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BYLAWS
OF
_________________________
ARTICLE I
SHAREHOLDERS
Section 1. Annual Meeting.
An annual meeting shall be held once
each calendar year for the purpose of electing directors and for the transaction
of such other business as may properly come before the meeting.
The annual meeting shall be held at the time and place designated by the
Board of Directors from time to time.
Section 2. Special Meetings.
Special meetings of the shareholders may be requested by the President,
the Board of Directors, or the holders of a majority
of the outstanding voting shares.
Section 3. Notice.
Written notice of all shareholder
meetings shall be provided under this section or as otherwise required by law.
The Notice shall state the place, date, and hour of meeting, and if for a
special meeting, the purpose of the meeting.
Such notice shall be mailed to all shareholders of
record at the address shown on the corporate
books, at least 10 days prior to the meeting.
Such notice shall be deemed effective when deposited in ordinary U.S.
mail, properly addressed, with postage prepaid.
Section 4. Place of Meeting.
Shareholders meetings shall be held at the corporation's principal place
of business unless otherwise stated in the notice.
Section 5. Quorum.
A majority of the outstanding voting shares, whether represented in
person or by proxy, shall constitute a
quorum at a shareholders meeting.
In the absence of a quorum, a majority of the represented shares may
adjourn the meeting to another time without further notice.
If a quorum is represented at an adjourned meeting, any business may be
transacted that might have been transacted at the meeting as originally
scheduled. The shareholders present
at a meeting represented by a quorum may continue to transact business until
adjournment, even if the withdrawal of some
shareholders results in representation of less than a quorum.
Section 6. Informal Action.
Any action required to be taken, or which may be taken, at a shareholders
meeting, may be taken without a meeting and without prior notice if a
consent in writing, setting forth the action
so taken, is signed by the shareholders who own all of the shares entitled to
vote with respect to the subject matter of the vote.
ARTICLE II
DIRECTORS
Section 1. Number of Directors.
The corporation shall be managed by a Board of Directors consisting of
_______________ director(s).
Section 2. Election and Term of
Office. The directors shall be
elected at the annual shareholders meeting.
Each director shall serve a term of ____________________ year(s), or
until a successor has been elected and qualified.
Section 3. Quorum.
A majority of directors shall
constitute a quorum.
Section 4. Adverse Interest.
In the determination of a quorum of the directors, or in voting, the
adverse interest of a director shall not disqualify
the director or invalidate his or her vote.
Section 5. Regular Meeting.
An annual meeting shall be held, without notice, immediately following
and at the same place as the annual meeting of the shareholders.
The Board of Directors may provide, by resolution, for additional regular
meetings without notice other than the notice provided by the resolution.
Section 6. Special Meeting.
Special meetings may be requested by the President, Vice-President,
Secretary, or any two directors by providing five days written notice by
ordinary United States mail, effective when mailed.
Section 7. Informal Action.
Any action required to be taken at a meeting of Directors, or any action
which may be taken at a meeting of Directors or of a committee of Directors, may
be taken without a meeting if a consent in
writing setting forth the action so taken, is signed by all of the Directors or
all of the members of the committee of Directors, as the case may be.
Section 8. Removal / Vacancies.
A director shall be subject to removal, with or without cause, at a
meeting of the shareholders called for that purpose.
Any vacancy that occurs on the Board of Directors, whether by death,
resignation, removal or any other cause, may be filled by the remaining
directors. A director elected to
fill a vacancy shall serve the remaining term of his or her
predecessor, or until a successor has been
elected and qualified.
Section 9. Committees.
To the extent permitted by law, the Board of Directors may appoint from
its members a committee or committees, temporary or permanent, and designate the
duties, powers and authorities of such committees.
ARTICLE III
OFFICERS
Section 1. Number of Officers.
The officers of the corporation shall be a President, one or more
Vice-Presidents (as determined by the Board of Directors), a Secretary, and a
Treasurer. Two or more offices may
be held by one person.
Section 2. Election and Term of
Office. The officers shall be
elected annually by the Board of Directors at the first meeting of the Board of
Directors following the annual meeting of the
shareholders. Each officer shall
serve a one year term or until a successor has been elected and qualified.
Section 3. Removal or Vacancy.
The Board of Directors shall have the power to remove an officer or
agent of the corporation.
Any vacancy that occurs for any reason may be filled by the Board of
Directors.
ARTICLE IV
CORPORATE SEAL
The
corporation shall have a corporate seal, which shall be affixed to all deeds,
mortgages, and other instruments affecting or relating to real estate.
All instruments that are executed on behalf of the corporation which are
acknowledged and which affect an interest in real estate shall be executed by
the President or any Vice-President and the Secretary or Treasurer.
All other instruments executed by the corporation, including a
release of mortgage
or lien, may be executed by the President or
any Vice-President. Notwithstanding
the preceding provisions of this section, any written
instrument may be executed by any officer(s) or agent(s) that are
specifically designated by resolution of the Board of Directors.
ARTICLE V
AMENDMENT TO BYLAWS
The
bylaws may be amended, altered, or repealed by
the Board of Directors or the shareholders by
a majority of a
quorum vote at any regular or special meeting; provided however, that the
shareholders may from time to time specify particular provisions of the bylaws
which shall not be amended or repealed by the Board of Directors.
ARTICLE VI
INDEMNIFICATION
Any
director or officer who is involved in litigation
by reason of his or her position as a director or officer of this corporation
shall be indemnified and held harmless by the corporation to the fullest extent
authorized by law as it now exists or may subsequently be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the
corporation to provide broader indemnification rights).
ARTICLE VII
STOCK CERTIFICATES
The
corporation may issue shares of the
corporation's stock without certificates.
Within a reasonable time after the issue or transfer of shares without
certificates, the corporation shall send the
shareholder a written statement of the information that is required by
law to be on the certificates. Upon
written request to the corporate secretary by a holder of such shares, the
secretary shall provide a certificate in the
form prescribed by the directors.
Certification
I
certify that the foregoing is a true and
correct copy of the bylaws of the above-named
corporation, duly adopted by the initial Board
of Directors on __________________.
_____________________________________________
_________________________, Secretary