EXHIBIT 3.2
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AMENDED AND RESTATED
BYLAWS
OF
DURO ENZYME PRODUCTS INC.
DECEMBER 2000
TABLE OF CONTENTS
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SECTION 1 - OFFICES . . . . . . . . . . . . . . . . . . . . . . . . . . 3
SECTION 2 - SHAREHOLDERS. . . . . . . . . . . . . . . . . . . . . . . . 3
2.1 Annual Meeting . . . . . . . . . . . . . . . . . . . . . . 3
2.2 Special Meetings . . . . . . . . . . . . . . . . . . . . . 3
2.3 Meetings by Communications Equipment . . . . . . . . . . . 3
2.4 Date, Time and Place of Meetings . . . . . . . . . . . . . 3
2.5 Notice of Meeting. . . . . . . . . . . . . . . . . . . . . 3
2.6 Waiver of Notice . . . . . . . . . . . . . . . . . . . . . 4
2.7 Fixing of Record Date for Determining Shareholders . . . . 4
2.8 Voting Record. . . . . . . . . . . . . . . . . . . . . . . 5
2.9 Quorum . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.10 Manner of Acting . . . . . . . . . . . . . . . . . . . . . 6
2.11 Proxies. . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.12 Voting Shares. . . . . . . . . . . . . . . . . . . . . . . 6
2.13 Voting for Directors . . . . . . . . . . . . . . . . . . . 6
2.14 Action by Shareholders Without a Meeting . . . . . . . . . 6
SECTION 3 - BOARD OF DIRECTORS. . . . . . . . . . . . . . . . . . . . . 7
3.1 General Powers . . . . . . . . . . . . . . . . . . . . . . 7
3.2 Number, Classification and Tenure. . . . . . . . . . . . . 7
3.3 Annual and Regular Meetings. . . . . . . . . . . . . . . . 8
3.4 Special Meetings . . . . . . . . . . . . . . . . . . . . . 8
3.5 Meetings by Communications Equipment . . . . . . . . . . . 8
3.6 Notice of Special Meetings . . . . . . . . . . . . . . . . 8
3.6.1 Personal Delivery. . . . . . . . . . . . . . . . 9
3.6.2 Delivery by Mail . . . . . . . . . . . . . . . . 9
3.6.3 Delivery by Private Carrier. . . . . . . . . . . 9
3.6.4 Facsimile Notice . . . . . . . . . . . . . . . . 9
3.6.5 Delivery by Telegraph. . . . . . . . . . . . . . 9
3.6.6 Oral Notice. . . . . . . . . . . . . . . . . . . 9
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3.7 Waiver of Notice . . . . . . . . . . . . . . . . . . . . . 9
3.7.1 In Writing . . . . . . . . . . . . . . . . . . . 9
3.7.2 By Attendance. . . . . . . . . . . . . . . . . . 10
3.8 Quorum . . . . . . . . . . . . . . . . . . . . . . . . . . 10
3.9 Manner of Acting . . . . . . . . . . . . . . . . . . . . . 10
3.10 Presumption of Assent. . . . . . . . . . . . . . . . . . . 10
3.11 Action by Board or Committees Without a Meeting. . . . . . 11
3.12 Resignation. . . . . . . . . . . . . . . . . . . . . . . . 11
3.13 Removal. . . . . . . . . . . . . . . . . . . . . . . . . . 11
3.14 Vacancies. . . . . . . . . . . . . . . . . . . . . . . . . 11
3.15 Executive and Other Committees . . . . . . . . . . . . . . 12
3.15.1 Creation of Committees. . . . . . . . . . . . . 12
3.15.2 Authority of Committees . . . . . . . . . . . . 12
3.15.3 Minutes of Meetings . . . . . . . . . . . . . . 12
3.15.4 Removal . . . . . . . . . . . . . . . . . . . . 12
3.16 Compensation . . . . . . . . . . . . . . . . . . . . . . . 12
SECTION 4 - OFFICERS. . . . . . . . . . . . . . . . . . . . . . . . . . 13
4.1 Appointment and Term . . . . . . . . . . . . . . . . . . . 13
4.2 Resignation. . . . . . . . . . . . . . . . . . . . . . . . 13
4.3 Removal. . . . . . . . . . . . . . . . . . . . . . . . . . 13
4.4 Contract Rights of Officers. . . . . . . . . . . . . . . . 13
4.5 Chairman of the Board. . . . . . . . . . . . . . . . . . . 13
4.6 President. . . . . . . . . . . . . . . . . . . . . . . . . 14
4.7 Vice President . . . . . . . . . . . . . . . . . . . . . . 14
4.8 Secretary. . . . . . . . . . . . . . . . . . . . . . . . . 14
4.9 Treasurer. . . . . . . . . . . . . . . . . . . . . . . . . 14
4.10 Salaries . . . . . . . . . . . . . . . . . . . . . . . . . 15
SECTION 5 - CONTRACTS, LOANS, CHECKS AND DEPOSITS . . . . . . . . . . . 15
5.1 Contracts. . . . . . . . . . . . . . . . . . . . . . . . . 15
5.2 Loans to the Corporation . . . . . . . . . . . . . . . . . 15
5.3 Checks, Drafts, Etc. . . . . . . . . . . . . . . . . . . . 15
5.4 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . 15
SECTION 6 - CERTIFICATES FOR SHARES AND THEIR TRANSFER. . . . . . . . . 15
6.1 Issuance of Shares . . . . . . . . . . . . . . . . . . . . 15
6.2 Certificates for Shares. . . . . . . . . . . . . . . . . . 16
6.3 Stock Records. . . . . . . . . . . . . . . . . . . . . . . 16
6.4 Restriction on Transfer. . . . . . . . . . . . . . . . . . 16
6.5 Transfer of Shares . . . . . . . . . . . . . . . . . . . . 17
6.6 Lost or Destroyed Certificates . . . . . . . . . . . . . . 17
SECTION 7 - BOOKS AND RECORDS . . . . . . . . . . . . . . . . . . . . . 17
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SECTION 8 - ACCOUNTING YEAR . . . . . . . . . . . . . . . . . . . . . . 18
SECTION 9 - SEAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
SECTION 10 - INDEMNIFICATION. . . . . . . . . . . . . . . . . . . . . . 18
10.1 Right to Indemnification. . . . . . . . . . . . . . . . . 18
10.2 Restrictions on Indemnification . . . . . . . . . . . . . 19
10.3 Advancement of Expenses . . . . . . . . . . . . . . . . . 19
10.4 Right of Indemnitee to Bring Suit . . . . . . . . . . . . 19
10.5 Nonexclusivity of Rights. . . . . . . . . . . . . . . . . 20
10.6 Insurance, Contracts and Funding. . . . . . . . . . . . . 20
10.7 Identification of Employees and Agents of the Corporation 20
10.8 Persons Serving Other Entities. . . . . . . . . . . . . . 20
SECTION 11 - LIMITATION OF LIABILITY. . . . . . . . . . . . . . . . . . 21
SECTION 12 - AMENDMENTS . . . . . . . . . . . . . . . . . . . . . . . . 21
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SECTION 1. OFFICES
The principal office of the corporation shall be located at the principal
place of business or such other place as the Board of Directors ("Board") may
designate. The corporation may have such other offices as the Board may
designate or as the business of the corporation may require.
SECTION 2. STOCKHOLDERS
2.1 ANNUAL MEETING
The annual meeting of the stockholders to elect Directors and transact such
other business as may properly come before the meeting shall be held on a date
not more than 180 days after the end of the corporation's fiscal year, such date
and time to be determined by the Board.
2.2 SPECIAL MEETINGS
Special meetings of the stockholders of the corporation for any purpose may
be called at any time by the Board of Directors or, if the Directors in office
constitute fewer than a quorum of the Board of Directors, by the affirmative
vote of a majority of all the Directors in office, but such special meetings may
not be called by any other person or persons.
2.3 MEETINGS BY COMMUNICATIONS EQUIPMENT
Stockholders may participate in any meeting of the stockholders by any
means of communication by which all persons participating in the meeting can
hear each other during the meeting. Participation by such means shall
constitute presence in person at a meeting.
2.4 DATE, TIME AND PLACE OF MEETING
Except as otherwise provided in these Bylaws, all meetings of stockholders,
including those held pursuant to demand by stockholders, shall be held on such
date and at such time and place designated by or at the direction of the Board.
2.5 NOTICE OF MEETING
Written notice stating the place, day and hour of the meeting and, in the
case of a special meeting, the purpose or purposes for which the meeting is
called shall be given by or at the direction of the Board, the Chairman of the
Board, the President or the Secretary to each stockholder entitled to notice of
or to vote at the meeting not less than 10 nor more than 60 days before the
meeting, except that notice of a meeting to act on a plan of merger or share
exchange, the sale, lease, exchange or other disposition of all or substantially
all of the corporation's assets other than in the regular course of business or
the dissolution of the corporation shall be given not less than 20 or more than
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60 days before such meeting. If an annual or special stockholders' meeting is
adjourned to a different date, time or place, no notice of the new date, time or
place is required if they are announced at the meeting before adjournment. If a
new record date for the adjourned meeting is or must be fixed, notice of the
adjourned meeting must be given to stockholders entitled to notice of or to vote
as of the new record date.
Such notice may be transmitted by mail, private carrier, personal delivery,
telegraph, teletype or communications equipment that transmits a facsimile of
the notice. If those forms of written notice are impractical in the view of the
Board, the Chairman of the Board, the President or the Secretary, written notice
may be transmitted by an advertisement in a newspaper of general circulation in
the area of the corporation's principal office. If such notice is mailed, it
shall be deemed effective when deposited in the official government mail,
first-class postage prepaid, properly addressed to the stockholder at such
stockholder's address as it appears in the corporation's current record of
stockholders. Notice given in any other manner shall be deemed effective when
dispatched to the stockholder's address, telephone number or other number
appearing on the records of the corporation. Any notice given by publication as
herein provided shall be deemed effective five days after first publication.
2.6 WAIVER OF NOTICE
Whenever any notice is required to be given by an stockholder under the
provisions of these Bylaws, the Articles of Incorporation or the Nevada Private
Corporations Law, a waiver of notice in writing, signed by the person or persons
entitled to such notice and delivered to the corporation, whether before or
after the date and time of the meeting or before or after the action to be taken
by consent is effective, shall be deemed equivalent to the giving of such
notice. Further, notice of the time, place and purpose of any meeting will be
deemed to be waived by any stockholder by attendance in person or by proxy,
unless such stockholder at the beginning of the meeting objects to holding the
meeting or transacting business at the meeting.
2.7 FIXING OF RECORD DATE FOR DETERMINING STOCKHOLDERS
For the purpose of determining stockholders entitled (a) to notice of or to
vote at any meeting of stockholders or any adjournment thereof, (b) to receive
payment of any dividend, or (c) in order to make a determination of stockholders
for any other purpose, the Board may fix a future date as the record date for
any such determination. Such record date shall be not more than 60 days, and,
in case of a meeting of stockholders, not less than 10 days, prior to the date
on which the particular action requiring such determination is to be taken. If
no record date is fixed for the determination of stockholders entitled to notice
of or to vote a meeting, the record date shall be the day immediately preceding
the date on which notice of the meeting is first given to stockholders. Such a
determination shall apply to any adjournment of the meeting unless the Board
fixes a new record date, which it shall do if the meeting is adjourned to a date
more than 120 days after the date fixed for the original meeting. If no record
date is set for the determination of stockholders entitled to receive payment of
any stock, dividend or distribution (other than one involving a purchase,
redemption or other acquisition of the corporation's shares), the record date
shall be the date the Board authorizes the stock dividend or distribution.
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2.8 VOTING RECORD
At least 10 days before each meeting of stockholders, an alphabetical list
of the stockholders entitled to notice of such meeting shall be made, arranged
by voting group and by each class or series of shares, with the address of and
number of shares held by each stockholder. This record shall be kept at the
principal office of the corporation for 10 days prior to such meeting, and shall
be kept open at such meeting, for the inspection of any stockholder or any
stockholder's agent or attorney.
2.9 QUORUM
Except with respect to any greater requirement contained in the Articles of
Incorporation or the Nevada Private Corporations Law, one-third of the votes
entitled to be cast on a matter by the holders of shares that, pursuant to the
Articles of Incorporation or the Nevada Private Corporations Law, are entitled
to vote and be counted collectively upon such matter, represented in person or
by proxy, shall constitute a quorum of such shares at a meeting of stockholders.
If less than the required number of such votes are represented at a meeting, a
majority of the votes so represented may adjourn the meeting from time to time.
Any business may be transacted at a reconvened meeting that might have been
transacted at the meeting as originally called, provided a quorum is present or
represented at such meeting. Once a share is represented for any purpose at a
meeting other than solely to object to holding the meeting or transacting
business, it is deemed present for quorum purposes for the remainder of the
meeting and any adjournment (unless a new record date is or must be set for the
adjourned meeting), notwithstanding the withdrawal of enough stockholders to
leave less than a quorum.
2.10 MANNER OF ACTING
If a quorum is present, action on a matter other than the election of
Directors shall be approved if the votes cast in favor of the action by the
shares entitled to vote and be counted collectively upon such matter exceed the
votes cast against such action by the shares entitled to vote and be counted
collectively thereon, unless the Articles of Incorporation or the Nevada Private
Corporations Law requires a greater number of affirmative votes. Whenever the
Nevada Private Corporations Law permits a corporation's bylaws to specify that a
lesser number of shares than would otherwise be required shall suffice to
approve an action by stockholders, these Bylaws hereby specify that the number
of shares required to approve such an action shall be such lesser number.
2.11 PROXIES
As stockholder may vote by proxy executed in writing by the stockholder or
by his or her attorney-in-fact or agent. Such proxy shall be effective when
received by the Secretary or other officer or agent authorized to tabulate
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votes. A proxy shall become invalid 11 months after the date of its execution,
unless otherwise provided in the proxy. A proxy with respect to a specified
meeting shall entitle its holder to vote at any reconvened meeting following
adjournment of such meeting but shall not be valid after the final adjournment.
2.12 VOTING SHARES
Except as provided in the Articles of Incorporation, each outstanding share
entitled to vote with respect to a matter submitted to a meeting of stockholders
shall be entitled to one vote upon such matter.
2.13 VOTING FOR DIRECTORS
Each stockholder entitled to vote in an election of Directors may vote, in
person or by proxy, the number of shares owned by such stockholder for as many
persons as there are Directors to be elected and for whose election such
stockholder has a right to vote. Stockholders shall not have the right to
cumulate their votes. Unless otherwise provided in the Articles of
Incorporation, the candidates elected shall be those receiving the largest
number of votes cast, up to the number of Directors to be elected.
2.14 ACTION BY STOCKHOLDERS WITHOUT A MEETING
Any action that may be or is required to be taken at a meeting of the
stockholders may be taken without a meeting if one or more written consents
describing the action taken shall be signed by stockholders holding of record or
otherwise entitled to vote in the aggregate not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at
which all shares entitled to vote on the action were present and voted. The
Board may fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted by the Board, and which
date shall not be more than 10 days after the date upon which the resolution
fixing the record date is adopted by the Board. If not otherwise fixed by the
Board, the record date for determining stockholders entitled to take action
without a meeting is the date the first stockholder consent is delivered to the
corporation. A stockholder may withdraw a consent only by delivering a written
notice of withdrawal to the corporation prior to the time that consents
sufficient to authorize taking the action have been delivered to the
corporation. Every written consent shall bear the date of signature of each
stockholder who signs the consent. A written consent is not effective to take
the action referred to in the consent unless, within 60 days of the earliest
dated consent delivered to the corporation, written consents signed by a
sufficient number of stockholders to take action are delivered to the
corporation. Unless the consent specifies a later effective date, actions taken
by written consent of the stockholders are effective when (a) consents
sufficient to authorize taking the action are in possession of the corporation
and (b) the period of advance notice required by the Articles of Incorporation
to be given to any nonconsenting or nonvoting stockholders has been satisfied.
Any such consent shall be inserted in the minute book as if it were the minutes
of a meeting of the stockholders.
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SECTION 3. BOARD OF DIRECTORS
3.1 GENERAL POWERS
All corporate powers 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, except as may be otherwise provided in these Bylaws, the Articles
of Incorporation or the Nevada Private Corporations Law.
3.2 NUMBER, CLASSIFICATION AND TENURE
The Board of Directors shall be composed of not less than one nor more than
nine Directors. The specific number of Directors shall be set by resolution of
the Board of Directors or, if the Directors in office constitute fewer than a
quorum of the Board of Directors, by the affirmative vote of a majority of all
the Directors in office. The number of Directors of this corporation may be
increased or decreased from time to time in the manner provided by the Articles
of Incorporation, but no decrease in the number of Directors shall have the
effect of shortening the term of any incumbent Director. The Directors shall be
divided into three classes, with each class to be as nearly equal in number as
possible, as specified by resolution of the Board or, if the Directors in office
constitute fewer than a quorum of the Board, by the affirmative vote of a
majority of all the Directors in office. The term of office of Directors of the
first class shall expire at the first annual meeting of stockholders after their
election. The term of office of Directors of the second class shall expire at
the second annual meeting after their election. The term of office of Directors
of the third class shall expire at the third annual meeting after their
election. At each annual meeting after such classification, a number of
Directors equal to the number of the class whose term expires at the time of
such meeting shall be elected to hold office until the third succeeding annual
meeting. Absent his or her death, resignation or removal, a Director shall
continue to serve despite the expiration of the Director's term until his or her
successor shall have been elected and qualified or until there is a decrease in
the number of Directors. Directors need not be stockholders of the corporation
or residents of the state of Nevada, and need not meet any other qualifications.
3.3 ANNUAL AND REGULAR MEETINGS
An annual Board meeting shall be held without notice immediately after and
at the same place as the annual meeting of stockholders. By resolution the
Board, or any committee designated by the Board, may specify the time and place
for holding regular meetings without notice other than such resolution.
3.4 SPECIAL MEETINGS
Special meetings of the Board or any committee designated by the Board may
be called by or at the request of the Chairman of the Board, the President, the
Secretary or, in the case of special Board meetings, any one-third or more of
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the Directors in office and, in the case of any special meeting of any committee
designated by the Board, by its Chairman. The person or persons authorized to
call special meetings may fix any place for holding any special Board or
committee meeting called by them.
3.5 MEETINGS BY COMMUNICATIONS EQUIPMENT
Members of the Board or any committee designated by the Board may
participate in a meeting of such Board or committee by, or conduct the meeting
through the use of, any means of communication by which all Directors
participating in the meeting can hear each other during the meeting.
Participation by such means shall constitute presence in person at a meeting.
3.6 NOTICE OF SPECIAL MEETINGS
Notice of a special Board or committee meeting stating the place, day and
hour of the meeting shall be given to a Director in writing or orally. Neither
the business to be transacted at nor the purpose of any special meeting need be
specified in the notice of such meeting.
3.6.1 PERSONAL DELIVERY
If notice is given by personal delivery, the notice shall be delivered to a
Director at least two days before the meeting.
3.6.2 DELIVERY BY MAIL
If notice is delivered by mail, the notice shall be deposited in the
official government mail at least five days before the meeting, properly
addressed to a Director at his or her address shown on the records of the
corporation, with postage thereon prepaid.
3.6.3 DELIVERY BY PRIVATE CARRIER
If notice is given by private carrier, the notice shall be dispatched to a
Director at his or her address shown on the records of the corporation at least
three days before the meeting.
3.6.4 FACSIMILE NOTICE
If a notice is delivered by wire or wireless equipment that transmits a
facsimile of the notice, the notice shall be dispatched at least two days before
the meeting to a Director at his or her telephone number or other number
appearing on the records of the corporation.
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3.6.5 DELIVERY BY TELEGRAPH
If notice is delivered by telegraph, the notice shall be delivered to the
telegraph company for delivery to a Director at his or her address shown on the
records of the corporation at least three days before the meeting.
3.6.6 ORAL NOTICE
If notice is delivered by orally, by telephone or in person, the notice shall be
personally given to the Director at least two days before the meeting.
3.7 WAIVER OF NOTICE
3.7.1 IN WRITING
Whenever any notice is required to be given to any Director under the
provisions of these Bylaws, the Articles of Incorporation or the Nevada Private
Corporations Law, a waiver thereof in writing, signed by the person or persons
entitled to such notice and delivered to the corporation, whether before or
after the date and time of the meeting, shall be deemed equivalent to the giving
of such notice. Neither the business to be transacted at nor the purpose of any
regular or special meeting of the Board or any committee designated by the Board
need be specified in the waiver of notice of such meeting.
3.7.2 BY ATTENDANCE
A Director's attendance at or participation in a Board or committee meeting
shall constitute a waiver of notice of such meeting, unless the Director at the
beginning of the meeting, or promptly upon his or her arrival, objects to
holding the meeting or transacting business at such meeting and does not
thereafter vote for or assent to action taken at the meeting.
3.8 QUORUM
A majority of the number of Directors fixed by or in the manner provided in
these Bylaws shall constitute a quorum for the transaction of business at any
Board meeting but, if less than a majority are present at a meeting, a majority
of the Directors present may adjourn the meeting from time to time without
further notice. A majority of the number of Directors composing any committee
of the Board, as established and fixed by resolution of the Board, shall
constitute a quorum for the transaction of business at any meeting of such
committee but, if less than a majority are present at a meeting, a majority of
such Directors present may adjourn the committee meeting from time to time
without further notice.
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3.9 MANNER OF ACTING
If a quorum is present when the vote is taken, the act of the majority of
the Directors present at a Board or committee meeting shall be the act of the
Board or such committee, unless the vote of a greater number is required by
these Bylaws, the Articles of Incorporation or the Nevada Private Corporations
Law.
3.10 PRESUMPTION OF ASSENT
A Director of the corporation who is present at a Board or committee meeting at
which any action is taken shall be deemed to have assented to the action taken
unless (a) the Director objects at the beginning of the meeting, or promptly
upon the Director's arrival, to holding the meeting or transacting any business
at such meeting, (b) the Director's dissent or abstention from the action taken
is entered in the minutes of the meeting, or (c) the Director delivers written
notice of the Director's dissent or abstention to the presiding officer of the
meeting before its adjournment or to the corporation within a reasonable time
after adjournment of the meeting. The right of dissent or abstention is not
available to a Director who votes in favor of the action taken.
3.11 ACTION BY BOARD OR COMMITTEES WITHOUT A MEETING
Any action that could be taken at a meeting of the Board or of any
committee created by the Board may be taken without a meeting if one or more
written consents setting forth the action so taken are signed by each of the
Directors or by each committee member either before or after the action is taken
and delivered to the corporation. Action taken by written consent of Directors
without a meeting is effective when the last Director signs the consent, unless
the consent specifies a later effective date. Any such written consent shall be
inserted in the minute book as if it were the minutes of a Board or a committee
meeting.
3.12 RESIGNATION
Any Director may resign from the Board or any committee of the Board at any
time by delivering either oral tender of resignation at any meeting of the Board
or any committee, or written notice to the Chairman of the Board, the President,
the Secretary or the Board. Any such resignation is effective upon delivery
thereof unless the notice of resignation specifies a later effective date and,
unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective.
3.13 REMOVAL
At a meeting of stockholders called expressly for that purpose, one or more
members of the Board, including the entire Board, may be removed with or without
cause (unless the Articles of Incorporation permits removal for cause only) by
the holders of the shares entitled to elect the Director or Directors whose
removal is sought if the number of votes cast to remove the Director exceeds the
number of votes cast not to remove the Director.
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3.14 VACANCIES
If a vacancy occurs on the Board, including a vacancy resulting from an
increase in the number of Directors, the Board may fill the vacancy, or, if the
Directors in office constitute fewer than a quorum of the Board, they may fill
the vacancy by the affirmative vote of a majority of all the Directors in
office. The stockholders may fill a vacancy only if there are no Directors in
office. A Director elected to fill a vacancy shall serve only until the next
election of Directors by the stockholders.
3.15 EXECUTIVE AND OTHER COMMITTEES
3.15.1 CREATION OF COMMITTEES
The Board, by resolution adopted by the greater of a majority of the Directors
then in office and the number of Directors required to take action in accordance
with these Bylaws, may create standing or temporary committees, including an
Executive Committee, and appoint members from its own number and invest such
committees with such powers as it may see fit, subject to such conditions as may
be prescribed by the Board, the Articles of Incorporation, these Bylaws and
applicable law. Each committee must have one or more members, and the Board may
designate one or more Directors as alternate members who may replace any absent
or disqualified member at any committee meeting, with all such members and
alternate members to serve at the pleasure of the Board.
3.15.2 AUTHORITY OF COMMITTEES
Each Committee shall have and may exercise all the authority of the Board to the
extent provided in the resolution of the Board creating the committee and any
subsequent resolutions adopted in like manner, except that no such committee
shall have the authority to: (i) approve or adopt, or recommend to the
stockholders, any action or matter expressly required by the Articles of
Incorporation or the Nevada Private Corporations Law to be submitted to
stockholders for approval or (ii) adopt, amend or repeal any bylaw of the
corporation.
3.15.3 MINUTES OF MEETINGS
All committees shall keep regular minutes of their meetings and shall cause
them to be recorded n books kept for that purpose.
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3.15.4 REMOVAL
The Board may remove any member of any committee elected or appointed by it
but only by the affirmative vote of the greater of a majority of Directors then
in office and the number of Directors required to take action in accordance with
these Bylaws.
3.16 COMPENSATION
By Board resolution, Directors and committee members may be paid either
expenses, if any, of attendance at each Board or committee meeting, or a fixed
sum for attendance at each Board or committee meeting, or a stated salary as
Director or a committee member, or a combination of the foregoing. No such
payment shall preclude any Director or committee member from serving the
corporation in any other capacity and receiving compensation therefore.
SECTION 4. OFFICERS
4.1 APPOINTMENT AND TERM
The officers of the corporation shall be those officers appointed from time
to time by the Board or by any other officer empowered to do so. The Board shall
have sole power and authority to appoint executive officers. As used herein,
the term "executive officer" shall mean the President, the chief financial
officer and any other officer designated by the Board as an executive officer.
The Board or the President may appoint such other officers to hold office for
such period, have such authority and perform such duties as may be prescribed.
The Board may delegate to any other officer the power to appoint any subordinate
officers and to prescribe their respective terms of office, authority and
duties. Any two or more offices may be held by the same person. Unless an
officer dies, resigns or is removed from office, he or she shall hold office
until his or her successor is appointed.
4.2 RESIGNATION
Any officer may resign at any time by delivering written notice to the
corporation. Any such resignation is effective upon delivery, unless the notice
of resignation specifies a later effective date, and, unless otherwise
specified, the acceptance of such resignation shall not be necessary to make it
effective.
4.3 REMOVAL
Any officer may be removed by the Board at any time, with or without cause.
An officer or assistant officer, if appointed by another officer, may be removed
at any time, with or without cause, by any officer authorized to appoint such
officer or assistant officer.
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4.4 CONTRACT RIGHTS OF OFFICERS
The appointment of an officer does not itself create contract rights.
4.5 CHAIRMAN OF THE BOARD
If appointed, the Chairman of the Board shall perform such duties as shall
be assigned to him or her by the Board from time to time, and shall preside over
meetings of the Board and stockholders unless another officer is appointed or
designated by the Board of Chairman of such meetings.
4.6 PRESIDENT
If appointed, the President shall be the chief executive officer of the
corporation unless some other offices is to designated by the Board, shall
preside over meetings of the Board and stockholders in the absence of a Chairman
of the Board, and, subject to the Board's control, shall supervise and control
all the assets, business and affairs of the corporation. In general, the
President shall perform all duties incident to the office of President and such
other duties as are prescribed by the Board from time to time. If no Secretary
has been appointed, the President shall have responsibility for the preparation
of minutes of meetings of the Board and stockholders and for authentication of
the records of the corporation.
4.7 VICE PRESIDENT
In the event of the death of the President or his or her inability to act,
the Vice President (or if there is more than one Vice President, the Vice
President who was designated by the Board as the successor to the President, or
if no Vice President is so designated, the Vice President first elected to such
office) shall perform the duties of the President, except as may be limited by
resolution of the Board, with all the powers of and subject to all the
restrictions upon the President. Vice Presidents shall perform such other
duties as from time to time may be assigned to them by the President or by or at
the direction of the Board.
4.8 SECRETARY
If appointed, the Secretary shall be responsible for preparation of minutes
of the meetings of the Board and stockholders, maintenance of the corporation
records and stock registers, and authentication of the corporation's records,
and shall in general perform all duties incident to the office of Secretary and
such other duties as from time to time may be assigned to him or her by the
President or by or at the direction of the Board. In the absence of the
Secretary, an Assistant Secretary may perform the duties of the Secretary.
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4.9 TREASURER
If appointed, the Treasurer shall have charge and custody of and be
responsible for all funds and securities of the corporation, receive and give
receipts for moneys due and payable to the corporation from any source
whatsoever, and deposit all such moneys in the name of the corporation in banks,
trust companies or other depositories selected in accordance with the provisions
of these Bylaws, and in general perform all the duties incident to the office of
Treasurer and such other duties as from time to time may be assigned to him or
her by the President or by or at the direction of the Board. In the absence of
the Treasurer, an Assistant Treasurer may perform the duties of the Treasurer.
4.10 SALARIES
The salaries of the officers shall be fixed from time to time by the Board
or by any person or persons to whom the Board has delegated such authority. No
officer shall be prevented from receiving such salary by reason of the fact that
he or she is also a Director of the corporation.
SECTION 5. CONTRACTS, LOANS, CHECKS AND DEPOSITS
5.1 CONTRACTS
The Board may authorize any officer or officers, or agent or agents, to
enter into any contract or execute and deliver any instrument in the name of and
on behalf of the corporation. Such authority may be general or confined to
specific instances.
5.2 LOANS TO THE CORPORATION
No loans shall be contracted on behalf of the corporation and no evidences
of indebtedness shall be issued in its name unless authorized by a resolution of
the Board. Such authority may be general or confined to specific instances.
5.3 CHECKS, DRAFTS, ETC.
All checks, drafts or other orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the corporation shall be signed
by such officer or officers, or agent or agents, of the corporation and in such
manner as is from time to time determined by resolution of the Board.
5.4 DEPOSITS
All funds of the corporation not otherwise employed shall be deposited from
time to time to the credit of the corporation in such banks, trust companies or
other depositories as the Board may authorize.
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SECTION 6. CERTIFICATES FOR SHARES AND THEIR TRANSFER
6.1 ISSUANCE OF SHARES
No shares of the corporation shall be issued unless authorized by the
Board, or by a committee designated by the Board to the extent such committee is
empowered to do so.
6.2 CERTIFICATES FOR SHARES
Certificates representing shares of the corporation shall be signed, either
manually or in facsimile, by the President or any Vice President and by the
Treasurer or any Assistant Treasurer or the Secretary or any Assistant Secretary
and shall include on their face written notice of any restrictions that may be
imposed on the transferability of such shares. All certificates shall be
consecutively numbered or otherwise identified.
6.3 STOCK RECORDS
The stock transfer books shall be kept at the principal office at the
corporation or at the office of the corporation's transfer agent or registrar.
The name and address of each person to whom certificates for shares are issued,
together with the class and number of shares represented by each such
certificate and the date of issue thereof, shall be entered on the stock
transfer books of the corporation. The person in whose name shares stand on the
books of the corporation shall be deemed by the corporation to be the owner
thereof for all purposes.
6.4 RESTRICTION ON TRANSFER
Except to the extent that the corporation has obtained an opinion of
counsel acceptable to the corporation that transfer restrictions are not
required under applicable securities laws, or has otherwise satisfied itself
that such transfer restrictions are not required, all certificates representing
shares of the corporation shall bear a legend on the face of the certificate, or
on the reverse of the certificate if a reference to the legend is contained on
the face, which reads substantially as follows:
THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST MAY BE SOLD,
DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED
UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UDNER THE ACT
AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION
INVOLVING SAID SECURITIES, (B) THIS CORPORAZTION RECEIVES AN OPINION
OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO
THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION, OR (C) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT
SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.
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6.5 TRANSFER OF SHARES
The transfer of shares of the corporation shall be made only on the stock
transfer books of the corporation pursuant to authorization or document of
transfer made by the holder of record thereof or by his or her legal
representative, who shall furnish proper evidence of authority to transfer, or
by his or her attorney-in-fact authorized by power of attorney duly executed and
filed with the Secretary of the corporation. All certificates surrendered to
the corporation for transfer shall be canceled and no new certificate shall be
issued until the former certificates for a like number of shares shall have been
surrendered and canceled.
6.6 LOST OR DESTROYED CERTIFICATES
In the case of a lost, destroyed or damaged certificate, a new certificate
may be issued in its place upon such terms and indemnity to the corporation as
the Board may prescribe.
SECTION 7. BOOKS AND RECORDS
THE CORPORATION SHALL:
(a) Keep as permanent records minutes of all meetings of its stockholders
and the Board, a record of all actions taken by the stockholders or the
Board without a meeting, and a record of all actions taken by a committee
of the Board exercising the authority of the Board on behalf of the
corporation.
(b) Maintain appropriate accounting records.
(c) Maintain a record of its stockholders, in a form that permits
preparation of a list of the names and addresses of all stockholders, in
alphabetical order by class of shares showing the number and class of
shares held by each; provided, however, such record may be maintained by an
agent of the corporation.
(d) Maintain its records in written form or in another form capable of
conversion into written form within a reasonable time.
(e) Keep a copy of the following records at its principal office:
1. the Articles of Incorporation and all amendments thereto as
currently in effect;
2. these Bylaws and all amendments thereto as currently in effect;
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3. the minutes of all meetings of stockholders and records of all
action taken by stockholders without a meeting, for the past three
years;
4. the corporation's financial statements for the past three years;
5. all written communications to stockholders generally within the
past three years;
6. a list of the names and business addresses of the current Directors
and officers; and
7. the most recent annual report delivered to the Nevada Secretary of
State.
SECTION 8. ACCOUNTING YEAR
The accounting year of the corporation shall be the calendar year, provided
that if a different accounting year is at any time selected by the Board for
purposes of federal income taxes, or any other purpose, the accounting year
shall be the year so selected.
SECTION 9. SEAL
The Board may provide for a corporate seal that shall consist of the name
of the corporation, the state of its incorporation, and the year of its
incorporation.
SECTION 10. INDEMNIFICATION
10.1 RIGHT TO INDEMNIFICATION
Each person who was, is or is threatened to be made a party to or is
otherwise involved (including, without limitation, as a witness) in any
threatened, pending or completed action, suit, claim or proceeding, whether
civil, criminal, administrative or investigative and whether formal or informal
(hereinafter "proceedings"), by reason of the fact that he or she is or was a
Director or officer of the corporation or, that being or having been such a
Director or officer of the corporation, he or she is or was serving at the
request of the corporation as a Director, officer, partner, trustee, employee or
agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise (hereafter an "indemnitee"), whether the basis
of a proceeding is alleged action in an official capacity or in any other
capacity while serving as such a Director, officer, partner, trustee, employee
or agent, shall be indemnified and held harmless by the corporation against all
losses, claims, damages (compensatory, exemplary, punitive or otherwise),
liabilities and expenses (including attorneys' fees, costs, judgments, fines,
ERISA excise taxes or penalties, amounts to be paid in settlement and any other
expenses) actually and reasonably incurred or suffered by such indemnitee in
connection therewith and such indemnification shall continue as to an indemnitee
who has ceased to be a Director or officer of the Company or a Director,
officer, partner, trustee, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise and
shall insure to the benefit of the indemnitee's heirs, executors and
administrators. Except as provided in subsection 10.4 of this Section with
respect to proceedings seeking to enforce rights to indemnification, the
corporation shall indemnify any such indemnitee in connection with a proceeding
(or part thereof) initiated by such indemnitee only if a proceeding (or part
thereof) was authorized or ratified by the Board. The right to indemnification
conferred in this Section shall be a contract right.
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10.2 RESTRICTIONS ON INDEMNIFICATION
No indemnification shall be provided to any such indemnitee for acts or
omissions of the indemnitee (a) if the indemnitee did not (i) act in good faith
and in a manner the indemnitee reasonably believed to be in or not opposed to
the best interests of the corporation, and (ii) with respect to any criminal
action or proceeding, have reasonable cause to believe the indemnitee's conduct
was unlawful or (b) if the corporation is otherwise prohibited by applicable law
from paying such indemnification. Notwithstanding the foregoing, if Section
78.7502 or any successor provision of the Nevada Private Corporations Law is
hereafter amended, the restrictions on indemnification set forth in this
subsection 10.2 shall be as set forth in such amended statutory provision.
10.3 ADVANCEMENT OF EXPENSES
The right to indemnification conferred in this Section shall include the
right to be paid by the corporation the expenses reasonably incurred in
defending any proceeding in advance of its final disposition (hereinafter an
"advancement of expenses"). An advancement of expenses shall be made upon
delivery to the corporation of an undertaking (hereinafter an "undertaking"), by
or on behalf of such indemnitee, to repay all amounts so advanced if it shall
ultimately be determined by final judicial decision from which there is no
further right to appeal that such indemnitee is not entitled to be indemnified.
10.4 RIGHT OF INDEMNITEE TO BRING SUIT
If a claim under subsection 10.1 or 10.3 of this Section is not paid in
full by the corporation within 60 days after a written claim has been received
by the corporation, except in the case of a claim for an advancement of
expenses, in which case the applicable period shall be 20 days, the indemnitee
may at any time thereafter bring suit against the corporation to recover the
unpaid amount of the claim. If successful in whole or in part, in any such suit
or in a suit brought by the corporation to recover an advancement of expenses
pursuant to the terms of the undertaking, the indemnitee shall be entitled to be
paid also the expense of litigating such suit. The indemnitee shall be presumed
to be entitled to indemnification under this Section upon submission of a
written claim (and, in an action brought to enforce a claim for an advancement
of expenses, when the required undertaking has been tendered to the corporation)
and thereafter the corporation shall have the burden of proof to overcome the
presumption that the indemnitee is so entitled.
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10.5 NONEXCLUSIVITY OF RIGHTS
The right to indemnification and the advancement of expenses conferred in
this Section shall not be exclusive of any other right that any person may have
or hereafter acquire under any statute, provision of the Articles of
Incorporation or Bylaws of the corporation, general or specific action of the
Board or stockholders, contract or otherwise.
10.6 INSURANCE, CONTRACTS AND FUNDING
The corporation may maintain insurance, at its expense, to protect itself
and any Director, officer, partner, trustee, employee or agent of the
corporation or another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise against any expense, liability or loss, whether
or not the corporation would have the authority or right to indemnify such
person against such expense, liability or loss under the Nevada Private
Corporations Law or other law. The corporation may enter into contracts with any
Director, officer, partner, trustee, employee or agent of the corporation in
furtherance of the provisions of this section and may create a trust fund, grant
a security interest, or use other means (including, without limitation, a letter
of credit) to ensure the payment of such amounts as may be necessary to effect
indemnification as provided in this Section.
10.7 INDEMNIFICATION OF EMPLOYEES AND AGENTS OF THE CORPORATION
In addition to the rights of indemnification set forth in subsection 10.1,
the corporation may, by action of the Board, grant rights to indemnification and
advancement of expenses to employees and agents or any class or group of
employees and agents of the corporation (a) with the same scope and effect as
the provisions of this Section with respect to indemnification and the
advancement of expenses of Directors and officers of the corporation; (b)
pursuant to rights granted or provided by the Nevada Private Corporations Law;
or (c) as are otherwise consistent with law.
10.8 PERSONS SERVING OTHER ENTITIES
Any person who, while a Director or officer of the corporation, is or was
serving (a) as a Director, officer, employee or agent of another corporation of
which a majority of the shares entitled to vote in the election of its directors
is held by the corporation or (b) as a partner, trustee or otherwise in an
executive or management capacity in a partnership, joint venture, trust,
employee benefit plan or other enterprise of which the corporation or a majority
owned subsidiary of the corporation is a general partner or has a majority
ownership shall conclusively be deemed to be so serving at the request of the
corporation and entitled to indemnification and the advancement of expenses
under subsections 10.1 and 10.3 of this Section.
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SECTION 11. LIMITATION OF LIABILITY
To the full extent that the Nevada Private Corporations Law, as they exist
on the date hereof or may hereafter be amended, permit the limitation or
elimination of the liability of any person who would be considered an indemnitee
under subsection 10.1 of Section 10, an indemnitee of the Company shall not be
liable to the Company or its stockholders for monetary damages for conduct in
the capacity based upon which such person is considered an indemnitee. Any
amendments to or repeal of this Section 11 shall not adversely affect any right
or protection of any indemnitee of the Company for or with respect to any acts
or omissions of such indemnitee occurring prior to such amendment or repeal.
SECTION 12. AMENDMENTS
These Bylaws may be altered, amended or repealed and new Bylaws may be
adopted by the Board, except that the Board may not repeal or amend any Bylaw
that the stockholders have expressly provided, in amending or repealing such
Bylaw, may not be amended or repealed by the Board. The stockholders may also
alter, amend and repeal these Bylaws or adopt new Bylaws. All Bylaws made by
the Board may be amended, repealed, altered or modified by the stockholders.
The foregoing Bylaws were adopted by the Board on January 8 , 2001.
---
/s/ Chad Burback
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Print Name: Chad Burback
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Title: Secretary
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