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EXHIBIT 3.1
BYLAWS
OF
FORWARD AIR CORPORATION
ARTICLE I
SHAREHOLDERS
Section 1.1 Annual Meeting. The annual meeting of the shareholders of
Forward Air Corporation (the "Corporation") shall be held at the principal
office of the Corporation in the State of Tennessee or at such other place
within or without the State of Tennessee as may be determined by the board of
directors of the Corporation (the "Board of Directors" or the "Board") and as
shall be designated in the notice of said meeting, on such date and at such
time as may be determined by the Board of Directors. The purpose of said annual
meeting shall be to elect directors and transact such other business as may
properly be brought before the meeting.
Section 1.2 Special Meetings. Special meetings of the shareholders
shall be held at the principal office of the Corporation in the State of
Tennessee or at such other place within or without the State of Tennessee as
may be designated from time to time by the Board of Directors. Whenever the
Board of Directors shall fail to fix such place, or, whenever shareholders
entitled to call a special meeting shall call the same, the meeting shall be
held at the principal office of the Corporation in the State of Tennessee.
Special meetings of the shareholders shall be held upon call of a majority of
the Board of Directors, or, unless the Charter of the Corporation (the
"Charter") otherwise provides, upon written demand(s), signed, dated and
delivered to the Secretary of the Corporation describing the purpose or
purposes for which it is to be held, by shareholders holding at least ten
percent (10%) of the shares of capital stock of the Corporation issued and
outstanding and entitled to vote on any issue proposed to be considered at such
special meeting, at such time as may be fixed by the Secretary, and as shall be
stated in the call and notice of said meeting, except when the Tennessee
Business Corporation Act, as amended (the "Business Corporation Act"), confers
upon the shareholders the right to demand the call of such meeting and fix the
date thereof. Business transacted at any special meeting shall be confined to
the purposes stated in the notice of meeting and matters germane thereto.
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Section 1.3 Notice of Meetings. The notice of all meetings of
shareholders shall be in writing, shall state the date, time and place of the
meeting, and, unless it is the annual meeting, shall indicate that it is being
issued by or at the direction of the person or persons calling the meeting. The
notice of an annual meeting should state that the meeting is called for the
election of directors and for the transaction of such other business as may
properly come before the meeting and shall state the purpose or purposes of the
meeting if any other action is to be taken at such annual meeting which could
be taken at a special meeting. The notice of a special meeting shall, in all
instances, indicate that it is being issued by or at the direction of the
person or persons calling the meeting and state the purpose or purposes for
which the meeting is called. If the Board of Directors shall adopt, amend or
repeal a bylaw regulating an impending election of directors, the notice of the
next meeting for the election of directors shall contain the bylaw so adopted,
amended or repealed, together with a concise statement of the changes made. A
copy of the notice of any meeting shall be served either personally or by mail,
not less than ten (10) days nor more than two (2) months before the date of the
meeting, to each shareholder at such shareholder's record address or at such
other address which such shareholder may have furnished in writing to the
Secretary of the Corporation. If a meeting is adjourned to another time or
place and if any announcement of the adjourned time or place is made at the
meeting, it shall not be necessary to give notice of the adjourned meeting
unless the Board of Directors, after adjournment, fixes a new record date for
the adjourned meeting, which it must do if the meeting is adjourned to a date
more than four (4) months after the date fixed for the original meeting. At the
adjourned meeting any business may be transacted that might have been
transacted on the original date of the meeting. Notice of a meeting need not be
given to any shareholder who submits to the Corporation for inclusion in the
minutes or filing with the corporate records a signed waiver of notice, in
person or by proxy, before or after the meeting. The attendance of a
shareholder at a meeting without objection at the beginning of the meeting (or
promptly upon his arrival) to the lack of notice or defective notice of such
meeting shall constitute a waiver of notice by such shareholder.
Section 1.4 Quorum. The holders of record of a majority of the
outstanding shares of the Corporation entitled to vote at the meeting, present
in person or by proxy, shall, except as otherwise provided by law or the
Charter, constitute a quorum at a meeting of shareholders, provided that when a
specified item of business is required to be voted on by a class or series,
voting as a class, the holders of a majority of the shares of such class or
series shall constitute a quorum for
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the transaction of such specified item of business. When a quorum is once
present to organize a meeting, it is not broken by the subsequent withdrawal of
any shareholder or for adjournment of the meeting unless a new record date is
or must be set for the meeting.
Section 1.5 Conduct of Meetings. Meetings of the shareholders shall
be presided over by the Chairman of the Board, if any, or, if the Chairman of
the Board is not present, by the President, or, if the President is not
present, by a Vice President, or, if neither the Chairman of the Board, the
President nor a Vice President is present, by a chairman to be chosen at the
meeting. The Secretary of the Corporation, or in the Secretary's absence, an
Assistant Secretary, shall act as secretary of every meeting, but if neither
the Secretary nor an Assistant Secretary is present, the meeting shall choose
any person present to act as secretary of the meeting.
Section 1.6 Voting. For each share of the capital stock of the
Corporation registered in his name on the books of the Corporation the holder
thereof shall have the number of votes per share specified in the Charter.
Whenever under the provisions of the Charter any shareholder is entitled to
more or less than one (1) vote for any share of capital stock of the
Corporation held by such shareholder, every reference in these Bylaws to a
plurality or other proportion of stock shall refer to such plurality or other
proportion of the votes of such stock. At each meeting of the shareholders,
each shareholder having the right to vote shall be entitled to vote in person
or by proxy appointed by an instrument in writing subscribed by such
shareholder, or by his duly authorized attorney, and bearing a date not more
than eleven (11) months prior to said meeting, unless said instrument provides
for a longer period. Every shareholder entitled to vote at any meeting may so
vote by proxy and shall be entitled to one (1) vote for each share entitled to
vote and held by such shareholder. At all elections of directors the voting
may, but need not, be by ballot and a plurality of the votes cast thereat shall
elect, except as otherwise required by law or the Charter. Except as otherwise
required by law, or the Charter, any other action shall be authorized by a
majority of the votes cast.
Section 1.7 Record Date. For the purpose of determining the
shareholders entitled to notice of, to demand a special meeting, to vote or
take any other action at any meeting of shareholders or any adjournment
thereof, or to express consent to or dissent from any proposal without a
meeting, or for the purpose of determining the shareholders entitled to receive
payment of any dividend or the allotment of any rights, or for the purpose of
any other action, the Board of Directors may
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fix, in advance, a date as the record date for any such determination of
shareholders. Such date shall not be more than seventy (70) days nor less than
ten (10) days before the date of such meeting, nor more than seventy (70) days
prior to any other action. If no record date is fixed, the record date for the
determination of shareholders entitled to notice of, to demand a special
meeting, to vote or take any other action at a meeting of shareholders shall be
at the close of business on the day next preceding the day on which notice is
given or, if no notice is given, the day on which the meeting is held.
The record date for determining shareholders for any purpose other than
that specified in the preceding clause shall be at the close of business on the
day on which the resolution of the Board of Directors relating thereto is
adopted. When a determination of shareholders of record entitled to notice of,
to demand a special meeting, to vote or take any other action at any meeting of
shareholders has been made as provided in this Section 1.7, such determination
shall apply to any adjournment thereof, unless the Board of Directors fixes a
new record date under this Section 1.7 for the adjourned meeting; provided,
however, if the meeting is adjourned to a date more than four (4) months after
the date fixed for the original meeting, the Board of Directors shall fix a new
record date.
Section 1.8 Shareholder Lists. An alphabetical list by voting group,
and within each voting group by class or series of shares, of each
shareholder's name, address and share ownership entitled to notice of a
shareholders' meeting as of the record date, certified by the Secretary or
other officer responsible for its preparation, or by the transfer agent, if
any, shall be available for inspection by any shareholder, beginning two (2)
business days after notice of the meeting is given for which the list was
prepared and continuing through the meeting upon the request thereat or prior
thereto of any shareholder. If the right to vote at any meeting is challenged,
the inspectors of election, if any, or the person presiding thereat, shall
require such list of shareholders to be produced as evidence of the right of
the persons challenged to vote at such meeting, and all persons who appear from
such list to be shareholders entitled to vote thereat may vote at such meeting.
Section 1.9 Proxy Representation. Every shareholder may authorize
another person or persons to act for such shareholder by proxy in all matters
in which a shareholder is entitled to participate, whether by waiving notice of
any meeting, voting or participating at a meeting, or expressing consent or
dissent without a meeting. Every proxy must be signed by the shareholder or
such shareholder's attorney-
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in-fact. No proxy shall be valid after the expiration of eleven (11) months
from the date thereof unless otherwise provided in the proxy. Every proxy shall
be revocable at the pleasure of the shareholder executing it, except as
otherwise provided by the Business Corporation Act.
Section 1.10 Inspectors. At all meetings of shareholders, the proxies
and ballots shall be received, taken in charge and examined, and all questions
concerning the qualification of voters, the validity of proxies and the
acceptance or rejection of proxies and of votes shall be decided by two (2)
inspectors of election. Such inspectors of election together with one alternate
to serve in the event of death, inability or refusal by any of said inspectors
of election to serve at the meeting, shall be appointed by the Board of
Directors, or, if no such appointment or appointments shall have been made,
then by the presiding officer at the meeting. If for any reason the inspectors
of election so appointed shall fail to attend, or refuse or be unable to serve,
a substitute or substitutes shall be appointed to serve as inspector or
inspectors of election, in their place or stead, by the presiding officer at
the meeting. No director or candidate for the office of director shall be
appointed as an inspector. Each inspector shall take and subscribe an oath or
affirmation faithfully to execute the duties of inspector at such meeting with
strict impartiality and according to the best of his ability. The inspectors,
if any, 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
validity and effect of proxies, and shall receive votes, ballots or consents,
hear and determine all challenges and questions arising in connection with the
right to vote, count and tabulate all votes, ballots or consents, determine the
result, and do such acts as are proper to conduct the election or vote with
fairness to all shareholders. On request of the person presiding at the meeting
or any shareholder, the inspectors shall make a report in writing of any
challenge, question or matter determined by them and execute a certificate as
to any fact found by them. Each inspector shall be entitled to reasonable
compensation for such inspector's services, to be paid by the Corporation.
Section 1.11 Actions Without Meetings. Whenever shareholders are
required or permitted to take any action by vote, such action may be taken
without a meeting on written consent, setting forth the action so taken, signed
by the holders of all outstanding shares entitled to vote thereon; unless some
number less than all of the holders of all of the outstanding shares is
required by applicable law or the Charter. This section shall not be construed
to alter or modify any provision of law or of the Charter under which the
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written consent of the holders of less than all outstanding shares is
sufficient for corporate action.
Section 1.12 Meaning of Certain Terms. As used herein in respect of
the right to notice of a meeting of shareholders or a waiver thereof or to
participate or vote thereat or to consent or dissent in writing in lieu of a
meeting, as the case may be, the term "share" or "shareholder" or
"shareholders" refers to an outstanding share or shares and to a holder or
holders of record of outstanding shares, when the Corporation is authorized to
issue only one (1) class of shares, and said reference is also intended to
include any outstanding share or shares and any holder or holders of record of
outstanding shares of any class upon which or upon whom the Charter confers
such rights, where there are two (2) or more classes or series of shares, or
upon which or upon whom the Business Corporation Act confers such rights,
notwithstanding that the Charter may provide for more than one (1) class or
series of shares, one (1) or more of which are limited or denied such rights
thereunder.
ARTICLE II
DIRECTORS
Section 2.1 Functions and Definition. The business of the Corporation
shall be managed under the direction of its Board of Directors. The use of the
phrase "entire Board of Directors" herein refers to the total number of
directors which the Corporation would have if there were no vacancies.
Section 2.2 Qualification and Number. Each director shall be at least
eighteen (18) years of age. A director need not be a shareholder, a citizen of
the United States, nor a resident of the State of Tennessee. The number of
directors constituting the entire Board of Directors shall be not less than the
number required by law; such number may be fixed from time to time by action of
the Board of Directors or of the shareholders. The number of directors may be
increased or decreased by action of the Board of Directors or shareholders,
provided that any action of the Board of Directors to effect such increase or
decrease shall require the vote of a majority of the entire Board of Directors.
No decrease in the number of directors shall shorten the term of any incumbent
director.
Section 2.3 Election and Term. Directors who are elected at an annual
meeting of shareholders, and directors who are elected in the interim to fill
vacancies and newly created directorships, shall hold office until the next
annual meeting
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of shareholders or until their respective successors have been elected and
qualified. In the interim between annual meetings of shareholders or special
meetings of shareholders called for the election of directors, the creation of
newly created directorships and to fill any vacancies in the Board of
Directors, including vacancies resulting from the removal of directors for
cause or without cause, may be filled by the vote of a majority of the
directors then in office, although less than a quorum exists.
Section 2.4 Quorum. A majority of the entire Board of Directors shall
constitute a quorum for the transaction of business. A majority of the
directors present, whether or not a quorum is present, may adjourn a meeting to
another time and place. Except as herein otherwise provided, the vote of a
majority of the directors present at the time of the vote, at a meeting duly
assembled, a quorum being present at such time, shall be the act of the Board
of Directors.
Section 2.5 Meetings; Notice. Meetings of the Board of Directors
shall be held at such place within or without the State of Tennessee as may
from time to time be fixed by resolution of the Board of Directors, or as may
be specified in the notice of the meeting. Regular meetings of the Board of
Directors shall be held at such times as may from time to time be fixed by
resolution of the Board of Directors. Special meetings of the Board may be held
at any time upon the call of the Chairman of the Board, if any, the President,
the Secretary or any two (2) directors by oral, telegraphic or written notice
duly served upon, sent or mailed to each director not less than two (2) days
before such meeting. A meeting of the Board of Directors may be held without
notice immediately after the annual meeting of shareholders at the same place
at which such meeting is held. Notice need not be given of regular meetings of
the Board of Directors held at times fixed by resolution of the Board of
Directors. Any requirement of furnishing a notice shall be waived by any
director who signs and delivers to the Corporation a waiver of notice before or
after the meeting, or who attends the meeting without protesting, prior thereto
or at its commencement, the lack of notice to him. The notice of any meeting
need not specify the purpose of the meeting, and any and all business may be
transacted at such meeting.
Section 2.6 Conduct of Meetings. The Chairman of the Board of
Directors, if any, shall preside at all meetings of the Board of Directors, and
in the Chairman's absence or inability to act, the President shall preside, and
in the President's absence or inability to act, such person as may be chosen by
a majority of the directors present shall preside.
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Section 2.7 Committees. By resolution adopted by a majority of the
entire Board of Directors, the directors may designate from their number two
(2) or more directors to constitute an Executive Committee and other
committees, each of which, to the extent provided in the resolution designating
it, shall have the authority of the Board of Directors with the exception of
any authority the delegation of which is prohibited by law. A majority of any
such committee may determine its action and fix the time and place of its
meetings, unless the Board of Directors shall otherwise provide. The Board of
Directors shall have power at any time to fill vacancies in, to change the
membership of, to designate alternate members of, or to discharge any such
committee. All actions of the Executive Committee shall be recorded in the
minutes of the Committee and reported to the Board of Directors at its meeting
next succeeding such action. All actions of other committees shall be recorded
in the minutes of each such committee and reported to the Board of Directors
(or in the case of committees appointed by the Executive Committee, to the
Executive Committee) at its meeting next succeeding such action. The Board of
Directors may allow members of the Executive Committee or any other committee
designated by the Board of Directors or the Executive Committee a fixed fee and
expenses of attendance for attendance at meetings of such committee. Members of
such committees may also receive stated fees for their services as committee
members as determined by the Board of Directors. Nothing herein contained shall
be construed to preclude any committee member from serving the Corporation in
any other capacity as officer, agent or otherwise, and receiving compensation
therefor.
Section 2.8 Compensation of Directors. The Board of Directors may, by
resolution, provide for payment to directors of a fixed fee for their services
as directors, without regard for attendance at meetings of the Board, and for
payment of expenses for attendance at such meetings. Nothing herein contained
shall be construed as precluding any director from serving the Corporation in
any other capacity as member of a committee, officer, agent or otherwise and
receiving compensation therefor.
Section 2.9 Honorary Directors. The Board of Directors may from time
to time name, in its discretion, any director who shall have resigned or shall
have declined nomination for a further term, an Honorary Director for such term
as the Board of Directors by resolution shall establish. An Honorary Director
may, at the invitation of the Chairman of the Board, attend meetings of the
Board of Directors. Honorary Directors shall not be entitled to vote on any
business coming before the Board of Directors nor shall any Honorary Director
be counted
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for the purpose of determining the number necessary to constitute a quorum, for
the purpose of determining whether a quorum is present or for any other purpose
whatsoever. The termination of any person's relationship with the Corporation
as Honorary Director shall not be deemed to create a vacancy in the position of
Honorary Director. By resolution of the Board of Directors a fixed annual fee
may be allowed to an Honorary Director. Honorary Directors shall not be
directors of the Corporation and shall not have rights, privileges or powers
other than those specifically provided in this Section 2.9 or as may be
specifically given or assigned by the Board of Directors.
Section 2.10 Dividends. Subject always to the provisions of law and
the Charter, the Board of Directors shall have full power to determine whether
any, and if any, what part of any, funds legally available for the payment of
dividends shall be declared as dividends and paid to shareholders; the division
of the whole or any part of such funds of the Corporation shall rest wholly
within the lawful discretion of the Board of Directors, and it shall not be
required at any time, against such discretion, to divide or pay any part of
such funds among or to the shareholders as dividends or otherwise; and 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 Board of Directors
from time to time, in its absolute discretion, deems proper as a reserve or
reserves to meet contingencies, or for equalizing dividends, or for repairing
or maintaining any property of the Corporation, or for such other purpose as
the Board of Directors shall deem conducive to the interest of the Corporation,
and the Board of Directors may modify or abolish any such reserve in the manner
in which it was created.
Section 2.11 Resignation; Removal of Directors. A director may resign
at any time upon delivery of written notice to the Board of Directors, Chairman
of the Board, President or the Corporation. Such resignation shall be effective
upon delivery unless the notice specifies a later effective date. At any
special meeting of the shareholders, duly called as provided in these Bylaws,
any director or directors may be removed from office by the shareholders, with
or without cause, and such director's successor or directors' successors may be
elected at such meeting. One (1) or more directors may be removed for cause by
a majority of the entire Board of Directors.
Section 2.12 Actions Without Meetings. Any action required or
permitted to be taken by the Board of Directors or by any committee thereof may
be taken without a meeting if a
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majority of all members of the Board of Directors or of any such committee
consent in writing to the adoption of a resolution authorizing the action. The
resolution and the written consents thereto by the members of the Board of
Directors or of any such committee shall be filed with the minutes of the
proceedings of the Board of Directors or of any such committee.
Section 2.13 Electronic Communication. Any one or more members of the
Board of Directors or any committee thereof may participate in a meeting of the
Board of Directors or any such committee by means of a conference telephone or
similar communications equipment allowing all persons participating in the
meeting to hear each other at the same time. Participation by such means shall
constitute presence in person at a meeting.
ARTICLE III
OFFICERS
Section 3.1 Election. The Board of Directors promptly after the
election thereof held in each year, shall elect the officers of the
Corporation, which shall include a President and a Secretary, and which may
include a Chairman of the Board, one (1) or more Vice Presidents, a Treasurer,
and a Controller, and may also include Assistant Secretaries, Assistant
Treasurers, Assistant Controllers and such other officers, agents and employees
as the Board may from time to time deem proper, who shall hold their offices
for such term and shall exercise such powers and perform such duties as shall
be determined from time to time by the Board of Directors. The Board of
Directors shall fix the salaries of the Chairman of the Board, the President,
and Vice Presidents, the Treasurer, the Controller and the Secretary. Unless
fixed by the Board of Directors or a committee thereof, the salaries of all
other officers, agents and employees shall be fixed by the Chief Executive
Officer. Any two (2) or more offices may be held by the same person except the
offices of President and Secretary. The Chairman of the Board shall be a member
of the Board of Directors.
Section 3.2 Term. The term of office of all officers shall be until
their respective successors have been elected and qualified, but any officer
may be removed from office, either with or without cause, at any time by the
affirmative vote of a majority of the whole Board of Directors. Any vacancy in
any office arising from any cause may be filled for the unexpired portion of
the term by the Board of Directors.
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Section 3.3 Duties. The officers of the Corporation shall each have
such powers and duties as are set forth in these Bylaws and such additional
powers and duties as from time to time may be conferred upon them by the Board
of Directors, and, subject thereto, such powers and duties as generally pertain
to their respective offices, and the Board of Directors may from time to time
impose and confer any or all of the powers and duties hereinafter specifically
prescribed for any officer upon any other officer or officers.
Section 3.4 Resignation; Removal of Officers. An officer may resign
at any time upon delivery of notice to the Corporation. Such resignation shall
be effective upon delivery unless the notice specifies a later effective date.
In the event that an officer specifies in his notice a later effective date,
and the Corporation accepts the future effective date, the Board may fill the
pending vacancy prior to the effective date; provided, however, that the Board
designates that the successor officer does not take office until such effective
date. Any officer may be removed from office, either with or without cause, at
any time by the affirmative vote of a majority of the whole Board of Directors.
Further, any officer or assistant officer, if appointed by another officer, may
likewise be removed by such officer.
Section 3.5 Chairman of the Board. The Chairman of the Board shall
preside at all meetings of the shareholders and the Board of Directors at which
he shall be present and shall furnish advice and counsel to the Board of
Directors. In the absence of a Chief Executive Officer, the Chairman of the
Board shall be the Chief Executive Officer of the Corporation. The Chairman of
the Board shall exercise the powers and perform the duties usual to a chairman
of the board of a corporation, and shall have such other powers and duties as
may be assigned to him by the Board of Directors.
Section 3.6 Chief Executive Officer. The Chief Executive Officer
shall be the chief executive officer of the Corporation and direct the
business, affairs and property of the Corporation. The Chief Executive Officer
shall exercise the powers and perform the duties usual to a chief executive
officer and shall have such other powers and duties as may be assigned to him
from time to time by the Board of Directors. In the absence of a Chairman of
the Board, the Chief Executive Officer shall preside at all meetings of the
shareholders and the Board of Directors.
Section 3.7 President. The President, in the absence of a Chairman of
the Board or a Chief Executive Officer, shall preside at all meetings of the
shareholders and the Board of
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Directors at which he shall be present. The President shall be the Chief
Operating Officer and shall direct the operations of the business of the
Corporation, and report to the Chief Executive Officer. In the absence of a
Chief Executive Officer or a Chairman of the Board, the President shall report
directly to the Board of Directors. In the absence of a Chief Executive
Officer, and in the event the Board of Directors has not vested such powers in
a Chairman of the Board, the President shall be the Chief Executive Officer. He
shall have such other powers and duties as may be assigned to him from time to
time by the Board of Directors.
Section 3.8 Vice Presidents. The Vice Presidents shall be of such
number and shall have such titles of designation as may be determined from time
to time by the Board of Directors. They shall perform such duties as may be
assigned to them, respectively, from time to time by the Board of Directors.
Section 3.9 Secretary. The Secretary shall give, or cause to be
given, notice of all meetings of shareholders and directors, and all other
notices required by law or by these Bylaws, and in the case of his absence or
refusal or neglect so to do, any such notice may be given by any person
thereunto directed by the Chairman of the Board, or by the directors or
shareholders upon whose request the meeting is called as provided in these
Bylaws. He shall record all the proceedings of the meetings of shareholders,
the Board of Directors and Executive Committee in a book to be kept for that
purpose, and shall perform such other duties as may be assigned to him by the
Board of Directors or the Chief Executive Officer. The Secretary shall have the
custody of the records and the seal, if any, of the Corporation. He shall affix
the seal, if any, to any instrument requiring it, when signed by a duly
authorized officer or when specifically authorized by the Board of Directors or
the Chairman of the Board, and attest the same. In the absence or incapacity of
the Secretary, any Assistant Secretary may affix the seal, if any, to any such
instrument and attest the same.
Section 3.10 Assistant Secretaries. The Assistant Secretaries shall
have such powers and shall perform such duties as may be assigned to them from
time to time by the Board of Directors, the Chief Executive Officer or the
Secretary.
Section 3.11 Treasurer. The Treasurer shall be responsible for
establishing and executing programs providing for long and short term financing
needs of the Corporation. He shall establish policies for the receipt, custody
and disbursement of the Corporation's monies and securities, and
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for investment of the Corporation's funds. He shall perform such other duties
as may be assigned to him from time to time by the Board of Directors or the
Chief Executive Officer.
Section 3.12 Assistant Treasurers. The Assistant Treasurers shall have
such powers and shall perform such duties as may be assigned to them from time
to time by the Board of Directors, the Chief Executive Officer or the
Treasurer.
Section 3.13 Controller. The Controller shall be responsible for the
development and maintenance of accounting policies and systems properly to
record, report and interpret the financial position and the results of
operations of the Corporation. He shall be responsible for development and
maintenance of adequate plans for the financial control of operations and the
protection of the assets of the Corporation. He shall perform such other duties
as may be assigned to him from time to time by the Board of Directors or the
Chief Executive Officer.
Section 3.14 Assistant Controllers. The Assistant Controllers shall
have such powers and shall perform such duties as may be assigned to them from
time to time by the Board of Directors, the Chief Executive Officer or the
Controller.
Section 3.15 Presiding Officer at Meetings of the Shareholders and
Board of Directors. The presiding officer at any meeting of the shareholders or
the Board of Directors at which the Chairman of the Board and the Chief
Executive Officer are absent shall be the President, or such other officer
designated to so preside by the Chairman of the Board. If the Chairman of the
Board, for any reason, shall not have designated any officer to preside at any
such meeting, then the Chief Executive Officer or President shall preside. In
the event that both the Chief Executive Officer and President shall be absent,
then the Executive Vice President-Finance, if there be such an officer, and he
is a member of the Board, shall preside. If the Executive Vice
President-Finance shall also be absent or if there be no such officer, then the
most senior (in terms of time served in the office of Executive Vice President)
of the other Executive Vice Presidents, if there be such an officer, and he is
a member of the Board, shall preside.
Section 3.16 Corporation as Security Holder. Unless otherwise ordered
by the Board of Directors, the President, or, in the event of the President's
inability to act, the Vice President designated by the Board of Directors to
act in the absence of the President or, in the absence of such designation, in
the order of such Vice President's seniority,
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shall have full power and authority on behalf of the Corporation to attend and
to act and to vote at any meetings of security holders of corporations in which
the Corporation may hold securities, and at such meetings shall possess and may
exercise any and all rights and powers incident to the ownership of such
securities, and which as the owner thereof the Corporation might have possessed
and exercised, if present. The Board of Directors by resolution from time to
time may confer like powers upon any other person or persons.
ARTICLE IV
CERTIFICATES REPRESENTING SHARES
Section 4.1 Certificates; Signatures. The interest of each
shareholder of the Corporation shall be evidenced by certificates representing
shares in such form not inconsistent with the Charter as the Board of Directors
may from time to time prescribe. Certificates representing shares shall have
set forth thereon the statements prescribed by law and shall be signed by the
Chairman, President or a Vice President and by the Secretary or an Assistant
Secretary or Treasurer or an Assistant Treasurer and may be sealed with the
corporate seal or a facsimile thereof. The signatures of the officers 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 its
employee. In case any officer who has signed or whose facsimile signature has
been placed upon a 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 such officer were an officer at the date of its issue.
Section 4.2 Transfer of Shares. Upon compliance with provisions
restricting the transferability of shares, if any, transfers of shares of the
Corporation shall be made only on the share record of the Corporation by the
registered holder thereof, or by such holder's attorney thereunto authorized by
power of attorney duly executed and filed with the Secretary of the Corporation
or with a transfer agent or a registrar, if any, and upon the surrender of the
certificate or certificates for such shares properly endorsed and the payment
of all taxes due thereon. A certificate representing shares shall not be issued
until the full amount of consideration therefor has been paid, except as the
Business Corporation Act may otherwise permit.
Section 4.3 Fractional Shares. The Corporation may issue certificates
for fractions of a share where necessary to effect
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transactions authorized by the Business Corporation Act which shall entitle the
holder, in proportion to such holder's fractional holdings, to exercise voting
rights, receive dividends and participate in liquidating distributions; or the
Corporation may pay in cash the value of fractions of a share as of the time
when those entitled to receive such fractions is determined; or it may issue
scrip in registered or bearer form over the manual or facsimile signature of an
officer of the Corporation or of its agent, exchangeable as therein provided
for full shares, but such scrip shall not entitle the holder to any rights of a
shareholder except as therein provided. The Board of Directors shall have power
and authority to make all such rules and regulations as it may deem expedient
concerning the issue, transfer and registration of certificates representing
shares of the Corporation.
Section 4.4 Replacement Certificates. No certificates representing
shares shall be issued in place of any certificate alleged to have been lost,
destroyed or stolen, except on production of such evidence of such loss,
destruction or theft as the Board of Directors may require, and on delivery to
the Corporation, if the Board of Directors shall so require, of a bond of
indemnity in such amount, upon such terms and secured by such surety as the
Board of Directors may in its discretion require.
Section 4.5 Registered Shareholders. The Corporation shall be
entitled to treat the holder of record of any share or shares of stock as the
holder in fact thereof and, accordingly, 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 Tennessee.
ARTICLE V
FISCAL YEAR
The fiscal year of the Corporation shall be fixed from time to time by
resolution of the Board of Directors.
ARTICLE VI
CORPORATE SEAL
The Corporation may, but shall not be required to, adopt a corporate
seal. The corporate seal shall have inscribed
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thereon the name of the Corporation and the year of its incorporation, and
shall be in such form and contain such other words and/or figures as the Board
of Directors shall determine. The corporate seal may be used by printing,
engraving, lithographing, stamping or otherwise making, placing or affixing, or
causing to be printed, engraved, lithographed, stamped or otherwise made,
placed or affixed upon any paper or document, by any process whatsoever, an
impression, facsimile or other reproduction of said corporate seal.
ARTICLE VII
INDEMNIFICATION
The Corporation shall indemnify to the full extent permitted by law any
person made or threatened to be made a party to any action, suit or proceeding,
whether civil, criminal, administrative or investigative, by reason of the fact
that such person or such person's testator or intestate is or was a director,
officer or employee of the Corporation or serves or served at the request of
the Corporation any other enterprise as a director, officer or employee.
Expenses incurred by any such person in defending any such action, suit or
proceeding shall be paid or reimbursed by the Corporation promptly upon receipt
by it of an undertaking of such person to repay such expenses if it shall
ultimately be determined that such person is not entitled to be indemnified by
the Corporation. The rights provided to any person by this bylaw shall be
enforceable against the Corporation by such person who shall be presumed to
have relied upon it in serving or continuing to serve as a director, officer or
employee as provided above. No amendment of this bylaw shall impair the rights
of any person arising at any time with respect to events occurring prior to
such amendment. For purposes of this article, the term "Corporation" shall
include any predecessor of the Corporation and any constituent corporation
(including any constituent of a constituent) absorbed by the Corporation in a
consolidation or merger; the term "other enterprise" shall include any
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise; service "at the request of the Corporation" shall include service
as a director, officer or employee of the Corporation which imposes duties on,
or involves services by, such director, officer or employee with respect to an
employee benefit plan, its participants or beneficiaries; any excise taxes
assessed on a person with respect to an employee benefit plan shall be deemed
to be indemnifiable expenses; and action taken or omitted by a person with
respect to an employee benefit plan which such person reasonably believes to be
in the interest of the
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participants and beneficiaries of such plan shall be deemed to be action not
opposed to the best interests of the Corporation.
ARTICLE VIII
GENERAL
Section 8.1 Financial Reports. The directors may appoint the
Treasurer or other fiscal officer and/or the Secretary or any other officer to
cause to be prepared and furnished to shareholders entitled thereto any special
financial notice and/or financial statement, as the case may be, which may be
required by any provision of law.
Section 8.2 Books and Records. The Corporation shall keep correct and
complete books and records of account and shall keep minutes of the proceedings
of the shareholders, of the Board of Directors, and/or any committee which the
directors may appoint, and shall keep at the office of the Corporation in the
State of Tennessee or at the office of the transfer agent or registrar, if any,
in said state, a record containing the names and addresses of all shareholders,
the number and class of shares held by each, and the dates when such
shareholders respectively became the owners of record thereof. Any of the
foregoing books, minutes or records may be in written form or in any other form
capable of being converted into written form within a reasonable time.
ARTICLE IX
AMENDMENTS
An affirmative vote of a majority of the shareholders entitled to vote
in the election of directors may make, alter, amend or repeal the Bylaws and
may adopt new Bylaws. Except as otherwise required by law, the Charter or by
the provisions of these Bylaws, the Board of Directors may also make, alter,
amend or repeal the Bylaws and adopt new Bylaws, but Bylaws adopted by the
Board of Directors may be altered, amended or repealed by the said
shareholders.
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