-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DPBogao/9Lmc9HqmO93I8IADD+WTgV4gRMf7buxGCQ58osmVh73kNSjxHOjl9ivw KnkyncIQhOt9KJn58HvqyA== 0001035704-02-000384.txt : 20020719 0001035704-02-000384.hdr.sgml : 20020719 20020719144700 ACCESSION NUMBER: 0001035704-02-000384 CONFORMED SUBMISSION TYPE: 8-A12B PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20020719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS INC CENTRAL INDEX KEY: 0000024090 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 840755371 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-A12B SEC ACT: 1934 Act SEC FILE NUMBER: 001-13004 FILM NUMBER: 02706514 BUSINESS ADDRESS: STREET 1: 400 EAST ANDERSON LANE CITY: AUSTIN STATE: TX ZIP: 78752 BUSINESS PHONE: 5128377100 MAIL ADDRESS: STREET 1: 400 EAST ANDERSON LANE CITY: AUSTIN STATE: TX ZIP: 78752 FORMER COMPANY: FORMER CONFORMED NAME: CONTINENTAL INVESTORS LIFE INC DATE OF NAME CHANGE: 19881222 8-A12B 1 d98332e8va12b.txt FORM 8-A 12(B) FORM 8-A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 CITIZENS, INC. (Exact name of registrant as specified in its charter) COLORADO 84-1087703 (State of incorporation (I.R.S. Employer or organization) Identification No.) 400 EAST ANDERSON LANE, AUSTIN, TEXAS 78714-0167 (Address of principal executive offices, including zip code) Securities to be registered pursuant to Section 12(b) of the Act: CLASS A COMMON STOCK, NO PAR VALUE Securities to be registered pursuant to Section 12(g) of the Act: NONE Item 1. Description of Registrant's Securities to be Registered. The shares of Class A Common Stock, no par value, of Citizens, Inc. (the "Company") are registered hereby. Reference is made to the description of terms of the Class A Common Stock, prepared in compliance with Item 202 of Regulation S-K, set forth beneath the caption "Comparison of Rights of Securityholders" in the registration statement filed with the Securities and Exchange Commission on July 1, 1992 on Form S-4 (SEC Registration No. 33-47531). Such description is incorporated herein by reference thereto. Item 2. Exhibits. The following is a complete list of Exhibits filed as part of this Registration Statement:
Exhibit Number - ------- 1.1 Specimen certificate for shares of Class A Common Stock, no par value, of the Company. 2.1 Amended and Restated Articles of Incorporation of the Company. 2.2 Bylaws of the Company.
SIGNATURE Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized. CITIZENS, INC. Date: July 19, 2002 By /s/ MARK A. OLIVER ------------------------------ Mark A. Oliver, President EXHIBIT INDEX
Exhibit Number Description - ------- ----------- 1.1 Specimen certificate for shares of Class A Common Stock, no par value, of the Company. 2.1 Amended and Restated Articles of Incorporation of the Company. 2.2 Bylaws of the Company.
EX-1.1 3 d98332exv1w1.txt SPECIMEN CERTIFICATE OF CLASS A COMMON STOCK EXHIBIT 1.1 NUMBER SHARES DXA 54016 THIS CERTIFICATE IS TRANSFERABLE IN NEW YORK, NY OR RIDGEFIELD PARK, NJ CITIZENS, INC. SEE REVERSE FOR CERTAIN INCORPORATED UNDER THE LAWS OF THE STATE OF COLORADO DEFINITIONS AND LIMITATIONS CUSIP 174740 10 0 THIS CERTIFIES THAT SPECIMEN is the owner of FULLY PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK, WITHOUT PAR VALUE, OF CITIZENS, INC. transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate and the Class A common shares represented hereby are issued and shall be subject to all the provisions of the Articles of Incorporation of the Corporation, as now or hereafter amended, to all of which the holder hereof by acceptance hereof assents. This Certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers Dated: CITIZENS, INC. * SEAL /s/ Jeffrey J. Wood /s/ Mark A. Oliver - ------------------- ------------------ Secretary COLORADO President COUNTERSIGNED AND REGISTERED: MELLON INVESTOR SERVICES LLC TRANSFER AGENT AND REGISTRAR BY AUTHORIZED SIGNATURE
1.1-1 CITIZENS, INC. PURSUANT TO ARTICLE III OF THE AMENDED ARTICLES OF INCORPORATION OF CITIZENS, INC. FILED WITH THE SECRETARY OF STATE OF THE STATE OF COLORADO. THE CLASS A COMMON STOCK AND CLASS B COMMON STOCK ARE EQUAL IN ALL RESPECTS, WITH THE EXCEPTION THAT (1) THE CASH DIVIDENDS PAID ON EACH SHARE OF CLASS A COMMON STOCK SHALL BE TWICE THE AMOUNT OF THE CASH DIVIDENDS PAID ON EACH SHARE OF CLASS B COMMON STOCK, AND (2) THE CLASS B COMMON STOCK SHALL HAVE THE EXCLUSIVE RIGHT TO ELECT A SIMPLE MAJORITY OF THE BOARD OF DIRECTORS OF THE COMPANY AND THE CLASS A COMMON STOCK SHALL HAVE THE EXCLUSIVE RIGHT TO ELECT THE REMAINING DIRECTORS. PRE-EMPTIVE RIGHTS ARE DENIED AND CUMULATIVE VOTING IS PROHIBITED. THE CORPORATION WILL FURNISH A COPY OF ARTICLE III TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE ON REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE. The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -as tenants in common UNIF GIFT MIN ACT - Custodian TEN ENT -as tenants by the entireties --------------------- JT TEN -as joint tenants with right of (Cust) (Minor) survivorship and not as tenants under Uniform Gifts to Minors in common Act__________________________ (State)
Additional abbreviations may also be used though not in the above list. FOR VALUE RECEIVED, ________HEREBY SELL, ASSIGN AND TRANSFER UNTO PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE ------------------------------------------- ----------------------------------------------------------------------------- (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- _______________________________________________________________________Shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint _____________________________________________________________________Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. Dated_____________________ X______________________________ (SIGNATURE) NOTICE: THE SIGNATURES(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. X_____________________________ (SIGNATURE) THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN *ELIGIBLE GUARANTOR INSTITUTION* AS DEFINED IN RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED SIGNATURE(S) GUARANTEED BY: - --------------------------------------- 1.1-2 EX-2.1 4 d98332exv2w1.txt AMENDED & RESTATED ARTICLES OF INCORPORATION EXHIBIT 2.1 STATE OF COLORADO DEPARTMENT OF STATE CERTIFICATE I, DONNETTA DAVIDSON, SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT ACCORDING TO THE RECORDS OF THIS OFFICE, THE ATTACHED IS A FULL, TRUE AND COMPLETE COPY OF THE ARTICLES OF INCORPORATION AND ALL AMENDMENTS THERETO OF CITIZENS, INC. (Colorado CORPORATION ) AS FILED IN THIS OFFICE AND ADMITTED TO RECORD. Dated: July 9, 2002 /s/ Donetta Davidson -------------------- SECRETARY OF STATE 2.1-1 ARTICLES OF INCORPORATION OF CONTINENTAL INVESTORS LIFE, INC. We, the undersigned incorporators, hereby associate ourselves together to form and establish a corporation for profit under the general incorporation laws of the State of Colorado. ARTICLE I The name of the corporation shall be: CONTINENTAL INVESTORS LIFE, INC. ARTICLE II The objects and purposes for which this company is formed and incorporated are: To purchase, hold, pledge, transfer, sell, or otherwise dispose of or deal in, the shares of the capital stock, bonds, debentures, notes or other securities or evidences of indebtedness of any corporation; to receive, collect and dispose of dividends, interests or other income on any such securities held by it; and do any and all acts and things tending to increase the value of said corporation; to issue bonds and secure the same by pledge or deed of trust of or upon any part of such securities or other property held or owned by the company and to sell or pledge such bonds for proper corporate purposes and in the promotion of its corporate business; to purchase, receive, hold and dispose of any securities of any person or corporation, whether such securities shall be bonds, mortgages, debentures, notes, shares of capital stock or otherwise, and in respect to any such securities, to exercise any and all rights and privileges of ownership thereof; to borrow and lend money and negotiate loans; to know, accept, endorse, buy and sell promissory notes, bonds, stocks, debentures, coupons and other securities; to issue, subscribe for, take, acquire, hold, sell, exchange and deal in shares, stocks, bonds, obligations, and securities of any government, authority, or company; to form, promote, subsidize and assist companies, syndicates or partnerships of all kinds, and to finance and refinance the same. To engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Colorado. ARTICLE III The aggregate number of shares which the corporation shall have authority to issue is 1,000,000 shares of common stock of $1.00 par value. ARTICLE IV The term of existence of the corporation shall be perpetual. 2.1-2 ARTICLE V The business and affairs of the corporation shall be under the control and management of a Board of Directors consisting of not less than five (5) members and not more than nine (9) members, the number to be fixed by the by-laws of the company, and the names and addresses of the persons who are to serve as directors until the first annual meeting of shareholders or until their successors shall be elected, are as follows:
NAME ADDRESS ---- ------- Dr. Bruce Holman 3401 East Kentucky Avenue Denver, Colorado 80209 Stanford E. Ernest 3280 Dartmouth Avenue Boulder, Colorado 80302 Max P. Osborn 2445 Vance Lakewood, Colorado 80215 Howard M. Jeffries 7720 South Race Littleton, Colorado 80122 George A. Powell 6601 South Marion Court Littleton, Colorado 80121 Thomas J. Murphy 3361 South Ulster Court Denver, Colorado 80321 James F. Martin 1216 Pierce, No. A-13 Lakewood, Colorado 80215
ARTICLE VI Cumulative voting shall be allowed at any stockholders' meeting of the corporation. ARTICLE VII Shareholders shall not have a pre-emptive right to subscribe for additional shares of the corporation issued from time to time by the corporation. 2.1-3 ARTICLE VIII The Board of Directors shall have power to enact, alter, amend and repeal the by-laws of the corporation not inconsistent with the laws of the State of Colorado and these Articles of Incorporation as it may deem best for the management of the corporation. ARTICLE IX The name and address of each incorporate is:
NAME ADDRESS ---- ------- Dr. Bruce Holman 3401 East Kentucky Avenue Denver, Colorado 80209 Stanford E. Ernest 3280 Dartmouth Avenue Boulder, Colorado 80302 Max P. Osborn 2445 Vance Lakewood, Colorado 80215 Howard M. Jeffries 7720 South Race Littleton, Colorado 80122 George A. Powell 6601 South Marion Court Littleton, Colorado 80121 Thomas J. Murphy 3361 South Ulster Court Denver, Colorado 80321 James F. Martin 1216 Pierce, No. A-13 Lakewood, Colorado 80215
IN TESTIMONY WHEREOF, we have hereunto set our hands this the 8th day of November, 1977. /s/ Thomas J. Murphy /s/ Howard M. Jeffries - -------------------- ---------------------- /s/ Stanford E. Ernest /s/ George A. Powell - ---------------------- -------------------- /s/ Bruce Holman /s/ Max P. Osborn - ---------------- ----------------- /s/ James F. Martin ------------------- 2.1-4 THE STATE OF COLORADO ) ) CITY AND COUNTY OF DENVER ) I, Jim L. Fine, a Notary Public, hereby certify that on the 8th day of November, 1977, personally appeared before me, Dr. Bruce Holman, Stanford E. Ernest, Max P. Osborn, Howard M. Jeffries, George A. Powell, Thomas J. Murphy and James F. Martin, who, being by me first duly sworn, severally declared that they are the same persons who signed the foregoing document as incorporators, and that the statements therein contained are true. In witness whereof, I have hereunto set my hand and seal this 8th day of November, 1977. /s/ Jim L. Fine --------------- Notary Public My commission expires: August 10, 1982 2.1-5 CONTINENTAL INVESTORS LIFE, INC. CERTIFICATE OF RENEWAL a. The name of the Corporation is Continental Investors Life, Inc. b. The address of the Corporation's registered office is 6060 South Willow Drive, Suite 2206, Englewood, Colorado 80111 and the name of the Registered Agent is George A. Powell. c. The renewal is to be perpetual. d. The Corporation was organized under the laws of the State of Colorado and was incorporated on November 8, 1977. e. The Corporation was dissolved pursuant to Section 7-8-113 effective January 1, 1985 due to inadvertent failure to file the Colorado Corporate Reports for 1981, 1983 and 1985. The Corporation never received notices to file the Corporate Reports due to a change of address of the Registered Agent. f. This Certificate of Renewal is filed by authority of the directors of the Corporation at the time the Corporation was dissolved. /s/ George A. Powell President 10/25/85 - -------------------- --------- -------- Signature Title Date /s/ Michael L. Schumacker Secretary 10/25/85 - ------------------------- --------- -------- Signature Title Date /s/ Carol R. Ferrell - -------------------- Notary Public My Commission Expires: 5/17/87 ------- 2.1-6 ARTICLES OF AMENDMENT to the ARTICLES OF INCORPORATION Pursuant to the provisions of the Colorado Corporation Act, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation: FIRST: The name of the corporation is (note 3) Continental Investors Life, Inc. SECOND: The following amendment was adopted by the shareholders of the corporation on August 22, 1985, in the manner prescribed by the Colorado Corporation Act: Article III of the Articles of Incorporation is amended to read as follows: ARTICLE III The aggregate number of shares which the corporation shall have authority to issue is 5,000,000 shares of common stock of $1.00 par value. THIRD: The number of shares of the corporation outstanding at the time of such adoption was 886,089 and the number of shares entitled to vote thereon was 986,099. FOURTH: The designation and number of outstanding shares of each class entitled to vote thereon as a class were as follows: None. CLASS (Note 1) NUMBER OF SHARES ----- ---------------- FIFTH: The number of shares voted such amendment was 628,067; and the number of shares voted against such amendment was 6,183. SIXTH: The number of shares of each class entitled to vote thereon as a class voted for and against such amendment, respectively, was: None. CLASS (Note 1) NUMBER OF SHARES ----- ---------------- SEVENTH: The manner, if not set forth in such amendment, in which any exchange, reclassification, or cancellation of issued shares provided for in the amendment shall be effected, is as follows: No change. (Note 2) EIGHTH: The manner in which such amendment effects a change in the amount of stated capital, and the amount of stated capital changed by such amendment, are as follows: No change. (Note 2) 2.1-7 Continental Investors Life, Inc. (Note 3) By: /s/ George A. Powell -------------------- (Its President) (Note 4) By: /s/ Michael L. Schumacker ------------------------- (Its Secretary) STATE OF COLORADO ) County of Arapahoe )ss. Before me, Lynn Ellen Drugan, a Notary Public in and for the said County and State, personally appeared George Powell and Michael L. Schumacker, who acknowledged before me that he is the President/Secretary of Continental Investors Life, Inc., a Colorado corporation and that he signed the foregoing Articles of Amendment as his free and voluntary act and deed for the uses and purposes therein set forth, and that the facts contained therein are true. In witness whereof I have hereunto set my hand and seal this 17th day of September, 1986. My commission expires: 2/6/90 /s/ Lynn Ellen Drugan --------------------- (Notary Public) NOTES: 1. If applicable, insert "None." 2. If application, insert "No change." 3. Exact corporate name of corporation adopting the Articles of Amendment (if this is a change of name amendment the name before this amendment is filed). 4. Signatures and titles of officers signing for the corporation. 2.1-8 1. The exact Corporate Name, current Registered Office and current Registered Agent are: George A. Powell, Agent - 6749 Continental Investors Life, Inc. 6060 South Willow Drive, Suite 2206 Englewood, Colorado 80111 The Corporation named herein makes the following statement: 2. The State or Country of incorporation is: Colorado 3. The Complete street address of the Corporation's REGISTERED OFFICE shall be changed to: 5950 South Willow Drive, Suite 200, Englewood, Colorado 80111 4. The name of the Corporation's SUCCESSOR REGISTERED AGENT is: Carol R. Ferrill 5. The address of the Corporation's Registered Office and the address of the Corporation's Agent, as changed, will be identical. 6. The Complete street address of the Corporation's principal place of business in Colorado is: 5950 South Willow Drive, Suite 200, Englewood, Colorado 80111 - ------------------------------------------------------------------------------- "Address" means street and number, city or town, and United States post office zip code designation. If by reason of rural location or otherwise, a street name shall not exist, other appropriate "address" fixing as nearly as possible the actual physical location may be substituted, but in all such exceptional cases the rural free delivery route, the county, and the United States post office zip code designation shall be included. Continental Investors Life, Inc. By: /s/ Mark A. Oliver ------------------ Its: Vice President 2.1-9 STATEMENT OF CHANGE OF REGISTERED OFFICE OR REGISTERED AGENT, OR BOTH Pursuant to the provisions of the Colorado Corporation Code, the Colorado Nonprofit Corporation Act and the Colorado Uniform Limited Partnership Act of 1981, the undersigned corporation or limited partnership organized under the laws of COLORADO submits the following statement for the purpose of changing its registered office or its registered agent, or both, in the state of Colorado: First: The name of the corporation or limited partnership is: CONTINENTAL INVESTORS LIFE, INC. Second: The address of its REGISTERED OFFICE is 1600 Broadway, Denver, CO 80202 Third: The name of its REGISTERED AGENT is THE CORPORATION COMPANY Fourth: The address of its registered office and the address of the business office of its registered agent, as changed, will be identical. Fifth: The address of its place of business in Colorado is 1600 Broadway, Denver, CO 80202. CONTINENTAL INVESTORS LIFE, INC. By: /s/ James C. Mott ----------------- Its: Senior-Vice President 2.1-10 ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION OF CONTINENTAL INVESTORS LIFE, INC. Pursuant to the provisions of the Colorado Corporation Act, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation: FIRST: The name of the corporation is Continental Investors Life, Inc. SECOND: The following amendments of the Articles of Incorporation were adopted by the shareholders of the corporation on May 31, 1988, in the manner prescribed by the Colorado Corporation Act: A. Article I is amended to be and read as follows: "The name of the corporation is Citizens, Inc." B. Article III is amended to be and read as follows: "The authorized capital stock of the corporation is 21,000,000 shares of common stock divided into two (2) classes: A. 20,000,000 shares of Class A common stock of no par value per share; and B. 1,000,000 shares of Class B common stock of no par value per share. Cumulative voting shall be denied as to each class and no shareholder of either class shall have any preemptive right to acquire any share of stock to be issued by the corporation. The Class A common stock and the Class B common stock shall be equal in all respects, except that: 1. The cash dividends paid upon each share of Class A common stock shall be twice the cash dividends paid on each share of Class B common stock. 2. The holders of the Class B common stock shall have the exclusive right to elect a simple majority of the members of the Board of Directors of the company; and the holders of Class A common stock shall have the exclusive right to elect the remaining Directors." 2.1-11 C. Article X is amended to be and read as follows: "The registered office of the corporation is 1600 Broadway, Denver, Colorado 80202 and the registered agent of the corporation is "The Corporation Company." THIRD: The number of shares of the corporation outstanding at the time of such adoption was 1,320,623, and the number of shares entitled to vote thereon was 1,320,623. FOURTH: The designation and number of outstanding shares of each class entitled to vote thereon as a class were as follows:
Number of Class Shares ----- --------- NONE
FIFTH: The number of shares voted for such amendment was 992,877, and the number of shares voted against such amendment was 2,718. SIXTH: The number of shares of each class entitled to vote thereon as a class voted for and against such amendment, respectively, was:
Number of Shares Voted ---------------------- Class For Against ----- --- ------- NONE
SEVENTH: The manner, if not set forth in such amendment, in which any exchange, reclassification, or cancellation of issued shares provided for in the amendment shall be effected, is as follows: No change EIGHTH: The manner in which such amendment effects a change in the amount of stated capital, and the amount of stated capital as changed by such amendment are as follows: Capital may be increased by issuance of additional shares. DATED June 30, 1988. ATTEST: CONTINENTAL INVESTORS LIFE, INC. /s/ James C. Mott By: /s/ Harold E. Riley - ----------------- ------------------- Secretary President 2.1-12 STATE OF TEXAS ) ) COUNTY OF DALLAS ) The foregoing instrument was acknowledged before me this 30th day of June, 1988, by Harold E. Riley, President of Continental Investors Life, Inc. Witness my hand and official seal. [S E A L] /s/ Frank G. Newman ------------------- Notary Public in and for the State of Texas Name: Frank G. Newman ----------------- (Print) My Commission Expires: January 31, 1989 2.1-13 ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION OF CITIZENS, INC. Pursuant to the provisions of the Colorado Corporation Code, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation: FIRST: The name of the Corporation is Citizens, Inc. SECOND: The following amendments to the Articles of Incorporation, as amended, were adopted by the stockholders of the Corporation on June 1, 1993, in the manner prescribed by the Colorado Corporation Code. The number of shares voted for the amendments was sufficient for approval. 1. Article III is amended to read as follows: ARTICLE III The authorized capital stock of the Corporation is Fifty One Million (51,000,000) shares of common stock divided into two (2) classes: A. Fifty Million (50,000,000) shares of Class A Common Stock of no par value per share; and B. One Million (1,000,000) shares of Class B Common Stock of no par value per share. Cumulative voting shall be denied as to each class and no shareholder of either class shall have any pre-emptive right to acquire any share of stock to be issued by the Corporation. The Class A Common Stock and the Class B Common Stock shall be equal in all respects, except that: 1. The cash dividends paid upon each share of Class A Common Stock shall be twice the cash dividends paid on each share of Class B Common Stock. 2. The holders of the Class B Common Stock shall have the exclusive right to elect a simple majority of the members of the Board of Directors of the Corporation; and the holders of Class A Common Stock shall have the exclusive right to elect the remaining Directors. 2. Article VI shall be stricken. 2.1-14 3. A new Article XI shall be added and shall read as follows: ARTICLE XI No director shall be liable to the Corporation or any shareholder for monetary damages for breach of fiduciary duty as a director, except for any matter in respect of which such director (a) shall be liable under C.R.S. Section 7-5-114 or any amendment thereto or successor provision thereto; (b) shall have breached the director's duty of loyalty to the Corporation or its shareholders; (c) shall not have acted in good faith or, in failing to act shall not have acted in good faith; (d) shall have acted or failed to act in a manner involving intentional misconduct or a knowing violation of law; or (e) shall have derived an improper personal benefit. Neither the amendment nor repeal of this Article, nor the adoption of any provision in the Articles of Incorporation inconsistent with this Article, shall eliminate or reduce the effect of this Article in respect to any matter occurring prior to such amendment, repeal or adoption of an inconsistent provision. This Article shall apply to the full extent now permitted by Colorado law or as may be permitted in the future by changes or enactments in Colorado law, including without limitation C.R.S. Section 7-2-102 and/or C.R.S. Section 7-3-101. 4. A new Article XII shall be added and shall read as follows: ARTICLE XII When, with respect to any action to be taken by shareholders of the Corporation, the Colorado Corporation Code requires the affirmative vote of the holders of two-thirds of the outstanding shares entitled to vote thereon, or of any class or series, such action may be taken by the affirmative vote of the holders of a majority of the outstanding shares entitled to vote on such action, unless any class of shares is entitled to vote thereon as a class, in which event the proposed action may be taken upon receiving the affirmative vote of the holders of a majority of the shares of each class of shares entitled to vote thereon as a class and of the total shares entitled to vote thereon. THIRD: The manner, if not set forth in such amendment, in which any exchange, reclassification, or cancellation of issued shares provided for in the amendment shall be effected, is as follows: None. 2.1-15 FOURTH: The manner in which such amendment effects a change in the amount of stated capital, and the amount of stated capital as changed by such amendment are as follows: None. Date: June 5, 1993 CITIZENS, INC. By: /s/ Harold E. Riley ------------------------------------ Harold E. Riley, President Attest: /s/ Mark A. Oliver --------------------------------------- Mark A. Oliver, Secretary (Corporate Seal) STATE OF TEXAS ) )ss. COUNTY OF TRAVIS ) The foregoing instrument was acknowledged before me this 5th day of June, 1993 by Harold E. Riley and Mark A. Oliver, President and Secretary, respectively, of Citizens, Inc., a Colorado corporation, on behalf of the Corporation and verified by each person on behalf of the Corporation, under penalties of perjury, that the foregoing instrument is the Corporation's deed and act and that the facts stated therein are true. Witness my hand and official seal. My commission expires: 12-29-96 -------- /s/ James C. Mott ----------------- Notary Public Comm. Exp. 12-29-96 P.O. Box 149151 --------------- Address Austin, TX 78714-9151 --------------------- 2.1-16 STATEMENT OF CHANGE OF REGISTERED OFFICE OR REGISTERED AGENT, OR BOTH Pursuant to the provisions of the Colorado Corporation Code, the Colorado Nonprofit Corporation Act and the Colorado Uniform Limited Partnership Act of 1981, the undersigned corporation or limited partnership organized under the laws of COLORADO submits the following statement for the purpose of changing its registered office or its registered agent, or both, in the state of Colorado: First: The name of the corporation or limited partnership is: CITIZENS, INC. Second: The address of its REGISTERED OFFICE is 1675 Broadway, Denver, Colorado 80202. Third: The name of its REGISTERED AGENT is THE CORPORATION COMPANY. Fourth: The address of its registered office and the address of the business office of its registered agent, as changed, will be identical. Fifth: The address of its place of business in Colorado is 1675 Broadway, Denver, Colorado 80202. THE CORPORATION COMPANY By: /s/ Galyn Thaturmas ------------------- Vice President Its: Registered Agent 2.1-17 STATEMENT OF CHANGE OF REGISTERED OFFICE OR REGISTERED AGENT, OR BOTH Pursuant to the provisions of the Colorado Corporation Code, the Colorado Nonprofit Corporation Act and the Colorado Uniform Limited Partnership Act of 1981, the undersigned corporation or limited partnership organized under the laws of COLORADO submits the following statement for the purpose of changing its registered office or its registered agent, or both, in the state of Colorado: First: The name of the corporation or limited partnership is: CITIZENS, INC. Second: The address of its REGISTERED OFFICE is 1675 Broadway, Denver, Colorado 80202, and if changed, the new street address is: c/o CORPORATION SERVICE COMPANY, 1560 Broadway, Denver, Colorado 80202. Third: The name of its REGISTERED AGENT is THE CORPORATION COMPANY, and if changed, the new registered agent is: CORPORATION SERVICE COMPANY. Signature of Registered Agent: /s/ Pamela Lrujello The address of its registered office and the address of the business office of its registered agent, as changed, will be identical. CITIZENS, INC. By: /s/ Mark A. Oliver ------------------ Its: President 2.1-18 EX-2.2 5 d98332exv2w2.txt BYLAWS OF THE COMPANY EXHIBIT 2.2 CITIZENS, INC. AMENDED AND RESTATED BYLAWS FEBRUARY 22, 1999 2.2-1 INDEX
Page ---- ARTICLE I OFFICES.....................................................................2.2-5 Section 1.01 Registered Office and Place of Business.....................................2.2-5 Section 1.02 Other Offices...............................................................2.2-5 ARTICLE II MEETINGS OF SHAREHOLDERS....................................................2.2-5 Section 2.01 Place of Meeting............................................................2.2-5 Section 2.02 Annual Meetings.............................................................2.2-5 Section 2.03 Special Meetings............................................................2.2-5 Section 2.04 Voting Lists................................................................2.2-6 Section 2.05 Notice of Meetings..........................................................2.2-6 Section 2.06 Quorum of Shareholders......................................................2.2-6 Section 2.07 Manner of Action............................................................2.2-6 Section 2.08 Voting of Shares............................................................2.2-7 Section 2.09 Record Date.................................................................2.2-7 Section 2.10 Action Without Meeting......................................................2.2-8 Section 2.11 Corporation's Acceptance of Votes...........................................2.2-8 Section 2.12 Meetings by Telecommunication...............................................2.2-9 ARTICLE III DIRECTORS...................................................................2.2-9 Section 3.01 Management of the Corporation...............................................2.2-9 Section 3.02 Number and Qualification....................................................2.2-9 Section 3.03 Change in Number............................................................2.2-9 Section 3.04 Removal.....................................................................2.2-9 Section 3.05 Filling of Vacancies........................................................2.2-10 Section 3.06 Method of Election..........................................................2.2-10 Section 3.07 Place of Meetings...........................................................2.2-10 Section 3.08 Annual Meetings.............................................................2.2-10 Section 3.09 Regular Meetings............................................................2.2-10 Section 3.10 Special Meetings............................................................2.2-10 Section 3.11 Quorum and Manner of Acting.................................................2.2-11 Section 3.12 Action Without Meeting......................................................2.2-11 Section 3.13 Compensation................................................................2.2-11 Section 3.14 Procedure...................................................................2.2-11 Section 3.15 Advisory Board..............................................................2.2-11 Section 3.16 Interested Directors, Officers and Shareholders.............................2.2-11
2.2-2
Page ---- (a) Validity...............................................................2.2-11 (b) Disclosure; Approval...................................................2.2-11 (c) Non-exclusive..........................................................2.2-12 Section 3.17 Telephonic Meetings.........................................................2.2-13 Section 3.18 Standard of Care............................................................2.2-13 ARTICLE IV EXECUTIVE COMMITTEE.........................................................2.2-13 Section 4.01 Designation.................................................................2.2-13 Section 4.02 Authority...................................................................2.2-13 Section 4.03 Procedure...................................................................2.2-13 Section 4.04 Removal.....................................................................2.2-14 ARTICLE V OTHER COMMITTEES OF THE BOARD...............................................2.2-14 Section 5.01 Other Committees............................................................2.2-14 ARTICLE VI NOTICES.....................................................................2.2-14 Section 6.01 Manner of Giving Notices....................................................2.2-14 Section 6.02 Waiver of Notice............................................................2.2-14 ARTICLE VII POWERS AND DUTIES OF OFFICERS...............................................2.2-14 Section 7.01 Elected Officers............................................................2.2-14 Section 7.02 Election....................................................................2.2-15 Section 7.03 Appointive Officers.........................................................2.2-15 Section 7.04 Two or More Offices.........................................................2.2-15 Section 7.05 Compensation................................................................2.2-15 Section 7.06 Term of Office; Removal; Filling of Vacancies...............................2.2-15 Section 7.07 Chairman of the Board.......................................................2.2-16 Section 7.08 Vice Chairman of the Board..................................................2.2-16 Section 7.09 President...................................................................2.2-16 Section 7.10 Vice Presidents.............................................................2.2-16 Section 7.11 Assistant Vice Presidents...................................................2.2-17 Section 7.12 Treasurer...................................................................2.2-17 Section 7.13 Assistant Treasurers........................................................2.2-17 Section 7.14 Secretary...................................................................2.2-17 Section 7.15 Assistant Secretaries.......................................................2.2-18
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Page ---- Section 7.16 Additional Powers and Duties................................................2.2-18 ARTICLE VIII STOCK AND TRANSFER OF STOCK.................................................2.2-18 Section 8.01 Certificates Representing Shares............................................2.2-18 Section 8.02 Lost Certificates...........................................................2.2-18 Section 8.03 Transfer of Shares..........................................................2.2-19 Section 8.04 Registered Shareholders.....................................................2.2-19 Section 8.05 Pre-emptive Rights..........................................................2.2-19 ARTICLE IX MISCELLANEOUS PROVISIONS....................................................2.2-19 Section 9.01 Dividends...................................................................2.2-19 Section 9.02 Reserves....................................................................2.2-19 Section 9.03 Signing of Negotiable Instruments...........................................2.2-20 Section 9.04 Seal........................................................................2.2-20 Section 9.05 Indemnification.............................................................2.2-20 Section 9.06 Right to Indemnification....................................................2.2-20 Section 9.07 Effect of Termination of Action.............................................2.2-21 Section 9.08 Groups Authorized to Make Indemnification Determination.....................2.2-21 Section 9.09 Court-ordered Indemnification...............................................2.2-21 Section 9.10 Advance of Expenses.........................................................2.2-22 Section 9.11 Witness Expenses............................................................2.2-22 Section 9.12 Report to Shareholders......................................................2.2-22 Section 9.13 Surety Bonds................................................................2.2-22 ARTICLE X AMENDMENTS..................................................................2.2-23 Section 10.01 Amendments..................................................................2.2-23
2.2-4 AMENDED AND RESTATED B Y L A W S OF CITIZENS, INC. ARTICLE I. OFFICES Section 1.01. Registered Office and Place of Business. The registered office of the Corporation shall be located in Denver, Colorado. The registered office of the Corporation required by the Colorado Business Corporation Act to be maintained in Colorado may be, but need not be, identical with the principal or home office, and the address of the registered office or principal or home office may be changed from time to time by the board of directors. Section 1.02. Other Offices. The Corporation may have, in addition to its registered office, offices and places of business at such places, both within and without the State of Colorado, as the Board of Directors may from time to time determine or the business of the Corporation may require. ARTICLE II. MEETINGS OF SHAREHOLDERS Section 2.01. Place of Meeting. All meetings of shareholders for any purpose may be held at such times and at such place within or without the State of Colorado as shall be stated in the notice of the meeting or a duly executed waiver of notice thereof, except as may otherwise be required by law. Section 2.02. Annual Meetings. An annual meeting of the shareholders shall be held on the first Tuesday in June in each year, if not a legal holiday; if it is a legal holiday, then it will be held on the next secular day following, at which time a Board of Directors will be elected and such other business as may properly be brought before the meeting will be transacted. Section 2.03. Special Meetings. Special meetings of the shareholders for any purpose or purposes, unless otherwise prescribed by statute, by the Articles of Incorporation, or by these Bylaws, may be called by the Chairman of the Board, a majority of the Board of Directors, or if the Corporation receives one or more written demands for the meeting, stating the purpose or purposes for which it is to be held, signed and dated by the holders of shares representing at least ten percent of all votes entitled to be cast on any issue proposed to be considered at the meeting. Business transacted at all special meetings shall be confined to the subjects stated in the notice of the meeting. 2.2-5 Section 2.04. Voting Lists. The Secretary shall make, at the earlier of ten days before each meeting of shareholders or two business days after notice of the meeting has been given, a complete list of the shareholders entitled to be given notice of such meeting or any adjournment thereof. The list shall be arranged by voting groups and within each voting group by class or series of shares, shall be in alphabetical order within each class or series, and shall show the address of and the number of shares of each class or series held by each shareholder. For the period beginning the earlier of ten days prior to the meeting or two business days after notice of the meeting is given and continuing through the meeting and any adjournment thereof, this list shall be kept on file at the principal office of the Corporation, or at a place (which shall be identified in the notice) in the city where the meeting will be held. Such list shall be available for inspection on written demand by any shareholder (including for the purpose of this Section 2 any holder of voting trust certificates) or his agent or attorney during regular business hours and during the period available for inspection. The original stock transfer books shall be prima facie evidence as to the shareholders entitled to examine such list or to vote at any meeting of shareholders. Section 2.05. Notice of Meetings. Written or printed notice, stating the date, time and place of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be given not less than ten nor more than sixty days before the date of the meeting, either personally or by mail, by or at the direction of the Chairman of the Board or person calling the meeting, to each shareholder of record entitled to vote at the meeting, except that (i) if the number of authorized shares is to be increased, at least thirty days' notice shall be given, or (ii) any other longer notice period is required by the Colorado Business Corporation Act. Notice shall be given personally or by mail, private carrier, telegraph, teletype, electronically transmitted facsimile or other form of wire or wireless communication by or at the direction of the Chairman of Board, the Secretary, or the officer or persons calling the meeting, to each shareholder of record entitled to vote at such meeting. If mailed and if in a comprehensible form, such notice shall be deemed to be given and effective when deposited in the United States mail, addressed to the shareholder at such address as appears in the Corporation's current record of shareholders, with postage prepaid. If notice is given other than by mail, and provided that such notice is in a comprehensible form, the notice is given and effective on the date received by the shareholder. Section 2.06. Quorum of Shareholders. One-third of the votes entitled to be cast on a matter by a voting group shall constitute a quorum of that voting group for action on the matter. If less than one-third of such votes are represented at a meeting, a majority of the votes so represented may adjourn the meeting from time to time without further notice, for a period not to exceed 120 days for any one adjournment. If a quorum is present at such adjourned meeting, any business may be transacted which might have been transacted at the meeting as originally noticed. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum, unless the meeting is adjourned and a new record date is set for the adjourned meeting. Section 2.07. Manner of Action. If a quorum exists, action on a matter other than the election of directors by a voting group is approved if the votes cast within the voting group favoring the action exceed the votes cast within the voting group opposing the action, unless the vote of a greater number or voting by classes is required by law or the Articles of Incorporation. 2.2-6 Section 2.08. Voting of Shares. Each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of the shareholders, except to the extent that the voting rights of the shares of any class or classes are limited or denied by the Articles of Incorporation or any other certificate creating any class or series of stock. At any meeting of the shareholders, every shareholder having the right to vote shall be entitled to vote in person, or by proxy appointed by an instrument in writing subscribed by such shareholder or by his duly authorized attorney-in-fact and bearing a date not more than eleven months prior to said meeting, unless said instrument provides for a longer period. A shareholder may also appoint a proxy by transmitting or authorizing the transmission of a telegram, teletype or other electronic transmission providing a written statement of the appointment to the proxy, a proxy solicitor, proxy support service organization, or other person duly authorized by the proxy to receive appointments as agent for the proxy, or to the Corporation. The transmitted appointment shall set forth or be transmitted with written evidence from which it can be determined that the shareholder transmitted or authorized the transmission of the appointment. Any complete copy, including an electronically transmitted facsimile, of an appointment of a proxy may be substituted for or used in lieu of the original appointment for any purpose for which the original appointment could be used. Revocation of a proxy does not affect the right of the Corporation to accept the proxy's authority unless (i) the Corporation had notice that the appointment was coupled with an interest and notice that such interest had been extinguished is received by the Secretary or other officer or agent authorized to tabulate votes before the proxy exercises his authority under the appointment, or (ii) other notice of the revocation of the appointment is received by the Secretary or other officer or agent authorized to tabulate votes before the proxy exercises his authority under the appointment. Other notice of revocation may, in the discretion of the Corporation, be deemed to include the appearance at a shareholders' meeting of the shareholder who granted the proxy and his voting in person on any matter subject to a vote at such meeting. The death or incapacity of the shareholder appointing a proxy does not affect the right of the Corporation to accept the proxy's authority unless notice of the death or incapacity is received by the Secretary or other officer or agent authorized to tabulate votes before the proxy exercises his authority under the appointment. The Corporation shall not be required to recognize an appointment made irrevocable if it has received a writing revoking the appointment signed by the shareholder (including a shareholder who is a successor to the shareholder who granted the proxy) either personally or by his attorney-in-fact, notwithstanding that the revocation may be a breach of an obligation of the shareholder to another person not to revoke the appointment. Such proxy shall be filed with the Secretary of the Corporation prior to or at the time of the meeting. Except as otherwise provided in the Articles of Incorporation or in applicable law, shareholders shall not have a right to cumulative voting. Section 2.09. Record Date. The Board of Directors may fix in advance a record date for the purpose of determining shareholders entitled to notice of or to vote at a meeting of the shareholders, the record date to be not less than ten nor more than sixty days prior to such meeting. In the absence of any action by the Board of Directors, the date upon which the notice of the meeting is mailed shall be the record date. 2.2-7 Section 2.10. Action Without Meeting. Any action required by statute to be taken at a meeting of the shareholders may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, and such consent shall have the same force and effect as a unanimous vote of the shareholders. Any such signed consent, or a signed copy thereof, shall be placed in the minute book of the Corporation. Section 2.11. Corporation's Acceptance of Votes. If the name signed on a vote, consent, waiver, proxy appointment, or proxy appointment revocation corresponds to the name of a shareholder, the Corporation, if acting in good faith, is entitled to accept the vote, consent, waiver, proxy appointment or proxy appointment revocation and give it effect as the act of the shareholder. If the name signed on a vote, consent, waiver, proxy appointment or proxy appointment revocation does not correspond to the name of a shareholder, the Corporation, if acting in good faith, is nevertheless entitled to accept the vote, consent, waiver, proxy appointment or proxy appointment revocation and to give it effect as the act of the shareholder if: (i) the shareholder is an entity and the name signed purports to be that of an officer or agent of the entity; (ii) the name signed purports to be that of an administrator, executor, guardian or conservator representing the shareholder and, if the Corporation requests, evidence of fiduciary status acceptable to the Corporation has been presented with respect to the vote, consent, waiver, proxy appointment or proxy appointment revocation; (iii) the name signed purports to be that of a receiver or trustee in bankruptcy of the shareholder and, if the Corporation requests, evidence of this status acceptable to the Corporation has been presented with respect to the vote, consent, waiver, proxy appointment or proxy appointment revocation; (iv) the name signed purports to be that of a pledgee, beneficial owner or attorney-in-fact of the shareholder and, if the Corporation requests, evidence acceptable to the Corporation of the signatory's authority to sign for the shareholder has been presented with respect to the vote, consent, waiver, proxy appointment or proxy appointment revocation; (v) two or more persons are the shareholder as co-tenants or fiduciaries and the name signed purports to be the name of at least one of the co-tenants or fiduciaries, and the person signing appears to be acting on behalf of all the co-tenants or fiduciaries; or (vi) the acceptance of the vote, consent, waiver, proxy appointment or proxy appointment revocation is otherwise proper under rules established by the Corporation that are not inconsistent with this Section 2.11. 2.2-8 The Corporation is entitled to reject a vote, consent, waiver, proxy appointment or proxy appointment revocation if the Secretary or other officer or agent authorized to tabulate votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about the signatory's authority to sign for the shareholder. Neither the Corporation nor its officers nor any agent who accepts or rejects a vote, consent waiver, proxy appointment or proxy appointment revocation in good faith and in accordance with the standards of this Section is liable in damages for the consequences of the acceptance or rejection. Section 2.12. Meetings by Telecommunication. Any or all of the shareholders may participate in an annual or special shareholders' meeting by, or the meeting may be conducted through the use of, any means of communication by which all persons participating in the meeting may hear each other during the meeting. A shareholder participating in a meeting by this means is deemed to be present in person at the meeting. ARTICLE III. DIRECTORS Section 3.01. Management of the Corporation. The business and affairs of the Corporation shall be managed by its Board of Directors, who may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute, by the Articles of Incorporation, or by these Bylaws directed or required to be exercised or done by the shareholders. Section 3.02. Number and Qualification. The Board of Directors shall consist of not less than five nor more than twenty-seven directors, none of whom need be shareholders or residents of the State of Colorado. The directors shall be elected at the annual meeting of the shareholders, except as hereinafter provided, and each director elected shall hold office until his successor shall be elected and shall qualify. Section 3.03. Change in Number. The minimum and maximum number of Directors may be increased or decreased from time to time by amendment to these Bylaws, provided that at no time shall the number of directors be less than five nor more than twenty-seven. No decrease shall have the effect of shortening the term of any incumbent director. Any directorship to be filled by reason of an increase in the number of directors shall be filled by election at an annual meeting or at a special meeting of shareholders called for that purpose. Section 3.04. Removal. Any director may be removed either for or without cause in the manner set forth in the Colorado Business Corporation Act. 2.2-9 Section 3.05. Filling of Vacancies. Any director may resign at any time by giving written notice to the Corporation. Such resignation shall take effect at the time the notice is received by the Corporation unless the notice specifies a later effective date. Unless otherwise specified in the notice of resignation, the Corporation's acceptance of such resignation shall not be necessary to make it effective. Any vacancy on the board of directors may be filled by the affirmative vote of a majority of the shareholders or the board of directors. If the directors remaining in office constitute fewer than a quorum of the board of directors, the directors may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office. If elected by the directors, the director shall hold office until the next annual shareholders' meeting at which directors are elected. If elected by the shareholders, the director shall hold office for the unexpired term of his predecessor in office; except that, if the director's predecessor was elected by the directors to fill a vacancy, the director elected by the shareholders shall hold office for the unexpired term of the last predecessor elected by the shareholders. Section 3.06. Method of Election. Cumulative voting shall not be permitted. As is provided in the Articles of incorporation, as amended, the voting rights of Class A common stock and Class B common stock shall be equal in all respects, with the exception that the holders of the Class B common stock shall have the exclusive right to elect a simple majority of the members of the Board of Directors and the holders of the Class A common stock shall have the exclusive right to elect the remaining directors. Accordingly, at each election of directors by shareholders the holders of the Class B common stock shall first elect a simple majority of the number to be elected and the holders of the Class A common stock shall elect the remaining directors. Section 3.07. Place of Meetings. The directors of the Corporation may hold their meetings, both regular and special, either within or without the State of Colorado. Section 3.08. Annual Meetings. The first meeting of each newly elected Board shall be held without further notice immediately following the annual meeting of shareholders and at the same place, unless by unanimous consent of the directors then elected and serving such time or place shall be changed. Section 3.09. Regular Meetings. Regular meetings of the Board of Directors may be held at such times and places as may be fixed from time to time by the Board of Directors. Except as otherwise provided by statute, the Articles of Incorporation or these Bylaws, any and all business may be transacted at any regular meeting. Section 3.10. Special Meetings. Special meetings of the board of directors may be called by the Chairman of the Board on one day's notice to each director, either personally or by mail, or by telegram; special meetings shall be called by the Chairman of the Board in like manner, and like notice, on the written request of a majority of the directors. Except as may be otherwise expressly provided by statute, the Articles of Incorporation or these Bylaws, neither the business to be transacted at, nor the purpose of, any special meeting need be specified in the notice or waiver of notice. 2.2-10 Section 3.11. Quorum and Manner of Acting. At all meetings of the Board of Directors, the presence of a majority of the directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, the Articles of Incorporation or these Bylaws. If a quorum shall not be present at any meeting of directors, the directors present thereat may adjourn the meeting from time to time without notice other than announcement at the meeting until a quorum shall be present. At any such adjourned meeting reconvened, any business may be transacted which might have been transacted at the meeting as originally convened. Section 3.12. Action Without Meeting. Any action required or permitted to be taken at a meeting of the Board of Directors or any executive committee may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all the members of the Board of Directors or the executive committee, as the case may be. The signing of minutes setting forth the action taken constitutes consent in writing. Such consent shall have the same force and effect as a unanimous vote at a meeting, and may be stated as such in any document or instrument filed with the Secretary of State. Section 3.13. Compensation. The Board of Directors shall have authority to determine from time to time the amount of compensation, if any, which shall be paid to its members for their services as directors and as members of standing or special committees of the Board. The Board shall also have power in its discretion to provide for and to pay to directors rendering services to the Corporation not ordinarily rendered by directors as such, special compensation appropriate to the value of such services as determined by the Board from time to time. Nothing herein contained shall be construed to preclude any directors from serving the Corporation in any other capacity and receiving compensation therefor. Section 3.14. Procedure. The Board of Directors shall keep regular minutes of its proceedings. The minutes shall be placed in the minute book of the Corporation. Section 3.15. Advisory Board. The Chairman of the Board may establish and appoint a member or members to an Advisory Board to act in an advisory capacity to the Board of Directors. Section 3.16. Interested Directors, Officers and Shareholders. (1) As used in this section, "conflicting interest transaction" means any of the following: (a) A loan or other assistance by the Corporation to a director of the Corporation or to an entity in which a director of the Corporation is a director or officer or has a financial interest; (b) A guaranty by the Corporation of an obligation of a director of the Corporation or of an obligation of an entity in which a director of a Corporation is a director or officer or has a financial interest; or 2.2-11 (c) A contract or transaction between the Corporation and a director of the Corporation or between the Corporation and an entity in which a director of the Corporation is a director or officer or has a financial interest. (2) No conflicting interest transaction shall be void or voidable or be enjoined, set aside, or give rise to an award of damages or other sanctions in a proceeding by a shareholder or by or in the right of the Corporation, solely because the conflicting interest transaction involves a director of the Corporation or an entity in which a director of the Corporation is a director or officer or has a financial interest or solely because the director is present at or participates in the meeting of the Corporation's Board of Directors or of the committee of the Board of Directors which authorizes, approves, or ratifies the conflicting interest transaction or solely because the director's vote is counted for such purpose if: (a) The material facts as to the director's relationship or interest and as to the conflicting interest transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes, approves, or ratifies the conflicting interest transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum; or (b) The material facts as to the director's relationship or interest and as to the conflicting interest transaction are disclosed or are known to the shareholders entitled to vote thereon, and the conflicting interest transaction is specifically authorized, approved, or ratified in good faith by a vote of the shareholders; or (c) The conflicting interest transaction is fair to the Corporation as of the time it is authorized, approved, or ratified by the Board of Directors, a committee thereof, or the shareholders. (3) Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes, approves, or ratifies the conflicting interest transaction. (4) The Board of Directors or a committee thereof shall not authorize a loan, by the Corporation to a director of the Corporation or to an entity in which a director of the Corporation is a director or officer or has a financial interest, or a guaranty, by the Corporation of an obligation of a director of the Corporation or of an obligation of an entity in which a director of the Corporation is a director or officer or has a financial interest, pursuant to paragraph (a) of subsection (2) of this section until at least ten days after written notice of the proposed authorization of the loan or guaranty has been given to the shareholders who would be entitled to vote thereon if the issue of the loan or guaranty were submitted to a vote of the shareholders. 2.2-12 Section 3.17 Telephonic Meetings. The board of directors may permit any director (or any member of a committee designated by the board of directors) to participate in a regular or special meeting of the board of directors or a committee thereof through the use of any means of communication by which all directors participating in the meeting can hear each other during the meeting. A director participating in a meeting in this manner is deemed to be present at the meeting. Section 3.18 Standard of Care. A director shall perform his duties as a director, including without limitation his duties as a member of any committee of the board of directors, in good faith, in a manner he reasonably believes to be in the best interests of the Corporation, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. In performing his duties, a director shall be entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, in each case prepared or presented by the persons herein designated. However, he shall not be considered to be acting in good faith if he has knowledge concerning the matter in question that would cause such reliance to be unwarranted. A director shall not be liable to the Corporation or its shareholders for any action he takes or omits to take as a director if, in connection with such action or omission, he performs his duties in compliance with this Section 3.18. The designated persons on whom a director is entitled to rely are (i) one or more officers or employees of the Corporation whom the director reasonably believes to be reliable and competent in the matters presented, (ii) legal counsel, public accountants, or other persons as to matters which the director reasonably believes to be within such person's professional or expert competence, or (iii) a committee of the board of directors on which the director does not serve if the director believes the committee merits confidence. ARTICLE IV. EXECUTIVE COMMITTEE Section 4.01. Designation. The Board of Directors may, by resolution adopted by a majority of the whole Board, designate an executive committee, to consist of at least three but not more than five directors of the Corporation, one of whom shall be the Chairman of the Board of Directors of the Corporation. Section 4.02. Authority. The executive committee shall have and may exercise all the authority of the Board of Directors in the management of the business and affairs of the Corporation, except where action of a majority of all members of the Board of Directors is required by the Colorado Business Corporation Act or by the Articles of Incorporation, or these Bylaws, and shall have power to authorize the seal of the Corporation to be affixed to all papers which may require it. Section 4.03. Procedure. The executive committee shall keep regular minutes of its proceedings and report the same to the Board of Directors when required. The minutes of the proceedings of the executive committee shall be placed in the minute book of the Corporation. 2.2-13 Section 4.04. Removal. Any member of the executive committee may be removed by the Board of Directors by the affirmative vote of a majority of the whole Board, whenever in its judgment the best interests of the Corporation will be served thereby. ARTICLE V. OTHER COMMITTEES OF THE BOARD Section 5.01. Other Committees. The Board of Directors may, by resolution adopted by affirmative vote of a majority of the whole Board, designate two or more directors (with such alternates, if any, as may be deemed desirable) to constitute another committee or committees for any purpose; provided that any such other committee or committees shall have and may exercise only the power of recommending action to the Board of Directors or the executive committee and of carrying out and implementing any instructions or any policies, plans, and programs theretofore approved, authorized, and adopted by the Board of Directors or the executive committee. ARTICLE VI. NOTICES Section 6.01. Manner of Giving Notices. Whenever, under the provisions of the statutes or the Articles of Incorporation, or these Bylaws, notice is required to be given to any committee member, director, or shareholder, and no provisions are made regarding how such notice shall be given, it shall not be construed to mean personal notice, but any such notice may be given in writing, by mail, postage prepaid, addressed to such director or shareholder at such address as appears on the books of the Corporation or by telegraph, teletype, electronically transmitted facsimile or other form of wire or wireless communication. Any notice required or permitted to be given by mail shall be deemed to be given at the time when the same shall be thus deposited in the United States mail as aforesaid. Section 6.02. Waiver of Notice. Whenever any notice is required to be given to any committee member, shareholder, or director of the Corporation under the provisions of the statutes, the Articles of Incorporation, or these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to such notice (whether before or after the time stated in such notice) shall be deemed equivalent to the giving of such notice. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting. ARTICLE VII. POWERS AND DUTIES OF OFFICERS Section 7.01. Elected Officers. The officers of the Corporation shall be elected by the directors and shall be a Chairman of the Board, one or more Vice Chairmen (each of whom shall be a director), a President, one or more Vice Presidents as may be determined from time to time by the Board (and, in the case of each such Vice President, with such descriptive title, if any, as the Chairman of the Board of Directors shall deem appropriate), a Secretary and a Treasurer. No elected officer of the Corporation need be a shareholder or resident of the State of Colorado. 2.2-14 Section 7.02. Election. The Board of Directors, at its first meeting after each annual meeting of shareholders, shall elect the said officers, with the Chairman of the Board and each Vice Chairman (if any) selected from among its members. Unless otherwise specified by the Board at the time of election or appointment, or in an employment contract approved by the Board, each officer's term shall expire at the first meeting of directors after the next annual meeting of shareholders. Section 7.03. Appointive Officers. The Board of Directors may also appoint one or more Assistant Vice Presidents, one or more Assistant Secretaries, Assistant Treasurers, and such other officers and assistant officers (none of whom need to be a member of the Board, a shareholder, or a resident of the State of Colorado) as it shall from time to time deem necessary, who shall exercise such powers and perform such duties as shall be set forth in these Bylaws or determined from time to time by the Board of Directors or the executive committee. Section 7.04. Two or More Offices. The same person may hold any two or more offices, except that the President and Secretary shall not be the same person. Section 7.05. Compensation. The Board of Directors or the executive committee shall fix the compensation of all officers of the Corporation from time to time. The Board of Directors or the executive committee may from time to time delegate to the Chairman of the Board the authority to fix the compensation of any or all the other officers of the Corporation. Section 7.06. Term of Office; Removal; Filling of Vacancies. Each elected officer of the Corporation shall hold office until his successor is elected and qualifies in his stead or until his earlier death, resignation, or removal from office. Each appointive officer shall hold office at the pleasure of the Board of Directors without the necessity of periodic reappointment. Any officer or agent elected or appointed by the Board of Directors may be removed at any time by the Board of Directors whenever in its judgment the best interests of the Corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors or the executive committee. 2.2-15 Section 7.07. Chairman of the Board. The Chairman of the Board shall be the ranking officer of the Corporation. As such, he shall have the power to call special meetings of the shareholders and directors for any purpose or purposes, and he shall preside when present, if he so elects, at all meetings of the shareholders and the Board of Directors. The Chairman of the Board shall have general supervision of the affairs of the Corporation and general control of all its business. He shall have authority to sign stock certificates. He shall see that the books, reports, statements and certificates required by statutes or laws applicable to the Corporation are properly kept, made and filed according to law. The Chairman of the Board may exercise his general supervision and control of the business and affairs of the Corporation through a Vice Chairman or the President and may delegate all or any of his powers or duties to a Vice Chairman or the President, if and to the extent deemed by the Chairman of the Board to be desirable or appropriate. In the absence or disability of the Chairman of the Board, his duties shall be performed and his powers may be exercised by a Vice Chairman, unless otherwise determined by the Chairman of the Board, the executive committee or the Board of Directors. Section 7.08. Vice Chairman of the Board. Each Vice Chairman of the Board shall have such powers and perform such duties as the Board of Directors may from time to time prescribe or as the Chairman of the Board may from time to time delegate. A Vice Chairman of the Board, in the absence or disability of the Chairman of the Board, shall perform the duties and exercise the powers of the Chairman of the Board. One Vice Chairman shall be designated as the Senior Vice Chairman, who shall serve as the Chief Administrative Officer of the Company. Subject to the review, supervision and approval of his actions by the Chairman of the Board, or the executive committee or the Board of Directors, he shall have the authority to: cause the employment or appointment of and the discharge of employees and agents of the Corporation under his supervision, other than officers; suspend for cause pending final action by the authority which shall have elected or appointed him subordinate to the Sr. Vice Chairman. The Chief Administrative Officer shall put into operation the business policies of the Corporation as determined by the Chairman of the Board, the executive committee or the Board of Directors. In carrying out such business policies, the Chief Administrative Officer shall, subject to the supervision of the Chairman of the Board, the executive committee, or the Board of Directors, have general management of the day-to-day internal operations of the Corporation. Section 7.09. President. The President shall serve as the Chief Corporate Officer. He shall preside at meetings of the Board of Directors and shareholders in the absence of, or at the request of, the Chairman of the Board and/or Vice Chairman, and upon such request he shall have power to call special meetings of the Board of Directors and shareholders for any purpose or purposes. Subject to the supervision, approval and review of his actions by the Chairman of the Board or Vice Chairman, or the executive committee or the Board of Directors, he shall have authority to make and sign bonds, deeds, contracts, and agreements in the name of and on behalf of the Corporation and to affix the corporate seal thereto; and to sign stock certificates. As the Chief Corporate Officer, the President shall be responsible for: seeing that the Company's books and records are properly maintained by the various responsible officers, including, but not limited to all accounting records and minute books of the Corporation; State and Federal regulatory relations and reporting; investments of the corporation; investor relations and reporting; legal affairs of the Corporation; taxation and tax reporting; external and internal reporting; and acquisitions. The President shall be subject only to the authority of the Chairman of the Board, the Vice Chairman, the executive committee and the Board of Directors in carrying out his duties. In the absence or disability of the President, his duties shall be performed and his powers may be exercised by a Vice Chairman, unless otherwise determined by these Bylaws, the Chairman of the Board, the Vice Chairman, the executive committee or the Board of Directors. Section 7.10. Vice Presidents. Each Vice President shall have such powers and perform such duties and services as shall from time to time be prescribed or delegated to him by the Chairman, Vice Chairman, President, the executive committee or the Board of Directors. 2.2-16 Section 7.11 Assistant Vice Presidents. Each Assistant Vice President shall generally assist a Vice President and shall have such powers and perform such duties and services as shall from time to time be prescribed or delegated to him by a Vice President, the President, the Vice Chairman, Chairman, the executive committee, or the Board of Directors. Section 7.12. Treasurer. The Treasurer shall be the chief accounting and financial officer of the Corporation and shall have responsibility for all matters pertaining to the accounts and finances of the Corporation. He shall audit or cause to be audited all payrolls and vouchers of the Corporation and shall direct the manner of certifying the same; shall receive, audit or cause to be audited and consolidate all operating and financial statements of the books of account of the Corporation, their arrangement and classification; shall review the accounting and auditing practices of the Corporation and shall have charge of all matters relating to taxation. The Treasurer shall have the care and custody of all monies, funds, and securities of the Corporation; shall deposit or cause to be deposited all such funds in and with such depositories as the Board of Directors or the executive committee shall from time to time direct or as shall be selected in accordance with procedure established by the Board or executive committee; shall devise all terms of credit granted by the Corporation; shall be responsible for the collection of all its accounts and shall cause to be kept full and accurate accounts of all receipts and disbursements of the Corporation; and shall have the power to endorse, for deposit, collection, or otherwise, all checks, drafts, notes, bills of exchange, or other commercial papers payable to the Corporation, and to give proper receipts or discharges for all payments to the Corporation. The Treasurer shall generally perform all the duties usually appertaining to the office of Treasurer of a corporation. In his absence or disability, his duties shall be performed and his powers may be exercised by an Assistant Treasurer, unless otherwise determined by the Treasurer, the Chairman of the Board, the Vice Chairman, the President, the executive committee, or the Board of Directors. Section 7.13. Assistant Treasurers. Each Assistant Treasurer shall generally assist the Treasurer and shall have such powers and perform such duties and services as shall from time to time be prescribed or delegated to him by the Treasurer, Chairman, the Vice Chairman, the President, the executive committee, or the Board of Directors. Section 7.14. Secretary. The Secretary shall give or cause to be given notice of all meetings of the shareholders and the Board of Directors, and shall attend such meetings and keep and attest to true records of all proceedings at all meetings of the shareholders, the executive committee, and the Board. He shall have charge of the corporate seal, with authority to attest to any and all instruments or writings to which the same may be affixed. He shall keep and account for all minute books, documents, papers, and records of the Corporation, except those for which some other officer or agent is properly accountable. He shall have authority to sign stock certificates and shall generally perform all the duties usually appertaining to the office of Secretary of a corporation. In the absence or disability of the Secretary, his duties shall be performed by an Assistant Secretary, unless otherwise determined by the Secretary, the Chairman of the Board, the Vice Chairman, the President, the executive committee, or the Board of Directors. 2.2-17 Section 7.15. Assistant Secretaries. Each Assistant Secretary shall generally assist the Secretary and shall have such powers and perform such duties and services as shall from time to time be prescribed or delegated to him by the Secretary, Chairman, Vice Chairman, the President, the executive committee, or the Board of Directors. Section 7.16. Additional Powers and Duties. In addition to the foregoing especially enumerated duties, services, and powers, the several elected and appointive officers of the Corporation shall perform such other duties and services and exercise such further powers as may be provided by statute, the Articles of Incorporation, or these Bylaws, or as may from time to time be determined by the Board of Directors or the executive committee or as assigned to them by any superior officer. ARTICLE VIII. STOCK AND TRANSFER OF STOCK Section 8.01. Certificates Representing Shares. Certificates in such form as may be determined by the Board of Directors and as shall conform to the requirements of the statutes, the Articles of Incorporation and these Bylaws shall be delivered representing all shares to which shareholders are entitled. Such certificates shall be consecutively numbered and shall be entered in the books of the Corporation as they are issued. Each certificate shall state on the face thereof that the Corporation is organized under the laws of Colorado, the holder's name, the number and class of shares which such certificate represents, and the par value of such shares or a statement that such shares are without par value. Each certificate shall be signed by the Chairman of the Board or Vice Chairman or the President and the Secretary or an Assistant Secretary, and may be sealed with the seal of the Corporation or a facsimile thereof. If any certificate is countersigned by a transfer agent or registered by a registrar, either of which is other than the Corporation or an employee of the Corporation, the signature of any such officer may be a facsimile. Section 8.02. Lost Certificates. The Chairman of the Board of Directors, the Vice Chairman, the executive committee, the President, the Secretary or such other officer or officers of the Corporation as the Board of Directors may from time to time designate, in its or his discretion, may direct a new certificate or certificates representing shares to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate or certificates to be lost, stolen, or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors, the executive committee, the Chairman, the Vice Chairman, the President, the Secretary or any such other officer, in its or his discretion and as a condition precedent to the issuance thereof, may require the owner of such lost, stolen or destroyed certificate(s), or his legal representative, to advertise the same in such manner as it or he shall require and/or give the Corporation a bond in such form, in such sum, and with such surety or sureties as it or he may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate or certificates to have been lost, stolen or destroyed. 2.2-18 Section 8.03. Transfer of Shares. Shares of stock shall be transferable only on the books of the Corporation by the holder thereof in person or by his duly authorized attorney. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate or certificates representing shares, duly endorsed or accompanied by proper evidence of succession, assignment, or authority to transfer, with all required stock transfer tax stamps affixed thereto and canceled or accompanied by sufficient funds to pay such taxes, it shall be the duty of the Corporation or the transfer agent of the Corporation to issue a new certificate or certificates to the person entitled thereto, cancel the old certificate or certificates, and record the transaction upon its books. Section 8.04. Registered Shareholders. The Corporation shall be entitled to treat the holder of record of any share or shares of stocks as the holder in fact 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, whether or not it shall have express or other notice thereof, except as otherwise provided by law. Section 8.05. Pre-emptive Rights. No shareholder or other person shall have any pre-emptive rights with regard to securities issued by the Company, except as otherwise provided in the Articles of Incorporation or in applicable law. ARTICLE IX. MISCELLANEOUS PROVISIONS Section 9.01. Dividends. The Board of Directors may, at any regular or special meeting, declare dividends upon the outstanding shares of the Corporation, if any, subject to the provisions of the Articles of Incorporation. Dividends may be paid in cash, in property, or in shares of the Corporation, subject to the provisions of the statutes and the Articles of Incorporation. The Board of Directors may fix in advance a record date for the purpose of determining shareholders entitled to receive payment of any dividend, such record date to be not more than fifty days prior to the payment date of such dividend. In the absence of any action by the Board of Directors, the date upon which the Board of Directors adopts the resolution declaring such dividend shall be the record date. The cash dividends paid upon each share of Class B common stock shall be only one-half of the cash dividends paid on each share of Class A common stock. Section 9.02. Reserves. There may be created from time to time by resolution of the Board of Directors, out of the earned surplus of the Corporation, such reserve or reserves as the directors in their discretion think proper from time to time, to provide for contingencies, or to equalize dividends, or to repair or maintain any property of the Corporation, or for such other purpose as the directors shall think beneficial to the Corporation, and the directors may modify or abolish any such reserve in the manner in which it was created. 2.2-19 Section 9.03. Signing of Negotiable Instruments. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate. Section 9.04. Seal. The Corporation seal shall have inscribed thereon the name of the Corporation. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced. Section 9.05. Indemnification. For purposes of Article IX, a "Proper Person" means any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that he is or was a director, officer, employee, fiduciary or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee, fiduciary or agent of any foreign or domestic profit or nonprofit corporation or of any partnership, joint venture, trust, profit or nonprofit unincorporated association, limited liability company, or other enterprise or employee benefit plan. The Corporation shall indemnify any Proper Person against reasonably incurred expenses (including attorney's fees), judgments, penalties, fines (including any excise tax assessed with respect to an employee benefit plan) and amounts paid in settlement reasonably incurred by him in connection with such action, suit or proceeding if it is determined by the groups set forth in Section 9.08 of this Article that he conducted himself in good faith and in a manner he reasonably believed (i) in the case of conduct in his official capacity with the Corporation, that his conduct was in the Corporation's best interests, or (ii) in all other cases (except criminal cases), that his conduct was at least not opposed to the Corporation's best interests, or (iii) in the case of any criminal proceeding, that he had no reasonable cause to believe his conduct was unlawful. A Proper Person will be deemed to be acting in his official capacity while acting as a director, officer, employee or agent on behalf of this Corporation and not while acting on the Corporation's behalf for some other entity. No indemnification shall be made under this Article IX to a Proper Person with respect to any claim, issue, or matter in connection with a proceeding by or in the right of the Corporation in which the Proper Person was adjudged liable to the Corporation or in connection with any proceeding charging that the Proper Person derived an improper personal benefit, whether or not involving action in an official capacity, in which he was adjudged liable on the basis that he derived an improper personal benefit. Further, indemnification under this Section in connection with a proceeding brought by or in the right of the Corporation shall be limited to reasonable expenses, including attorneys' fees, incurred in connection with the proceeding. Section 9.06. Right to Indemnification. The Corporation shall indemnify any Proper Person who was wholly successful, on the merits or otherwise, in defense of any action, suit, or proceeding as to which he was entitled to indemnification under Section 9.05 of this Article IX against expenses (including attorney's fees) reasonably incurred by him in connection with the proceeding without the necessity of any action by the Corporation other than the determination in good faith that the defense has been wholly successful. 2.2-20 Section 9.07. Effect of Termination of Action. The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent shall not of itself create a presumption that the person seeking indemnification did not meet the standards of conduct described in Section 9.05 of this Article IX. Entry of a judgment by consent as part of a settlement shall not be deemed an adjudication of liability, as described in Section 9.06 of this Article IX. Section 9.08 Groups Authorized to Make Indemnification Determination. Except where there is a right to indemnification as set forth in Sections 9.05 or 9.06 of this Article or where indemnification is ordered by a court in Section 9.09, any indemnification shall be made by the Corporation only as authorized in the specific case upon a determination by a proper group that indemnification of the Proper Person is permissible under the circumstances because he has met the applicable standards of conduct set forth in Section 9.05 of this Article. This determination shall be made by the board of directors by a majority vote of those present at a meeting at which a quorum is present, which quorum shall consist of directors not parties to the proceeding ("Quorum"). If a Quorum cannot be obtained, the determination shall be made by a majority vote of a committee of the board of directors designated by the board of directors, which committee shall consist of two or more directors not parties to the proceeding, except that directors who are parties to the proceeding may participate in the designation of directors for the committee. If a Quorum of the board of directors cannot be obtained and the committee cannot be established, or even if a Quorum is obtained or the committee is designated and a majority of the directors constituting such Quorum or committee so directs, the determination shall be made by (i) independent legal counsel selected by a vote of the board of directors or the committee in the manner specified in this Section 9.08 or, if a Quorum of the full board of directors cannot be obtained and a committee cannot be established, by independent counsel selected by a majority vote of the full board (including directors who are parties to the action) or (ii) a vote of the shareholders. Section 9.09 Court-ordered Indemnification. Any Proper Person may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction for mandatory indemnification under Section 9.06 of this Article, including indemnification for reasonable expenses incurred to obtain court-ordered indemnification. If the court determines that such Proper Person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not he met the standards of conduct set forth in Section 9.05 of this Article or was adjudged liable in the proceeding, the court may order such indemnification as the court deems proper except that if the Proper Person has been adjudged liable, indemnification shall be limited to reasonable expenses incurred in connection with the proceeding and reasonable expenses incurred to obtain court-ordered indemnification. 2.2-21 Section 9.10 Advance of Expenses. Reasonable expenses (including attorneys' fees) incurred in defending an action, suit or proceeding as described in Section 9.05 may be paid by the Corporation to any Proper Person in advance of the final disposition of such action, suit or proceeding upon receipt of (i) a written affirmation of such proper Person's good faith belief that he has met the standards of conduct prescribed by Section 9.05 of this Article IX, (ii) a written undertaking, executed personally or on the Proper Person's behalf, to repay such advances if it is ultimately determined that he did not meet the prescribed standards of conduct (the undertaking shall be an unlimited general obligation of the Proper Person but need not be secured and may be accepted without reference to financial ability to make repayment), and (iii) a determination is made by the proper group (as described in Section 9.08 of this Article IX) that the facts as then known to the group would not preclude indemnification. Determination and authorization of payments shall be made in the same manner specified in Section 9.08 of this Article IX. Section 9.11 Witness Expenses. The sections of this Article IX do not limit the Corporation's authority to pay or reimburse expenses incurred by a director in connection with an appearance as a witness in a proceeding at a time when he has not been made a named defendant or respondent in the proceeding. Section 9.12 Report to Shareholders. Any indemnification of or advance of expenses to a director in accordance with this Article IX, if arising out of a proceeding by or on behalf of the Corporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders' meeting. If the next shareholder action is taken without a meeting at the instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action. Section 9.13 Surety Bonds. Such officers and employees of the Corporation (if any) as the Chairman, Vice Chairman, President, the Board of Directors, or the executive committee may direct from time to time shall be bonded for the faithful performance of their duties and for the restoration to the Corporation, in case of their death, resignation, retirement, disqualification or removal from office, of all books, papers, vouchers, money and other property of whatever kind in their possession or under their control belonging to the Corporation, in such amounts and by such surety companies as the Chairman, Vice Chairman, President, the Board of Directors, or the executive committee may determine. The premiums on such bonds shall be paid by the Corporation, and the bonds so furnished shall be in the custody of the Secretary. 2.2-22 ARTICLE X. AMENDMENTS Section 10.01. Amendments. These Bylaws may be altered, amended or repealed or new bylaws may be adopted at any meeting of the Board of Directors at which a quorum is present by the affirmative vote of a majority of the directors present at such meeting. * * * * * * * The undersigned Secretary of the Corporation hereby certifies that the foregoing Amended and Restated Bylaws were adopted by unanimous consent of the directors as of February 22, 1999. /s/ Jeffrey J. Wood -------------------------- Jeffrey J. Wood, Secretary 2.2-23 -----END PRIVACY-ENHANCED MESSAGE-----