Ex99-7 to 2003 Form U5S

EX-99 9 ex99-7.htm 99-7 Ex99-7 to 2003 Form U5S

Ex99-7

BY-LAWS

DATA-TRACK ACCOUNT SERVICES, INC.

ARTICLE I
OFFICES

Section 1. Principal Office. The principal office of the corporation shall be in
the City of Buffalo, State of New York.

Section 2. Other Offices. The corporation may have such other offices and
places of business, within or without the State of New York, as may be determined by the Directors.

ARTICLE II
SHAREHOLDERS

Section 1. Place of Meetings of the shareholders may be held at such place or
places, within or without the State of New York, as shall be fixed by the Directors and stated in the
notice of the meeting.

Section 2. Annual Meeting. The annual meeting of shareholders for the election
of Directors and the transaction of such other business as may properly come before the meeting shall be
held at 10:00 a.m., or as soon thereafter as the presiding officer may conveniently direct, on the third
Thursday of February in each year (if not a legal holiday, and if a legal holiday, then at the same hour
on the next succeeding business day) or on such other business day as the Board of Directors may fix.

Section 3. Notice of Annual Meeting. Written notice of the annual meeting
shall be given to each shareholder entitled to vote, at least ten (10) days but no more than fifty (50)
days prior to the meeting.

Section 4. Special Meetings. Special meetings of the shareholders for any
purpose or purposes may be called by the President or Board of Directors and must be called by the
President or Secretary upon receipt by either of them of the written request of the holders of
twenty-five (25) percent of the stock then outstanding and entitled to vote.

Section 5. Notice of Special Meeting. Written notice of a special meeting,
stating the time, place and purpose or purposes thereof, shall be given to each shareholder entitled to
vote, at least ten (10) days out no more than fifty (50) days prior to the meeting. The notice shall
also set forth at whose direction it is being issued.

Section 6. Quorum. At any meeting of the shareholders, the holders of record of
a majority of the shares of stock then entitled to vote, shall constitute a quorum for all purposes,
except as otherwise provided by law or the Certificate of Incorporation.

Section 7. Voting. Except as may be otherwise provided by the Certificate of
Incorporation, at each meeting of the shareholders, every holder of stock then entitled to vote may vote
in person or by proxy, and shall have one vote for each share of stock registered in his name.

Section 8. Adjourned Meetings. Any meeting of shareholders may be
adjourned to a designated time and place by a vote of a majority in interest of the shareholders present
in person or by proxy and entitled to vote, even though less than a quorum is so present. No notice of
such an adjourned meeting need be given, other than by announcement at the meeting, and any business may
be transacted which might have been transacted at the meeting as originally called.

Section 9. Action by Written Consent of Shareholders. Whenever by any provision
of statute or of the Certificate of Incorporation or of these By-Laws, shareholders are required or
permitted to take any action by vote, such action may be taken without a meeting on written consent
setting forth the action so taken, signed by the holders of all outstanding shares entitled to vote
thereon.

Section 10. Appraisal Rights. If, at any meeting, action is proposed to be taken
which would, if taken, entitle shareholders to receive payment for shares, the notice of such meeting
shall include a statement of that purpose and to that effect.

ARTICLE III
DIRECTORS

Section 1. Number. The number of directors of the corporation shall be no less
than two (2), who shall hold office for the term of one year and/or until their successors are elected
and qualify. The number of Directors may be increased or decreased from time to time by amendment to
these By-Laws made by a majority of the Board of Directors or by the shareholders. Directors need not
be shareholders.

Section 2. Powers. The Board of Directors may adopt such rules and regulations
for the conduct of business of its meetings, the exercise of its powers and the management of the
affairs of the corporation, as it may deem proper, not inconsistent with the laws of the State of New
York, the Articles and/or Certificate of Incorporation or these By-Laws.

In addition to the powers and authorities by these By-Laws expressly conferred upon
it, the Board of Directors may exercise all such powers of the corporation and do such lawful acts and
things as are not by statute or by the Articles and/or Certificate of Incorporation or by these By-Laws
directed or required to be exercised or done by the shareholders.

Section 3. Meeting, Quorum, Meeting by Telephone, Action Without Meeting.
Meetings of the Board of Directors may be held at any place, either within or outside the State of New
York provided a quorum be in attendance. Except as may be otherwise provided by the Certificate of
Incorporation or by the corporate laws of the State of New York, a majority of the Directors in office
shall constitute a quorum at any meeting of the Board and the vote of a majority of a quorum of
Directors shall constitute the act of the Board.

The Board of Directors may hold an annual meeting, without notice, immediately after
the annual meeting of shareholders. Regular meetings of the Board of Directors may be held without
notice at such time and at such place as shall from time to time be determined by the Board of
Directors. The Chairman of the Board (if any) or the President or Secretary may call, and at the
request of any two Directors, must call a special meeting of the Board of Directors by appropriate
notice. Five days' notice is required when given by mail, or two days' notice is required when given
personally or by telegraph or cable to each Director.

Any one or more members of the Board of Directors or any Committee thereof may
participate in a meeting of such Board or any Committee by means of a conference telephone or similar
communication equipment allowing all persons participating in the meeting to hear each other at the same
time. Participation by such means shall constitute presence in person at a meeting.

Any action required or permitted to be taken by the Board of Directors or any
Committee thereof may be taken without a meeting if all members of the Board or the Committee consent in
writing to the adoption of a resolution authorizing the action. The resolution and the written consents
thereto by the members of the Board or Committee shall be filed with the minutes of the proceedings of
the Board or Committee.

Section 4. Resignation, Vacancies, Removal. Any Director may resign at any
time by giving written notice to the President or the Secretary. Such resignation shall take effect at
the time stated therein. Except as otherwise provided in the Articles and/or Certificate of
Incorporation or in the following paragraph, vacancies occurring in the membership of the Board of
Directors, from whatever cause arising, may be filled by a majority vote of the remaining Directors,
though less than a quorum.

Any one or more of the Directors may be removed for cause by action of the Board of
Directors taken by a vote of a majority of all Directors then in office at any regular or special
meeting of the Board.

Section 5. Committees. The Board of Directors, by resolution adopted by
a majority of the entire Board, may designate from its members an Executive Committee or other committee
or committees, each consisting of three or more members, and each of which shall have such powers and
authority (to the extent permitted by law) as may be provided in said resolution.

Section 6. Compensation. Directors, as such, shall not receive any stated
salary for their services, but by resolution of he Board of Directors a fixed fee and expenses of
attendance, if any, may be allowed for attendance at each regular or special meeting of the Board or of
any committee of the Board, provided that nothing herein contained shall be construed to preclude any
Director from serving the corporation in any other capacity and receiving compensation therefor.

ARTICLE IV
OFFICERS

Section 1. Executive Officers. The executive officers of the
corporation shall be a President, one or more Vice-Presidents, a Treasurer and a Secretary, all of whom
shall be elected annually by the Directors and shall hold office for such term as may be prescribed by
the Board. All vacancies occurring among any of the offices may be filled by the Board of Directors or,
in its discretion, the Board may leave unfilled at its pleasure any of the foregoing offices except the
offices of President, Treasurer and Secretary. Any officer may be removed at any time with or without
cause by the Board of Directors.

Section 2. Other Officers. The Board of Directors may appoint such other
officers and agents with such powers and duties as it shall deem necessary.

Section 3. The President. The President, shall be a member of the Board of
Directors, shall, in the absence or non-election of a Chairman of the Board, preside at all meetings of
the shareholders and directors and perform such other duties as from time to time may be assigned to him
by the Board of Directors. In the absence of the Chairman of the Board, or in the event that there is a
vacancy in the office of the Chairman, the President shall be the Chief Executive Officer of the
corporation and shall perform all of the duties of the Chairman of the Board as well as those of
President.

Section 4. The Vice-President. The Vice-President, or if there be
more than one, the Vice-Presidents (who may have such designations, if any, as the Board of Directors
may determine), in the order of their seniority or in any other order determined by the Board shall, in
the absence or disability of the President, exercise the powers and perform the duties of the President,
and each Vice-President shall exercise such other powers and perform such other duties as may be
prescribed by the President or the Board.

Section 5. The Treasurer. The Treasurer shall have custody of all funds,
securities and other valuable effects of the corporation; he shall receive and give receipts and
acquittances for moneys paid in on account of the corporation; he shall deposit all moneys and other
valuable effects in the name and to the credit of the corporation in such depositories as may be
designated by the Board of Directors; he shall pay out of the funds on hand all bills, payrolls and
other just debts of the corporation, of whatever nature, upon maturity; he shall enter regularly in
books to be kept by him for that purpose, full and accurate accounts of all moneys received and paid out
by him on account of the corporation, and he shall perform all other duties incident to the office of
Treasurer and as may be prescribed by the Board.

Section 6. The Secretary. The Secretary shall keep the minutes of all
proceedings of the Board of Directors and of the shareholders; he shall attend to the giving and serving
of all notices to the shareholders and Directors or other notice required by law or by these By-Laws; he
shall affix the seal of the corporation to deeds, contracts and other instruments in writing requiring a
seal, when duly signed on behalf of the corporation; he shall have charge of the certificate books and
stock books and such other books and papers as the Board may direct, and he shall perform all other
duties incident to the office of Secretary as the Board may prescribe.

ARTICLE V
CAPITAL STOCK

Section 1. Form and Execution of Certificates. Certificates of stock shall be in
such form as required by the laws of the State of New York and as shall be adopted by the Board of
Directors. They shall be numbered and registered in the order issued; shall be signed by the President
or a Vice-President and by the Secretary or the Treasurer and shall be sealed with the corporate seal or
a facsimile thereof. When such a certificate is countersigned by a transfer agent or registered by a
registrar, the signatures of any such officers may be facsimile.

Section 2. Transfer. Transfer of shares shall be made only upon the
books of the corporation by the registered holder in person or by attorney, duly authorized, and upon
surrender of the certificate or certificates for such shares duly endorsed or accompanied by proper
evidence of succession, assignment or authority to transfer. A record shall be made of each transfer,
and whenever a transfer shall be made for collateral security, and not absolutely, it shall be so
expressed in the entry of the transfer on the record of shareholders of the corporation.

Section 3. Lost or Destroyed Certificates. The holder of any certificate
representing shares of stock of the corporation may notify the corporation of any loss, theft or
destruction thereof, and the Board of Directors may thereupon, in its discretion, cause a new
certificate for the same number of shares, to be issued to such holder upon satisfactory proof of such
loss, theft or destruction, and the deposit of indemnity by way of bond or otherwise, in such form and
amount and with such surety or sureties as the Board of Directors may require, to indemnify the
corporation against loss or liability by reason of the issuance of such new certificates.

Section 4. Record Date. In lieu of closing the books of the
corporation, the Board of Directors may fix in advance a date, not exceeding fifty days nor less than
ten days, as the record date for the determination of shareholders entitled to receive notice of, or to
vote at, any meeting of shareholders, or to consent to any proposal without a meeting, or for the
purpose of determining shareholders entitled to receive payment of any dividends, or allotment of any
rights, or for the purpose of any other action.

ARTICLE VI
MISCELLANEOUS

Section 1. Dividends. Subject to the applicable provisions of the
Articles and/or Certificate of Incorporation, the Board of Directors may declare dividends from time to
time upon the capital stock of the corporation from the surplus or net profits available therefor.

Section 2. Fiscal Year. The fiscal year of the corporation shall begin on
the 1st day of October in each calendar year and end on the 30th day of September of the next succeeding
calendar year.

Section 3. Checks, Notes, etc. Checks, notes, drafts, bills of
exchange and orders for the payment of money shall be signed or endorsed in such manner as shall be
determined by the Board of Directors.

The funds of the corporation shall be deposited in such bank or trust company, and
checks drawn against such funds shall be signed in such manner, as may be determined from time to time
by the Board of Directors.

Section 4. Notice and Waiver of Notice. Any notice required to be given
under these By-Laws may be waived by the person entitled thereto, in writing, by telegram, cable or
radiogram, and the presence of any person at a meeting shall constitute waiver of notice thereof as to
such person.

Whenever any notice is required by these By-Laws to be given, personal notice is not
meant unless expressly so stated; and any notice so required shall be deemed to be sufficient if given
by depositing it in a post office or post box in a sealed postpaid wrapper, addressed to such
shareholder, officer or director, at such address as appears on the books of the corporation, and such
notice shall be deemed to have been given on the day of such deposit.

ARTICLE VII
INDEMNIFICATION AND INSURANCE

Section 1. Indemnification. Any person made a party to an action or proceeding,
by reason of the fact that he, his testator or intestate, is or was a director or officer of the
corporation, or of any other corporation, domestic or foreign, which he, his testator or intestate
served in any capacity at the request of the corporation, shall be indemnified by the corporation
against the expenses (including attorney's fees, judgments, fines and amounts paid in settlement)
actually incurred by him as a result of such action or proceeding, or any appeal therein, to the full
extent permissible.

Section 2. Insurance. The corporation may purchase and maintain insurance
to indemnify the corporation and the directors and officers to the extent permitted.

ARTICLE VIII
AMENDMENTS

Section 1. As provided in the Articles of the Company, authority to make, alter,
amend and repeal the By-Laws of the Company is expressly vested in the Board of Directors, subject to
the power of the shareholders to change or repeal such By-Laws.