or repeal any By-law adopted or amended by the shareholders that fixes a greater
or lower quorum requirement or a greater voting requirement for the Board of
Directors than otherwise is provided in the Wisconsin Business Corporation Law
unless the By-law expressly provides that it may be amended or repealed by a
specified vote of the Board of Directors. Action by the Board of Directors to
adopt or amend a By-law that changes the quorum or voting requirement for the
Board of Directors must meet the same quorum requirement and be adopted by the
same vote required to take action under the quorum and voting requirement then
in effect, unless a different voting requirement is specified as provided by the
preceding sentence. A By-law that fixes a greater or lower quorum requirement or
a greater voting requirement for shareholders or voting groups of shareholders
than otherwise is provided in the Wisconsin Business Corporation Law may not be
adopted, amended or repealed by the Board of Directors.
(c) No amendment or repeal of these By-laws by the
shareholders at any meeting shall be effective unless the notice of such meeting
shall have set forth the general nature of the proposed amendment or repeal.
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SENSIENT TECHNOLOGIES CORPORATION
AMENDED AND RESTATED BY-LAWS
TABLE OF CONTENTS
1. OFFICES 1
1.1 Business Offices 1
1.2 Registered Office 1
2. SHAREHOLDERS 1
2.1 Annual Meeting 1
2.2 Purposes of Annual Meeting 1
2.3 Special Meetings 2
2.4 Place of Meeting 5
2.5 Notice of Meeting 5
2.6 Fixing of Certain
Record Dates 6
2.7 Voting Lists 6
2.8 Quorum; Votes 7
2.9 Proxies 7
2.10 Voting of Shares 7
2.11 Subsidiary Shares 7
2.12 Acceptance of Instruments
Showing Shareholder Action 7
2.13 Conduct of Meeting 8
2.14 Postponement: Adjournment 8
3. BOARD OF DIRECTORS 9
3.1 General Powers 9
3.2 Number, Tenure and
Qualifications 9
3.3 Regular Meetings 10
3.4 Special Meetings 11
3.5 Notice of Meetings 11
3.6 Quorum; Votes 11
3.7 Removal and Resignation 11
3.8 Vacancies 11
3.9 Nominations 11
3.10 Compensation 12
3.11 Presumption of Assent 13
3.12 Committees of the Board
of Directors 13
3.13 Executive Committee 15
3.14 Audit Committee 15
3.15 Compensation and
Development Committee 17
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3.16 Finance Committee 18
3.17 Nominating Committee 18
3.18 Scientific and Advisory
Committee 19
3.19 Meetings of Committees 20
3.20 Informal Action
Without Meeting 20
3.21 Telephonic Meetings 20
4. OFFICERS 21
4.1 Number 21
4.2 Appointment and Term of Office 21
4.3 Removal 22
4.4 Resignation 22
4.5 The Chief Executive Officer 22
4.6 The President 22
4.7 Corporate Vice Presidents 23
4.8 The Secretary 23
4.9 The Treasurer 23
4.10 The Controller 23
4.11 Compensation 24
5. CONTRACTS, LOANS, CHECKS AND DEPOSITS 24
5.1 Contracts 24
5.2 Loans 24
5.3 Checks. Drafts, etc 24
5.4 Deposits 24
6. CERTIFICATES FOR SHARES AND THEIR TRANSFER 24
6.1 Certificates for Shares 24
6.2 Signature by Former Officer,
Transfer Agent or Registrar 25
6.3 Uncertificated Shares 25
6.4 Transfer of Shares 25
6.5 Restrictions on Transfer 25
6.6 Lost, Destroyed or
Stolen Certificates 25
6.7 Consideration for Shares 25
6.8 Stock Regulations 25
7. WAIVER OF NOTICE 26
7.1 Shareholder Written Waiver 26
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7.2 Shareholder Waiver
by Attendance 26
7.3 Director Written Waiver 26
7.4 Director Waiver by Attendance 26
8. LIABILITY AND INDEMNIFICATION OF DIRECTORS 26
8.1 Limited Liability of Directors
to Corporation and Shareholders 26
8.2 Indemnification 27
8.3 Reliance by Directors and Officers 28
8.4 Consideration of Interests in
Addition to Shareholders' Interests 28
8.5 Insurance 28
8.6 General 29
9. GENERAL 29
9.1 Fiscal Year 29
9.2 Seal 29
9.3 Notices 29
9.4 No Nominee Procedures 30
10. AMENDMENTS 30
10.1 Power to Amend and Repeal 30
10.2 Restrictions on
Amendment and Repeal 30
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