RESTATED
BY-LAWS
OF
COMCAST CORPORATION
* * * * *
May 26, 2004
* * * * *
The By-Laws of the Corporation are restated in their entirety to read
as follows:
ARTICLE 1
OFFICES
Section 1.01 . Registered Office. The registered office of the
Corporation shall be located within the Commonwealth of Pennsylvania at such
place as the Board of Directors (hereinafter referred to as the "Board of
Directors" or the "Board") shall determine from time to time.
Section 1.02 . Other Offices. The Corporation may also have offices at
such other places, within or without the Commonwealth of Pennsylvania, as the
Board of Directors may determine from time to time.
ARTICLE 2
MEETINGS OF SHAREHOLDERS
Section 2.01 . Place of Meetings of Shareholders. Meetings of
shareholders may be held at such geographic locations, within or without the
Commonwealth of Pennsylvania, as may be fixed from time to time by the Board of
Directors. If no such geographic location is so fixed by the Board of Directors
or the Board of Directors does not determine to hold a meeting by means of
electronic technology (as provided in the next sentence) rather than at a
geographic location, meetings of the shareholders shall be held at the executive
office of the Corporation. If a meeting of the shareholders is held by means of
the Internet or other electronic communications technology in a fashion pursuant
to which the shareholders have the opportunity to read or hear the proceedings
substantially concurrently with their occurrence, vote on matters submitted to
the shareholders and pose questions to the Directors, the meeting need not by
held at a particular geographic location.
Section 2.02 . Annual Meetings of Shareholders.
(a) Time. Subject to Article SIXTH of the Articles of Incorporation, a
meeting of the shareholders of the Corporation shall be held in each calendar
year, on such date and at such time as the Board of Directors may determine, or
if the Board of Directors fails to set a date and time, on the second Thursday
of June at 9:00 o'clock a.m., if not a holiday on which national banks are or
may elect to be closed ("Holiday"), and if such day is a Holiday, then such
meeting shall be held on the next business day at such time.
(b) Election of Directors. At each such annual meeting commencing with
the annual meeting held in 2004, there shall be held an election of Directors to
serve for the ensuing year and until their successors shall have been selected
and qualified or until their earlier death, resignation or removal.
Section 2.03 . Special Meetings of Shareholders. Special meetings of
the shareholders may be called at any time by the Board of Directors. Special
meetings of the shareholders may not be called by shareholders. Upon the written
instruction of the Board of Directors, which instruction specifies the general
nature of the business to be transacted at such meeting as well as the date,
time and place of such meeting, it shall be the duty of the Secretary to give
due notice thereof as required by Section 2.04 hereof.
Section 2.04 . Notices of Meetings of Shareholders. Written notice,
complying with Article 6 of these By-Laws, of any meeting of the shareholders,
shall be given to each shareholder of record entitled to vote at the meeting,
other than those excepted by Section 1707 of the Pennsylvania Business
Corporation Law of 1988, as amended (the "Pennsylvania BCL"), at least twenty
days prior to the day named for the meeting, except as provided in Section 6.07.
Such notices may be given by, or at the direction of, the Secretary or other
authorized person.
Section 2.05 . Quorum of and Action by Shareholders.
(a) General Rule. A meeting of shareholders duly called shall not be
organized for the transaction of business unless a quorum is present, in person
or by proxy, as to at least one of the matters to be considered. Except as
provided in subsections (c), (d) and (e) of this Section 2.05, the presence, in
person or by proxy, of shareholders entitled to cast at least a majority of the
votes that all shareholders are entitled to cast on a particular matter to be
acted upon at the meeting shall constitute a quorum for the purpose of
consideration of and action on the matter. To the extent that a quorum is
present with respect to consideration of and action on a particular matter or
matters but a quorum is not present as to another matter or matters,
consideration of and action on the matter or matters for which a quorum is
present may occur, and, after such consideration and action,
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the meeting may be adjourned for purposes of the consideration of and action on
the matter or matters for which a quorum is not present.
(b) Action by Shareholders. Except as otherwise specifically provided
by law, all matters coming before a meeting of shareholders shall be determined
by a vote of shares. Except as otherwise provided by a resolution adopted by the
Board of Directors, by the Articles of Incorporation, by the Pennsylvania BCL or
by these By-Laws, whenever any corporate action is to be taken by vote of the
shareholders of the Corporation at a duly organized meeting of shareholders, it
shall be authorized by a majority of the votes cast at the meeting by the
holders of shares entitled to vote with respect to such matter; provided that in
no event may the required shareholder vote be reduced below that provided above.
(c) Continuing Quorum. The shareholders present at a duly organized
meeting can continue to do business until adjournment, notwithstanding the
withdrawal of enough shareholders to leave less than a quorum.
(d) Election of Directors at Adjourned Meetings. Those shareholders
entitled to vote who attend a meeting called for the election of Directors that
has been previously adjourned for one or more periods aggregating at least 5
days for lack of a quorum (whether with respect to a particular matter or all
matters to be considered and acted upon at such meeting), although less than a
quorum as fixed in subsection (a), shall nevertheless constitute a quorum for
the purpose of electing Directors at such reconvened meeting.
(e) Conduct of Other Business at Adjourned Meetings. Those shareholders
entitled to vote who attend a meeting of shareholders that has been previously
adjourned for one or more periods aggregating at least 15 days because of an
absence of a quorum (whether with respect to a particular matter or all matters
to be considered and acted upon at such meeting), although less than a quorum as
fixed in subsection (a), shall nevertheless constitute a quorum for the purpose
of acting upon any matter set forth in the notice of meeting if the notice
states that those shareholders who attend the adjourned meeting shall
nevertheless constitute a quorum for the purpose of acting upon the matter.
Section 2.06 . Adjournments.
(a) General Rule. Adjournments of any regular or special meeting of
shareholders, including one at which Directors are to be elected, may be taken
for such periods as the shareholders present and entitled to vote shall direct.
(b) Lack of Quorum. Without limiting the generality of Section 2.06(c),
if a meeting cannot be organized because a quorum has not attended, those
present may, except as otherwise provided in the Pennsylvania BCL, adjourn the
meeting to such time and place as they may determine. To the extent, as set
forth in Section 2.05(a), that a quorum was not present with respect to
consideration of and action on a particular matter at a duly called and
organized meeting,
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consideration of and action on such matter may be adjourned to such date, time
and place as those present may determine, and the balance of the matters to be
considered at such meeting for which a quorum was present may be considered and
acted upon at the initial meeting.
(c) Notice of an Adjourned Meeting. When a meeting of shareholders is
adjourned, it shall not be necessary to give any notice of the adjourned meeting
or of the business to be transacted at an adjourned meeting, other than by
announcement at the meeting at which the adjournment is taken, unless the Board
fixes a new record date for the adjourned meeting or the Pennsylvania BCL
requires notice of the business to be transacted and such notice has not been
previously given.
Section 2.07 . Voting List, Voting and Proxies.
(a) Voting List. The officer or agent having charge of the transfer
books for shares of the Corporation shall make a complete list of the
shareholders entitled to vote at any meeting of shareholders, arranged in
alphabetical order, with the address of and the number of shares held by each.
The list shall be produced and kept open at the date, time and place of the
meeting and shall be subject to the inspection of any shareholder during the
whole time of the meeting for the purposes thereof except that, if the
Corporation has 5,000 or more shareholders, in lieu of the making of the list
the Corporation may make the information therein available at the meeting by any
other means.
(b) Method of Voting. At the discretion of the presiding officer of a
meeting of shareholders, (i) in elections for directors voting need not be by
ballot but may be taken by voice, show of hands or such other method determined
by the presiding officer unless it is required by vote of the shareholders,
before the vote begins, that the vote be taken by ballot and (ii) with respect
to any other action to be taken by vote at the meeting, as set forth in Section
2.05(b), voting need not be by ballot but may be taken by voice, show of hands
or such other method determined by the presiding officer to the fullest extent
permitted by applicable law (including the Pennsylvania BCL).
(c) Proxies. At all meetings of shareholders, shareholders entitled to
vote may attend and vote either in person or by proxy. Every proxy shall be
executed or authenticated by the shareholder or by such shareholder's duly
authorized attorney-in-fact and shall be filed with, or transmitted to, the
Secretary of the Corporation or its designated agent. A shareholder or such
shareholder's duly authorized attorney-in-fact may execute or authenticate in
writing or transmit an electronic message authorizing another person to act for
such shareholder by proxy. A proxy, unless coupled with an interest (as defined
in Section 1759(d) of the Pennsylvania BCL), shall be revocable at will,
notwithstanding any other agreement or any provision in the proxy to the
contrary, but the revocation of a proxy shall not be effective until notice
thereof has been given to the Secretary of the Corporation or its designated
agent in writing or by electronic transmission.
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An unrevoked proxy shall not be valid after three years from the date of its
execution unless a longer time is expressly provided therein. A proxy shall not
be revoked by the death or incapacity of the maker unless, before the vote is
counted or the authority is exercised, notice of the death or incapacity is
given to the Secretary of the Corporation or its designated agent in writing or
by electronic transmission.
(d) Judges of Election. In advance of any meeting of shareholders of
the Corporation, the Board of Directors may appoint one or three Judges of
Election, who need not be shareholders and who will have such duties as provided
in Section 1765(a)(3) of the Pennsylvania BCL, to act at the meeting or any
adjournment thereof. If one or three Judges of Election are not so appointed,
the presiding officer of the meeting may, and on the request of any shareholder
shall, appoint one or three Judges of Election at the meeting. In case any
person appointed as a Judge of Election fails to appear or refuses to act, the
vacancy may be filled by appointment made by the Board of Directors in advance
of the convening of the meeting or at the meeting by the presiding officer. A
person who is a candidate for office to be filled at the meeting shall not act
as a Judge of Election. Unless the Pennsylvania BCL permits otherwise, this
Section 2.07(d) may be modified only by a By-Law amendment adopted by the
shareholders.
(e) No Action by Written Consent in Lieu of a Meeting. Subject to
Article NINTH of the Articles of Incorporation, the shareholders shall not be
permitted to act by written consent in lieu of a meeting.
Section 2.08 . Participation in Meetings by Electronic Means. The Board
of Directors may permit, by resolution with respect to a particular meeting of
the shareholders, or the presiding officer of such meeting may permit, one or
more persons to participate in that meeting, count for the purposes of
determining a quorum and exercise all rights and privileges to which such person
might be entitled were such person personally in attendance, including the right
to vote, by means of conference telephone or other electronic means, including,
without limitation, the Internet. Unless the Board of Directors so permits by
resolution, or the presiding officer of such meeting so permits, no person may
participate in a meeting of the shareholders by means of conference telephone or
other electronic means.
Section 2.09 . Business at Meetings of Shareholders. Except as
otherwise provided by law (including but not limited to Rule 14a-8 promulgated
under the Securities and Exchange Act of 1934, as amended, or any successor
provision thereto) or in these By-Laws, the business which shall be conducted at
any meeting of the shareholders shall (a) have been specified in the written
notice of the meeting (or any supplement thereto) given by the Corporation, or
(b) be brought before the meeting at the direction of the Board of Directors, or
(c) be brought before the meeting by the presiding officer of the meeting unless
a majority of the Directors then in office object to such business being
conducted at the meeting, or (d) in the case of any matters intended to be
brought by a
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shareholder before an annual meeting of shareholders for specific action at such
meeting, have been specified in a written notice given to the Secretary of the
Corporation, by or on behalf of any shareholder who shall have been a
shareholder of record on the record date for such meeting and who shall continue
to be entitled to vote thereat (the "Shareholder Notice"), in accordance with
all of the following requirements:
(i) Each Shareholder Notice must be delivered to, or mailed
and received at, the principal executive offices of the Corporation (A)
in the case of an annual meeting that is called for a date that is
within 30 days before or after the anniversary date of the immediately
preceding annual meeting of shareholders, not less than 60 days nor
more than 90 days prior to such anniversary date, and (B) in the case
of an annual meeting that is called for a date that is not within 30
days before or after the anniversary date of the immediately preceding
annual meeting, not later than the close of business on the tenth day
following the day on which notice of the date of the meeting was mailed
or public disclosure of the date of the meeting was made, whichever
occurs first; and
(ii) Each such Shareholder Notice must set forth: (A) the name
and address of the shareholder who intends to bring the business before
the meeting; (B) the general nature of the business which such
shareholder seeks to bring before the meeting and the text of the
resolution or resolutions which the proposing shareholder proposes that
the shareholders adopt; and (C) a representation that the shareholder
is a holder of record of the stock of the Corporation entitled to vote
at such meeting and intends to appear in person or by proxy at the
meeting to bring the business specified in the notice before the
meeting. The presiding officer of the meeting may, in his or her sole
discretion, refuse to acknowledge any business proposed by a
shareholder not made in compliance with the foregoing procedure.
Section 2.10 . Conduct Of Meetings Of Shareholders.
(a) Presiding Officer. There shall be a presiding officer at every
meeting of the shareholders. Subject to Article SIXTH of the Articles of
Incorporation, the presiding officer shall be appointed by the Board of
Directors or in the manner authorized by the Board of Directors; provided that
if a presiding officer is not designated by the Board of Directors or in the
manner authorized by the Board of Directors, the Chairman of the Board shall be
the presiding officer.
(b) Authority of Presiding Officer. Except as prescribed by the Board
of Directors, the presiding officer shall determine the order of business and
shall have the authority to establish rules for the conduct of the meeting of
the shareholders.
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(c) Procedural Standard. Any action by the presiding officer in
adopting rules for, and in conducting, a meeting of the shareholders shall be
fair to the shareholders. The conduct of the meeting need not follow Robert's
Rules of Order or any other published rules for the conduct of a meeting.
(d) Closing of the Polls. The presiding officer shall announce at the
meeting of the shareholders when the polls close for each matter voted upon. If
no announcement is made, the polls shall be deemed to have closed upon the final
adjournment of the meeting. After the polls close, no ballots, proxies or votes,
nor any revocations or changes thereto, may be accepted.
ARTICLE 3
BOARD OF DIRECTORS
Section 3.01 . Board of Directors.
(a) General Powers. Except as otherwise provided by law, the Articles
of Incorporation or these By-Laws, all powers of the Corporation shall be
exercised by or under the authority of, and the business and affairs of the
Corporation shall be managed under the direction of, the Board of Directors.
Unless the Pennsylvania BCL permits otherwise, this Section 3.01(a) may be
modified only by a By-Law amendment adopted by the shareholders.
(b) Number. Subject to Article SIXTH of the Articles of Incorporation,
the number of Directors shall be as determined by the Board of Directors from
time to time.
(c) Vacancies. Each Director shall hold office until the expiration of
the term for which such person was selected and until such person's successor
has been selected and qualified or until such person's earlier death,
resignation or removal. Subject to Article SIXTH of the Articles of
Incorporation, any vacancies on the Board of Directors, including vacancies
resulting from an increase in the number of Directors, may be filled by a
majority vote of the remaining members of the Board of Directors, though less
than a quorum, or by a sole remaining Director, or, if there are no remaining
Directors, by the shareholders, and each person so selected shall be a Director
to serve for the balance of the unexpired term.
(d) Removal. The entire Board of Directors or any individual Director
may be removed from office only for cause by the vote of the shareholders
entitled to elect directors.
(e) Qualification. A Director must be a natural person at least 18
years of age.
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Section 3.02 . Place of Meetings. Meetings of the Board of Directors
may be held at such place within or without the Commonwealth of Pennsylvania as
the Board of Directors may appoint from time to time or as may be designated in
the notice of the meeting.
Section 3.03 . Regular Meetings. A regular meeting of the Board of
Directors shall be held immediately following each annual meeting of the
shareholders, at the place where such meeting of the shareholders is held or at
such other place and time after the annual meeting of shareholders as the Board
of Directors may designate. Subject to Article SIXTH of the Articles of
Incorporation, at such meeting, the Board of Directors shall elect officers of
the Corporation. In addition to such regular meeting, the Board of Directors
shall have the power to fix by resolution the place, date and time of other
regular meetings of the Board of Directors.
Section 3.04 . Special Meetings. Special meetings of the Board of
Directors shall be held whenever ordered by the Chairman of the Board, the Chief
Executive Officer, by the Board of Directors or by any officer of the
Corporation authorized by Article SIXTH of the Articles of Incorporation to call
special meetings of the Board of Directors for so long as such officer is also a
Director of the Corporation.
Section 3.05 . Participation in Meetings by Electronic Means. Any
Director may participate in any meeting of the Board of Directors or of any
committee (provided such Director is otherwise entitled to participate), be
counted for the purpose of determining a quorum thereof and exercise all rights
and privileges to which such Director might be entitled were such Director
personally in attendance, including the right to vote, or any other rights
attendant to presence in person at such meeting, by means of conference
telephone or other electronic technology by means of which all persons
participating in the meeting can hear each other.
Section 3.06 . Notices of Meetings of Board of Directors.
(a) Regular Meetings. No notice shall be required to be given of any
regular meeting, unless the same is held at other than the place, date or time
for holding such meeting as fixed in accordance with Section 3.03 of these
By-Laws, in which event 48 hours' notice shall be given of the place and time of
such meeting complying with Article 6 of these By-Laws.
(b) Special Meetings. Written notice stating the place, date and time
of any special meeting of the Board of Directors shall be sufficient if given at
least 48 hours, as provided in Article 6, in advance of the date and time fixed
for the meeting.
Section 3.07 . Quorum; Action by the Board of Directors. A majority of
the Directors in office shall be necessary to constitute a quorum for the
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transaction of business and, subject to Article SIXTH of the Articles of
Incorporation and these By-Laws, the acts of a majority of the Directors present
and voting at a meeting at which a quorum is present shall be the acts of the
Board of Directors. If there is no quorum present at a duly convened meeting of
the Board of Directors, the majority of those present may adjourn the meeting
from place to place and from time to time.
Section 3.08 . Informal Action by the Board of Directors. Any action
required or permitted to be taken at a meeting of the Board of Directors may be
taken without a meeting if, prior or subsequent to the action, a written consent
or consents thereto by all of the Directors in office is filed with the
Secretary of the Corporation. In addition to other means of filing with the
Secretary, insertion in the minute book of the Corporation shall be deemed
filing with the Secretary regardless of whether the Secretary or some other
authorized person has actual possession of the minute book. Written consents by
all the Directors, executed pursuant to this Section 3.08, may be executed in
any number of counterparts and shall be deemed effective as of the date set
forth therein.
Section 3.09 . Committees.
(a) Establishment and Powers. The Board of Directors of the Corporation
may, by resolution adopted by a majority of the Directors in office, establish
one or more committees to consist of one or more Directors of the Corporation.
Any committee, to the extent provided in the applicable resolution of the Board
of Directors or in the By-Laws, shall have and may exercise all of the powers
and authority of the Board of Directors, except that a committee shall not have
any power or authority as to the following:
(i) The submission to shareholders of any action requiring
approval of shareholders under the Pennsylvania BCL.
(ii) The creation or filling of vacancies in the Board of
Directors.
(iii) The adoption, amendment or repeal of the By-Laws.
(iv) The amendment or repeal of any resolution of the Board of
Directors that by its terms is amendable or repealable only by the
Board of Directors.
(v) Action on matters committed by the Articles of
Incorporation, the By-Laws or resolution of the Board of Directors to
another committee of the Board of Directors.
(b) Alternate Members. The Board of Directors may designate one or more
Directors otherwise eligible to serve on a committee of the Board as alternate
members of any committee who may replace any absent or disqualified
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member at any meeting of the committee or for the purpose of any written action
by the committee. In the absence or disqualification of a member and alternate
member or members of a committee, the member or members thereof present at any
meeting and not disqualified from voting, whether or not such member or members
constitute a quorum, may unanimously appoint another Director to act at the
meeting in the place of the absent or disqualified member.
(c) Term. Each committee of the Board of Directors shall serve at the
pleasure of the Board of Directors.
(d) Status of Committee Action. The term "Board of Directors" or
"Board", when used in any provision of these By-Laws relating to the
organization or procedures of or the manner of taking action by the Board of
Directors, shall be construed to include and refer to any committee of the Board
of Directors. Any provision of these By-Laws relating or referring to action to
be taken by the Board of Directors or the procedure required therefor shall be
satisfied by the taking of corresponding action by a committee of the Board of
Directors to the extent authority to take the action has been delegated to the
committee in accordance with this Section.
Section 3.10 . Nomination. Nominations for the election of Directors
may be made only (A) by the Board of Directors or (B) by any shareholder of
record entitled to vote in the election of Directors generally at the record
date of the meeting and also on the date of the meeting at which Directors are
to be elected. However, any shareholder entitled to vote in the election of
Directors generally may nominate one or more persons for election as Directors
at a meeting only if written notice of such shareholder's intention to make such
nomination or nominations has been delivered personally to, or been mailed to
and received by the Corporation at, the principal executive offices of the
Corporation, addressed to the attention of the President, (a) with respect to an
election to be held at an annual meeting that is called for a date that is
within 30 days before or after the anniversary date of the immediately preceding
annual meeting of shareholders, not less than 90 days nor more than 120 days
prior to such anniversary date, and (b) with respect either to an election to be
held at an annual meeting that is called for a date that is not within 30 days
before or after the anniversary date of the immediately preceding annual
meeting, or to a special meeting of shareholders called for the purpose of
electing Directors, not later than the close of business on the tenth day
following the day on which notice of the date of the meeting was mailed or
public disclosure of the date of the meeting was made, whichever occurs first.
Each such notice shall set forth: (i) the name and address of the shareholder
intending to make the nomination and of the person or persons to be nominated;
(ii) a representation that the shareholder is a holder of record of shares of
the Corporation entitled to vote at such meeting and intends to appear in person
or by proxy at the meeting to nominate the person or persons specified in the
notice; (iii) a description of all arrangements or understandings between the
shareholder and each nominee and any other person or persons (naming such person
or persons) pursuant to which the nomination or nominations are to be
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made by the shareholder; (iv) such other information regarding each nominee
proposed by such shareholder as would have been required to be included in a
proxy statement filed pursuant to the proxy rules of the Securities and Exchange
Commission had the nominee been nominated by the Board of Directors; and (v) the
written consent of each nominee to serve as a Director of the Corporation if so
elected. The presiding officer of the meeting may, in his or her sole
discretion, declare invalid or refuse to acknowledge any nomination not made in
compliance with the foregoing procedure.
ARTICLE 4
OFFICERS
Section 4.01 . Election and Office. The Corporation shall have a
Chairman of the Board, a Chief Executive Officer, a President, a Secretary and a
Treasurer who, subject to Article SIXTH of the Articles of Incorporation, shall
be elected by the Board of Directors. Subject to Article SIXTH of the Articles
of Incorporation, the Board of Directors may create the positions of, define the
powers and duties of and elect as additional officers one or more Vice Chairmen
of the Board, one or more Vice Presidents, and one or more other officers or
assistant officers. Any number of offices may be held by the same person. The
Chairman of the Board and any Vice Chairman of the Board must be a Director of
the Corporation. The initial officers of the Corporation (other than the
Chairman of the Board) shall be selected by the Chief Executive Officer in
consultation with the Chairman of the Board.
Section 4.02 . Term. Each officer of the Corporation shall hold office
until his successor is selected and qualified or until his earlier death,
resignation or removal. Subject to Article SIXTH of the Articles of
Incorporation, any officer may be removed by a vote of a majority of the
Directors then in office. The terms of the Chairman of the Board and the Chief
Executive Officer are fixed pursuant to Article SIXTH of the Articles of
Incorporation.
Section 4.03 . Powers and Duties of the Chairman of the Board. The
Chairman of the Board shall have such powers and shall perform such duties as
are provided in Article SIXTH of the Articles of Incorporation.
Section 4.04 . Powers and Duties of the Chief Executive Officer . The
Chief Executive Officer shall have such powers and shall perform such duties as
are provided in Article SIXTH of the Articles of Incorporation.
Section 4.05 Powers and Duties of the President. The President shall
have such powers and shall perform such duties as may, subject to Article SIXTH
of the Articles of Incorporation, from time to time be assigned to the President
by the Board of Directors.
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Section 4.06 . Powers and Duties of the Secretary. Unless otherwise
determined by the Board of Directors, the Secretary shall be responsible for the
keeping of the minutes of all meetings of the shareholders, the Board of
Directors, and all committees of the Board, in books provided for that purpose,
and for the giving and serving of all notices for the Corporation. The Secretary
shall perform all other duties ordinarily incident to the office of Secretary
and shall have such other powers and perform such other duties as may be
assigned to the Secretary by the Board of Directors. The minute books of the
Corporation may be held by a person other than the Secretary.
Section 4.07 . Powers and Duties of the Treasurer. Unless otherwise
determined by the Board of Directors, the Treasurer shall have charge of all the
funds and securities of the Corporation. When necessary or proper, unless
otherwise determined by the Board of Directors, the Treasurer shall endorse for
collection on behalf of the Corporation checks, notes and other obligations, and
shall deposit the same to the credit of the Corporation to such banks or
depositories as the Board of Directors may designate and may sign all receipts
and vouchers for payments made to the Corporation. The Treasurer shall be
responsible for the regular entry in books of the Corporation to be kept for
such purpose of a full and accurate account of all funds and securities received
and paid by the Treasurer on account of the Corporation. Whenever required by
the Board of Directors, the Treasurer shall render a statement of the financial
condition of the Corporation. The Treasurer shall have such other powers and
shall perform the duties as may be assigned to such officer from time to time by
the Board of Directors. The Treasurer shall give such bond, if any, for the
faithful performance of the duties of such office as shall be required by the
Board of Directors.
Section 4.08 . Powers and Duties of the Vice Chairmen, Vice Presidents
and Assistant Officers. Unless otherwise determined by the Board of Directors
and subject to Article SIXTH of the Articles of Incorporation, each Vice
Chairman, Executive Vice President, Senior Vice President, Vice President and
each assistant officer shall have the powers and perform the duties of his or
her respective superior officer, except to the extent such powers and duties are
limited by such superior officer or by the Board of Directors. Executive Vice
Presidents, Senior Vice Presidents, Vice Presidents and assistant officers shall
have such rank as may be designated by the Board of Directors, with Executive
Vice Presidents serving as superior officers to Senior Vice Presidents and
Senior Vice Presidents serving as superior officers to Vice Presidents.
Executive Vice Presidents, Senior Vice Presidents and Vice Presidents may be
designated as having responsibility for a specific area of the Corporation's
affairs, in which event such Executive Vice Presidents, Senior Vice Presidents
or Vice Presidents shall be superior to the other Executive Vice Presidents,
Senior Vice Presidents or Vice Presidents, respectively, in relation to matters
within his or her area. The President shall be the superior officer of the
Executive Vice Presidents, Senior Vice Presidents, Vice Presidents and all other
officer positions created by the Board of Directors unless
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the Board of Directors provides otherwise. The Treasurer and Secretary shall be
the superior officers of the Assistant Treasurers and Assistant Secretaries,
respectively.
Section 4.09 . Vacancies. Subject to Article SIXTH of the Articles of
Incorporation, the Board of Directors shall have the power to fill any vacancies
in any office occurring for any reason.
Section 4.10 . Delegation of Office. Subject to Article SIXTH of the
Articles of Incorporation, the Board of Directors may delegate the powers or
duties of any officer of the Corporation to any other person from time to time.
ARTICLE 5
CAPITAL STOCK
Section 5.01 . Share Certificates.
(a) Execution. Except as otherwise provided in Section 5.05, the shares
of the Corporation shall be represented by certificates. Unless otherwise
provided by the Board of Directors, every share certificate shall be signed by
two officers and sealed with the corporate seal, which may be a facsimile,
engraved or printed, but where such certificate is signed by a transfer agent or
a registrar, the signature of any corporate officer upon such certificate may be
a facsimile, engraved or printed. In case any officer who has signed, or whose
facsimile signature has been placed upon, any share certificate shall have
ceased to be such officer because of death, resignation or otherwise, before the
certificate is issued, it may be issued with the same effect as if the officer
had not ceased to be such at the date of its issue. The provisions of this
Section shall be subject to any inconsistent or contrary agreement at the time
between the Corporation and any transfer agent or registrar.
(b) Designations, Voting Rights, Preferences, Limitations and Special
Rights. To the extent the Corporation is authorized to issue shares of more than
one class or series, every certificate shall set forth upon the face or back of
the certificate (or shall state on the face or back of the certificate that the
Corporation will furnish to any shareholder upon request and without charge) a
full or summary statement of the designations, voting rights, preferences,
limitations and special rights of the shares of each class or series authorized
to be issued so far as they have been fixed and determined and the authority of
the Board of Directors to fix and determine the designations, voting rights,
preferences, limitations and special rights of the classes and series of shares
of the Corporation.
(c) Fractional Shares. Except as otherwise determined by the Board of
Directors, shares or certificates therefor may be issued as fractional shares
for shares held by any dividend reinvestment plan or employee benefit plan
created or approved by the Corporation's Board of Directors, but not by any
other person.
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Section 5.02 . Transfer of Shares. Transfer of shares shall be made on
the books of the Corporation only upon surrender of the share certificate, duly
endorsed or with duly executed stock powers attached and otherwise in proper
form for transfer, which certificate shall be canceled at the time of the
transfer
Section 5.03 . Determination of Shareholders of Record.
(a) Fixing Record Date. The Board of Directors of the Corporation may
fix a time prior to the date of any meeting of shareholders as a record date for
the determination of the shareholders entitled to notice of, or to vote at, the
meeting, which time, except in the case of an adjourned meeting, shall be not
more than 90 days prior to the date of the meeting of shareholders. Only
shareholders of record on the date fixed shall be so entitled notwithstanding
any transfer of shares on the books of the Corporation after any record date
fixed as provided in this subsection. The Board of Directors may similarly fix a
record date for the determination of shareholders of record for any other
purpose. When a determination of shareholders of record has been made as
provided in this Section 5.03 for purposes of a meeting, the determination shall
apply to any adjournment thereof unless the Board of Directors fixes a new
record date for the adjourned meeting.
(b) Determination when No Record Date Fixed. If a record date is not
fixed:
(i) The record date for determining shareholders entitled to
notice of or to vote 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 notice is waived, at the close of business on the day
immediately preceding the day on which the meeting is held.
(ii) The record date for determining shareholders for any
other purpose shall be at the close of business on the day on which the
Board of Directors adopts the resolution relating thereto.
(c) Certification by Nominee. The Board of Directors may adopt a
procedure whereby a shareholder of the Corporation may certify in writing to the
Corporation that all or a portion of the shares registered in the name of the
shareholder are held for the account of a specified person or persons. The
resolution of the Board of Directors may set forth:
(i) the classification of shareholder who may certify;
(ii) the purpose or purposes for which the certification may
be made;
(iii) the form of certification and information to be
contained therein;
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(iv) if the certification is with respect to a record date,
the time after the record date within which the certification must be
received by the Corporation; and
(v) such other provisions with respect to the procedure as are
deemed necessary or desirable.
Upon receipt by the Corporation of a certification complying with the
procedure, the persons specified in the certification shall be deemed, for the
purposes set forth in the certification, to be the holders of record of the
number of shares specified in place of the shareholder making the certification.
Section 5.04 . Lost Share Certificates. Unless waived in whole or in
part by the Board of Directors or any of the Chairman, any Vice Chairman, the
President, any Senior Vice President, Secretary or Treasurer, unless the Board
of Directors prohibits such waiver by such officer, any person requesting the
issuance of a new certificate in lieu of an alleged lost, destroyed, mislaid or
wrongfully taken certificate shall (a) give to the Corporation his or her bond
of indemnity with an acceptable surety, and (b) satisfy such other requirements
as may be imposed by the Corporation. Thereupon, a new share certificate shall
be issued to the registered owner or his or her assigns in lieu of the alleged
lost, destroyed, mislaid or wrongfully taken certificate; provided that the
request therefor and issuance thereof have been made before the Corporation has
notice that such shares have been acquired by a bona fide purchaser.
Section 5.05 . Uncertificated Shares. Notwithstanding anything herein
to the contrary, any or all classes and series of shares, or any part thereof,
may be represented by uncertificated shares to the extent determined by the
Board of Directors, except that shares represented by a certificate that is
issued and outstanding shall continue to be represented thereby until the
certificate is surrendered to the Corporation. Within a reasonable time after
the issuance or transfer of uncertificated shares, the Corporation shall send to
the registered owner thereof a written notice containing the information
required to be set forth or stated on certificates. The rights and obligations
of the holders of shares represented by certificates and the rights and
obligations of the holders of uncertificated shares of the same class and series
shall be identical. Notwithstanding anything herein to the contrary, the
provisions of Section 5.02 shall be inapplicable to uncertificated shares and in
lieu thereof the Board of Directors shall adopt alternative procedures for
registration of transfers.
ARTICLE 6
NOTICES; COMPUTING TIME PERIODS
Section 6.01 . Contents of Notice. Whenever any notice of a meeting of
the Board of Directors or of shareholders is required to be given pursuant to
these By-Laws or the Articles of Incorporation of the Corporation, as the same
may be
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amended from time to time, or otherwise, the notice shall specify the geographic
location, if any, date and time of the meeting; in the case of a special meeting
of shareholders or where otherwise required by law or the By-Laws, the general
nature of the business to be transacted at such meeting; and any other
information required by law.
Section 6.02 . Method of Notice. Any notice required to be given to any
person under the provisions of the Articles of Incorporation or these By-Laws
shall be given to the person either personally or by sending a copy thereof (i)
by first class or express mail, postage prepaid, or courier service, charges
prepaid, to such person's postal address appearing on the books of the
Corporation, or, in the case of a Director, supplied by such Director to the
Corporation for the purpose of notice or (ii) by facsimile transmission, e-mail
or other electronic communication to such person's facsimile number or address
for e-mail or other electronic communication supplied by such person to the
Corporation for purposes of notice. Notice delivered pursuant to clause (i) of
the preceding sentence shall be deemed to have been given to the person entitled
thereto when deposited in the United States mail or with a courier service for
delivery to that person, and notice pursuant to clause (ii) of the preceding
sentence shall be deemed to have been given to the person entitled thereto when
sent. Except as otherwise provided in these By-Laws, or as otherwise directed by
the Board of Directors, notices of meetings may be given by, or at the direction
of, the Secretary.
Section 6.03 . Computing Time Periods.
(a) Days to be Counted. In computing the number of days for purposes of
these By-Laws, all days shall be counted, including Saturdays, Sundays and any
Holiday; provided, however, that if the final day of any time period falls on a
Saturday, Sunday or Holiday, then the final day shall be deemed to be the next
day which is not a Saturday, Sunday or Holiday. In computing the number of days
for the purpose of giving notice of any meeting, the date upon which the notice
is given shall be counted but the day set for the meeting shall not be counted.
(b) One Day Notice. In any case where only one day's notice is being
given, notice must be given at least 24 hours in advance of the date and time
specified for the meeting in question by delivery in person or by telephone,
telex, telecopier or similar means of communication.
Section 6.04 . Waiver of Notice. Whenever any notice is required to be
given under the provisions of the Pennsylvania BCL or other applicable law or
the Articles of Incorporation or these By-Laws, a waiver thereof in writing,
signed by the person or persons entitled to the notice, whether before or after
the time stated therein, shall be deemed equivalent to the giving of the notice.
Except as otherwise required by law or the next sentence, neither the business
to be transacted at, nor the purpose of, a meeting need be specified in the
waiver of notice of the meeting. In the case of a special meeting of
shareholders, the waiver
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of notice shall specify the general nature of the business to be transacted.
Attendance of a person at any meeting shall constitute a waiver of notice of the
meeting except where a person attends a meeting for the express purpose of
objecting, at the beginning of the meeting, to the transaction of any business
because the meeting was not lawfully called or convened.
Section 6.05 . Modification of Proposal Contained in Notice. Whenever
the language of a proposed resolution is included in a written notice of a
meeting required to be given under the provisions of the Pennsylvania BCL or the
Articles of Incorporation or these By-Laws, the meeting considering the
resolution may without further notice adopt it with such clarifying or other
amendments as do not enlarge its original purpose.
Section 6.06 . Bulk Mail. Notice of any regular or special meeting of
the shareholders, or any other notice required by the Pennsylvania BCL or by the
Articles of Incorporation or these By-Laws to be given to all shareholders or to
all holders of a class or a series of shares, may be given by any class of
post-paid mail if the notice is deposited in the United States mail at least 20
days prior to the day named for the meeting or any corporate or shareholder
action specified in the notice.
Section 6.07 . Shareholders Without Forwarding Addresses. Notice or
other communications need not be sent to any shareholder with whom the
Corporation has been unable to communicate for more than 24 consecutive months
because communications to the shareholder have been returned unclaimed or the
shareholder has otherwise failed to provide the Corporation with a current
address. Whenever the shareholder provides the Corporation with a current
address, the corporation shall commence sending notices and other communications
to the shareholder in the same manner as to other shareholders.
ARTICLE 7
LIMITATION OF DIRECTORS' LIABILITY AND INDEMNIFICATION OF
DIRECTORS, OFFICERS AND OTHER PERSONS
Section 7.01 . Limitation of Directors' Liability. No Director of the
Corporation shall be personally liable for monetary damages as such for any
action taken or any failure to take any action unless: (a) the Director has
breached or failed to perform the duties of his or her office under Subchapter B
of Chapter 17 of the Pennsylvania BCL (relating to standard of care and
justifiable reliance), and (b) the breach or failure to perform constitutes
self-dealing, wilful misconduct or recklessness; provided, however, that the
provisions of this Section shall not apply to the responsibility or liability of
a Director pursuant to any criminal statute, or to the liability of a Director
for the payment of taxes pursuant to local, state or federal law.
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Section 7.02 . Indemnification and Insurance.
(a) Indemnification of Directors and Officers.
(i) Each Indemnitee (as defined below) shall be indemnified
and held harmless by the Corporation for all actions taken by him or
her and for all failures to take action (regardless of the date of any
such action or failure to take action) to the fullest extent permitted
by Pennsylvania law against all expense, liability and loss (including
without limitation attorneys fees, judgments, fines, taxes, penalties,
and amounts paid or to be paid in settlement) reasonably incurred or
suffered by the Indemnitee in connection with any Proceeding (as
defined below). No indemnification pursuant to this Section shall be
made, however, in any case where the act or failure to act giving rise
to the claim for indemnification is determined by a court to have
constituted wilful misconduct or recklessness.
(ii) The right to indemnification provided in this Section
shall include the right to have the expenses incurred by the Indemnitee
in defending any Proceeding paid by the Corporation in advance of the
final disposition of the Proceeding to the fullest extent permitted by
Pennsylvania law; provided that, if Pennsylvania law continues so to
require, the payment of such expenses incurred by the Indemnitee in
advance of the final disposition of a Proceeding shall be made only
upon delivery to the Corporation of an undertaking, by or on behalf of
the Indemnitee, to repay all amounts so advanced without interest if it
shall ultimately be determined that the Indemnitee is not entitled to
be indemnified under this Section or otherwise.
(iii) To the extent that an Indemnitee has been successful on
the merits or otherwise in defense of any Proceeding or in defense of
any claim, issue or matter therein, the Corporation shall indemnify
such person against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection therewith.
(iv) Indemnification pursuant to this Section shall continue
as to an Indemnitee who has ceased to be a Director or officer and
shall inure to the benefit of his or her heirs, executors and
administrators.
(v) For purposes of this Article, (A) "Indemnitee" shall mean
each Director and each officer of the Corporation who was or is a party
to, or is threatened to be made a party to, or is otherwise involved
in, any Proceeding, by reason of the fact that he or she is or was a
Director or officer of the Corporation or is or was serving in any
capacity at the request or for the benefit of the Corporation as a
Director, officer, employee, agent, partner, or fiduciary of, or in any
other capacity for, another corporation or any partnership, joint
venture, trust, employee benefit plan, or other enterprise; and (B)
"Proceeding" shall mean any
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threatened, pending or completed action, suit or proceeding (including
without limitation an action, suit or proceeding by or in the right of
the Corporation), whether civil, criminal, administrative or
investigative.
(b) Indemnification of Employees and Other Persons. The Corporation
may, by action of its Board of Directors and to the extent provided in such
action, indemnify employees and other persons, and provide for advancement of
expenses to such persons in the manner set forth in (a)(ii), above, as though
they were Indemnitees, except that, if Pennsylvania law continues to so require,
to the extent that an employee or agent of the Corporation has been successful
on the merits or otherwise in defense of any Proceeding or in defense of any
claim, issue or matter therein, the Corporation shall indemnify such person
against expenses (including attorneys' fees) actually and reasonably incurred by
such person in connection therewith. Directors and officers of entities that
have merged into, or have been consolidated with, or have been liquidated into,
the Corporation shall not be Indemnitees with respect to Proceedings involving
any action or failure to act of such Director or officer prior to the date of
such merger, consolidation or liquidation, but such persons may be indemnified
by the Board of Directors pursuant to the first sentence of this Section
7.02(b).
(c) Non-Exclusivity of Rights. The rights to indemnification and to the
advancement of expenses provided in or pursuant to this Article shall not be
exclusive of any other rights that any person may have or hereafter acquire
under any statute, provision of the Articles of Incorporation or By-Laws,
agreement, vote of shareholders or Directors, or otherwise.
(d) Insurance. The Corporation may purchase and maintain insurance, at
its expense, for the benefit of any person on behalf of whom insurance is
permitted to be purchased by Pennsylvania law against any expense, liability or
loss, whether or not the Corporation would have the power to indemnify such
person under Pennsylvania or other law. The Corporation may also purchase and
maintain insurance to insure its indemnification obligations whether arising
hereunder or otherwise.
(e) Fund For Payment of Expenses. The Corporation may create a fund of
any nature, which may, but need not be, under the control of a trustee, or
otherwise may secure in any manner its indemnification obligations, whether
arising hereunder, under the Articles of Incorporation, by agreement, vote of
shareholders or Directors, or otherwise.
Section 7.03 . Amendment. The provisions of this Article 7 relating to
the limitation of Directors' and officers' liability, to indemnification and to
the advancement of expenses shall constitute a contract between the Corporation
and each of its Directors and officers which may be modified as to any Director
or officer only with that person's consent or as specifically provided in this
Section. Notwithstanding any other provision of these By-Laws relating to their
amendment generally, any repeal or amendment of this Article 7 which is adverse
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to any Director or officer shall apply to such Director or officer only on a
prospective basis, and shall not reduce any limitation on the personal liability
of a Director of the Corporation, or limit the rights of an Indemnitee to
indemnification or to the advancement of expenses with respect to any action or
failure to act occurring prior to the time of such repeal or amendment.
Notwithstanding any other provision of these By-Laws, no repeal or amendment of
these By-Laws shall affect any or all of this Article so as either to reduce the
limitation of Directors' liability or limit indemnification or the advancement
of expenses in any manner unless adopted by (a) the unanimous vote of the
Directors of the Corporation then serving, or (b) the affirmative vote of
shareholders entitled to cast at least eighty percent (80%) of the votes that
all shareholders are entitled to cast in the election of Directors; provided
that no such amendment shall have retroactive effect inconsistent with the
preceding sentence.
Section 7.04 . Changes in Pennsylvania Law. References in this Article
to Pennsylvania law or to any provision thereof shall be to such law, as it
existed on the date this Article was adopted or as such law thereafter may be
changed; provided that (a) in the case of any change which expands the liability
of Directors or limits the indemnification rights or the rights to advancement
of expenses which the Corporation may provide, the rights to limited liability,
to indemnification and to the advancement of expenses provided in this Article
shall continue as theretofore to the extent permitted by law; and (b) if such
change permits the Corporation without the requirement of any further action by
shareholders or Directors to limit further the liability of Directors (or limit
the liability of officers) or to provide broader indemnification rights or
rights to the advancement of expenses than the Corporation was permitted to
provide prior to such change, then liability thereupon shall be so limited and
the rights to indemnification and the advancement of expenses shall be so
broadened to the extent permitted by law.
ARTICLE 8
FISCAL YEAR
Section 8.01 . Determination of Fiscal Year. Determination of Fiscal
Year. The Board of Directors shall have the power by resolution to fix the
fiscal year of the Corporation. If the Board of Directors shall fail to do so,
the Chief Executive Officer shall fix the fiscal year.
ARTICLE 9
ARTICLES OF INCORPORATION
Section 9.01 . Inconsistent Provisions. In the event of any conflict
between the provisions of these By-Laws and the provisions of the Articles of
Incorporation, including, but not limited to, Article SIXTH of the Articles of
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Incorporation, the provisions of the Articles of Incorporation shall govern and
control.
ARTICLE 10
AMENDMENTS
Section 10.01 . Amendments. Except as otherwise provided in these
By-Laws or in the Articles of Incorporation, including Article SIXTH, Article
SEVENTH and Article TENTH of the Articles of Incorporation:
(a) Shareholders. The shareholders entitled to vote thereon shall have
the power to alter, amend or repeal these By-Laws, by the vote of a majority of
the votes cast at a duly organized meeting of shareholders by the holders of
shares entitled to vote thereon, at any regular or special meeting, duly
convened after notice to the shareholders of such purpose. In the case of a
meeting of shareholders to amend or repeal these By-Laws, written notice shall
be given to each shareholder that the purpose, or one of the purposes, of the
meeting is to consider the adoption, amendment or repeal of the By-Laws.
(b) Board of Directors. The Board of Directors (but not a committee
thereof) shall have the power to alter, amend and repeal these By-Laws,
regardless of whether the shareholders have previously adopted the By-Law being
amended or repealed, subject to the power of the shareholders to change such
action; provided, however, that the Board of Directors shall not have the power
to amend these By-Laws on any subject that is expressly committed to the
shareholders by the express terms hereof, by the Pennsylvania BCL or otherwise.
ARTICLE 11
INTERPRETATION OF BY-LAWS; SEPARABILITY
Section 11.01 . Interpretation. All words, terms and provisions of
these By-Laws shall be interpreted and defined by and in accordance with the
Pennsylvania BCL.
Section 11.02 . Separability. The provisions of these By-Laws are
independent of and separable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.
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ARTICLE 12
DETERMINATIONS BY THE BOARD
Section 12.01 . Effect of Board Determinations. Any determination
involving interpretation or application of these By-Laws made in good faith by
the Board of Directors shall be final, binding and conclusive on all parties in
interest.
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