DOLLAR
TREE STORES, INC.
THIRD
RESTATED
BY-LAWS
December
15, 2005
ARTICLE
I.
OFFICES
The
principal office of the Corporation shall be in the City of Chesapeake,
Commonwealth of Virginia.
ARTICLE
II.
STOCKHOLDERS
1. PLACE
OF
MEETING: Meetings of the stockholders shall be held at the principal office
of the Corporation or at such other place which shall be approved by the Board
of Directors and designated in the notice of the meeting. Meetings may be held
either within or without the Commonwealth of Virginia.
2. ANNUAL
MEETING:
The
annual meeting of the stockholders for the election of directors and for the
transaction of such other business as may properly come before the meeting
shall
be held on such date and at such time as the Board of Directors in its
discretion determines.
3. SPECIAL
MEETINGS.
Unless
otherwise provided by law, special meetings of the stockholders may be called
only by the Board of Directors, the chairman of the Board or the president
of
the Corporation, whenever deemed necessary.
4. NOTICES.
Written
notice by mail shall be given in accordance with Article VIII, Section 1,
stating the place, date and hour of a meeting of stockholders and, in case
of a
special meeting, the purpose or purposes for which the meeting is called, to
each stockholder of record entitled to vote at the meeting not less than ten
(10) nor more than sixty (60) days before the date of the meeting, by or at
the
direction of the president, the secretary, or the officer or persons calling
the
meeting. The notice shall be deemed to be given when it is deposited with
postage prepaid in the United States mail addressed to the stockholder at the
address as it appears on the stock transfer books of the Corporation. Notice
of
a meeting to act on an amendment of the Articles of Incorporation, a plan of
merger, consolidation or share exchange, a proposed sale of all, or
substantially all, of the Corporation's assets, otherwise than in the usual
and
regular course of business, or the dissolution of the Corporation shall be
given
in the manner provided above not less
than
twenty-five (25) nor more than sixty (60) days before the date of the meeting.
Such notice shall be accompanied, as appropriate, by a copy of the proposed
amendment, plan of merger, consolidation, or exchange, or sale
agreement.
Notwithstanding
the foregoing, a written waiver of notice signed by the person or person
entitled to such notice, either before or after the time stated therein, shall
be equivalent to the giving of such notice. A stockholder who attends a meeting
shall be deemed to have waived objection to lack of notice or defective notice
of the meeting, unless at the beginning of the meeting he objects to holding
the
meeting or transacting business at the meeting.
5. ORGANIZATION
AND
ORDER OF BUSINESS:
At all
meetings of the stockholders the chairman of the Board or Directors or, in
his
absence, the president, shall act as chairman. In the absence of the foregoing
officers or, if present, with their consent, a majority of the shares entitled
to vote at such meeting may appoint any person to act as chairman. The secretary
of the Corporation or, in his absence, an assistant secretary, shall act as
secretary at all meetings of the stockholders. In the event that neither the
secretary nor any assistant secretary is present, the chairman may appoint
any
person to act as secretary of the meeting.
The
chairman shall have the right and authority to prescribe such rules, regulations
and procedures and to do all such acts and things as are necessary or desirable
for the proper conduct of the meeting, including, without limitation, the
establishment of procedures for the dismissal of business not properly
presented, the maintenance of order and safety, limitations on the time allotted
to questions or comments on the affairs of the Corporation, restrictions on
entry to such meeting after the time prescribed for the commencement thereof
and
the opening and closing of the voting polls.
At
each
annual meeting of stockholders, only such business shall be conducted as shall
have been properly brought before the meeting (i)
by or at
the direction of the Board of Directors or (ii)
by any
stockholder of the Corporation who shall be entitled to vote at such meeting
and
who complies with the notice procedures set forth in this Section 5. At a
special meeting of stockholders, no business shall be transacted and no
corporate action taken other than that stated in the notice of the meeting.
In
addition to any other applicable requirements, for business to be properly
brought before an annual meeting by a stockholder, the stockholder must have
given timely notice thereof in writing to the secretary of the Corporation.
To
be timely, a stockholder's notice must be given, either by personal delivery
or
by United States certified mail, postage prepaid, and received at the principal
executive offices of the Corporation 1.
not less
than 120 days nor more than 150 days before the first anniversary of the date
of
the Corporation's proxy statement in connection with the last annual meeting
of
stockholders or 2.
if no
annual meeting was held in the previous year or the date of the applicable
annual meeting has been changed by more than 30 days from the date contemplated
at the time of the previous year's proxy statement, not less than 90 days before
the date of the applicable annual meeting. A stockholder's notice to the
secretary shall set forth as to each matter the stockholder proposes to bring
before the annual meeting (a) a brief description of the
business
desired
to be brought before the annual meeting, including the complete text of any
resolutions to be presented at the annual meeting, and the reasons for
conducting such business at the annual meeting, (b) the name and address, as
they appear on the Corporation's stock transfer books, of such stockholder
proposing such business, (c) a representation that such stockholder is a
stockholder of record and intends to appear in person or by proxy at such
meeting to bring the business before the meeting specified in the notice, (d)
the class and number of shares of stock of the Corporation beneficially owned
by
the stockholder and (e) any material interest of the stockholder in such
business. Notwithstanding anything in the By-Laws to the contrary, no business
shall be conducted at an annual meeting except in accordance with the procedures
set forth in this Section 5. The chairman of an annual meeting shall, if the
facts warrant, determine that the business was not brought before the meeting
in
accordance with the procedures prescribed by this Section 5, and if he should
so
determine, he shall so declare to the meeting and the business not properly
brought before the meeting shall not be transacted. Notwithstanding the
foregoing provisions of this Section 5, a stockholder seeking to have a proposal
included in the Corporation's proxy statement shall comply with the requirements
of Regulation 14a under the Securities Exchange Act of 1934, as amended
(including, but not limited to, Rule 14a-8 or its successor provision). The
secretary of the Corporation shall deliver each such stockholder's notice that
has been timely received to the Board of Directors or a committee designated
by
the Board of Directors for review.
6. VOTING:
A
stockholder may vote either in person or by proxy executed in writing by the
stockholder or by his duly authorized attorney-in-fact. No stockholder may
authorize more than four persons to act for him, and any proxy shall be
delivered to the secretary of the meeting at or prior to the time designated
by
the chairman or in the order of business for so delivering such proxies. No
proxy shall be valid after eleven months from its date, unless otherwise
provided in the proxy. Each holder of record of stock of any class shall, as
to
all matters in respect of which stock of such class has voting power, be
entitled to such vote as is provided in the Articles of Incorporation for each
share of stock of such class standing in his name on the books of the
Corporation. Unless required by statute or determined by the chairman to be
advisable, the vote on any questions need not be by ballot. On a vote by ballot,
each ballot shall be signed by the stockholder voting or by such stockholder's
proxy, if there be such proxy.
7. INSPECTORS:
At
every meeting of the stockholders for election of directors, the proxies shall
be received and taken in charge, all ballots shall be received and counted
and
all questions touching the qualifications of voters, the validity of proxies,
and the acceptance or rejection of votes shall be decided, by one or more
inspectors. Each inspector shall be appointed by the chairman of the meeting,
shall be sworn faithfully to perform his or her duties and shall certify in
writing to the returns. No candidate for election as director shall be appointed
or act as inspector.
8. QUORUM:
At all
meetings of the stockholders, unless a greater number of voting by classes
is
required by law, a majority of the shares entitled to vote, represented in
person or by proxy, shall constitute a quorum. Treasury shares and shares held
by a corporation of which the Corporation owns a majority of the shares entitled
to vote for the directors thereof shall not be entitled to vote or to be counted
in determining the total number of outstanding shares entitled
to
vote.
If
a quorum is present, the affirmative vote of a majority of the shares
represented and entitled to vote on the subject matter shall be the act of
the
shareholders unless the vote of a greater number is required by law or the
Articles of Incorporation, except that in the election of directors, those
receiving the greatest number of votes shall be deemed elected even though
not
receiving a majority. Less than a quorum may adjourn. If a meeting is adjourned
for lack of a quorum, any matter which might have properly come before the
original meeting may come before the adjourned meeting when
reconvened.
9. POSTPONEMENTS;
ADJOURNMENTS:
The
postponement or adjournment of any meeting of the stockholders shall be held
on
such date and at such time as the Board of Directors in its discretion
determines.
ARTICLE
III.
DIRECTORS
1. RESPONSIBILITY
OF
DIRECTORS:
The
affairs and business of the Corporation shall be under the management of its
Board of Directors and such officers and agents as the Board of Directors may
elect and employ.
2. NUMBER
OF
DIRECTORS:
The
Board of Directors shall consist of eleven (11) directors. Subject to the
Articles of Incorporation and applicable law, directors shall be elected by
the
stockholders for three-year terms and shall serve until the election of their
successors. The Board of Directors shall have the power to amend this bylaw
to
the extent permitted by law.
3. NOMINATION
AND ELECTION OF DIRECTORS:
At each
annual meeting of stockholders, the stockholders entitled to vote shall elect
the directors. No person shall be eligible for election as a director unless
nominated in accordance with the procedures set forth in this Section 3.
Nominations of persons for election to the Board of Directors may be made by
the
Board of Directors or any committee designated by the Board of Directors or
by
any stockholder entitled to vote for the election of directors at the applicable
meeting of stockholders who complies with the notice procedures set forth in
this Section 3. Such nominations, other than those made by the Board of
Directors or any committee designated by the Board of Directors, may be made
only if written notice of a stockholder's intent to nominate one or more persons
for election as directors at the applicable meeting of stockholders has been
given, either by personal delivery or by United States certified mail, postage
prepaid, to the secretary of the Corporation and received 1.
not less
than 120 days nor more than 150 days before the first anniversary of the date
of
the Corporation's proxy statement in connection with the last annual meeting
of
stockholders, or 2.
if no
annual meeting was held in the previous year or the date of the applicable
annual meeting has been changed by more than 30 days from the date contemplated
at the time of the previous year's proxy statement, not less than 90 days before
the date of the applicable annual meeting. Each such stockholder's notice shall
set forth (i)
as to
the stockholder giving the notice, 1.
the name
and address, as they appear on the
Corporation's
stock transfer books, of such stockholder, 2.
a
representation that such stockholder is a stockholder of record and intends
to
appear in person or by proxy at such meeting to nominate the person or persons
specified in the notice, 3.
the
class and number of shares of stock of the Corporation beneficially owned by
such stockholder, and 4.
a
description of all arrangements or understandings between such stockholder
and
each nominee and any other person or persons (naming such person or persons)
pursuant to which the nomination or nominations are to be made by such
stockholder; and (ii)
as to
each person whom the stockholder proposes to nominate for election as a
director, 1.
the
name, age, business address and, if known, residence address of such person,
2.
the
principal occupation or employment of such person, 3.
the
class and number of shares of stock of the Corporation which are beneficially
owned by such person, 4.
any
other information relating to such person that is required to be disclosed
in
solicitations of proxies for election of directors or is otherwise required
by
the rules and regulations of the Securities and Exchange Commission promulgated
under the Securities Exchange Act of 1934, as amended, and 5.
the
written consent of such person to be named in the proxy statement as a nominee
and to serve as a director if elected. The secretary of the Corporation shall
deliver each such stockholder's notice that has been timely received to the
Board of Directors or a committee designated by the Board of Directors for
review. Any person nominated for election as director by the Board of Directors
or any committee designated by the Board of Directors shall, upon the request
of
the Board of Directors or such committee, furnish to the secretary of the
Corporation all such information pertaining to such person that is required
to
be set forth in a stockholder's notice of nomination. The chairman of the
meeting of stockholders shall, if the facts warrant, determine that a nomination
was not made in accordance with the procedures prescribed by this Section 3,
and
if he should so determine, he shall so declare to the meeting and the defective
nomination shall be disregarded.
4. DIRECTORS'
TERMS:
No
decrease in the number of directors shall have the effect of changing the term
of any incumbent director. Unless a director resigns or is removed by the
two-thirds (2/3) vote of all shares entitled to be cast at an election of
directors as required by the Articles of Incorporation, every director shall
hold office for the term elected or until a successor shall have been elected.
Any vacancy occurring in the Board of Directors may be filled by the affirmative
vote of a majority of the remaining directors though less than a quorum of
the
Board of Directors. The act of the majority of the directors present at a
meeting at which a quorum is present shall be the act of the Board of
Directors.
5. DIRECTORS'
MEETINGS:
The
annual meeting of the directors shall be held immediately after the annual
meeting of the stockholders. The Board of Directors, as soon as may be
convenient after the annual meeting of the stockholders at which such directors
are elected, shall elect from their number a president and chief executive
officer (sometimes referred to herein as "president") and a Chairman of the
Board. Special meetings may be called by any director by giving notice of the
time and place in accordance with Section 7 of this Article. Special meetings
of
the Board of Directors (or any committee of the Board) may be held by telephone
or similar communication equipment whereby all persons participating in the
meeting can hear each other, at such time as may be prescribed, upon call of
any
director.
6. QUORUM
AND
MANNER OF ACTING:
Except
where otherwise provided by law, a quorum shall be a majority of the directors,
and the act of a majority of the directors present at any such meeting at which
a quorum is present shall be the act of the Board of Directors. In the absence
of a quorum, a majority of those present may adjourn the meeting from time
to
time until a quorum be had. Notice of any such adjourned meeting need not be
given. Action may be taken by the directors or a committee of the Board of
Directors without a meeting if a written consent setting forth the action,
shall
be signed by all of the directors or committee members either before or after
such action. Such consent shall have the same force and effect as a unanimous
vote.
7. NOTICE
OF
MEETING:
At the
annual meeting of the Board of Directors each year and at any meeting
thereafter, the Board shall designate the dates, times and places of regular
meetings of the Board for the ensuing calendar year, and no notice of any kind
need be given thereafter with respect to such regular meetings. Notice of any
special meeting of the Board shall be by oral, telegraphic or written notice
duly given to each director not less than forty-eight (48) hours before the
date
of the proposed meeting.
8. WAIVER
OF
NOTICE:
Whenever any notice is required to be given to a director of any meeting for
any
purpose under the provisions of law, the Articles of Incorporation or these
By-Laws, a waiver thereof in writing signed by the person or persons entitled
to
such notice, either before or after the time stated therein, shall be equivalent
to the giving of such notice. A director's attendance at or participation in
a
meeting waives any required notice to him of the meeting unless he at the
beginning of the meeting or promptly upon his arrival objects to holding the
meeting or transacting business at the meeting and does not thereafter vote
for
or assent to action taken at the meeting.
9. COMPENSATION:
Directors shall not receive a stated salary for their services, but directors
may be paid a fixed sum and expenses for attendance at any regular or special
meeting of the Board of Directors or any meeting of any committee and such
other
compensation as the Board of Directors shall determine. A director may serve
or
be employed by the Corporation in any other capacity and receive compensation
therefor.
10.
DIRECTOR EMERITUS:
The
Board may appoint to the position of Director Emeritus any retiring director
who
has served not less than three years as a director of the Corporation. Such
person so appointed shall have the title of "Director Emeritus" and shall be
entitled to receive notice of, and to attend all meetings of the Board, but
shall not in fact be a director, shall not be entitled to vote, shall not be
counted in determining a quorum of the Board and shall not have any of the
duties or liabilities of a director under law.
11.
COMMITTEES:
In
addition to the executive committee authorized by Article IV of these By-Laws,
other committees, consisting of two or more directors, may be designated by
the
Board of Directors by a resolution adopted by the greater number of 1.
a
majority of all directors in office at the time the action is being taken or
2.
the
number of directors required to take action under Article III, Section 6 hereof.
Any such committee, to the extent provided in the resolution of
the
Board
of
Directors designating the committee, shall have and may exercise the powers
and
authority of the Board of Directors in the management of the business and
affairs of the Corporation, except as limited by law.
ARTICLE
IV.
EXECUTIVE
COMMITTEE
1. HOW
CONSTITUTED AND POWERS:
The
Board of Directors, by resolution adopted pursuant to Article III, Section
11
hereof, may designate, in addition to the chairman of the Board of Directors,
one or more directors to constitute an executive committee, who shall serve
during the pleasure of the Board of Directors. The executive committee, to
the
extent provided in such resolution and permitted by law, shall have and may
exercise all of the authority of the Board of Directors.
2. ORGANIZATION,
ETC.:
The
executive committee may choose a chairman and secretary. The executive committee
shall keep a record of its acts and proceedings and report the same from time
to
time to the Board of Directors.
3. MEETINGS:
Meetings of the executive committee may be called by any member of the
committee. Notice of each such meeting, which need not specify the business
to
be transacted thereat, shall be mailed to each member of the committee,
addressed to his residence or usual place of business, at least two days before
the day on which the meeting is to be held or shall be sent to such place by
telegraph, telex or telecopy or be delivered personally or by telephone, not
later than the day before the day on which the meeting is to be
held.
4. QUORUM
AND
MANNER OF ACTING:
A
majority of the executive committee shall constitute a quorum for transaction
of
business, and the act of a majority of those present at a meeting at which
a
quorum is present shall be the act of the executive committee. The members
of
the executive committee shall act only as a committee, and the individual
members shall have no powers as such.
5. REMOVAL:
Any
member of the executive committee may be removed, with or without cause, at
any
time, by the Board of Directors.
6. VACANCIES:
Any
vacancy in the executive committee shall be filled by the Board of
Directors.
ARTICLE
V.
OFFICERS
1. NUMBER:
The
officers of the Corporation shall be a chairman of the Board of Directors,
a
president and chief executive officer, one or more vice chairmen of the Board
of
Directors (if elected by the Board of Directors), one or more vice presidents
(one or more of whom may be designated executive vice president or senior vice
president), a chief financial officer, a treasurer, a controller, a secretary,
one or more assistant treasurers, assistant controllers and assistant
secretaries and such other officers as may from time to time be chosen by the
Board of Directors. Any two or more offices may be held by the same person.
The
Board of Directors, in its discretion, may also designate “chief officers” of
certain functions in addition to chief executive officer and chief financial
officer, and such officers shall be deemed to be vice presidents for purposes
of
these bylaws.
2. ELECTION,
TERM OF OFFICE AND QUALIFICATIONS:
All
officers of the Corporation shall be chosen annually by the Board of Directors,
and each officer shall hold office until his successor shall have been duly
chosen and qualified or until he shall resign or shall have been removed in
the
manner hereinafter provided. The chairman of the Board of Directors, the
president and chief executive officer, and the vice chairman of the Board of
Directors (if any) shall be chosen from among the directors.
3. VACANCIES:
If any
vacancy shall occur among the officers of the Corporation, such vacancy shall
be
filled by the Board of Directors.
4. OTHER
OFFICERS, AGENTS AND EMPLOYEES - THEIR POWERS AND DUTIES:
The
Board of Directors may from time to time appoint such other officers as the
Board of Directors may deem necessary, to hold office for such time as may
be
designated by it or during its pleasure, and the Board of Directors or the
chairman of the Board of Directors may appoint, from time to time, such agents
and employees of the Corporation as may be deemed proper, and may authorize
any
officers to appoint and remove agents and employees. The Board of Directors
or
the chairman of the Board of Directors may from time to time prescribe the
powers and duties of such other officers, agents and employees of the
Corporation.
5. REMOVAL:
Any
officer, agent or employee of the Corporation may be removed, either with or
without cause, by a vote of a majority of the Board of Directors or, in the
case
of any agent or employee not appointed by the Board of Directors, by a superior
officer upon whom such power of removal may be conferred by the Board of
Directors or the chairman of the Board of Directors.
6. CHAIRMAN
OF THE BOARD OF DIRECTORS:
The
chairman of the Board of Directors shall preside at meetings of the stockholders
and of the Board of Directors and shall be a member of the executive committee.
The chairman shall be responsible for such management and
control
of the business and affairs of the Corporation as shall be determined by the
Board of Directors. He shall see that all orders and resolutions of the Board
of
Directors are carried into effect. He shall from time to time report to the
Board of Directors on matters within his knowledge which the interests of the
Corporation may require be brought to its notice. He shall do and perform such
other duties from time to time as may be assigned to him by the Board of
Directors.
7. PRESIDENT
AND CHIEF EXECUTIVE OFFICER:
In the
absence of the chairman of the Board of Directors, the president and chief
executive officer shall preside at meetings of the stockholders and of the
Board
of Directors. He shall be responsible to the Board of Directors and, subject
to
the Board of Directors, shall be responsible for the general management and
control of the business and affairs of the Corporation and shall devote himself
to the Corporation's operations under the basic policies set by the Board of
Directors. He shall from time to time report to the Board of Directors on
matters within his knowledge which the interests of the Corporation may require
be brought to his notice. In the absence of the chairman of the Board of
Directors, he shall have all of the powers and the duties of the chairman of
the
Board of Directors. He shall do and perform such other duties from time to
time
as may be assigned to him by the Board of Directors. The offices of president
and chief executive officer may be held by separate persons, each having the
duties hereunder as determined by the Board of Directors.
8. VICE
CHAIRMEN OF THE BOARD OF DIRECTORS:
In the
absence of the chairman of the Board of Directors and the president, the vice
chairman of the Board of Directors designated for such purpose by the chairman
of the Board of Directors shall preside at meetings of the stockholders and
of
the Board of Directors. Each vice chairman of the Board of Directors shall
be
responsible to the chairman of the Board of Directors. Each vice chairman of
the
Board of Directors shall from time to time report to the chairman of the Board
of Directors on matters within his knowledge which the interests of the
Corporation may require be brought to his notice. In the absence or inability
to
act of the chairman of the Board of Directors and the president, such vice
chairman of the Board of Directors as the chairman of the Board of Directors
may
designate for the purpose shall have the powers and discharge the duties of
the
chairman of the Board of Directors. The Board of Directors may designate a
vice
chairman of the Board of Directors who shall have the powers and discharge
the
duties of the chairman of the Board of Directors.
9. VICE
PRESIDENTS:
The
vice presidents of the Corporation shall assist the chairman of the Board of
Directors, the president and the vice chairmen of the Board of Directors in
carrying out their respective duties and shall perform those duties which may
from time to time be assigned to them.
10.
TREASURER:
The
treasurer shall have charge of the funds, securities, receipts and disbursements
of the Corporation. He shall deposit all moneys and other valuable effects
in
the name and to the credit of the Corporation in such banks or trust companies
or with such bankers or other depositaries as the Board of Directors may from
time to time designate. He shall render to the Board of Directors, the chairman
of the Board of Directors, the president, the vice chairmen of the Board of
Directors, and the chief financial officer, whenever required by any of them,
an
account of
all
of
his transactions as treasurer. If required, he shall give a bond in such sum
as
the Board of Directors may designate, conditioned upon the faithful performance
of the duties of his office and the restoration to the Corporation at the
expiration of his term of office or in case of his death, resignation or removal
from office, of all books, papers, vouchers, money or other property of whatever
kind in his possession or under his control belonging to the Corporation. He
shall perform such other duties as from time to time may be assigned to
him.
11.
ASSISTANT TREASURERS:
In the
absence or disability of the treasurer, one or more assistant treasurers shall
perform all the duties of the treasurer and, when so acting, shall have all
the
powers of, and be subject to all restrictions upon, the treasurer. Each
assistant treasurer shall also perform such other duties as from time to time
may be assigned to him.
12.
SECRETARY:
The
secretary shall keep the minutes of all meetings of the stockholders and of
the
Board of Directors in a book or books kept for that purpose. He shall keep
in
safe custody the seal of the Corporation, and shall affix such seal to any
instrument requiring it. The secretary shall have charge of such books and
papers as the Board of Directors may direct. He shall attend to the giving
and
serving of all notices of the Corporation and shall also have such other powers
and perform such other duties as pertain to his office, or as the Board of
Directors, the chairman of the Board of Directors, the president or any vice
chairman of the Board of Directors may from time to time prescribe.
13.
ASSISTANT SECRETARIES:
In the
absence or disability of the secretary, one or more assistant secretaries shall
perform all of the duties of the secretary and, when so acting, shall have
all
of the powers of, and be subject to all the restrictions upon, the secretary.
Each assistant secretary shall also perform such other duties as from time
to
time may be assigned to him.
14.
CONTROLLER:
The
controller shall be administrative head of the controller's department. He
shall
be in charge of all functions relating to accounting and the preparation and
analysis of budgets and statistical reports and shall establish, through
appropriate channels, recording and reporting procedures and standards
pertaining to such matters. He shall report to the chief financial officer
and
shall aid in developing internal corporate policies whereby the business of
the
Corporation shall be conducted with the maximum safety, efficiency and economy,
and he shall be available to all departments of the Corporation for advice
and
guidance in the interpretation and application of policies which are within
the
scope of his authority. He shall perform such other duties as from time to
time
may be assigned to him.
15.
ASSISTANT CONTROLLERS:
In the
absence or disability of the controller, one or more assistant controllers
shall
perform all of the duties of the controller and, when so acting, shall have
all
of the powers of, and be subject to all the restrictions upon, the controller.
Each assistant controller shall also perform such other duties as from time
to
time may be assigned to him.
ARTICLE
VI.
CONTRACTS,
CHECKS, DRAFTS, BANK ACCOUNTS, ETC.
1. CONTRACTS:
The
chairman of the Board of Directors, the president, any vice chairman of the
Board of Directors, any vice president, the treasurer and such other persons
as
the chairman of the Board of Directors may authorize shall have the power to
execute any contract or other instrument on behalf of the Corporation; no other
officer, agent or employee shall, unless otherwise provided in these By-Laws,
have any power or authority to bind the Corporation by any contract or
acknowledgement, or pledge its credit or render it liable pecuniarily for any
purpose or to any amount.
2. LOANS:
The
chairman of the Board of Directors, the president, any vice chairman of the
Board of Directors, the executive vice president, the treasurer and such other
persons as the Board of Directors may authorize shall have the power to effect
loans and advances at any time for the Corporation from any bank, trust company
or other institution, or from any corporation, firm or individual, and for
such
loans and advances may make, execute and deliver promissory notes or other
evidences of indebtedness of the Corporation, and, as security for the payment
of any and all loans, advances, indebtedness and liability of the Corporation,
may pledge, hypothecate or transfer any and all stock, securities and other
personal property at any time held by the Corporation, and to that end endorse,
assign and deliver the same.
3. VOTING
OF
STOCK HELD:
The
chairman of the Board of Directors, the president, any vice chairman of the
Board of Directors, any vice president or the secretary may from time to time
appoint an attorney or attorneys or agent or agents of the Corporation to cast
the votes that the Corporation may be entitled to cast as a stockholder or
otherwise in any other corporation, any of whose stock or securities may be
held
by the Corporation, at meetings of the holders of the stock or other securities
of such other corporation, or to consent in writing to any action by any other
such corporation, and may instruct the person or persons so appointed as to
the
manner of casting such votes or giving such consent, and may execute or cause
to
be executed on behalf of the Corporation such written proxies, consents, waivers
or other instruments as such officer may deem necessary or proper in the
premises; or the chairman of the Board of Directors, the president, any vice
chairman of the Board of Directors, any vice president or the secretary may
himself attend any meeting of the holders of stock or other securities of such
other corporation and thereat vote or exercise any and all powers of the
Corporation as the holder of such stock or other securities of such other
corporation.
4. COMPENSATION:
The
compensation of all officers of the Corporation shall be fixed by the Board
of
Directors.
ARTICLE
VII.
STOCK
CERTIFICATES
1. FORM
OF
STOCK CERTIFICATE:
The
certificates of stock of the Corporation shall be numbered and entered in the
books of the Corporation as they are issued. They shall be signed manually
or by
the use of a facsimile signature, i) by the chairman of the Board of Directors,
by the president, or by a vice president designated by the Board of Directors
and ii) countersigned by the secretary or an assistant secretary. They shall
bear the corporate seal or a facsimile thereof. The Board of Directors of the
Corporation may issue scrip in registered or bearer form, which shall entitle
the holder to receive a certificate for a full share. Scrip shall not entitle
the holder to exercise voting rights or to receive dividends thereon or to
participate in any of the assets of the Corporation in the event of liquidation.
The Board may cause scrip to be issued subject to the condition that it shall
become void if not exchanged for certificates representing full shares before
a
specified date or subject to any other conditions that it may deem advisable.
No
fractional shares shall be issued.
2. LOST
CERTIFICATES:
The
president or secretary may direct a new certificate or certificates to be issued
in place of any lost or destroyed certificate or certificates previously issued
by the Corporation if the person or persons who claim the certificate or
certificates make an affidavit stating the certificates of stock have been
lost
or destroyed. When authorizing the issuance of a new certificate or
certificates, the Corporation may, in its discretion and as a condition
precedent to the issuance thereof, require the owner of such lost or destroyed
certificate or certificates, or the legal representative, to advertise the
same
in such manner as the Corporation shall require and/or to give the Corporation
a
bond, in such sum as the Corporation may direct, to indemnify the Corporation
with respect to the certificate or certificates alleged to have been lost or
destroyed.
3. TRANSFER
OF STOCK:
Upon
surrender to the Corporation, or to the transfer agent of the Corporation,
if
any, of a certificate for shares duly endorsed or accompanied by proper evidence
of succession, assignment or authority to transfer, the Corporation shall issue
a new certificate to the person entitled thereto, cancel the old certificate,
and record the transaction upon its books.
4. REGISTERED
STOCKHOLDERS:
The
Corporation shall be entitled to treat the holder of record of any share or
shares of stock as the owner thereof and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such share or shares
on
the part of any other person. The Corporation shall not be liable for
registering any transfer of shares which are registered in the name of a
fiduciary unless done with actual knowledge of facts which would cause the
Corporation's action in registering the transfer to amount to bad
faith.
ARTICLE
VIII.
MISCELLANEOUS
1. NOTICES:
Each
stockholder, director and officer shall furnish in writing to the secretary
of
the Corporation the address to which notices of every kind may be delivered
or
mailed. If such person fails to furnish an address, and the Post Office advises
the Corporation that the address furnished is no longer the correct address,
the
Corporation shall not be required to deliver or mail any notice to such person.
Whenever notice is required by applicable law, the Articles of Incorporation
or
these By-Laws, a written waiver of such notice signed before or after the time
stated in the waiver or, in the case of a meeting, the attendance, of a
stockholder or director (except for the sole purpose of objecting) or, in the
case of a unanimous consent, the signing of the consent, shall be deemed a
waiver of notice.
2. REGISTERED
OFFICE AND AGENT:
The
Corporation shall at all times have a registered office and a registered
agent.
3. CORPORATE
RECORDS:
The
Corporation shall keep correct and complete books and records of accounts and
minutes of the stockholders' and directors' meetings, and shall keep at its
registered office or principal place of business,, or at the office of its
transfer agent, if any, a record of its stockholders, including the names and
addresses of all stockholders and the number, class, and series of the shares
held by each. Any person who shall have been a stockholder of record for at
least six months immediately preceding demand, or who shall be the holder of
record of a least five per cent (5%) of all the outstanding shares of the
Corporation, upon written request stating the purpose therefor, shall have
the
right to examine, in person or by agent or attorney, at any reasonable time
or
times, for any proper purpose, the books and records of account of the
Corporation, minutes and record of stockholders, and to make copies or extracts
therefrom.
4. REQUIREMENT
FOR
FINANCIAL STATEMENT:
Upon
the written request of any stockholder, the Corporation shall mail to the
stockholder its most recent published financial statement.
5. SEAL:
The
seal of the Corporation shall be a flat faced circular die containing the word
"SEAL" in the center and the name of the Corporation around the
circumference.
6. AMENDMENT
OF BY-LAWS:
Except
to the extent otherwise provided in Article VI of the Articles of Incorporation,
the power to alter, amend or repeal the By-Laws or adopt new By-Laws shall
be
vested in the Board of Directors, but By-Laws made by the Board of Directors
may
be repealed or changed or new By-Laws adopted by the stockholders and the
stockholders may prescribe that any By-Law adopted by them may not be altered,
amended or repealed by the Board of Directors.
7. FISCAL
YEAR:
The
fiscal year of the Corporation shall be established by resolution of the Board
of Directors and may be changed from time to time.
8. GENERAL:
Any
matters not specifically covered by these By-Laws shall be governed by the
applicable provisions of the Code of Virginia in force at the time.
ARTICLE
IX.
EMERGENCY
BY-LAWS
If
a
quorum of the Board of Directors cannot readily be assembled because of a
catastrophic event, and only in such event, these By-Laws shall, without further
action by the Board of Directors, be deemed to have been amended for the
duration of such emergency, as follows:
1. The
third
sentence of Section 5 of Article III shall read as follows:
Special
meetings of the Board of Directors (or any committee of the Board) shall be
held
whenever called by order of any director or of any person having the powers
and
duties of the chairman of the Board of Directors, the president or any vice
chairman of the Board of Directors.
2. Section
6
of Article III shall read as follows:
The
directors present at any regular or special meeting called in accordance with
these By-Laws shall constitute a quorum for the transaction of business at
such
meeting, and the action of a majority of such directors shall be the act of
the
Board of Directors, provided, however, that in the event that only one director
is present at any such meeting no action except the election of directors shall
be taken until at least two additional directors have been elected and are
in
attendance.