BYLAWS
of
GLOBEPAN RESOURCES, INC.
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(the "Corporation")
ARTICLE I: MEETINGS OF SHAREHOLDERS
Section 1 - Annual Meetings
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The annual meeting of the shareholders of the Corporation shall be held at the
time fixed, from time to time, by the Board of Directors.
Section 2 - Special Meetings
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Special meetings of the shareholders may be called by the Board of Directors or
such person or persons authorized by the Board of Directors.
Section 3 - Place of Meetings
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Meetings of shareholders shall be held at the registered office of the
Corporation, or at such other places, within or without the State of Nevada as
the Board of Directors may from time to time fix.
Section 4 - Notice of Meetings
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A notice convening an annual or special meeting which specifies the place, day,
and hour of the meeting, and the general nature of the business of the meeting,
must be faxed, personally delivered or mailed postage prepaid to each
shareholder of the Corporation entitled to vote at the meeting at the address of
the shareholder as it appears on the stock transfer ledger of the Corporation,
at least ten (10) days prior to the meeting. Accidental omission to give notice
of a meeting to, or the non-receipt of notice of a meeting by, a shareholder
will not invalidate the proceedings at that meeting.
Section 5 - Action Without a Meeting
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Unless otherwise provided by law, any action required to be taken at a meeting
of the shareholders, or any other action which may be taken at a meeting of the
shareholders, may be taken without a meeting, without prior notice and without a
vote if written consents are signed by shareholders representing a majority of
the shares entitled to vote at such a meeting, except however, if a different
proportion of voting power is required by law, the Articles of Incorporation or
these Bylaws, than that proportion of written consents is required. Such written
consents must be filed with the minutes of the proceedings of the shareholders
of the Corporation.
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Section 6 - Quorum
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a) No business, other than the election of the chairman or the
adjournment of the meeting, will be transacted at an annual or special
meeting unless a quorum of shareholders, entitled to attend and vote,
is present at the commencement of the meeting, but the quorum need not
be present throughout the meeting.
b) Except as otherwise provided in these Bylaws, a quorum is two
persons present and being, or representing by proxy, shareholders of
the Corporation.
c) If within half an hour from the time appointed for an annual or
special meeting a quorum is not present, the meeting shall stand
adjourned to a day, time and place as determined by the chairman of the
meeting.
Section 7 - Voting
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Subject to a special voting rights or restrictions attached to a class of
shares, each shareholder shall be entitled to one vote for each share of stock
in his or her own name on the books of the corporation, whether represented in
person or by proxy.
Section 8 - Motions
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No motion proposed at an annual or special meeting need be seconded.
Section 9 - Equality of Votes
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In the case of an equality of votes, the chairman of the meeting at which the
vote takes place is not entitled to have a casting vote in addition to the vote
or votes to which he may be entitled as a shareholder of proxyholder.
Section 10 - Dispute as to Entitlement to Vote
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In a dispute as to the admission or rejection of a vote at an annual or special
meeting, the decision of the chairman made in good faith is conclusive.
Section 11 - Proxy
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a) Each shareholder entitled to vote at an annual or special
meeting may do so either in person or by proxy. A form of proxy must be
in writing under the hand of the appointor or of his or her attorney
duly authorized in writing, or, if the appointor is a corporation,
either under the seal of the corporation or under the hand of a duly
authorized officer or attorney. A proxyholder need not be a shareholder
of the Corporation.
b) A form of proxy and the power of attorney or other authority, if any,
under which it is signed or a facsimiled copy thereof must be
deposited at the registered office of the Corporation or at such other
place as is specified for that purpose in the notice convening the
meeting. In addition to any other method of depositing proxies
provided for in these Bylaws, the Directors may from time to time by
resolution make regulations relating to the depositing of proxies at a
place or places and fixing the time or times for depositing the
proxies not exceeding 48 hours (excluding Saturdays, Sundays and
holidays) preceding the meeting or adjourned meeting specified in the
notice calling a meeting of shareholders.
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ARTICLE II: BOARD OF DIRECTORS
Section 1 - Number, Term, Election and Qualifications
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a) The first Board of Directors of the Corporation, and all
subsequent Boards of the Corporation, shall consist of not less than
one (1) and not more than nine (9) directors. The number of Directors
may be fixed and changed from time to time by ordinary resolution of
the shareholders of the Corporation.
b) The first Board of Directors shall hold office until the first
annual meeting of shareholders and until their successors have been
duly elected and qualified or until there is a decrease in the number
of directors. Thereinafter, Directors will be elected at the annual
meeting of shareholders and shall hold office until the annual meeting
of the shareholders next succeeding his or her election, or until his
or her prior death, resignation or removal. Any Director may resign at
any time upon written notice of such resignation to the Corporation.
c) A casual vacancy occurring in the Board may be filled by the remaining
Directors.
d) Between successive annual meetings, the Directors have the
power to appoint one or more additional Directors but not more than 1/2
of the number of Directors fixed at the last shareholder meeting at
which Directors were elected. A Director so appointed holds office only
until the next following annual meeting of the Corporation, but is
eligible for election at that meeting. So long as he or she is an
additional Director, the number of Directors will be increased
accordingly.
e) A Director is not required to hold a share in the capital of the
Corporation as qualification for his or her office.
Section 2 - Duties, Powers and Remuneration
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a) The Board of Directors shall be responsible for the control and
management of the business and affairs, property and interests of the
Corporation, and may exercise all powers of the Corporation, except for
those powers conferred upon or reserved for the shareholders or any
other persons as required under Nevada state law, the Corporation's
Articles of Incorporation or by these Bylaws.
b) The remuneration of the Directors may from time to time be determined
by the Directors or, if the Directors decide, by the shareholders.
Section 3 - Meetings of Directors
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a) The President of the Corporation shall preside as chairman at
every meeting of the Directors, or if the President is not present or
is willing to act as chairman, the Directors present shall choose one
of their number to be chairman of the meeting.
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b) The Directors may meet together for the dispatch of business,
and adjourn and otherwise regulate their meetings as they think fit.
Questions arising at a meeting must be decided by a majority of votes.
In case of an equality of votes the chairman does not have a second or
casting vote. Meetings of the Board held at regular intervals may be
held at the place and time upon the notice (if any) as the Board may by
resolution from time to time determine.
c) A Director may participate in a meeting of the Board or of a
committee of the Directors using conference telephones or other
communications facilities by which all Directors participating in the
meeting can hear each other and provided that all such Directors agree
to such participation. A Director participating in a meeting in
accordance with this Bylaw is deemed to be present at the meeting and
to have so agreed. Such Director will be counted in the quorum and
entitled to speak and vote at the meeting.
d) A Director may, and the Secretary on request of a Director shall, call
a meeting of the Board. Reasonable notice of the meeting specifying
the place, day and hour of the meeting must be given by mail, postage
prepaid, addressed to each of the Directors and alternate Directors at
his or her address as it appears on the books of the Corporation or by
leaving it at his or her usual business or residential address or by
telephone, facsimile or other method of transmitting legibly recorded
messages. It is not necessary to give notice of a meeting of Directors
to a Director immediately following a shareholder meeting at which the
Director has been elected, or is the meeting of Directors at which the
Director is appointed.
e) A Director of the Corporation may file with the Secretary a
document executed by him waiving notice of a past, present or future
meeting or meetings of the Directors being, or required to have been,
sent to him and may at any time withdraw the waiver with respect to
meetings held thereafter. After filing such waiver with respect to
future meetings and until the waiver is withdrawn no notice of a
meeting of Directors need be given to the Director. All meetings of the
Directors so held will be deemed not to be improperly called or
constituted by reason of notice not having been given to the Director.
f) The quorum necessary for the transaction of the business of the
Directors may be fixed by the Directors and if not so fixed is a
majority of the Directors or, if the number of Directors is fixed at
one, is one Director.
g) The continuing Directors may act notwithstanding a vacancy in
their body but, if and so long as their number is reduced below the
number fixed pursuant to these Bylaws as the necessary quorum of
Directors, the continuing Directors may act for the purpose of
increasing the number of Directors to that number, or of summoning a
shareholder meeting of the Corporation, but for no other purpose.
h) All acts done by a meeting of the Directors, a committee of
Directors, or a person acting as a Director, will, notwithstanding that
it be afterwards discovered that there was some defect in the
qualification, election or appointment of the Directors, shareholders
of the committee or person acting as a Director, or that any of them
were disqualified, be as valid as if the person had been duly elected
or appointed and was qualified to be a Director.
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i) A resolution consented to in writing, whether by facsimile or
other method of transmitting legibly recorded messages, by all of the
Directors is as valid as if it had been passed at a meeting of the
Directors duly called and held. A resolution may be in two or more
counterparts which together are deemed to constitute one resolution in
writing. A resolution must be filed with the minutes of the proceedings
of the directors and is effective on the date stated on it or on the
latest date stated on a counterpart.
j) All Directors of the Corporation shall have equal voting power.
Section 4 - Removal
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One or more or all the Directors of the Corporation may be removed with or
without cause at any time by a vote of two-thirds of the shareholders entitled
to vote thereon, at a special meeting of the shareholders called for that
purpose.
Section 5 - Committees
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a) The Directors may from time to time by resolution designate
from among its members one or more committees, and alternate members
thereof, as they deem desirable, each consisting of one or more
members, with such powers and authority (to the extent permitted by law
and these Bylaws) as may be provided in such resolution. Each such
committee shall serve at the pleasure of the Board of Directors and
unless otherwise stated by law, the Certificate of Incorporation of the
Corporation or these Bylaws, shall be governed by the rules and
regulations stated herein regarding the Board of Directors.
b) Each Committee shall keep regular minutes of its transactions,
shall cause them to be recorded in the books kept for that purpose, and
shall report them to the Board at such times as the Board may from time
to time require. The Board has the power at any time to revoke or
override the authority given to or acts done by any Committee.
ARTICLE III: OFFICERS
Section 1 - Number, Qualification, Election and Term of Office
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a) The Corporation's officers shall have such titles and duties as
shall be stated in these Bylaws or in a resolution of the Board of
Directors which is not inconsistent with these Bylaws. The officers of
the Corporation shall consist of a president, secretary, treasurer, and
also may have one or more vice presidents, assistant secretaries and
assistant treasurers and such other officers as the Board of Directors
may from time to time deem advisable. Any officer may hold two or more
offices in the Corporation, and may or may not also act as a Director.
b) The officers of the Corporation shall be elected by the Board
of Directors at the regular annual meeting of the Board following the
annual meeting of shareholders.
c) Each officer shall hold office until the annual meeting of the
Board of Directors next succeeding his or her election, and until his
or her successor shall have been duly elected and qualified, subject to
earlier termination by his or her death, resignation or removal.
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Section 2 - Resignation
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Any officer may resign at any time by giving written notice of such resignation
to the Corporation.
Section 3 - Removal
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Any officer appointed by the Board of Directors may be removed by a majority
vote of the Board, either with or without cause, and a successor appointed by
the Board at any time, and any officer or assistant officer, if appointed by
another officer, may likewise be removed by such officer.
Section 4 - Remuneration
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The remuneration of the Officers of the Corporation may from time to time be
determined by the Directors or, if the Directors decide, by the shareholders.
Section 5 - Conflict of Interest
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Each officer of the Corporation who holds another office or possesses property
whereby, whether directly or indirectly, duties or interests might be created in
conflict with his or her duties or interests as an officer of the Corporation
shall, in writing, disclose to the President the fact and the nature, character
and extent of the conflict and abstain from voting with respect to any
resolution in which the officer has a personal interest.
ARTICLE V: SHARES OF STOCK
Section 1 - Certificate of Stock
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a) The shares of the Corporation shall be represented by certificates or
shall be uncertificated shares.
b) Certificated shares of the Corporation shall be signed, either
manually or by facsimile, by officers or agents designated by the
Corporation for such purposes, and shall certify the number of shares
owned by the shareholder in the Corporation. Whenever any certificate
is countersigned or otherwise authenticated by a transfer agent or
transfer clerk, and by a registrar, then a facsimile of the signatures
of the officers or agents, the transfer agent or transfer clerk or the
registrar of the Corporation may be printed or lithographed upon the
certificate in lieu of the actual signatures. If the Corporation uses
facsimile signatures of its officers and agents on its stock
certificates, it cannot act as registrar of its own stock, but its
transfer agent and registrar may be identical if the institution
acting in those dual capacities countersigns or otherwise
authenticates any stock certificates in both capacities. If any
officer who has signed or whose facsimile signature has been placed
upon such certificate, shall have ceased to be such officer before
such certificate is issued, it may be issued by the Corporation with
the same effect as if he were such officer at the date of its issue.
c) If the Corporation issued uncertificated shares as provided for
in these Bylaws, within a reasonable time after the issuance or
transfer of such uncertificated shares, and at least annually
thereafter, the Corporation shall send the shareholder a written
statement certifying the number of shares owned by such shareholder in
the Corporation.
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d) Except as otherwise provided by law, the rights and obligations
of the holders of uncertificated shares and the rights and obligations
of the holders of certificates representing shares of the same class
and series shall be identical.
e) If a share certificate:
(i) is worn out or defaced, the Directors shall, upon
production to them of the certificate and upon such other
terms, if any, as they may think fit, order the certificate to
be cancelled and issue a new certificate;
(ii) is lost, stolen or destroyed, then upon proof being given to
the satisfaction of the Directors and upon and indemnity, if
any being given, as the Directors think adequate, the
Directors shall issue a new certificate; or
(iii) represents more than one share and the registered owner
surrenders it to the Corporation with a written request that
the Corporation issue in his or her name two or more
certificates, each representing a specified number of shares
and in the aggregate representing the same number of shares as
the certificate so surrendered, the Corporation shall cancel
the certificate so surrendered and issue new certificates in
accordance with such request.
Section 2 - Transfers of Shares
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a) Transfers or registration of transfers of shares of the
Corporation shall be made on the stock transfer books of the
Corporation by the registered holder thereof, or by his or her attorney
duly authorized by a written power of attorney; and in the case of
shares represented by certificates, only after the surrender to the
Corporation of the certificates representing such shares with such
shares properly endorsed, with such evidence of the authenticity of
such endorsement, transfer, authorization and other matters as the
Corporation may reasonably require, and the payment of all stock
transfer taxes due thereon.
b) The Corporation shall be entitled to treat the holder of record
of any share or shares as the absolute owner thereof for all purposes
and, accordingly, shall not be bound to recognize any legal, equitable
or other claim to, or interest in, such share or shares on the part of
any other person, whether or not it shall have express or other notice
thereof, except as otherwise expressly provided by law.
Section 3 - Record Date
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a) The Directors may fix in advance a date, which must not be more
than 60 days permitted by the preceding the date of a meeting of
shareholders or a class of shareholders, or of the payment of a
dividend or of the proposed taking of any other proper action requiring
the determination of shareholders as the record date for the
determination of the shareholders entitled to notice of, or to attend
and vote at, a meeting and an adjournment of the meeting, or entitled
to receive payment of a dividend or for any other proper purpose and,
in such case, notwithstanding anything in these Bylaws, only
shareholders of records on the date so fixed will be deemed to be the
shareholders for the purposes of this Bylaw.
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b) Where no record date is so fixed for the determination of
shareholders as provided in the preceding Bylaw, the date on which the
notice is mailed or on which the resolution declaring the dividend is
adopted, as the case may be, is the record date for such determination.
Section 4 - Fractional Shares
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Notwithstanding anything else in these Bylaws, the Corporation, if the Directors
so resolve, will not be required to issue fractional shares in connection with
an amalgamation, consolidation, exchange or conversion. At the discretion of the
Directors, fractional interests in shares may be rounded to the nearest whole
number, with fractions of 1/2 being rounded to the next highest whole number, or
may be purchased for cancellation by the Corporation for such consideration as
the Directors determine. The Directors may determine the manner in which
fractional interests in shares are to be transferred and delivered to the
Corporation in exchange for consideration and a determination so made is binding
upon all shareholders of the Corporation. In case shareholders having fractional
interests in shares fail to deliver them to the Corporation in accordance with a
determination made by the Directors, the Corporation may deposit with the
Corporation's Registrar and Transfer Agent a sum sufficient to pay the
consideration payable by the Corporation for the fractional interests in shares,
such deposit to be set aside in trust for such shareholders. Such setting aside
is deemed to be payment to such shareholders for the fractional interests in
shares not so delivered which will thereupon not be considered as outstanding
and such shareholders will not be considered to be shareholders of the
Corporation with respect thereto and will have no right except to receive
payment of the money so set aside and deposited upon delivery of the
certificates for the shares held prior to the amalgamation, consolidation,
exchange or conversion which result in fractional interests in shares.
ARTICLE VI: DIVIDENDS
a) Dividends may be declared and paid out of any funds available
therefor, as often, in such amounts, and at such time or times as the
Board of Directors may determine and shares may be issued pro rata and
without consideration to the Corporation's shareholders or to the
shareholders of one or more classes or series.
b) Shares of one class or series may not be issued as a share
dividend to shareholders of another class or series unless such
issuance is in accordance with the Articles of Incorporation and:
(i) a majority of the current shareholders of the class or series
to be issued approve the issue; or
(ii) there are no outstanding shares of the class or series of
shares that are authorized to be issued as a dividend.
ARTICLE VII: BORROWING POWERS
a) The Directors may from time to time on behalf of the Corporation:
(i) borrow money in such manner and amount, on such
security, from such sources and upon such terms and conditions
as they think fit,
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(ii) issue bonds, debentures and other debt obligations either
outright or as security for liability or obligation of the
Corporation or another person, and
(iii) mortgage, charge, whether by way of specific or floating
charge, and give other security on the undertaking, or on the
whole or a part of the property and assets of the Corporation
(both present and future).
b) A bond, debenture or other debt obligation of the Corporation may be
issued at a discount, premium or otherwise, and with a special privilege as to
redemption, surrender, drawing, allotment of or conversion into or exchange for
shares or other securities, attending and voting at shareholder meetings of the
Corporation, appointment of Directors or otherwise, and may by its terms be
assignable free from equities between the Corporation and the person to whom it
was issued or a subsequent holder thereof, all as the Directors may determine.
ARTICLE VIII: FISCAL YEAR
The fiscal year end of the Corporation shall be fixed, and shall be subject to
change, by the Board of Directors from time to time, subject to applicable law.
ARTICLE IX: CORPORATE SEAL
The corporate seal, if any, shall be in such form as shall be prescribed and
altered, from time to time, by the Board of Directors. The use of a seal or
stamp by the Corporation on corporate documents is not necessary and the lack
thereof shall not in any way affect the legality of a corporate document.
ARTICLE X: AMENDMENTS
Section 1 - By Shareholders
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All Bylaws of the Corporation shall be subject to alteration or repeal, and new
Bylaws may be made by a majority vote of the shareholders at any annual meeting
or special meeting called for that purpose.
Section 2 - By Directors
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The Board of Directors shall have the power to make, adopt, alter, amend and
repeal, from time to time, Bylaws of the Corporation.
ARTICLE XI: DISCLOSURE OF INTEREST OF DIRECTORS
a) A Director who is, in any way, directly or indirectly interested in
an existing or proposed contract or transaction with the Corporation or who
holds an office or possesses property whereby, directly or indirectly, a duty or
interest might be created to conflict with his or her duty or interest as a
Director, shall declare the nature and extent of his or her interest in such
contract or transaction or of the conflict with his or her duty and interest as
a Director, as the case may be.
b) A Director shall not vote in respect of a contract or transaction
with the Corporation in which he is interested and if he does so his or her vote
will not be counted, but he will be counted in the quorum present at the meeting
at which the vote is taken. The foregoing prohibitions do not apply to:
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(i) a contract or transaction relating to a loan to the
Corporation, which a Director or a specified corporation or a
specified firm in which he has an interest has guaranteed or
joined in guaranteeing the repayment of the loan or part of
the loan;
(ii) a contract or transaction made or to be made with or for the
benefit of a holding corporation or a subsidiary corporation
of which a Director is a director or officer;
(iii) a contract by a Director to subscribe for or underwrite shares
or debentures to be issued by the Corporation or a subsidiary
of the Corporation, or a contract, arrangement or transaction
in which a Director is directly or indirectly interested if
all the other Directors are also directly or indirectly
interested in the contract, arrangement or transaction;
(iv) determining the remuneration of the Directors;
(v) purchasing and maintaining insurance to cover Directors
against liability incurred by them as Directors; or
(vi) the indemnification of a Director by the Corporation.
c) A Director may hold an office or place of profit with the Corporation
(other than the office of Auditor of the Corporation) in conjunction with his or
her office of Director for the period and on the terms (as to remuneration or
otherwise) as the Directors may determine. No Director or intended Director will
be disqualified by his or her office from contracting with the Corporation
either with regard to the tenure of any such other office or place of profit, or
as vendor, purchaser or otherwise, and, no contract or transaction entered into
by or on behalf of the Corporation in which a Director is interested is liable
to be voided by reason thereof.
d) A Director or his or her firm may act in a professional capacity for
the Corporation (except as Auditor of the Corporation), and he or his or her
firm is entitled to remuneration for professional services as if he were not a
Director.
e) A Director may be or become a director or other officer or employee
of, or otherwise interested in, a corporation or firm in which the Corporation
may be interested as a shareholder or otherwise, and the Director is not
accountable to the Corporation for remuneration or other benefits received by
him as director, officer or employee of, or from his or her interest in, the
other corporation or firm, unless the shareholders otherwise direct.
ARTICLE XII: ANNUAL LIST OF OFFICERS, DIRECTORS AND REGISTERED AGENT
The Corporation shall, within sixty days after the filing of its Articles of
Incorporation with the Secretary of State, and annually thereafter on or before
the last day of the month in which the anniversary date of incorporation occurs
each year, file with the Secretary of State a list of its president, secretary
and treasurer and all of its Directors, along with the post office box or street
address, either residence or business, and a designation of its resident agent
in the state of Nevada. Such list shall be certified by an officer of the
Corporation.
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ARTICLE XIII: INDEMNITY OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
a) The Directors shall cause the Corporation to indemnify a Director or
former Director of the Corporation and the Directors may cause the Corporation
to indemnify a director or former director of a corporation of which the
Corporation is or was a shareholder and the heirs and personal representatives
of any such person against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, actually and reasonably incurred
by him or them including an amount paid to settle an action or satisfy a
judgment inactive criminal or administrative action or proceeding to which he is
or they are made a party by reason of his or her being or having been a Director
of the Corporation or a director of such corporation, including an action
brought by the Corporation or corporation. Each Director of the Corporation on
being elected or appointed is deemed to have contracted with the Corporation on
the terms of the foregoing indemnity.
b) The Directors may cause the Corporation to indemnify an officer,
employee or agent of the Corporation or of a corporation of which the
Corporation is or was a shareholder (notwithstanding that he is also a
Director), and his or her heirs and personal representatives against all costs,
charges and expenses incurred by him or them and resulting from his or her
acting as an officer, employee or agent of the Corporation or corporation. In
addition the Corporation shall indemnify the Secretary or an Assistance
Secretary of the Corporation (if he is not a full time employee of the
Corporation and notwithstanding that he is also a Director), and his or her
respective heirs and legal representatives against all costs, charges and
expenses incurred by him or them and arising out of the functions assigned to
the Secretary by the Corporation Act or these Articles and each such Secretary
and Assistant Secretary, on being appointed is deemed to have contracted with
the Corporation on the terms of the foregoing indemnity.
c) The Directors may cause the Corporation to purchase and maintain
insurance for the benefit of a person who is or was serving as a Director,
officer, employee or agent of the Corporation or as a director, officer,
employee or agent of a corporation of which the Corporation is or was a
shareholder and his or her heirs or personal representatives against a liability
incurred by him as a Director, officer, employee or agent.
CERTIFIED TO BE THE BYLAWS OF:
GLOBEPAN RESOURCES, INC.
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per:
/s/ Russell Field
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Russell Field, Secretary