EXHIBIT 3.29
BY-LAWS OF
NEUROINFORMATICS SOLUTIONS, INC.
ARTICLE I
Identification
Section 1. Name. The name of the Corporation is NEUROINFORMATICS
SOLUTIONS, INC.
Section 2. Registered Office. The address of the registered office
of the Corporation shall be 501 Washington Street, 5th Floor, San Diego,
California 92103.
Section 3. Seal. The seal of the Corporation shall be circular in
form and mounted upon a metal die, suitable for impressing the same upon paper.
About the periphery of the seal shall appear the words "NEUROINFORMATICS
SOLUTIONS, INC." In the center of the seal shall appear the word "Delaware" and
the year of incorporation of the Corporation. The seal shall be kept in the
Office of the Secretary of the Corporation.
Section 4. Fiscal Year. The Board of Directors shall have the power
by resolution to fix the fiscal year of the Corporation. If the Board of
Directors shall fail to do so, the President shall fix the fiscal year,
ARTICLE II
Capital Stock
Section 1. Certificates Representing Shares. The certificates for
shares of the Corporation shall be signed by the Chairman of the Board, the
President or by a Vice-President and the Secretary or an Assistant Secretary and
shall be sealed with the corporate seal, which may be a facsimile, engraved or
printed, but where such certificate is signed by a transfer agent or a
registrar, the signature of any corporate officer upon such certificate may be a
facsimile, engraved or printed. In case any officer who has signed, or whose
facsimile signature has been placed upon any share certificate shall have ceased
to be such officer because of death, resignation, or otherwise, before the
certificate is issued, it may be issued by the Corporation with the same effect
as if the officer had not ceased to be such at the date of its issue. The name
of the person owning the shares represented thereby, with the number of such
shares and the date of issue, shall be entered on the Corporation's books, and
on the face of the share certificate. The share certificates shall be of the
form, not inconsistent with the Certificate of Incorporation, as shall be
approved by the Board of Directors.
Section 2. Form. Every holder of stock in the Corporation shall be
entitled to have a certificate, signed by, or in the name of the Corporation by
the Chairman of the Board, the President or a Vice-President and the Secretary
or an Assistant Secretary of the Corporation, certifying the number of shares
owned by such holder in the Corporation. If such a certificate is countersigned
(1) by a transfer agent or an assistant transfer agent other than the
Corporation or its employee or (2) by a registrar, other than the Corporation or
its employee, the signature of any such President, Vice-President, Secretary, or
Assistant Secretary may be facsimiles. In case any officer or officers who have
signed, or whose facsimile signature or signatures have been used on, any such
certificate or certificates shall cease to be such officer or officers of the
Corporation whether because of death, resignation or otherwise before such
certificate or certificates have been delivered by the Corporation, such
certificate or certificates may nevertheless be issued and delivered as though
the person or persons who signed such certificate or certificates or whose
facsimile signature or signatures have been used thereon had not ceased to be
such officer or officers of the Corporation. All certificates for shares shall
be consecutively numbered or otherwise identified. The name of the person to
whom the shares represented thereby are issued, with the number of shares and
date of issue, shall be entered on the books of the Corporation. Shares of stock
of the Corporation shall only be transferred on the books of the Corporation by
the holder of record thereof or by such holder's attorney duly authorized in
writing, upon surrender to the Corporation of the certificate or certificates
for such shares endorsed by the appropriate person or persons, with such
evidence of the authenticity of such endorsement, transfer, authorization, and
other matters as the Corporation may reasonably require, and accompanied by all
necessary stock transfer stamps. In that event, it shall be the duty of the
Corporation to issue a new certificate to the person entitled thereto, cancel
the old certificate or certificates, and record the transaction on its books.
Section 3. Lost, Stolen or Destroyed Certificates. The Corporation
may issue a new certificate for shares of stock in the place of any certificate
theretofore issued and alleged to have been lost, stolen or destroyed, but the
Board of Directors may require the owner of such lost, stolen or destroyed
certificate, or his legal representative, to furnish an affidavit as to such
loss, theft, or destruction and to give a bond in-such form and substance, and
with such surety or sureties, with fixed or open penalty, as it may direct, to
indemnify the Corporation against any claim that may be made against it on
account of the alleged loss, theft or destruction of such certificate.
ARTICLE III
The Stockholders
Section 1. Place of Meetings. Meetings of the stockholders of the
Corporation may be held at such place, either within or without the State of
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Delaware, as may be designated in the respective notices, or waivers of notice,
thereof, or proxies to represent stockholders thereat.
Section 2. Stockholders' Meetings.
2.1 Annual Meeting. The annual meeting of the
stockholders for the election of directors and for the transaction of such other
business as may properly come before the meeting shall be held in each calendar
year on such day as shall be fixed by the Board of Directors from time to time.
If the annual meeting shall not be called and held during a calendar year, any
stockholder may call such meeting at any time thereafter.
2.2 Special Meetings. Special meetings of the stockholders
may be called by or at the request of the Chairman of the Board, the Chief
Executive Officer or President. The Secretary or any Assistant Secretary shall
call a special meeting of the stockholders at the written request of a majority
of the directors. At any time upon written request of any person or persons
entitled to call a special meeting, it shall be the duty of the Secretary to
call a special meeting of the stockholders to be held at such time as the
Secretary may fix, not less than ten (10) nor more than sixty (60) days after
the receipt of the request. If the Secretary shall neglect or refuse to issue
such call, the person or persons making the request may do so.
Section 3. Corporate Records; Inspection.
3.1 Obligation to Maintain. The Corporation shall keep at
its registered office or at its principal place of business an original or
duplicate record of the proceedings of the stockholders and of the Board of
Directors, the original or a copy of its By-Laws, certified by the Secretary of
the Corporation, the Corporation's stock ledger, and a list of its stockholders,
giving the names of the stockholders in alphabetical order, and showing their
respective addresses, the number and classes of shares held by each, the number
and date of certificates issued for the shares, and the number and date of
cancellation of every certificate surrendered for cancellation. The Corporation
shall also keep appropriate, complete and accurate books or records of account,
which may be kept at its registered office, or at its principal place of
business.
3.2 Right of Inspection. Every stockholder of record shall
have a right to examine, upon written demand under oath stating the purpose
thereof, in person or by agent or attorney, during usual business hours, for any
proper purpose, the stock ledger, the list of stockholders, the Corporation's
books or records of account, and records of the proceedings of the stockholders
and directors, and make copies or extracts therefrom. A proper purpose shall
mean any purpose reasonably related to such person's interest as a stockholder.
In every instance where an attorney or other agent shall be the person who seeks
the right to inspection, the demand under oath shall be accompanied by a power
of attorney or such other
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writing which authorizes the attorney or other agent to so act on behalf of the
stockholder. The demand under oath shall be directed to the Corporation at its
registered office in the State of Delaware or at its principal place of
business.
Section 4. Notice of Meetings - Waiver. Written or printed notice,
stating the place, date and hour of the meeting and, in case of a special
meeting, the purpose or purposes for which the meeting is called, shall be
delivered 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, and to each holder of
other securities having voting power. If mailed, such notice shall be deemed to
be delivered when deposited in the United Sates mail, postage prepaid, directed
to the stockholder or such other security holder at his address as it appears on
the records of the Corporation. An affidavit of the Secretary or an Assistant
Secretary or of the transfer agent of the corporation that the notice has been
given shall, in the absence of fraud, be prima facie evidence of the facts
stated therein. Waiver by a stockholder of notice in writing of a stockholders'
meeting, signed by him, whether before or after the time stated therein, shall
be equivalent to the giving of such notice, and neither the business to be
transacted at, nor the purpose of, such meeting need be specified in such
waiver. Attendance by a stockholder, whether in person or by proxy, at a
stockholders' meeting shall constitute a waiver of notice of such meeting,
except where a person attends a meeting for the express purpose of objecting, at
the beginning of the meeting, to the transaction of any business because the
meeting was not lawfully called or convened.
Section 5. Fixing Record Date. 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, 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 no record date is fixed:
(a) the record date for the determination of stockholders entitled to notice of
or to vote at a meeting of stockholders, shall be at the close of business on
the day next preceding the day on which notice is given, or, if notice is
waived, at the close of business on the day next preceding the day on which the
meeting is held; (b) the record date for determining stockholders for any other
purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto. When a determination of
stockholders entitled to notice of or to vote at any meeting of stockholders has
been made as provided in this Section, such determination shall apply to any
adjournment thereof; provided, however, that the Board of Directors may fix a
new record date for the adjourned meeting.
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Section 6. Voting List. The officer of the Corporation who has
charge of the stock ledger of the Corporation shall prepare and make, at least
ten (10) days before every meeting of stockholders, a complete list of the
stockholders entitled to vote at such meeting, arranged in alphabetical order,
with the address of and the number of shares held by each, which list shall be
open to the examination of any stockholder, for any purpose germane to the
meeting during the ordinary business hours, for a period of at least ten (10)
days prior to the meeting, either at a place within the city where the meeting
is to be held, which place shall be specified in the notice of the meeting, or,
if not so specified at the place where the meeting is to be held. Such list
shall also be produced and kept at the time and place of the meeting during the
whole time of the meeting, and shall be subject to the inspection of any
stockholder who is present. The stock ledger shall be the only evidence as to
who are the stockholders entitled to examine the stock ledger, the stockholder's
list, or the books of the Corporation, or to vote in person or by proxy at any
meeting of stockholders.
Section 7. Quorum. The holders of a majority of the shares
outstanding and entitled to vote at a meeting, present in person or represented
by proxy, shall constitute a quorum at a meeting of stockholders, except as
otherwise provided by statute or by the Certificate of Incorporation. The
stockholders present at a duly organized meeting may continue to do business
until adjournment, notwithstanding the withdrawal of enough of the stockholders
to leave less than a quorum. If a meeting cannot be organized because a quorum
has not attended, the majority of those present or represented by proxy, and
entitled to vote at the meeting, may, except as otherwise provided by law,
adjourn the meeting to such time and place as they may determine. When a
specified item of business requires a vote by a class or series (if the
Corporation shall then have outstanding shares of more than one (1) class or
series) voting as a class, the holders of a majority of the shares of such class
or series shall constitute a quorum (as to such class or series) for the
transaction of such item of business.
Section 8. Voting at Meetings.
8.1 Voting Stock. Except as otherwise provided by law or by
the Certificate of Incorporation, each stockholder shall have one (1) vote for
each share of stock entitled to vote and held of record by such stockholder and
a proportionate vote for each fractional share so held. Any action which may be
taken at a meeting of the stockholders may be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the
action so taken, shall be signed by the holders of outstanding stock having not
less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares entitled to vote thereon
present and voted and shall be filed with the Secretary of the Corporation.
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8.2 Proxies. A stockholder, or the holder of any other
security having voting power, may vote either in person or by proxy executed in
writing by the stockholder, or by his duly authorized attorney-in-fact. No
unrevoked proxy shall be voted or acted upon after three (3) years from the date
of its execution, unless the proxy provides for a longer period. A duly executed
proxy shall be irrevocable if it states that it is irrevocable and if, and only
so long as, it is coupled with an interest sufficient in law to support an
irrevocable power.
8.3 Voting of Shares Owned by Other Corporations. Shares
standing in the name of another corporation may be voted by such officer, agent
or proxy as the By-Laws of such other corporation may prescribe, or, in the
absence of such provision, as the board of directors of such other corporation
may determine; or, in the absence of such provision or determination, as the
President or Vice President and Secretary or Assistant Secretary of such other
corporation may by proxy, duly executed and sealed (but not necessarily
acknowledged or verified), designate.
8.4 Voting of Shares Owned by Fiduciaries. Shares held by an
administrator, executor, guardian or conservator may be voted by him, either in
person or by proxy, without a transfer of such shares into his name. Shares
standing in the name of a trustee may be voted by him, either in person or by
proxy, but no trustee shall be entitled to vote shares held by him without a
transfer of such shares into his name. It shall not be necessary for such
fiduciary to obtain a court order authorizing him to vote such shares. The
general proxy of a fiduciary shall be given the same weight and effect as the
general proxy of an individual or corporation.
8.5 Voting of Securities Owned by Two or More Persons. If
shares or other securities having voting power stand of record in the names of
two or more persons, the right to vote such securities and the effect of such
vote shall be determined as provided in Section 217 of the General Corporation
Law of Delaware, effective July 3, 1967, or any law amending or supplementing
the same.
8.6 Voting of Shares Owned by Receivers. Shares standing in
the name of a receiver may be voted by such receiver without the transfer
thereof into his name if authority so to do be contained in an appropriate order
of the court by which such receiver was appointed.
8.7 Voting of Pledged Shares. A stockholder whose shares are
pledged shall be entitled to vote such shares unless in the transfer by the
pledgor on the books of the Corporation he has expressly empowered the pledgee
to vote thereon, in which case only the pledgee, or his proxy, may represent
such stock and vote thereon.
8.8 Order of Business. The order of business at annual
meetings, and so far as practicable at all other meetings, of stockholders,
shall be as follows:
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(a) Proof of due notice of meeting.
(b) Call of roll - examination of proxies.
(c) Reading and disposal of any unapproved minutes.
(d) Annual reports of officers and committees.
(e) Unfinished business.
(f) New business.
(g) Election of directors.
(h) Adjournment.
Section 9. Judges of Election.
9.1 Appointment of Judges. In advance of any meeting of
stockholders, the Board of Directors may appoint judges of election, who need
not be stockholders, to act at such meeting or any adjournment thereof. If
judges of election be not so appointed, the chairman of any such meeting may,
and on the request of any stockholder or his proxy, shall make such appointment
at the meeting. The number of judges shall be one (1) or three (3). If appointed
at a meeting on the request of one (1) or more stockholders or proxies, the
majority of shares present and entitled to vote shall determine whether one (1)
or three (3) judges are to be appointed. No person who is a candidate for office
shall act as a judge.
9.2 Failure to Act. In case any person appointed as judge
fails to appear or fails or refuses to act, the vacancy may be filled by
appointment made by the Board of Directors in advance of the convening of the
meeting, or at the meeting by the person or officer acting as chairman.
9.3 Duties of Judges. The judges of election shall determine
the number of shares outstanding and the voting power of each, the shares
represented at the meeting, the existence of a quorum, the authenticity,
validity, and effect of proxies, receive votes or ballots, hear and determine
all challenges and questions in any way arising in connection with the right to
vote, count, and tabulate all votes, determine the result, and do such acts as
may be proper to conduct the election. If there be three (3) judges of election,
the decision, act or certificate of a majority shall be effective in all
respects as the decision, act or certificate of all.
9.4 Judges' Certificate. On request of the chairman of the
meeting, or of any stockholder or his proxy, the judges shall make a report in
writing of any challenge or question or matter determined by them, and execute a
certificate of
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any fact found by them. Any report or certificate made by them shall be prima
facie evidence of the facts stated therein.
ARTICLE IV
The Board of Directors
Section 1. Qualifications. The business and affairs of the
Corporation shall be managed by a Board of Directors (who need not be residents
of the State of Delaware, nor stockholders of the Corporation).
Section 2. Numbers. Elections and Terms. Except as otherwise fixed
by or pursuant to provisions of the Certificate of Incorporation relating to the
rights of the holders of any class or series of stock having a preference over
common stock as to dividends or upon liquidation to elect additional directors
under specified circumstances, the number of directors of the Corporation shall
be fixed from time to time by affirmative vote of a majority of the directors
then in office. The directors, other than those who may be elected by the
holders of any classes or series of stock having a preference over the common
stock as to dividends or upon liquidation, shall be classified, with respect to
the time for which they severally hold office, into three classes, as nearly
equal in number as possible, one class to be originally elected for a term
expiring at the annual meeting of stockholders to be held in 1997, another class
to be originally elected for a term expiring at the annual meeting of
stockholders to be held in 1998, and another class to be originally elected for
a term expiring at the annual meeting of stockholders to be held in 1999, with
each class to hold office until its successor is elected and qualified. At each
annual meeting of the stockholders of the Corporation after 1996, the successors
of the class of directors whose term expires at that meeting shall be elected to
hold office for a term expiring at the annual meeting of stockholders held in
the third year following the year of their election. The directors shall be
elected by a plurality of votes of the shares present in person or represented
by proxy at the meeting and entitled to vote in the election of directors.
Election of directors shall be by written ballot if any stockholder so requests.
Section 3. Nomination. Only persons who are nominated in accordance
with the following procedures shall be eligible for election by the stockholders
as directors of the Corporation. Nominations of persons for election as
directors of the Corporation may be made at a meeting of stockholders (a) by or
at the direction of the Board of Directors, (b) by any nominating committee or
persons appointed by the Board of Directors or (c) by any 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 3. 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 office of the
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Corporation not less than 50 days nor more than 75 days prior to the meeting;
provided, however, that in the event that less than 60 days' notice or prior
public disclosure of the date of the meeting is given or made to stockholders,
notice by the stockholder 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 meeting was mailed or such public disclosure was made, whichever
first occurs. Such stockholder's notice to the Secretary of the Corporation
shall set forth (a) as to each person whom the stockholder proposes to nominate
for election or reelection 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 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 now or hereafter amended; and (b)
as to the stockholder giving the notice, (i) the name and record address of such
stockholder and (ii) the class and number of shares of capital stock of the
Corporation which are beneficially owned by such stockholder. 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 a director of the Corporation. No person shall be
eligible for election by the stockholders as a director of the Corporation
unless nominated in accordance with the procedures set forth herein. The
chairman of the meeting of the stockholders shall, if the facts warrant,
determine and declare to the meeting that 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.
Section 4. Newly Created Directorships and Vacancies. Except as
otherwise fixed by or pursuant to provisions of the Certificate of Incorporation
relating to the rights of the holders of any class or series of stock having a
preference over common stock as to dividends or upon liquidation to elect
additional directors under specified circumstances, newly created directorships
resulting from any increase in the number of directors and any vacancies on the
Board of Directors resulting from death, resignation, disqualification, removal
or other cause shall be filled by the affirmative vote of a majority of the
remaining directors then in office, even though less then a quorum of the Board
of Directors. Any director elected in accordance with the preceding sentence
shall hold office for the remainder of the full term of the class of directors
in which the new directorship was created or the vacancy occurred and until such
director's successor shall have been elected and qualified. No decrease in the
number of directors constituting the Board of Directors shall shorten the term
of any incumbent director.
Section 5. Place of Meetings. Meetings of the Board of Directors of
the Corporation, annual, regular or special, may be held either within or
without the State of Delaware.
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Section 6. Directors' Meetings.
6.1 Annual Meeting. The Board of Directors shall meet each
year immediately after the annual meeting of the stockholders, at the place
where such meeting of the stockholders has been held for the purpose of
organization, election of officers, and consideration of any other business that
may properly by brought before the meeting. No notice of any kind to either old
or new members of the Board of Directors for such annual meeting shall be
necessary.
6.2 Regular Meetings. Regular meetings of the Board of
Directors shall be held without notice at such time and place as may, from time
to time, be fixed by resolution of the Board or as may be specified in the call
of the meeting.
6.3 Special Meetings. Special meetings of the Board of
Directors may be called by or at the request of the Chairman of the Board, the
Chief Executive Officer or the President on at least forty-eight (48) hours
notice to each director, either personally, by telephone, by mail, or by
facsimile; in like manner and on like notice the Chairman of the Board, Chief
Executive Officer or the President must call a special meeting on the written
request of any member of the Board of Directors. Notice of any special meeting
of the Board of Directors may be waived in writing signed by the person or
persons entitled to such notice, whether before or after the time stated
therein, and shall be equivalent to the giving of such notice. Neither the
business to be transacted at, nor the purpose of, any special meeting of the
Board of Directors, need be specified in the notice or waiver of notice of such
meeting. Notice of such special meeting shall include the place, day and hour of
such special meeting.
6.4 Adjournment. If a quorum shall not be present at any
meeting of the Board of Directors, the directors present thereat may adjourn the
meeting. When a meeting is adjourned, it shall not be necessary to give any
notice of the adjourned meeting, or of the business to be transacted at an
adjourned meeting, other than by announcement at the meeting at which such
adjournment is taken.
Section 7. Quorum. A majority of the number of directors fixed in
accordance with these By-Laws shall constitute a quorum for the transaction of
business. The act of the majority of the directors present at a meeting at which
a quorum is present shall be the act of the Board of Directors; provided that,
if all of the directors shall severally or collectively consent in writing to
any action to be taken by the Corporation, and the writing or writings are filed
with the minutes of the proceedings of the Board of Directors, such action shall
be as valid corporate action as though it had been authorized at a duly convened
meeting of the Board of Directors; and provided, further, that one (1) or more
directors may participate in a meeting of the Board by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other.
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Section 8. Removal. Except as otherwise fixed by or pursuant to
provisions of the Certificate of Incorporation relating to the rights of the
holders of any class or series of stock having a preference over common stock as
to dividends or upon liquidation to elect additional directors under specified
circumstances, any director may be removed from office only for cause and only
by the affirmative vote of the holders of two-thirds of the combined voting
power of the then outstanding shares of stock entitled to vote generally in the
election of directors, voting together as a single class.
Section 9. Interest of Directors and Officers in Contracts.
9.1 No contract or transaction between the Corporation and
one (1) or more of its directors or officers, or between the Corporation and any
other corporation, partnership, association, or other organization in which one
(1) or more of its directors or officers are directors or officers, or have a
financial interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of
the board or committee thereof which authorizes the contract or transaction, or
solely because his or their votes are counted for such purpose, if:
(a) The material facts as to his interest and as to
the contract or transaction are disclosed or are known to the Board of Directors
or the committee in good faith authorizes the contract or transaction by a vote
sufficient for such purpose without counting the vote of the interested director
or directors; or
(b) The material facts as to his interest and as to
the contract or transaction are disclosed or are known to the stockholders
entitled to vote thereon, and the contract or transaction is specifically
approved in good faith by vote of the stockholders; or
(c) The contract or transaction is fair as to the
Corporation as of the time it is authorized, approved or ratified by the Board
of Directors, a committee thereof, or the stockholders.
9.2 Common or interested directors may be counted in
determining the presence of a quorum at a meeting of the Board of Directors or
of a committee which authorizes the contract or transaction.
Section 10. Financial Report to Shareholders. The directors of the
Corporation shall cause to be sent to the stockholders, within one hundred and
twenty (120) days after the close of its fiscal year, or as soon thereafter as
possible, a financial report as of the closing date of the preceding fiscal
year. Such report shall be independently audited and shall give a summary of the
assets and liabilities of the Corporation, the amount of dividends paid or
declared during the past year, the condition, as to surplus or deficit and how
acquired or created, the number of shares issued and outstanding, together with
any such particulars as are
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necessary to disclose the general nature of the liabilities and assets of the
Corporation. The report shall also set forth a balance sheet as of the closing
date of the preceding fiscal or calendar year, together with a statement of
income and profit and loss for the year ended on that date, accompanied by any
report thereon of independent accountants.
Section 11. Compensation of Directors. The members of the Board of
Directors may pursuant to a resolution of the Board be paid a fee and expenses
of attendance for attendance at all annual, regular, special and adjourned
meetings of the Board or committee meetings. Any director of the Corporation may
also serve the Corporation in -any other capacity, and receive compensation
therefor in any form.
ARTICLE V
Committees
Section 1. Committees. The Board of Directors may, by resolution
passed by the majority of the whole board, designate one (1) or more committees,
each committee to consist of one or more directors of the Corporation, to
perform such duties and make such investigations and reports as the Board of
Directors shall by resolution determine unless otherwise limited by these
By-Laws or by law. The Board of Directors may designate one (1) or more
directors as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of the committee. No member of a committee
shall continue to be a member thereof after he ceases to be a director of the
Corporation. The Board of Directors shall have the power at any time to increase
or decrease the number of members of any committee, to fill vacancies thereon,
to change any members thereof, and to change the functions or terminate the
existence thereof. Each committee shall keep regular minutes of its meetings and
report the same to the Board of Directors when required.
Section 2. Committee Rules. Each committee of the Board of
Directors may fix its own rules of procedure and shall hold its meetings as
provided by such rules, except as may otherwise be provided in a resolution of
the Board designating such committee. Unless otherwise provided in such a
resolution, the presence of at least a majority of the members of the committee
shall be necessary to constitute a quorum. The vote of a majority of committee
members present at a meeting at which a quorum is present shall be the act of a
committee.
ARTICLE VI
The Officers
Section 1. Number. The principal officers of the Corporation shall
be elected by the Board of Directors and shall consist of a Chairman of the
Board, a
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President and/or Chief Executive Officer, one (1) or more Vice Presidents, if
elected, a Chief Operating Officer and Chief Financial Officer, also if elected,
a Secretary and a Treasurer, and such other subordinate officers and assistant
officers and agents as may deemed necessary or desirable by the Board of
Directors, or by the Chief Executive Officer, in such manner and for such terms
as the Board of Directors or the Chief Executive Officer may prescribe. Any two
(2) or more principal offices may be held by the same person, except the offices
of President and Secretary. In its discretion, the Board of Directors may choose
not to fill an office for any period that it may deem advisable.
Section 2. General Duties. All officers and agents of the
Corporation, as between themselves and the Corporation, shall have such
authority and perform such duties in the management of the Corporation as may be
provided in these By-Laws, or as may be determined by resolution of the Board of
Directors not inconsistent with these By-Laws.
Section 3. Election, Term of Office and Qualification. The officers
shall be elected annually by the Board of Directors at its annual meeting, or as
soon after such annual meeting as may conveniently be possible. Each officer
shall hold office until his successor is chosen and qualified; or until his
death, or until he shall have resigned, or shall have been removed in the manner
provided in Section 4. New offices may be created and filled at any meeting of
the Board of Directors.
Section 4. Removal. Any officer or agent 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.
Section 5. Resignations. Any officer may resign at any time by
giving written notice to the Board of Directors, or to the Chairman of the
Board, if one is elected, the President or Secretary. Such resignation shall
take effect on receipt unless the time of effectiveness is specified therein,
and, unless otherwise specified therein, the acceptance of such resignation
shall not be necessary to make it effective.
Section 6. Vacancies. Any vacancy in any office because of death,
resignation, removal or any other cause shall be filled for the unexpired
portion of the term in the manner prescribed in these By-Laws for election or
appointment to such office.
Section 7. The Chairman of the Board. The Chairman of the Board, if
one is elected, shall be chosen from among the directors, shall preside at all
meetings of the stockholders and the Board of Directors, if present, and shall,
in general, perform all duties incident to the office of Chairman of the Board
and such other duties as, from time to time, may be assigned to him by the Board
of Directors.
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Section 8. The Chief Executive Officer. The Chief Executive Officer
shall be the principal executive officer of the Corporation. The Chief Executive
Officer shall have general charge of the business, affairs and property of the
Corporation and control over its officers, agents and employees; and shall see
that all orders and resolutions of the Board of Directors are carried into
effect. The Chief Executive Officer shall 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. The Chief
Executive Officer shall have such other powers and perform such other duties as
may be prescribed by the Board of Directors or as may be provided in these
By-Laws.
Section 9. The President. The President shall, in the absence or
disability of the Chief Executive Officer, act with all of the powers and be
subject to all the restrictions of the Chief Executive Officer. The President
shall also perform such other duties and have such other powers as the Board of
Directors, the Chief Executive Officer or these By-Laws may, from time to time,
prescribe.
Section 10. The Vice President. The Vice President or Vice
Presidents, if elected, shall have such power and perform such duties as the
Board of Directors may from time to time prescribe or as the President may from
time to time delegate. At the request of the President, a Vice President may, in
the case or the absence or inability to act of the President, temporarily act in
his place. In the case of the death of the President, or in the case of his
absence or inability to act, a Vice President shall act temporarily in his place
until such time as the Board of Directors shall elect a new President.
Section 11. The Secretary. The Secretary shall keep or cause to be
kept in books provided for the purpose the minutes of the meetings of the
stockholders and of the Board of Directors, shall see that all notices are duly
given in accordance with the provisions of these By-Laws and as required by law,
shall be custodian of the records and of the seal of the Corporation and see
that the seal is affixed to all documents, the execution of which on behalf of
the Corporation under its seal is duly authorized in accordance with the
provisions of these By-Laws; and, in general, shall perform all duties incident
to the office of Secretary and such other duties as may, from time to time, be
assigned to him by the Board of Directors or by the Corporation's principal
executive officer.
Section 12. The Treasurer. The Treasurer shall: (a) in the absence
of the Board's appointment of a Chief Financial Officer, whose specific duties
shall be established by the Board, be the financial officer of the Corporation;
(b) have charge and custody of and be responsible for, all funds of the
Corporation, and deposit all such funds in the name of the Corporation in such
banks, trust companies or other depositories as shall be selected by the Board
of Directors; (c) receive, and give
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receipts for, moneys due and payable to the Corporation from any source
whatsoever; and (d) in general, perform all the duties incident to the office of
Treasurer and such other duties as, from time to time, may be assigned to him by
the Board of Directors or by the Corporation's principal executive officer. The
Treasurer shall render to the Corporation's principal executive officer and the
Board of Directors, whenever the same shall be required, an account of all his
transactions as Treasurer and of the financial condition of the Corporation. He
shall, if required to do so by the Board of Directors, give the Corporation a
bond, the premiums for which shall be paid by the Corporation, in such amount
and with such surety or sureties as may be ordered by 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. Other Officers; Assistant Officers and Agents. Officers,
assistant officers and agents, if any, other than those whose duties are
provided for in these By-Laws, shall have such authority and perform such duties
as may from time to time be prescribed by the Board of Directors or the Chief
Executive Officer.
Section 14. Compensation. The salaries or other compensation of the
officers shall be fixed, from time to time, by the Board of Directors. No
officer shall be prevented from receiving such salary by reason of the fact he
is also a director of the Corporation.
ARTICLE VII
Indemnification of Directors,
Officers, Agents and Employees
Section 1. Indemnification in Suits and Proceedings with Others.
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 a director, officer, employee or agent of the
Corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorney's
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding 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
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,
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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. Indemnification in Derivative Suits. 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 a director, officer, employee or agent of the Corporation, or is or
was serving at the request of the Corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorney's fees) actually and reasonably
incurred by him in connection with the defense or settlement of such action or
suit 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 such person shall have been adjudged to be liable for negligence or
misconduct in the performance of his duty to the Corporation unless and only to
the extent that the Court of Chancery or the court in which such action or suit
was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.
Section 3. Reasonable Defense Expenses. To the extent that a
director, officer, employee or agent of the Corporation has been successful on
the merits or otherwise 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 expenses (including attorney's fees)
actually and reasonably incurred by him in connection therewith.
Section 4. Standard of Conduct and Determination. Any
indemnification under Section 1 and 2 of this Article (unless ordered by a
court) shall be made by the Corporation only as authorized in the specific case
upon a determination that indemnification of the director, officer, employee or
agent is proper in the circumstances because he has met the applicable standard
of conduct set forth in Sections 1 and 2 of this Article.
Such determination shall be 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 quorum is not obtainable, or, even if
obtainable a quorum of disinterested directors so directs, by independent legal
counsel in a written opinion, or (3) by the stockholders.
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Section 5. Advance of Defense Expenses. Expenses incurred in
defending a civil or criminal action, suit or proceeding may be paid by the
Corporation in advance of the final disposition of such action, suit or
proceeding as authorized by the Board of Directors in the manner provided in
Section 4 of this Article upon receipt of an undertaking by or on behalf of the
director, officer, employee or agent to repay such amount unless it shall
ultimately be determined that he is entitled to be indemnified by the
Corporation as authorized in this Section.
Section 6. Nonexclusivity of Indemnification. The indemnification
provided by this Section shall not be deemed exclusive of any other rights to
which those indemnified may be entitled under any by-law, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such
office, and shall continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of the heirs,
executors and administrators of such person.
Section 7. Insurance Authorization. The Corporation may purchase
and maintain insurance on behalf of any person who is or was a director,
officer, employee or agent of the Corporation, or is or was serving at the
request of the Corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise against any
liability asserted against him and incurred by him 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
Section.
Section 8. Definition of "Corporation" in Mergers. For purposes of
this Section, references to "the Corporation" shall include, in the case of a
merger or consolidation, in addition to the resulting Corporation, any
constituent corporation (including any constituent of a constituent) absorbed in
a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers and employees
or agents, so that any person who is or was a director, officer, employee or
agent of such constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
shall stand in the same position under the provisions of this Section with
respect to the resulting or supervising corporation as he would have with
respect to such constituent corporation if its separate existence had continued.
Section 9. Other Definitions. For purposes of this Section,
reference to "other enterprises" shall include employee benefit plans;
references to "fines" shall include any excise taxes assessed on a person with
respect to an employee benefit plan; and references to "serving at the request
of the Corporation" shall include any service as a director, officer, employee
or agent of the Corporation which imposes duties on, or involves services by,
such director, officer, employee, or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person
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who acted in good faith and in a manner he reasonably believed to be in the
interest of the participants and beneficiaries of an employee benefit plan shall
be deemed to have acted in a manner "not opposed to the best interests of the
Corporation" as referred to in this Section.
ARTICLE VIII
Special Corporate Acts
Section 1. Deposit of Funds. The moneys of the Corporation shall be
deposited in the name of the Corporation in such depositories as the Board of
Directors shall designate or otherwise authorize, and shall be drawn out only in
such manner as the Board of Directors shall prescribe.
Section 2. Execution of Deeds, Contract, Etc. Subject always to
the specific directions of the Board of Directors, all deeds and mortgages made
by the Corporation and all other written contracts and agreements to which the
Corporation shall be a party shall be executed in its name by the Chief
Executive Officer, the President or Vice President and attested by the Secretary
or Assistant Secretary; and the Secretary or Assistant Secretary, when necessary
or required, shall affix the corporate seal thereto.
Section 3. Endorsement of Stock Certificates. Subject always to the
specific directions of the Board of Directors, any share or shares of stock
issued by any corporation and owned by the Corporation (including reacquired
shares of stock of the Corporation) may, for sale or transfer, be endorsed in
the name of the Corporation by the Chief Executive Officer, the President or a
Vice President, and attested by the Secretary or an Assistant Secretary either
with or without affixing thereto the corporate seal.
Section 4. Voting of Shares Owned by Corporation. Subject always to
the specific directions of the Board of Directors, any share or shares of stock
issued by any other corporation and owned or controlled by the Corporation may
be voted at any stockholders' meeting of such other corporation by the Chief
Executive Officer, if he be present, or in his absence, the President of the
Corporation, if he be present, or in his absence by a Vice President of the
Corporation who may be present. Whenever, in the judgment of the Chief Executive
Officer, or, in his absence, the President, or, in his absence, a Vice
President, it is desirable for the Corporation to execute a proxy or give a
stockholder's consent in respect to any share or shares of stock issued by any
other corporation and owned by the Corporation, such proxy or consent shall be
executed in the name of the Corporation by the Chief Executive Officer, the
President or a Vice President of the Corporation and shall be attested by the
Secretary or Assistant Secretary of the Corporation under the corporate seal
without necessity of any authorization by the Board of Directors. Any person or
persons designated in the manner above stated as the proxy or proxies of the
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Corporation shall have full right, power and authority to vote the share or
shares of stock issued by such other corporation and owned by the Corporation
the same as such share or shares might be voted by the Corporation.
Section 5. Loans. The Corporation may lend money to, or guarantee
any obligation of, or otherwise assist any officer or other employee of the
Corporation or of its subsidiary, including any officer or employee who is a
director of the Corporation or its subsidiary, whenever, in the judgment of the
directors, such loan, guaranty or assistance may reasonably be expected to
benefit the Corporation. The loan, guaranty or other assistance may be with or
without interest, and may be unsecured, or secured in such manner as the Board
of Directors shall approve, including, without limitation, a pledge of shares of
stock of the Corporation. Nothing in this section contained shall be deemed to
deny, limit or restrict the powers of guaranty or warranty of the Corporation at
common law or under any statute.
Section 6. Dividends. Dividends upon the capital stock of the
Corporation, subject to the provisions of the Certificate of Incorporation, if
any, may be declared by the Board of Directors at any regular or special
meeting, pursuant to law. Dividends may be paid in cash, in property, or in
shares of the capital stock, subject to the provisions of the Certificate of
Incorporation. Before payment of any dividend, there may be set aside out of any
funds of the Corporation available for dividends such sum or sums as the
directors from time to time, in their absolute discretion, think proper as a
reserve or reserves to meet contingencies, or for equalizing dividends, or for
repairing or maintaining any property of the Corporation, or any other purpose
and the directors may modify or abolish any such reserve in the manner in which
it was created.
ARTICLE IX
Amendments
The Board of Directors shall have the power to make, adopt, alter,
amend and repeal from time to time the By-Laws of the Corporation, subject to
the right of the stockholders entitled to vote with respect thereto to adopt,
alter, amend and repeal By-Laws by the Board of Directors; provided, however,
that By-Laws shall not be adopted, altered, amended or repealed by the
stockholders of the Corporation except by the affirmative vote of the holders of
two-thirds of the combined voting power of the then outstanding shares of stock
entitled to vote on any proposed amendment to the By-Laws.
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