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Exhibit 3(ii)
BYLAWS OF
FIRST TENNESSEE NATIONAL CORPORATION
(AS AMENDED AND RESTATED JANUARY 19, 1999)
ARTICLE ONE
OFFICES
1.1 PRINCIPAL OFFICE. The principal office of First Tennessee
National Corporation (the "Corporation") shall be 165 Madison Avenue, Memphis,
Tennessee.
1.2 OTHER OFFICES. The Corporation may have offices at such other
places, either within or without the State of Tennessee, as the Board of
Directors may from time to time designate or as the business of the Corporation
may from time to time require.
1.3 REGISTERED OFFICE. The registered office of the Corporation
required to be maintained in the State of Tennessee shall be the same as its
principal office and may be changed from time to time as provided by law.
ARTICLE TWO
SHAREHOLDERS
2.1 PLACE OF MEETINGS. Meetings of the shareholders of the
Corporation may be held either in the State of Tennessee or elsewhere; but in
the absence of notice to the contrary, shareholders' meetings shall be held at
the principal office of the Corporation in Memphis, Tennessee.
2.2 QUORUM AND ADJOURNMENTS. The holders of a majority of the
shares issued and outstanding and entitled to vote thereat, present in person or
represented by proxy, shall be requisite, and shall constitute a quorum at all
meetings of the shareholders, for the transaction of business, except as
otherwise provided by law, the Restated Charter of the Corporation, as amended
from time to time (the "Charter), or these Bylaws. In the event a quorum is not
obtained at the meeting, the holders of a majority of the shares entitled to
vote thereat, present in person or by proxy, shall have power to adjourn the
meeting from time to time and, whether or not a quorum is obtained at the
meeting, the Chairman of the meeting shall have the power to adjourn the meeting
from time to time, in either case without notice, except as otherwise provided
by law, other than announcement at the meeting. At such adjourned meeting at
which the requisite amount of voting shares shall be represented, any business
may be transacted which might have been transacted at the meeting as originally
notified.
2.3 NOTICE OF MEETINGS. Unless otherwise required by applicable
law, written notice of the annual and each special meeting stating the date,
time and place of the meeting shall be mailed, postage prepaid, or otherwise
delivered to each shareholder entitled to vote thereat at such address as
appears on the records of shareholders of the Corporation, at least ten (10)
days, but not more than two (2) months, prior to the meeting date. In addition,
notice of any special meeting shall state the purpose or purposes for which the
meeting is called and the person or persons calling the meeting. In the event of
an adjournment of a meeting to a date more than four months after the date fixed
for the original meeting or the Board of Directors fixes a new record date for
the adjourned meeting, a new notice of the adjourned meeting must be given to
shareholders as of the new record date. Any previously scheduled meeting may be
postponed, and any special meeting may be canceled, by resolution of the Board
of Directors upon public notice given prior to the date scheduled for such
meeting.
2.4 ANNUAL MEETINGS. The annual meeting of shareholders for the
election of directors and for the transaction of such other business as may
properly come before the meeting shall be held each year on the third Tuesday in
April, or if that day is a legal holiday, on the next succeeding business day
not a legal holiday, at 10:00 a.m. Memphis time or on such other date and/or at
such other time as the Board of Directors may fix by resolution by vote of a
majority of the entire Board of Directors. At the meeting, the shareholders
shall elect by ballot, by plurality vote, directors to
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succeed directors in the class of directors whose term expires at the meeting
and directors elected by the Board of Directors to fill vacancies in other
classes of directors and may transact such other business as may properly come
before the meeting.
2.5 SPECIAL MEETINGS. Special meetings of the shareholders for any
purpose or purposes, unless otherwise prescribed by statute, may be called by
Chairman of the Board and shall be called by the Chairman of the Board or the
Secretary at the request in writing of a majority of the Board of Directors.
Only such business within the purpose or purposes described in the notice of the
meeting may be conducted at the meeting.
2.6 WAIVER OF NOTICE. Any shareholder may waive in writing notice
of any meeting either before, at or after the meeting. Attendance by a
shareholder in person or by proxy at a meeting shall constitute a waiver of
objection to lack of notice or defective notice and a waiver of objection to
consideration of a matter that was not described in the meeting notice unless
the shareholder objects in the manner required by law.
2.7 VOTING. Unless otherwise required by the Charter, at each
meeting of shareholders, each shareholder shall have one vote for each share of
stock having voting power registered in the shareholder's name on the records of
the Corporation on the record date for that meeting, and every shareholder
having the right to vote shall be entitled to vote in person or by proxy
appointed by instrument in writing or any other method permitted by law.
2.8 PROCEDURES FOR BRINGING BUSINESS BEFORE SHAREHOLDER MEETING.
At an annual or special meeting of shareholders, only such business shall be
conducted, and only such proposals shall be acted upon, as shall have been
properly brought before an annual or special meeting of shareholders. To be
properly brought before an annual or special meeting of shareholders, business
must be (i) in the case of a special meeting called by the Chairman of the Board
or at the request of the Board of Directors, specified in the notice of the
special meeting (or any supplement thereto), or (ii) in the case of an annual
meeting properly brought before the meeting by or at the direction of the Board
of Directors or (iii) otherwise properly brought before the annual or special
meeting by a shareholder. For business to be properly brought before such a
meeting of shareholders by a shareholder, the shareholder must have given timely
notice thereof in writing to the Secretary of the Corporation. To be timely, a
shareholder's notice must be delivered to or mailed and received at the
principal executive offices of the Corporation not less than 90 days nor more
than 120 days prior to the date of the meeting; provided, however, that if fewer
than 100 days' notice or prior public disclosure of the date of the meeting is
given or made to shareholders, notice by the shareholders to be timely must be
so delivered or received not later than the close of business on the 10th day
following the earlier of (i) the day on which such notice of the date of such
meeting was mailed or (ii) the day on which such public disclosure was made. A
shareholder's notice to the Secretary shall set forth as to each matter the
shareholder proposes to bring before a meeting of shareholders (i) a brief
description of the business desired to be brought before the meeting and the
reasons for conducting such business at the meeting, (ii) the name and address,
as they appear on the Corporation's books, of the shareholder proposing such
business and any other shareholders known by such shareholder to be supporting
such proposal, (iii) the class and number of shares of the Corporation which are
beneficially owned by such shareholder on the date of such shareholder's notice
and by any other shareholders known by such shareholder to be supporting such
proposal on the date of such shareholder's notice, and (iv) any material
interest of the shareholder in such proposal. Notwithstanding anything in these
Bylaws to the contrary, no business shall be conducted at a meeting of
shareholders except in accordance with the procedures set forth in this Section
2.8. The Chairman of the meeting shall, if the facts warrant, determine and
declare to the meeting that the business was not properly brought before the
meeting in accordance with the procedures prescribed by these Bylaws, and if the
Chairman should so determine, the Chairman shall so declare to the meeting and
any such business not properly brought before the meeting shall not be
transacted.
2.9 SEC PROXY RULES. In addition to complying with the provisions
of Section 2.8, a shareholder shall also comply with all applicable requirements
of the Securities Exchange Act of 1934 and the rules and regulations thereunder
with respect to the matters set forth in Section 2.8. Nothing in Section 2.8
shall be deemed to affect any rights of shareholders to request inclusion of
proposals in the Corporation's proxy statement pursuant to rules of the
Securities and Exchange Commission. For such proposals to be acted upon at a
meeting, however, compliance with the notice provisions of Section 2.8 is also
required.
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ARTICLE THREE
DIRECTORS
3.1 POWERS OF DIRECTORS. The business and affairs of the
Corporation shall be managed under the direction of and all corporate powers
shall be exercised by or under the authority of the Board of Directors.
3.2 NUMBER AND QUALIFICATIONS. The Board of Directors shall
consist of 12 members. The Board of Directors has the power to change from time
to time the number of directors specified in the preceding sentence. Any such
change in the number of directors constituting the Corporation's Board Directors
must be made exclusively by means of an amendment to these Bylaws adopted by a
majority of the entire Board of Directors then in office. Directors need not be
shareholders of the Corporation nor residents of the State of Tennessee.
3.3 TERM OF OFFICE. Except as otherwise provided by law or by the
Charter, the term of each director hereafter elected shall be from the time of
his or her election and qualification until the third annual meeting next
following such election and until a successor shall have been duly elected and
qualified; subject, however, to the right of the removal of any director as
provided by law, by the Charter or by these Bylaws.
3.4 COMPENSATION. The directors shall be paid for their services
on the Board of Directors and on any Committee thereof such compensation (which
may include cash, shares of stock of the Corporation and options thereon) and
benefits together with reasonable expenses, if any, at such times as may, from
time to time, be determined by resolution adopted by a majority of the entire
Board of Directors; provided that nothing herein contained shall be construed to
preclude any director from serving the Corporation in any other capacity and
being compensated therefor.
3.5 COMMITTEES. The directors, by resolution adopted by a majority
of the entire Board of Directors, may designate an executive committee and other
committees, consisting of two or more directors, and may delegate to such
committee or committees all such authority of the Board of Directors that it
deems desirable, including, without limitation, authority to appoint corporate
officers, fix their salaries, and, to the extent such is not provided by law,
the Charter or these Bylaws, to establish their authority and responsibility,
except that no such committee or committees shall have and exercise the
authority of the Board of Directors to:
(a) authorize distributions (which include dividend declarations),
except according to a formula or method prescribed by the
Board of Directors,
(b) fill vacancies on the Board of Directors or on any of its
committees,
(c) adopt, amend or repeal bylaws,
(d) authorize or approve the reacquisition of shares, except
according to a formula or method prescribed by the Board of
Directors, or
(e) authorize or approve the issuance or sale or contract for sale
of shares, or determine the designation and relative rights,
preferences and limitations of a class or series of shares,
except that the Board of Directors may authorize a committee
to do so within limits specifically prescribed by the Board of
Directors.
3.6 PROCEDURES FOR DIRECTOR NOMINATIONS. Except as provided in
Section 3.7 with respect to vacancies on the Board of Directors, only persons
nominated in accordance with the procedures set forth in this Section 3.6 shall
be eligible for election as directors. Nominations of persons for election to
the Board of Directors may be made at a meeting of shareholders (i) by or at the
direction of the Board of Directors, or (ii) by any shareholder of the
Corporation entitled to vote for the election of directors at such meeting who
complies with the notice procedures set forth in this Section 3.6. 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 shareholder's notice must be delivered to or
mailed and received at the principal executive offices of the Corporation not
less than 90 days nor more than 120 days prior to the date of a meeting;
provided, however, that if fewer than 100 days' notice or prior public
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disclosure of the date of the meeting is given or made to shareholders, notice
by the shareholder to be timely must be so delivered or received not later than
the close of business on the 10th day following the earlier of (i) the day on
which such notice of the date of such meeting was mailed or (ii) the day on
which such public disclosure was made. A shareholder's notice to the Secretary
shall set forth (i) as to each person whom the shareholder proposes to nominate
for election or reelection as a director (a) the name, age, business address and
residence address of such person, (b) the principal occupation or employment of
such person, (c) the class and number of shares of the Corporation which are
beneficially owned by such person on the date of such shareholder's notice and
(d) any other information relating to such person that is required to be
disclosed in solicitations of proxies for election of directors or, is otherwise
required, in each case pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended (including, without limitation, such person's written
consent to being named in the proxy statement as a nominee and to serving as a
director if elected); and (ii) as to the shareholder giving the notice (a) the
name and address, as they appear on the Corporation's books, of such shareholder
and any other shareholders known by such shareholder to be supporting such
nominees and (b) the class and number of shares of the Corporation which are
beneficially owned by such shareholder on the date of such shareholder's notice
and by any other shareholders known by such shareholder to be supporting such
nominees on the date of such shareholder's notice. No person shall be eligible
for election as a director of the Corporation unless nominated in accordance
with the procedures set forth in this Section 3.6. The Chairman of the meeting
shall, if the facts warrant, determine and declare to the meeting that a
nomination was not made in accordance with the procedures prescribed by these
Bylaws, and if the Chairman should so determine, the Chairman shall so declare
to the meeting and the defective nomination shall be disregarded.
3.7 VACANCIES; REMOVAL FROM OFFICE. Except as otherwise provided
by law or by the Charter, newly created directorships resulting from any
increase in the authorized number of directors or any vacancies on the Board of
Directors resulting from death, resignation, retirement, disqualification or any
other cause (except removal from office) shall be filled only by the Board of
Directors, provided that a quorum is then in office and present, or only by a
majority of the directors then in office, if less than a quorum is then in
office or by the sole remaining director. Any vacancies on the Board of
Directors resulting from removal from office may be filled by the affirmative
vote of the holders of at least a majority of the voting power of all
outstanding voting stock or, if the shareholders do not so fill such a vacancy,
by a majority of the directors then in office. Directors elected to fill a newly
created directorship or other vacancy shall hold office for a term expiring at
the next shareholders' meeting at which directors are elected and until such
director's successor has been duly elected and qualified. The directors of any
class of directors of the Corporation may be removed by the shareholders only
for cause by the affirmative vote of the holders of at least a majority of the
voting power of all outstanding voting stock.
3.8 PLACE OF MEETINGS. The directors may hold meetings of the
Board of Directors or of a committee thereof at the principal office of the
Corporation in Memphis, Tennessee, or at such other place or places, either in
the State of Tennessee or elsewhere, as the Board of Directors or the members of
the committee, as applicable, may from time to time determine by resolution or
by written consent or as may be specified in the notice of the meeting.
3.9 QUORUM. A majority of the directors shall constitute a quorum
for the transaction of business, but a smaller number may adjourn from time to
time, without further notice, if the time and place to which the meeting is
adjourned are fixed at the meeting at which the adjournment is taken and if the
period of adjournment does not exceed thirty (30) days in any one (1)
adjournment. The vote of a majority of the directors present at a meeting at
which a quorum is present shall be the act of the Board of Directors, unless the
vote of a greater number is required by law, the Charter, or these Bylaws.
3.10 REGULAR MEETINGS. Following each annual meeting of
shareholders, the newly elected directors, together with the incumbent directors
whose terms do not expire at such meeting, shall meet for the purpose of
organization, the appointment of officers and the transaction of other business,
and, if a majority of the directors be present at such place, day and hour, no
prior notice of such meeting shall be required to be given to the directors. The
place, day and hour of such meeting may also be fixed by resolution or by
written consent of the directors. In addition, the Board of Directors may
approve an annual schedule for additional regular meetings of the Board of
Directors and of committees thereof.
3.11 SPECIAL MEETINGS. Special meetings of the directors may be
called by the Chairman of the Board, the
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Chief Executive Officer, or the President (or as to any committee of the Board
of Directors, by the person or persons specified in the resolution of the Board
of Directors establishing the committee) on two days' notice by mail or on one
day's notice by telegram or cablegram, or on two hours' notice given personally
or by telephone or facsimile transmission to each director (or member of the
committee, as appropriate), and shall be called by the Chairman of the Board or
Secretary in like manner on the written request of a majority of directors then
in office. The notice shall state the day and hour of the meeting and the place
where the meeting is to be held. Special meetings of the directors may be held
at any time on written waiver of notice or by consent of all the directors,
either of which may be given either before, at or after the meeting.
3.12 ACTION WITHOUT A MEETING. The directors may (whether acting in
lieu of a meeting of the Board of Directors or of a committee thereof) take
action which they are required or permitted to take, without a meeting, on
written consent setting forth the action so taken, signed by all of the
directors entitled to vote thereon. If all the directors entitled to vote
consent to taking such action without a meeting, the affirmative vote of the
number of directors necessary to authorize or take such action at a meeting is
the act of the Board of Directors or committee, as appropriate.
3.13 TELEPHONE MEETINGS. Directors may participate in a meeting of
the Board of Directors or of a committee thereof by, or conduct a meeting
through the use of, any means of communication by which all directors
participating may simultaneously hear each other during the meeting. A director
so participating is deemed to be present in person at such meeting.
ARTICLE FOUR
OFFICERS
4.1 DESIGNATED OFFICERS. The officers of the Corporation shall
consist of a Chairman of the Board, a Chief Executive Officer, a President, such
number of Vice Chairmen as the Board may from time to time determine and
appoint, an Auditor, a Chief Credit Officer, a Chief Financial Officer, a
Controller, a General Counsel, a Manager of Risk Management, a Personnel
Division Manager, a Secretary, and a Treasurer, and such number of Executive
Vice Presidents, Senior Vice Presidents and Vice Presidents and such other
Officers and assistant Officers as may be from time to time determined and
appointed in accordance with the provisions of this Article Four. The title of
any officer may include any additional descriptive designation determined to be
appropriate. Any person may hold two or more offices, except that the President
shall not also be the Secretary or an Assistant Secretary. The officers, other
than the Chairman of the Board, need not be directors, and officers need not be
shareholders.
4.2 APPOINTMENT OF OFFICERS. Except as otherwise provided in this
Section 4.2, the officers of the Corporation shall be appointed by the Board of
Directors at the annual organizational meeting of the Board of Directors
following the annual meeting of shareholders. The Board of Directors may
delegate to a committee of the Board of Directors the power to create corporate
offices, define the authority and responsibility of such offices, except to the
extent such authority or responsibility would not be consistent with the law or
the Charter, and to appoint persons to any office of the Corporation except the
offices of the Chairman of the Board, Chief Executive Officer, and President,
any office the incumbent in which is designated by the Board as an Executive
Officer (as defined in Section 4.5 hereof), and, upon the recommendation of the
Audit Committee, the Auditor. In addition, the Board of Directors may delegate
to the officers appointed to the Corporation's personnel committee, acting as a
committee, the authority to appoint persons to any offices of the Corporation of
the level of Vice President and below annually at the personnel committee
meeting following the annual meeting of shareholders and to appoint persons to
any office of the Corporation of the level of Senior Vice President and below
during the period of time between the annual appointment of officers by the
Board of Directors or pursuant to this section 4.2 of the Bylaws.
Notwithstanding the delegation of authority pursuant to this section 4.2 of the
Bylaws, the Board of Directors retains the authority to appoint all officers and
such other officers and agents as it shall deem necessary, who shall exercise
such powers and perform such duties as shall be determined from time to time by
the Board of Directors.
4.3 TERM. The officers of the Corporation shall be appointed for a
term of one (1) year and until their successors are appointed and qualified,
subject to the right of removal specified in Section 4.4 of these Bylaws. The
designation of a specified term does not grant to any officer any contract
rights.
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4.4 VACANCIES, RESIGNATIONS AND REMOVAL. If the office of any
officer or officers becomes vacant for any reason, the vacancy may be filled by
the Board of Directors or, if such officer was appointed by a committee, by the
committee appointing such officer. Any officer may resign at any time by
delivering a written notice to the Chairman of the Board, Chief Executive
Officer, President, Secretary, or Personnel Division Manager of the Corporation,
or the designee of any of them, which shall be effective upon delivery unless it
specifies a later date acceptable to the Corporation. Any officer designated by
the Board as an Executive Officer shall be subject to removal at any time with
or without cause only by the affirmative vote of a majority of the Board of
Directors. The Auditor shall be subject to removal at any time with or without
cause only by the affirmative vote of a majority of the Board of Directors, upon
the recommendation of the Audit Committee. Any other officer shall be subject to
removal at any time with or without cause by the affirmative vote of a majority
of the Board of Directors, and in the event the officer was, or could have been,
appointed by a committee, then by the affirmative vote of a majority of either
such committee or the Board of Directors.
4.5 COMPENSATION. The Board of Directors, or a committee thereof,
shall fix the compensation of Executive Officers (as defined herein) of the
Corporation. "Executive Officers" shall be those officers of the Corporation
identified as such from time to time in a resolution or resolutions of the Board
of Directors. The compensation of officers who are not Executive Officers shall
be fixed by the Board of Directors, by a committee thereof, or by management
under such policies and procedures as shall be established by the Board of
Directors or a committee thereof.
4.6 DELEGATION OF OFFICER DUTIES. In case of the absence of any
officer of the Corporation, or for any reason that the Board of Directors (or,
in addition, in the case of any officer appointed by a committee, such committee
or any other committee which could appoint such officer pursuant to Section 4.2
of these Bylaws) may deem sufficient, the Board of Directors (or committee, as
applicable) may delegate, for the time being, the powers or duties, or any of
them, of such officer to any other officer, or to any director.
4.7 CHAIRMAN OF THE BOARD. The Chairman of the Board shall preside
at all meetings of the shareholders and of the Board of Directors and shall have
such powers and perform such duties as may be provided for herein and as are
normally incident to the office and as may be assigned by the Board of
Directors. If and at such times as the Board of Directors so determines, the
Chairman of the Board may also serve as the Chief Executive Officer of the
Corporation.
4.8 CHIEF EXECUTIVE OFFICER. The Chief Executive Officer, in the
absence of the Chairman of the Board, shall preside at all meetings of the
shareholders and of the Board of Directors. The Chief Executive Officer shall be
responsible for carrying out the orders of and the resolutions and policies
adopted by the Board of Directors and shall have general management of the
business of the Corporation and shall exercise general supervision over all of
its affairs. In addition, the Chief Executive Officer shall have such powers and
perform such duties as may be provided for herein and as are normally incident
to the office and as may be prescribed by the Board of Directors. If and at such
time as the Board of Directors so determines, the Chief Executive Officer may
also serve as the President of the Corporation.
4.9 PRESIDENT. The President, in the absence of the Chairman of
the Board and the Chief Executive Officer, shall preside at all meetings of the
shareholders and of the Board of Directors. The President shall be the Chief
Executive Officer of the Corporation unless the Board of Directors has appointed
another person to such office, in which case the President shall be the Chief
Operating Officer of the Corporation and shall have such powers and perform such
duties as may be provided for herein and as are normally incident to the office
and as may be prescribed by the Board of Directors, the Chairman of the Board,
or the Chief Executive Officer.
4.10 VICE CHAIRMEN. Vice Chairmen shall perform such duties and
exercise such powers as may be prescribed by the Board of Directors, the
Chairman of the Board, or the Chief Executive Officer.
4.11 CHIEF FINANCIAL OFFICER. The Chief Financial Officer shall be
the principal financial officer of the Corporation. The Chief Financial Officer
is authorized to sign any document filed with the Securities and Exchange
Commission or any state securities commission on behalf of the Corporation and
shall perform such duties and exercise such powers as are normally incident to
the office and as may be prescribed by the Board of Directors, the Chairman of
the Board, or the Chief Executive Officer.
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4.12 CHIEF CREDIT OFFICER. The Chief Credit Officer shall perform
such duties and exercise such powers as are normally incident to the office and
as may be prescribed by the Board of Directors, the Chairman of the Board, or
the Chief Executive Officer.
4.13 GENERAL COUNSEL. The General Counsel shall perform such duties
and exercise such powers as are normally incident to the office and as may be
prescribed by the Board of Directors, the Chairman of the Board, or the Chief
Executive Officer.
4.14 PERSONNEL DIVISION MANAGER. The Personnel Division Manager
shall perform such duties and exercise such powers as are normally incident to
the office and as may be prescribed by the Board of Directors, the Chairman of
the Board, or the Chief Executive Officer.
4.15 MANAGER OF RISK MANAGEMENT. The Manager of Risk Management
shall perform such duties and exercise such powers as are normally incident to
the office and as may be prescribed by the Board of Directors, the Chairman of
the Board, or the Chief Executive Officer.
4.16 EXECUTIVE VICE PRESIDENTS, SENIOR VICE PRESIDENTS AND VICE
PRESIDENTS. Executive Vice Presidents, Senior Vice Presidents and Vice
Presidents shall perform such duties and exercise such powers as may be
prescribed by the Board of Directors, a committee thereof, the personnel
committee, the Chairman of the Board, or the Chief Executive Officer.
4.17 SECRETARY. The Secretary shall attend all sessions of the
Board of Directors and of the shareholders and record all votes and the minutes
of all proceedings in books to be kept for that purpose. The Secretary shall
give or cause to be given notice of all meetings of the shareholders and of the
Board of Directors, shall authenticate records of the Corporation, and shall
perform such other duties as are incident to the office or as may be prescribed
by the Board of Directors, the Chairman of the Board or the Chief Executive
Officer. In the absence or disability of the Secretary, the Assistant Secretary
or such other officer or officers as may be authorized by the Board of Directors
or Executive Committee thereof shall perform all the duties and exercise all of
the powers of the Secretary and shall perform such other duties as the Board of
Directors, Chairman of the Board or the Chief Executive Officer shall prescribe.
4.18 TREASURER. The Treasurer shall have the custody of the funds
and securities of the Corporation and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the Corporation and shall
deposit all monies and other valuable effects in the name and to the credit of
the Corporation in such depositories as may be designated by the Board of
Directors. The Treasurer shall disburse the funds of the Corporation as may be
ordered by the Board of Directors, the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, or the President, taking proper
vouchers for such disbursements, and shall render to the Board of Directors, the
Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer,
or the President, whenever they may require it, an account of all of his or her
transactions as Treasurer and of the financial condition of the Corporation, and
at a regular meeting of the Board of Directors preceding the annual
shareholders' meeting, a like report for the preceding year. The Treasurer shall
keep or cause to be kept an account of stock registered and transferred in such
manner and subject to such regulations as the Board of Directors may prescribe.
The Treasurer shall give the Corporation a bond, if required by the Board of
Directors, in such a sum and in form and with security satisfactory to the Board
of Directors for the faithful performance of the duties of the office and the
restoration to the Corporation, in case of his or her death, resignation or
removal from office, of all books, papers, vouchers, money and other property of
whatever kind in his or her possession, belonging to the Corporation. The
Treasurer shall perform such other duties as the Board of Directors may from
time to time prescribe or require. In the absence or disability of the
Treasurer, the Assistant Treasurer shall perform all the duties and exercise all
of the powers of the Treasurer and shall perform such other duties as the Board
of Directors, the Chairman of the Board, or the Chief Executive Officer shall
prescribe.
4.19 AUDITOR. The Auditor shall perform such duties and exercise
such powers as are normally incident to the office and as may be prescribed by
the Board of Directors or the Chairman of the Audit Committee.
4.20 CONTROLLER. The Controller shall be the principal accounting
officer of the Corporation. The Controller is authorized to sign any document
filed with the Securities and Exchange Commission or any state securities
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commission on behalf of the Corporation and shall assist the management of the
Corporation in setting the financial goals and policies of the Corporation,
shall provide financial and statistical information to the shareholders and to
the management of the Corporation and shall perform such other duties and
exercise such other powers as may be prescribed by the Board of Directors, the
Chairman of the Board, the Chief Executive Officer or the President. In the
absence or disability of the Controller, the Assistant Controller shall perform
all the duties and exercise all powers of the Controller and shall perform such
duties as the Board of Directors or the Chairman of the Board or the Chief
Executive Officer shall prescribe.
4.21 OTHER OFFICERS. Officers holding such other offices as may be
created pursuant to Sections 4.1 and 4.2 of these Bylaws shall have such
authority and perform such duties and exercise such powers as may be prescribed
by the Board of Directors, a committee thereof, the personnel committee, the
Chairman of the Board or the Chief Executive Officer.
4.22 OFFICER COMMITTEES. The directors, by resolution adopted by a
majority of the entire Board of Directors, may designate one or more committees,
consisting of two or more officers, and may delegate to such committee or
committees all such authority that the Board of Directors deems desirable that
is permitted by law. Members of such committees may take action without a
meeting and may participate in meetings to the same extent and in the same
manner that directors may take action and may participate pursuant to Sections
3.12 and 3.13 of these Bylaws.
ARTICLE FIVE
SHARES OF STOCK
5.1 CERTIFICATES. The certificates representing shares of stock of
the Corporation shall be numbered, shall be entered in the books or records of
the Corporation as they are issued, and shall be signed by the Chairman of the
Board or the Chief Executive Officer and any one of the following: the
President, the Treasurer, or the Secretary. Either or both of the signatures
upon a certificate may be facsimiles if the certificate is countersigned by a
transfer agent, or registered by a registrar other than an officer or employee
of the Corporation. Each certificate shall include the following upon the face
thereof:
(a) A statement that the Corporation is organized under the laws
of the State of Tennessee;
(b) The name of the Corporation;
(c) The name of the person to whom issued;
(d) The number and class of shares, and the designation of the
series, if any, which such certificate represents;
(e) The par value of each share represented by such certificate;
or a statement that the shares are without par value; and
(f) Such other provisions as the Board of Directors may from time
to time require.
5.2 SHARES NOT REPRESENTED BY CERTIFICATES. Notwithstanding the
provisions of Section 5.1 of these Bylaws, the Board of Directors may authorize
the issuance of some or all of the shares of any class without certificates. The
Corporation shall send to each shareholder to whom such shares have been issued
or transferred at the appropriate time any written statement providing
information about such shares, which is required by law.
5.3 STOCK TRANSFERS AND RECORD DATES. Transfers of shares of stock
shall be made upon the books of the Corporation by the record owner or by an
attorney, lawfully constituted in writing, and upon surrender of any certificate
therefor. The Board of Directors may appoint suitable agents in Memphis,
Tennessee, and elsewhere to facilitate transfers by shareholders under such
regulations as the Board of Directors may from time to time prescribe. The
transfer books may be closed by the Board of Directors for such period, not to
exceed 40 days, as may be deemed
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advisable for dividend or other purposes, or in lieu of closing the books, the
Board of Directors may fix in advance a date as the record date for determining
shareholders entitled notice of and to vote at a meeting of shareholders, or
entitled to payment of any dividend or other distribution. The record date for
voting or taking other action as shareholders shall not be less than 10 days nor
more than 70 days prior to the meeting date or action requiring such
determination of shareholders. The record date for dividends and other
distributions shall not be less than 10 days prior to the payment date of the
dividend or other distribution. All certificates surrendered to the Corporation
for transfer shall be canceled, and no new certificate shall be issued until the
former certificate for like number of shares shall have been surrendered and
canceled, except that in case of a lost or destroyed certificate a new one may
be issued on the terms prescribed by Section 5.5 of these Bylaws.
5.4 RECORD OWNERS. 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 on the part of any other person, whether or not it
shall have express or other notice thereof, except as required by applicable
law.
5.5 LOST, DESTROYED, STOLEN OR MUTILATED CERTIFICATES. The agent
for transfer of the Corporation's stock may issue new share certificates in
place of certificates represented to have been lost, destroyed, stolen or
mutilated upon receiving an indemnity satisfactory to the agent and the
Secretary or Treasurer of the Corporation, without further action of the Board
of Directors.
ARTICLE SIX
INDEMNIFICATION
6.1 INDEMNIFICATION OF OFFICERS WHEN WHOLLY SUCCESSFUL. If any
current or former officer of the Corporation [including for purposes of this
Article an individual who, while an officer, is or was serving another
corporation or other enterprise (including an employee benefit plan and a
political action committee, which serves the interests of the employees of the
Corporation or any of its subsidiaries) in any capacity at the request of the
Corporation and unless the context requires otherwise the estate or personal
representative of such officer] is wholly successful, on the merits or
otherwise, in the defense of any threatened, pending or completed action, suit,
or proceeding, whether civil, criminal, administrative, or investigative and
whether formal or informal ("Proceeding"), to which the officer was a party
because he or she is or was an officer of the Corporation, the officer shall be
indemnified by the Corporation against all reasonable expenses, including
attorney fees, incurred in connection with such Proceeding, or any appeal
therein.
6.2 INDEMNIFICATION OF OFFICERS WHEN NOT WHOLLY SUCCESSFUL. If any
current or former officer of the Corporation has not been wholly successful on
the merits or otherwise, in the defense of a Proceeding, to which the officer
was or was threatened to be made a party because he or she was or is an officer,
the officer shall be indemnified by the Corporation against any judgment,
settlement, penalty, fine (including any excise tax assessed with respect to an
employee benefit plan), or other liability and any reasonable expenses,
including attorney fees, incurred as a result of such Proceeding, or any appeal
therein, if authorized in the specific case after a determination has been made
that indemnification is permissible because the following standard of conduct
has been met:
(a) The officer conducted himself or herself in good faith, and
(b) The officer reasonably believed: (i) in the case of conduct in
the officer's official capacity as an officer of the
Corporation that the officer's conduct was in the
Corporation's best interest; and (ii) in all other cases that
the officer's conduct was at least not opposed to its best
interests; and
(c) In the case of any criminal proceeding, the officer had no
reasonable cause to believe his or her conduct was unlawful;
provided, however, the Corporation may not indemnify an officer in connection
with a Proceeding by or in the right of the Corporation in which the officer was
adjudged liable to the Corporation or in connection with any other proceeding
charging improper benefit to the officer, whether or not involving action in his
or her official capacity, in which the officer was adjudged liable on the basis
that personal benefit was improperly received by the officer.
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6.3 PROCEDURES FOR INDEMNIFICATION DETERMINATIONS. The
determination required by Section 6.2 herein shall be made as follows:
(a) By the Board of Directors by a majority vote of a quorum
consisting of directors not at the time parties to the
Proceeding;
(b) If a quorum cannot be obtained, by majority vote of a
committee duly designated by the Board of Directors (in which
designation directors who are parties may participate)
consisting solely of two or more directors not at the time
parties to the Proceeding;
(c) By independent special legal counsel: (i) selected by the
Board of Directors or its committee in the manner prescribed
in subsection (a) or (b); or (ii) if a quorum of the Board of
Directors cannot be obtained under subsection (a) and a
committee cannot be designated under subsection (b), selected
by majority vote of the full Board of Directors (in which
selection directors who are parties may participate); or, if a
determination pursuant to subsections (a), (b), or (c) of this
Section 6.3 cannot be obtained, then
(d) By the shareholders, but shares owned by or voted under the
control of directors who are at the time parties to the
Proceeding may not be voted on the determination.
6.4 SERVING AT THE REQUEST OF THE CORPORATION. An officer of the
Corporation shall be deemed to be serving another corporation or other
enterprise or employee benefit plan or political action committee at the request
of the Corporation only if such request is reflected in the records of the Board
of Directors or a committee appointed by the Board of Directors for the purpose
of making such requests. Approval by the Board of Directors, or a committee
thereof, may occur before or after commencement of such service by the officer.
6.5 ADVANCEMENT OF EXPENSES. The Corporation shall pay for or
reimburse reasonable expenses, including attorney fees, incurred by an officer
who is a party to a Proceeding in advance of the final disposition of the
Proceeding if:
(a) The officer furnishes to the Corporation a written affirmation
of the officer's good faith belief that the officer has met
the standard of conduct described in Section 6.2 herein;
(b) The officer furnishes to the Corporation a written
undertaking, executed personally or on behalf of the officer,
to repay the advance if it is ultimately determined that the
officer is not entitled to indemnification; and
(c) A determination is made that the facts then known to those
making the determination would not preclude indemnification
under this bylaw.
6.6 UNDERTAKING REQUIRED FOR EXPENSES. The undertaking required by
Section 6.5 herein must be an unlimited general obligation of the officer but
need not be secured and may be accepted without reference to financial ability
to make repayment.
6.7 PROCEDURES FOR EXPENSE DETERMINATIONS. Determinations and
authorizations of payments under Section 6.5 herein shall be made in the same
manner as is specified in Section 6.3 herein.
6.8 INDEMNIFICATION OF EMPLOYEES AND FORMER DIRECTORS. Every
employee and every former director of the Corporation shall be indemnified by
the Corporation to the same extent as officers of the Corporation.
6.9 NONEXCLUSIVITY OF RIGHT OF INDEMNIFICATION. The right of
indemnification set forth above shall not be deemed exclusive of any other
rights, including, but not limited to, rights created pursuant to Section 6.11
of these Bylaws, to which an officer, employee, or former director seeking
indemnification may be entitled. No combination of rights shall permit any
officer, employee or former director of the Corporation to receive a double or
greater recovery.
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6.10 MANDATORY INDEMNIFICATION OF DIRECTORS AND DESIGNATED
OFFICERS. The Corporation shall indemnify each of its directors and such of the
non-director officers of the Corporation or any of its subsidiaries as the Board
of Directors may designate, and shall advance expenses, including attorney's
fees, to each director and such designated officers, to the maximum extent
permitted (or not prohibited) by law, and in accordance with the foregoing, the
Board of Directors is expressly authorized to enter into individual indemnity
agreements on behalf of the Corporation with each director and such designated
officers which provide for such indemnification and expense advancement and to
adopt resolutions which provide for such indemnification and expense
advancement.
6.11 INSURANCE. Notwithstanding anything in this Article Six to the
contrary, the Corporation shall have the additional power to purchase and
maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the Corporation, or who, while a director, officer,
employee or agent of the Corporation, is or was serving at the request of the
Corporation as a director, officer, partner, trustee, employee, or agent of
another foreign or domestic corporation, partnership, joint venture, trust,
employee benefit plan, political action committee, or other enterprise, against
liability asserted against or incurred by the person in that capacity or arising
from the person's status as a director, officer, employee, or agent, whether or
not the Corporation would have the power to indemnify the person against the
same liability.
ARTICLE SEVEN
RETIREMENT
7.1 NON-EMPLOYEE DIRECTORS. Directors who are not also officers of
the Corporation or its affiliates shall be retired from the Board of Directors
as follows:
(a) Any director who shall attain the age of sixty-five (65) on or
before the last day of the term for which he or she was
elected shall not be nominated for re-election and shall be
retired from the Board of Directors at the expiration of such
term; provided, however, any director first elected to the
Board of Directors prior to April 17, 1996, may serve a
minimum of two three-year terms.
(b) For the purpose of maintaining boards of active business and
professional persons, directors leaving the occupation or the
position held at their last election (by retirement or
otherwise) will be expected to tender their resignation from
the Board of Directors upon such occasion. A resignation will
ordinarily be accepted unless (i) the director assumes another
management position deemed appropriate by the Board of
Directors for continuation, or (ii) the director is so engaged
in some specific project for the Board of Directors as to make
his or her resignation detrimental to the Corporation. Under
this circumstance, the Board of Directors may elect to set a
subsequent date for his or her retirement to coincide with the
completion of the project.
Directors who are also officers of the Corporation or any of its affiliates will
be retired from the Board of Directors on the date of the annual meeting
coincident with or next following the date of the director's retirement from or
other discontinuation of active service with the Corporation and its affiliates.
7.2 OFFICERS AND EMPLOYEES. Except as provided in the following
sentence, the Corporation has no compulsory retirement age for its officers or
employees. Each officer or employee who has attained 65 years of age and who,
for the two-year period immediately before attaining such age, has been employed
in a "bona fide executive" or a "high policy-making" position as those terms are
used and defined in the Age Discrimination in Employment Act, Section 12(c), and
the regulations relating to that section prescribed by the Equal Employment
Opportunity Commission, all as amended from time to time (collectively, the
"ADEA"), shall automatically be terminated by way of compulsory retirement and
his or her salary discontinued on the first day of the month coincident with or
immediately following the 65th birthday, provided such employee is entitled to
an immediate nonforfeitable annual retirement benefit, as specified in the ADEA,
in the aggregate amount of at least $44,000. Notwithstanding the prior sentence,
the Board of Directors, in its discretion, may continue any such officer or
employee in service and designate the capacity in which he or she shall serve,
and shall fix the remuneration he or she shall receive. The Board of Directors
may also re-employ any former officer who had theretofore been retired.
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ARTICLE EIGHT
EXECUTION OF DOCUMENTS
8.1 DEFINITION OF "DOCUMENT." For purposes of this Article Eight
of the Bylaws, the term "document" shall mean a document of any type, including,
but not limited to, an agreement, contract, instrument, power of attorney,
endorsement, assignment, transfer, stock or bond power, deed, mortgage, deed of
trust, lease, indenture, conveyance, proxy, waiver, consent, certificate,
declaration, receipt, discharge, release, satisfaction, settlement, schedule,
account, affidavit, security, bill, acceptance, bond, undertaking, check, note
or other evidence of indebtedness, draft, guaranty, letter of credit, and order.
8.2 EXECUTION OF DOCUMENTS. Except as expressly provided in
Section 5.1 of these Bylaws (with respect to signatures on certificates
representing shares of stock of the Corporation), the Chairman of the Board, the
Chief Executive Officer, the President, any Vice Chairman, any Executive Vice
President, any Senior Vice President, any Vice President, the Chief Financial
Officer, the Chief Credit Officer, the General Counsel, the Personnel Division
Manager, the Manager of Risk Management, the Controller, the Treasurer, the
Secretary, and any other officer, or any of them acting individually, may (i)
execute and deliver in the name and on behalf of the Corporation or in the name
and on behalf of any division or department of the Corporation any document
pertaining to the business, affairs, or property of the Corporation or any
division or department of the Corporation, and (ii) delegate to any other
officer, employee or agent of the Corporation the power to execute and deliver
any such document. In addition, the President - Tennessee Banking, the President
- - Memphis Banking, and the Group Manager - Money Management of First Tennessee
Bank National Association (the "Bank"), the principal subsidiary of the
Corporation, or any of them acting individually, may, as agent of the
Corporation, execute and deliver in the name and on behalf of the Corporation
any such document.
8.3 METHOD OF EXECUTION BY SECRETARY. Unless otherwise required by
law, the signature of the Secretary on any document may be a facsimile.
ARTICLE NINE
EMERGENCY BYLAWS
9.1 DEFINITION OF EMERGENCY. The provisions of this Article Nine
shall be effective only during an "emergency." An "emergency" shall be deemed to
exist whenever any two of the officers identified in Section 9.2 of these Bylaws
in good faith determine that a quorum of the directors cannot readily be
assembled because of a catastrophic event.
9.2 NOTICE OF MEETING. A meeting of the Board of Directors may be
called by any one director or by any one of the following officers: Chairman of
the Board, Chief Executive Officer, President, any Vice Chairman, any Executive
Vice President, Chief Credit Officer, Chief Financial Officer, Controller,
General Counsel, Manager of Risk Management, Personnel Division Manager, or
Secretary. Notice of such meeting need be given only to those directors whom it
is practical to reach by any means the person calling the meeting deems
feasible, including, but not limited to, by publication and radio. Such notice
shall be given at least two hours prior to commencement of the meeting.
9.3 QUORUM AND SUBSTITUTE DIRECTORS. If a quorum has not been
obtained, then one or more officers of the Corporation or the Bank present at
the emergency meeting of the Board of Directors, as are necessary to achieve a
quorum, shall be considered to be substitute directors for purposes of the
meeting, and shall serve in order of rank, and within the same rank in order of
seniority determined by hire date by the Corporation, the Bank or any of their
subsidiaries. In the event that less than a quorum of the directors (including
any officers who serve as substitute directors for the meeting) are present,
those directors present (including such officers serving as substitute
directors) shall constitute a quorum.
9.4 ACTION AT MEETING. The Board as constituted pursuant to
Section 9.3 and after notice has been provided pursuant to Section 9.2 may take
any of the following actions: (i) prescribe emergency powers of the Corporation,
(ii) delegate to any officer or director any of the powers of the Board of
Directors, (iii) designate lines of succession of officers and agents in the
event that any of them are unable to discharge their duties, (iv) relocate the
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principal office or designate alternative or multiple principal offices, and (v)
take any other action that is convenient, helpful, or necessary to carry on the
business of the Corporation.
9.5 EFFECTIVENESS OF NON-EMERGENCY BYLAWS. All provisions of these
Bylaws not contained in this Article Nine, which are consistent with the
emergency bylaws contained in Article Nine, shall remain effective during the
emergency.
9.6 TERMINATION OF EMERGENCY. Any emergency causing this Article
Nine to become operative shall be deemed to be terminated whenever either of the
following conditions is met: (i) the directors and any substitute directors
determine by a majority vote at a meeting that the emergency is over or (ii) a
majority of the directors elected pursuant to the provisions of these Bylaws
other than this Article Nine hold a meeting and determine that the emergency is
over.
9.7 ACTION TAKEN IN GOOD FAITH. Any corporate action taken in good
faith in accordance with the provisions of this Article Nine binds the
Corporation and may not be used to impose liability on any director, substitute
director, officer, employee or agent of the Corporation.
ARTICLE TEN
MISCELLANEOUS PROVISIONS
10.1 FISCAL YEAR. The Board of Directors of the Corporation shall
have authority from time to time to determine whether the Corporation shall
operate upon a calendar year basis or upon a fiscal year basis, and if the
latter, said Board of Directors shall have power to determine when the said
fiscal year shall begin and end.
10.2 DIVIDENDS. Dividends on the capital stock of the Corporation
may be declared by the Board of Directors at any regular or special meeting
pursuant to law. 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 fund to meet contingencies, or for equalizing dividends or for repairing
or maintaining any property of the Corporation, or for such other purposes as
the directors shall think conducive to the interest of the Corporation.
10.3 SEAL. This Corporation shall have a Corporate Seal which shall
consist of an imprint of the name of the Corporation, the state of its
incorporation, the year of incorporation and the words "Corporate Seal." The
Corporate Seal shall not be required to establish the validity or authenticity
of any document executed in the name and on behalf of the Corporation.
10.4 NOTICES. Whenever notice is required to be given to any
director, officer or shareholder under any of the provisions of the law, the
Charter, or these Bylaws (except for notice required by Sections 2.8 and 3.6 of
these Bylaws), it shall not be construed to require personal notice, but such
notice may be given in writing by depositing the same in the United States mail,
postage prepaid, or by telegram, teletype, facsimile transmission or other form
of wire, wireless, or other electronic communication or by private carrier
addressed to such shareholder at such address as appears on the Corporation's
current record of shareholders, and addressed to such director or officer at
such address as appears on the records of the Corporation. If mailed as provided
above, notice to a shareholder shall be deemed to be effective at the time when
it is deposited in the mail.
10.5 BYLAW AMENDMENTS. The Board of Directors shall have power to
make, amend and repeal the Bylaws or any Bylaw of the Corporation by vote of not
less than a majority of the directors then in office, at any regular or special
meeting of the Board of Directors. The shareholders may make, amend and repeal
the Bylaws or any Bylaw of this Corporation at any annual meeting or at a
special meeting called for that purpose only by the affirmative vote of the
holders of at least eighty percent (80%) of the voting power of all outstanding
voting stock, and all Bylaws made by the directors may be amended or repealed by
the shareholders only by the vote of the holders of at least eighty percent
(80%) of the voting power of all outstanding voting stock. Without further
authorization, at any time the Bylaws are amended, the Secretary is authorized
to restate the Bylaws to reflect such amendment, and the Bylaws, as so restated,
shall be the Bylaws of the Corporation.
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