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EXHIBIT 3.2
As Amended Effective June 10, 1999
BYLAWS
OF
TRINITY INDUSTRIES, INC.
ARTICLE I.
Offices
Section 1. The registered office shall be located in the City of
Wilmington, County of New Castle, State of Delaware.
Section 2. The corporation may also have offices at such other places
within or without the State of Delaware as the Board of Directors may from time
to time determine, or as the business of the corporation may require.
ARTICLE II.
Meetings of Stockholders
Section 1. Meetings of the stockholders for any purpose shall be held
at such time and place, either within or without the State of Delaware, as shall
be designated from time to time by the Board of Directors and stated in the
notice of the meeting or in a duly executed waiver of notice thereof.
Section 2. The annual meeting of stockholders shall be held on such
date and at such time as shall be designated from time to time by the Board of
Directors and stated in the notice of the meeting. At such meeting, the
stockholders entitled to vote thereat shall elect by a plurality vote a Board of
Directors.
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Nominations for election to the Board of Directors shall be made at such meeting
only by or at the direction of the Board of Directors, by a nominating committee
or person appointed by the Board of Directors, or by a stockholder of the
corporation entitled to vote for the election of directors at the meeting who
complies with the notice procedures set forth in this Section 2. Such
nominations, other than those made by or at the direction of the Board of
Directors, shall be made pursuant to timely notice in writing to the Secretary
of the corporation. To be timely, a stockholder's notice shall be delivered to,
or mailed and received at, the principal executive offices of the corporation
not less than sixty days nor more than ninety days prior to the anniversary date
of the immediately preceding annual meeting of stockholders; provided, however,
that in the event that the annual meeting is called for a date that is not
within thirty days before or after such anniversary date, notice by the
stockholder in order to be timely must be so received not later than the close
of business on the tenth day following the day on which such notice of the date
of the annual meeting was mailed or public disclosure of the date of the annual
meeting was made, whichever first occurs. Such stockholder's notice to the
Secretary shall set forth (a) as to each person whom the stockholder proposes to
nominate for election or re-election as a director, (i) the name, age, business
address and residence address of the person, (ii) the principal occupation or
employment of the person, (iii) the class and number of shares
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of capital stock of the corporation which are beneficially owned by the person,
and (iv) any other information relating to the person that is required to be
disclosed in solicitations for proxies for election of directors pursuant to
Regulation 14A under the Securities Exchange Act of 1934, as amended; and (b) as
to the stockholder giving the notice, (i) the name and record address of the
stockholder, (ii) the class and number of shares of capital stock of the
corporation which are beneficially owned by the stockholder, (iii) a description
of all arrangements or understandings between such stockholder and each proposed
nominee and any other person or persons (including their names) pursuant to
which the nomination(s) are to be made by such stockholder, (iv) a
representation that such stockholder intends to appear in person or by proxy at
the meeting to nominate the persons named in its notice and (v) any other
information relating to such stockholder that would be required to be disclosed
in a proxy statement or other filings required to be made in connection with
solicitations of proxies for election of directors pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder. The
corporation may require any proposed nominee to furnish such other information
as may reasonably be required by the corporation to determine the eligibility of
such proposed nominee to serve as director of the corporation. No person shall
be eligible for election as a director of the
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corporation unless nominated in accordance with the procedures set forth herein.
The Chairman of the meeting shall, if the facts warrant, determine and
declare to the meeting that a nomination was not made in accordance with the
foregoing procedure, and if he should so determine, he shall so declare to the
meeting and the defective nomination shall be disregarded.
At each annual meeting of the stockholders, only such business shall be
conducted as shall have properly been brought before the meeting. To be properly
before the meeting, the business to be conducted must be specified in the notice
of meeting (or any supplement thereto) given by or at the direction of the Board
of Directors, otherwise properly brought before the meeting by or at the
direction of the Board of Directors, or otherwise properly brought before the
meeting by a stockholder entitled to vote at the meeting. In addition to any
other applicable requirements, for business to be properly brought before the
meeting by a stockholder, the stockholder must have given timely notice thereof
in writing to the Secretary of the corporation. To be timely, a stockholder's
notice shall be delivered to, or mailed and received at, the principal executive
offices of the corporation not less than sixty days nor more than ninety days
prior to the anniversary date of the immediately preceding annual meeting of
stockholders; provided, however, that in the event that the annual meeting is
called for a date that is
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not within thirty days before or after such anniversary date, notice by the
stockholder in order to be timely must be so received not later than the close
of business on the tenth day following the day on which such notice of the date
of the annual meeting was mailed or such public disclosure of the date of the
annual meeting was made, whichever first occurs. A stockholder's notice to the
Secretary of the corporation shall set forth as to each matter that the
stockholder proposes to bring before the annual meeting, (i) a brief description
of the business desired to be brought before the annual meeting and the reasons
for conducting such business at the annual meeting, (ii) the name and record
address of the stockholder proposing such business, (iii) the class and number
of shares of the corporation which are beneficially owned by the stockholder,
(iv) a description of all arrangements or understandings between such
stockholder and any other person or persons (including their names) in
connection with the proposal of such business by such stockholder and any
material interest of such stockholder in such business and (v) a representation
that such stockholder intends to appear in person or by proxy at the annual
meeting to bring the foregoing provisions of this Section 2, a stockholder
seeking to have a proposal included in the corporation's proxy statement shall
comply with the requirements of Regulation 14A under the Securities Exchange Act
of 1934, as amended (including, but not limited to, Rule 14a-8 or its successor
provision).
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Notwithstanding anything in these By-Laws to the contrary, no business
shall be conducted at the annual meeting except in accordance with the
procedures set forth in this Section 2; provided, however, that nothing in this
Section 2 shall be deemed to preclude discussion by any stockholder of any
business properly brought before the annual meeting in accordance with the
procedures set forth in this Section 2.
The Chairman of the meeting shall, if the facts warrant, determine and
declare to the meeting that the business sought to be so conducted was not
properly brought before the meeting in accordance with the provisions of this
Section 2, and if he should so determine, he shall so declare to the meeting and
any such business not properly brought before the meeting shall not be
transacted.
Section 3. Special meetings of the stockholders may be called by the
chief executive officer or a majority of the Board of Directors.
Section 4. Written or printed notice stating the place, day and hour of
the meeting and, in the case of a special meeting, the purpose or purposes for
which the meeting is called, shall be given not less than ten (10) nor more than
sixty (60) days before the date of the meeting, either personally or by mail, by
or at the direction of the President, the Secretary, or the officer or person
calling the meeting, to each stockholder of record entitled to vote at such
meeting.
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Section 5. Business transacted at any special meeting shall be confined
to the purposes stated in the notice thereof.
Section 6. The holders of a majority of the shares entitled to vote,
represented in person or by proxy, shall constitute a quorum at meetings of
stockholders except as otherwise provided by any applicable statute. If,
however, a quorum shall not be present or represented at any meeting of the
stockholders, the presiding officer at the meeting or the stockholders present
in person or represented by proxy, shall have the power to adjourn the meeting
from time to time, without notice other than announcement at the meeting, until
a quorum shall be present or represented. 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 as originally notified. In addition,
the presiding officer at any meeting of stockholders shall have the power to
adjourn the meeting at the request of the Board of Directors if the Board of
Directors determines that adjournment is necessary or appropriate to enable
stockholders to consider fully information which the Board of Directors
determines has not been made sufficiently or timely available to stockholders or
to otherwise exercise effectively their voting rights.
Section 7. Except as provided in Section 2 hereof with respect to the
election of the Board of Directors, at a meeting at which a quorum is present,
the vote of the holders of a majority of the shares present in person or
represented by proxy at the
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meeting and entitled to vote shall be the act of the stockholders' meeting,
unless the vote of a greater number is required by law or the Certificate of
Incorporation.
Section 8. Each outstanding share, regardless of class, shall be
entitled to one vote on each matter submitted to a vote at a meeting of
stockholders, except to the extent that the voting rights of the shares of any
class are limited or denied by the Certificate of Incorporation.
Section 9. At any meeting of the stockholders, every stockholder having
the right to vote may vote either in person, or by proxy appointed by an
instrument in writing as to a particular meeting and any adjournment or
adjournments thereof subscribed by such stockholder or by his duly authorized
attorney-in-fact. A proxy shall be revocable unless expressly provided therein
to be irrevocable and unless otherwise provided by law.
Section 10. The officer or agent having charge of the stock transfer
books shall make, at least ten (10) days before each meeting of stockholders, a
complete list of the stockholders entitled to vote at such meeting or any
adjournment thereof, arranged in alphabetical order, with the address of and
number of shares held by each, which list, for a period of ten (10) days prior
to such meeting, shall be kept on file at the registered office of the
corporation, and shall be subject to inspection by any stockholder at any time
during usual business hours. Such list shall also be produced and kept open at
the time and place of
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the meeting, and shall be subject to the inspection of any stockholder during
the whole time of the meeting. The original stock transfer books shall be prima
facie evidence as to who are the stockholders entitled to examine such list or
transfer book or to vote at any such meeting of stockholders.
Section 11. Notwithstanding any inconsistent provision which may be
contained in these By-Laws, in order that the corporation may determine the
stockholders entitled to consent to corporate action in writing without a
meeting, the Board of Directors may fix a record date, which record date shall
not precede the date on which the resolution fixing the record date is adopted
by the Board of Directors, and which date shall not be more than ten days after
the date upon which the resolution fixing the record date is adopted by the
Board of Directors. Any stockholder of record seeking to have the stockholders
authorize or take corporate action by written consent shall, by written notice
to the Secretary, request the Board of Directors to fix a record date. The Board
of Directors shall promptly, but in all events within ten days after the date on
which such a request is received, adopt a resolution fixing the record date. If
no record date has been fixed by the Board of Directors within ten days of the
date upon which such a request is received, the record date for determining
stockholders entitled to consent to corporate action in writing without a
meeting, when no prior action by the Board of Directors is required by
applicable law, shall be the first date on which a
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signed written consent setting forth the action taken or proposed to be taken is
delivered to the corporation by delivery to its registered office in the State
of Delaware, its principal place of business, or any officer or agent of the
corporation having custody of the book in which proceedings of stockholders'
meeting are recorded, to the attention of the Secretary of the corporation.
Delivery shall be by hand or by certified or registered mail, return receipt
requested. If no record date has been fixed by the Board of Directors and prior
action by the Board of Directors is required by applicable law, the record date
for determining stockholders entitled to consent to corporate action in writing
without a meeting shall be at the close of business on the date on which the
Board of Directors adopts the resolution taking such prior action.
ARTICLE III.
Directors
Section 1. The number of directors of the corporation shall be nine
(9). The directors shall be elected at the annual meeting of the stockholders,
except as provided in Section 2 of this Article, and each director elected shall
hold office until his successor is elected and qualified; provided, any director
may be removed at any time, with or without cause, by the holders of a majority
of the shares entitled to vote, represented in person or by proxy, at any duly
constituted meeting of stockholders called for the purpose of removing any such
director or directors.
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Directors need not be residents of the State of Delaware or stockholders of the
corporation.
Section 2. Any vacancy occurring in the Board of Directors may be
filled by the affirmative vote of a majority of the remaining directors though
less than a quorum of the Board of Directors. A director elected to fill a
vacancy shall be elected for the unexpired term of his predecessor in office.
Any newly created directorship(s) resulting from an increase in the authorized
number of directors elected by all stockholders entitled to vote as a single
class shall be filled by the affirmative vote of a majority of the remaining
directors, even though less than a quorum of the proposed Board of Directors.
Section 3. The business and affairs of the corporation shall be managed
by its Board of Directors which may exercise all such powers of the corporation
and do all such lawful acts and things as are not by statute, the Certificate of
Incorporation, or these Bylaws directed or required to be exercised and done by
the stockholders.
Section 4. Meetings of the Board of Directors, regular or special, may
be held either within or without the State of Delaware.
Section 5. The first meeting of each newly elected Board of Directors
shall be held at such time and place as shall be fixed by the vote of the
stockholders at the annual meeting, and no notice of such meeting shall be
necessary to the newly elected
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directors in order legally to constitute the meeting, provided a quorum shall be
present. In the event of the failure of the stockholders to fix the time and
place of such first meeting of the newly elected Board of Directors, or in the
event such meeting is not held at the time and place so fixed by the
stockholders, the meeting may be held at such time and place as shall be
specified in a notice given as hereinafter provided for special meetings of the
Board of Directors, or as shall be specified in a written waiver signed by all
of the directors.
Section 6. Regular meetings of the Board of Directors may be held at
such time and at such place as shall from time to time be determined by the
Board. Special meetings of the Board of Directors may be called by the Secretary
on the written request of two directors.
Section 7. Written notice of regular meetings of the Board of Directors
shall not be required. Special meetings of the Board of Directors may be called
upon twenty-four (24) hours' notice to each director, or such shorter period of
time as the person calling the meeting deems appropriate in the circumstances,
either personally or by mail, telephone or telegram. Neither the business to be
transacted at, nor the purposes of, any special meeting of the Board of
Directors need be specified in the notice or waiver of notice of such special
meeting.
Section 8. A majority of the directors shall constitute a quorum for
the transaction of business, and the act of the
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majority of the directors present at a meeting at which a quorum is present
shall be the act of the Board of Directors, unless a greater number is required
by the Certificate of Incorporation. If a quorum shall not be present at any
meeting of the Board of Directors, the directors present thereat may adjourn the
meeting from time to time, without notice other than announcement at the
meeting, until a quorum shall be present.
Section 9. The Board of Directors, by resolution adopted by a majority
of the whole Board, may designate three or more directors to constitute an
executive committee, which committee, unless its authority shall be otherwise
expressly limited by such resolution, shall have and may exercise all of the
authority of the Board of Directors in the business and affairs of the
corporation except where action of the Board of Directors is specified by
statute. Vacancies in the membership of the committee shall be filled by the
Board of Directors at a regular or special meeting of the Board of Directors.
The executive committee shall keep regular minutes of its proceedings and report
the same to the Board when required. The designation of such committee and the
delegation thereto of authority shall not operate to relieve the Board of
Directors, or any member thereof, of any responsibility imposed upon it or him
by law.
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ARTICLE IV.
Notices
Section 1. Except as otherwise provided in these Bylaws, notices to
directors and stockholders shall be in writing, and delivered personally or
mailed to the directors or stockholders at their addresses appearing on the
books of the corporation. If mailed, such notice shall be deemed to be given
when deposited in the United States mail with postage thereon prepaid. Notice to
directors may also be given by telegram.
Section 2. Whenever any notice is required to be given to any
stockholder or director under the provisions of the statutes, the Certificate of
Incorporation or these Bylaws, a waiver thereof in writing, signed by the person
or persons entitled to such notice, whether before or after the time stated
therein, shall be equivalent to the giving of such notice.
Section 3. Attendance of a director at a meeting shall constitute a
waiver of notice of such meeting, except where a director attends a meeting for
the express purpose of objecting to the transaction of any business on the
ground that the meeting is not lawfully called or convened.
ARTICLE V.
Officers
Section 1. The executive officers of the corporation shall consist of a
President, one or more Vice Presidents, a Secretary and a Treasurer and may
include a Chairman of the Board, one or more Senior Vice Presidents and one or
more Executive Vice
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Presidents, each of whom shall be elected by the Board of Directors.
Section 2. The Board of Directors, at its first meeting after each
annual meeting of stockholders, shall choose a President, one or more Vice
Presidents, a Secretary and a Treasurer, none of whom need be a member of the
Board, and may appoint one of their number Chairman of the Board.
Section 3. Such other officers and assistant officers and agents as may
be deemed necessary may be appointed by the chief executive officer of the
corporation, including a Chairman, a President, and one or more Vice Presidents
of the respective Divisions. The President or the Vice Presidents of the
Division who, in the order of their seniority, unless otherwise determined by
the chief executive officer of the corporation, shall perform the duties of the
Chairman or President, as the case may be, of the Division in the absence or
disability of the Chairman or President, as the case may be, of that Division.
Each President or Vice President, as the case may be, of a Division shall
perform such other duties and have such other powers as the chief executive
officer of the corporation or the Chairman or President, as the case may be, of
that Division shall prescribe. Division officers shall hold office until their
respective successors shall have been chosen and shall have qualified. Any
Division officer appointed by the chief executive officer may be removed by the
chief executive officer whenever, in his judgment, the best
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interests of the corporation will be served thereby. Any vacancy occurring in
any office of a Division by death, resignation, removal or otherwise shall be
filled by the chief executive officer of the corporation.
Section 4. The salaries of all executive officers of the corporation
shall be fixed by the Board of Directors or by a committee of one or more
directors, the members of which shall be selected by the Board of Directors and
which, unless its authority shall be otherwise limited by resolution of the
Board of Directors, shall have the power to fix the salaries of all executive
officers of the corporation.
Section 5. The executive officers of the corporation shall hold office
until their respective successors shall have been chosen and shall have
qualified. Any officer or agent or member of the executive committee elected or
appointed by the Board of Directors may be removed by the Board of Directors
whenever, in its judgment, the best interests of the corporation will be served
thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed. Any vacancy occurring in any executive office of
the corporation by death, resignation, removal or otherwise shall be filled by
the Board of Directors.
Section 6. The Board of Directors may designate whether the Chairman of
the Board, if such an officer shall have been appointed, or the President, shall
be the chief executive officer
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of the corporation. The officer so designated as the chief executive officer
shall preside at all meetings of the stockholders and the Board of Directors,
and shall have such other powers and duties as usually pertain to such office or
as may be delegated by the Board of Directors. The President shall have such
powers and duties as usually pertain to such office, except as the same may be
modified by the Board of Directors. Unless the Board of Directors shall
otherwise delegate such duties, the chief executive officer shall have general
and active management of the business of the corporation and shall see that all
orders and resolutions of the Board of Directors are carried into effect.
Section 7. The chief executive officer or his designee shall have the
authority to execute bonds, mortgages and other contracts requiring a seal,
under the seal of the corporation, except where required or permitted by law to
be otherwise signed and executed, and except where the signing and execution
thereof shall be expressly delegated by the Board of Directors to some other
officer or agent of the corporation.
Section 8. The Vice Presidents, in the order of their seniority, unless
otherwise determined by the Board of Directors, shall, in the absence or
disability of the President, perform the duties and exercise the powers of the
President. The Vice Presidents shall also have the authority to execute bonds,
mortgages and other contracts requiring a seal, under the seal of
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the corporation, except where required or permitted by law to be otherwise
signed and executed, and except where the signing and execution thereof shall be
expressly delegated by the Board of Directors to some other officer or agent of
the corporation. The Vice Presidents shall perform such other duties and have
such other powers as the Board of Directors or the chief executive officer of
the corporation shall prescribe.
Section 9. The Secretary shall attend all meetings of the Board of
Directors and all meetings of the stockholders and shall record all the
proceedings of the meetings of the stockholders and of the Board of Directors in
a book to be kept for that purpose and shall perform like duties for the
standing committees, when requested. He shall give, or cause to be given, notice
of all meetings of the stockholders and special meetings of the Board of
Directors and shall perform such other duties as may be prescribed by the Board
of Directors or the President, under whose supervision he shall be. He shall
keep in safe custody the seal of the corporation, and, when authorized by the
Board of Directors or directed by the President or any Vice President, affix the
same to any instrument requiring it and, when so affixed, it shall be attested
by his signature or by the signature of the Treasurer or any Assistant
Secretary.
Section 10. The Assistant Secretaries, in the order of their seniority,
unless otherwise determined by the Board of Directors, shall, in the absence or
disability of the Secretary, perform the
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duties and exercise the powers of the Secretary. They shall perform such other
duties and have such other powers as the Board of Directors may from time to
time prescribe.
Section 11. The Treasurer shall be the financial officer of the
corporation. He shall have the custody of the corporate funds and securities and
shall deposit all monies and other valuable effects in the name and to the
credit of the corporation in such depositaries as may be designated from time to
time by the Board of Directors. He shall disburse the funds of the corporation
as may be ordered by the Board of Directors, taking proper vouchers for such
disbursements, and shall render to the President and the Board of Directors at
its regular meetings, or when the Board of Directors so requires, an account of
all his transactions as Treasurer. He shall also perform such other duties as
may be assigned to him by the Board of Directors.
Section 12. If required by the Board of Directors, the Treasurer shall
give the corporation a bond in such sum and with such surety or sureties as
shall be satisfactory to the Board of Directors for the faithful performance of
the duties of his office and for the restoration to the corporation, in case of
his death, resignation, retirement or removal from office, of all books, papers,
vouchers, money and other property of whatever kind in his possession or under
his control belonging to the corporation.
Section 13. The Assistant Treasurers, in the order of their seniority,
unless otherwise determined by the Board of Directors,
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shall, in the absence or disability of the Treasurer, perform the duties and
exercise the powers of the Treasurer. They shall perform such other duties and
have such other powers as the Board of Directors may from time to time
prescribe.
ARTICLE VI.
Indemnification of Directors and Officers
Section 1. The corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that he is or was or has agreed to become a director, officer
or Division officer of the corporation, or is or was serving or has agreed to
serve at the request of the corporation as a director, officer or Division
officer of another corporation, partnership, joint venture, trust or other
enterprise, or by reason of any action alleged to have been taken or omitted in
such capacity, against costs, charges, expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or on his behalf in connection with such action, suit or proceeding and
any appeal therefrom, if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful. The
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termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the person did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.
Section 2. The corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the corporation to procure a
judgment in its favor by reason of the fact that he is or was or has agreed to
become a director, officer or Division officer of the corporation, or is or was
serving or has agreed to serve at the request of the corporation as a director,
officer or Division officer of another corporation, partnership, joint venture,
trust or other enterprise, or by reason of any action alleged to have been taken
or omitted in such capacity, against costs, charges and expenses (including
attorneys' fees) actually and reasonably incurred by him or on his behalf in
connection with the defense or settlement of such action or suit and any appeal
therefrom, if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation except that no
indemnification shall be made in respect of any claim, issue or matter as to
which
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such person shall have been adjudged to be liable to the corporation unless and
only to the extent that the Court of Chancery of Delaware or the court in which
such action or suit was brought shall determine upon application that, despite
the adjudication of such liability but in view of all the circumstances of the
case, such person is fairly and reasonably entitled to indemnity for such costs,
charges and expenses which the Court of Chancery or such other court shall deem
proper.
Section 3. Notwithstanding the other provisions of this Article, to the
extent that a director, officer or Division officer of the corporation has been
successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit or
proceeding referred to in Sections 1 and 2 of this Article, or in defense of any
claim, issue or matter therein, he shall be indemnified against all costs,
charges and expenses (including attorneys' fees) actually and reasonably
incurred by him or on his behalf in connection therewith.
Section 4. Any indemnification under Sections 1 and 2 of this Article
(unless ordered by a court) shall be paid by the corporation unless a
determination is made (1) by the Board of Directors by a majority vote of a
quorum consisting of directors who were not parties to such action, suit or
proceeding, or (2) if such a quorum is not obtainable, or, even if obtainable a
quorum of disinterested directors so directs, by independent legal
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counsel in a written opinion, or (3) by the stockholders, that indemnification
of the director, officer, employee or agent is not proper in the circumstances
because he has not met the applicable standard of conduct set forth in Sections
1 and 2 of this Article.
Section 5. Costs, charges and expenses (including attorneys' fees)
incurred by a person referred to in Sections 1 and 2 of this Article in
defending a civil or criminal action, suit or proceeding shall be paid by the
corporation in advance of the final disposition of such action, suit or
proceeding; provided, however, that the payment of such costs, charges and
expenses incurred by a director, officer or Division officer in his capacity as
a director, officer or Division officer (and not in any other capacity in which
service was or is rendered by such person while a director, officer or Division
officer) in advance of the final disposition of such action, suit or proceeding
shall be made only upon receipt of an undertaking by or on behalf of the
director, officer or Division officer to repay all amounts so advanced in the
event that it shall ultimately be determined that such director, officer or
Division officer is not entitled to be indemnified by the corporation as
authorized in this Article. The Board of Directors may, in the manner set forth
above, and upon approval of such director, officer or Division officer of the
corporation, authorize the corporation's counsel to represent such
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person, in any action, suit or proceeding, whether or not the corporation is a
party to such action, suit or proceeding.
Section 6. Any indemnification under Sections 1, 2 and 3, or advance of
costs, charges and expenses under Section 5 of this Article, shall be made
promptly, and in any event within 60 days, upon the written request of the
director, officer or Division officer. The right to indemnification or advances
as granted by this Article shall be enforceable by the director, officer or
Division officer in any court of competent jurisdiction, if the corporation
denies such request, in whole or in part, or if no disposition thereof is made
within 60 days. Such persons' costs and expenses incurred in connection with
successfully establishing his right to indemnification, in whole or in part, in
any such action shall also be indemnified by the corporation. It shall be a
defense to any such action (other than an action brought to enforce a claim for
the advance of costs, charges and expenses under Section 5 of this Article where
the required undertaking, if any, has been received by the corporation) that the
claimant has not met the standard of conduct set forth in Sections 1 or 2 of
this Article, but the burden of proving such defense shall be on the
corporation. Neither the failure of the corporation (including its Board of
Directors, its independent legal counsel, and its stockholders) to have made a
determination prior to the commencement of such action that indemnification of
the claimant is proper in the circumstances because he has met the applicable
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standard of conduct set forth in Sections 1 or 2 of this Article, nor the fact
that there has been an actual determination by the corporation (including its
Board of Directors, its independent legal counsel, and its stockholders) that
the claimant has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that the claimant has not met the
applicable standard of conduct.
Section 7. The indemnification and advancement of costs, charges and
expenses provided by this Article shall not be deemed exclusive of any other
rights to which a person seeking indemnification or advancement of costs,
charges and expenses may be entitled under any law (common or statutory),
agreement, vote of stockholders or disinterested directors or otherwise, both as
to action in his official capacity and as to action in another capacity while
holding office or while employed by or acting as agent for the corporation, and
shall continue as to a person who has ceased to be a director, officer or
Division officer as to actions taken while he was such a director, officer or
Division officer, and shall inure to the benefit of the estate, heirs, executors
and administrators of such person. All rights to indemnification under this
Article shall be deemed to be a contract between the corporation and each
director, officer or Division officer of the corporation who serves or served in
such capacity at any time while this Article is in effect. Any repeal or
modification of this Article or any repeal or modification of
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relevant provisions of the Delaware General Corporation Law or any other
applicable laws shall not in any way diminish any rights to indemnification of
such director, officer or Division officer or the obligations of the corporation
arising hereunder.
Section 8. In addition to the specific indemnification provided for
herein, the corporation shall indemnify each person who is or was or has agreed
to become a director, officer or Division officer of the corporation, or is or
was serving or has agreed to serve at the request of the corporation as a
director, officer or Division officer of another corporation, partnership, joint
venture, trust or other enterprise, to the fullest extent authorized or
permitted (i) by the General Corporation Law of Delaware, or any other
applicable law, or by any amendment thereof or other statutory provisions in
effect on the date hereof, or (ii) by the corporation's Certificate of
Incorporation as in effect on the date hereof. The corporation shall also
advance expenses to any of the foregoing individuals to the fullest extent
authorized or permitted (i) by the General Corporation Law of Delaware, or any
other applicable law, or by any amendment thereof or other statutory provision
in effect on the date hereof, or (ii) by the corporation's Certificate of
Incorporation as in effect on the date hereof.
Section 9. Notwithstanding the foregoing, the corporation shall have
the power to purchase and maintain insurance on behalf of any person who is or
was or has agreed to become a director,
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officer or Division officer of the corporation, or is or was serving at the
request of the corporation as a director, officer or Division officer of another
corporation, partnership, joint venture, trust or other enterprise against any
liability asserted against him and incurred by him or on his behalf in any such
capacity, or arising out of his status as such, whether or not the corporation
would have the power to indemnify him against such liability under the
provisions of this Article.
Section 10. If this Article or any portion hereof shall be invalidated
on any ground by any court of competent jurisdiction, then the corporation shall
nevertheless indemnify each director, officer or Division officer of the
corporation as to costs, charges and expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement with respect to any action, suit
or proceeding, whether civil, criminal, administrative or investigative,
including an action by or in the right of the corporation, to the full extent
permitted by any applicable portion of this Article that shall not have been
invalidated and to the full extent permitted by applicable law.
ARTICLE VII.
Certificates for Shares
Section 1. The corporation shall deliver certificates representing all
shares to which stockholders are entitled; and such certificates shall be signed
by the President or a Vice
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President, and the Secretary or an Assistant Secretary of the corporation, and
may be sealed with the seal of the corporation or a facsimile thereof. No
certificate shall be issued for any share until the consideration therefor has
been fully paid. Each certificate representing shares shall state upon the face
thereof that the corporation is organized under the laws of the State of
Delaware, the name of the person to whom issued, the number and class and the
designation of the series, if any, which such certificate represents, and the
par value of each share represented by such certificate or a statement that the
shares are without par value.
Section 2. The signatures of the President or Vice President, and the
Secretary or Assistant Secretary, upon a certificate may be facsimiles if the
certificate is countersigned by a transfer agent, or registered by a registrar,
other than the corporation itself or an employee of the corporation. In case any
officer who has signed or whose facsimile signature has been placed upon such
certificate shall have ceased to be such officer before such certificate is
issued, it may be issued by the corporation with the same effect as if he were
such officer at the date of the issuance.
Section 3. The Board of Directors may direct a new certificate or
certificates to be issued in place of any certificate or certificates
theretofore issued by the corporation alleged to have been lost or destroyed,
upon the making of an
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affidavit of that fact by the person claiming the certificate of stock to be
lost or destroyed. When authorizing such issue of a new certificate or
certificates, the Board of Directors may, in its discretion and as a condition
precedent to the issuance thereof, require the owner of such lost or destroyed
certificate or certificates, or his legal representative, to advertise the same
in such manner as it shall require and/or to give the corporation a bond in such
sum as it may direct as indemnity against any claim that may be made against the
corporation with respect to the certificate alleged to have been lost or
destroyed.
Section 4. Upon surrender to the corporation or the transfer agent of
the corporation of a certificate for shares duly endorsed or accompanied by
proper evidence of succession, assignment or authority to transfer, it shall be
the duty of the corporation to issue a new certificate to the person entitled
thereto, cancel the old certificate, and record the transaction upon its books.
Section 5. For the purpose of determining stockholders entitled to
notice of or to vote at any meeting of stockholders or any adjournment thereof,
or entitled to receive payment of any dividend, or in order to make a
determination of stockholders for any other proper purpose, the Board of
Directors may provide that the stock transfer books shall be closed for a stated
period but not to exceed, in any case, sixty (60) days. If the stock transfer
books shall be closed for the purpose of determining stockholders entitled to
notice of or to vote at a meeting of
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stockholders, such books shall be closed for at least ten (10) days immediately
preceding such meeting. In lieu of closing the stock transfer books, the Board
of Directors may fix in advance a date as the record date for any such
determination of stockholders, such date in any case to be not more than sixty
(60) days, and, in case of a meeting of stockholders, not less than ten (10)
days prior to the date on which the particular action requiring such
determination of stockholders is to be taken. If the stock transfer books are
not closed and no record date is fixed for the determination of stockholders
entitled to notice of or to vote at a meeting of stockholders or any adjournment
thereof, or stockholders entitled to receive payment of a dividend, or in order
to make a determination of stockholders for any other proper purpose, the close
of business on the day next preceding the day on which notice of the meeting of
stockholders is given shall be the record date with respect to such meeting, and
the close of business on the day on which the Board of Directors adopts a
resolution declaring a dividend or with respect to any other proper purpose, as
the case may be, shall be the record date for the determination of stockholders
with respect thereto. When a determination of stockholders entitled to vote at
any meeting of stockholders has been made as provided in this section, such
determination shall apply to any adjournment thereof, except where the
determination has been made through the
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closing of stock transfer books and the stated period of closing has expired.
Section 6. The corporation shall be entitled to recognize the exclusive
rights of a person registered on its books as the owner of shares to receive
dividends, and to vote as such owner, and shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of
any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided by the laws of the State of Delaware.
ARTICLE VIII.
General Provisions
Section 1. The Board of Directors may declare and the corporation may
pay dividends on its outstanding shares in cash, property, or its own shares
pursuant to law and subject to the provisions of its Certificate of
Incorporation.
Section 2. The Board of Directors may by resolution create a reserve or
reserves out of earned surplus for any purpose or purposes, and may abolish any
such reserve in the same manner.
Section 3. The Board of Directors must, when requested by the holders
of at least one-third of the outstanding shares of the corporation, present
written reports of the business and financial affairs of the corporation.
Section 4. All checks or demands for money and notes of the corporation
shall be signed by such officer or officers or such
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other person or persons as the Board of Directors may from time to time
designate as provided in these bylaws.
Section 5. The fiscal year of the corporation shall be fixed by
resolution of the Board of Directors.
Section 6. The corporate seal shall have inscribed thereon the name of
the corporation and may be used by causing it or a facsimile thereof to be
impressed or affixed or in any other manner reproduced.
ARTICLE IX.
Amendments
These Bylaws may be altered, amended or repealed at any regular or
special meeting of, or by the unanimous written consent of, the Board of
Directors.
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