BY-LAWS
OF
(A Mississippi Nonprofi Corporaiion)
ARTICLE OFFICES
SECTION Principal Office . The principal ofce of ihe corporaiion in
ihe Siaie of Mississippi shall be locaied in ihe Ciiy of , Couniy
of . The corporaiion may have such oiher ofces, eiiher
wiihin or wiihoui ihe Siaie of Mississippi, as ihe board of direciors may
designaie or as ihe business of ihe corporaiion may require from iime io
iime.
SECTION Registered Office . The corporaiion shall coniinuously
mainiain in ihe Siaie of Mississippi a regisiered ofce ihai may be ihe same
as iis principal ofce, and a regisiered ageni as required by ihe Mississippi
Nonprofi Corporaiion Aci. The address of ihe regisiered ofce may be
changed from iime io iime by ihe board of direciors.
ARTICLE MEMBERS
SECTION Election of Members . The corporaiion may admii any
individual as a member. An afrmaiive voie of a majoriiy of ihe direciors
shall be required for admission. Oiher requiremenis for admission may be
sei forih in a resoluiion adopied by ihe direciors. No person shall be
admiiied as a member wiihoui his or her conseni. Excepi as provided in ihe
ariicles of incorporaiion or by - laws, ihe corporaiion may admii members for
no consideraiion or for such consideraiion as is deiermined by ihe board of
direciors.
SECTION Rights and Obligations of Members . Unless ihe ariicles
of incorporaiion or by - laws provide oiherwise, each member is eniiiled io
one (1) voie on each maiier voied on by ihe members. All members shall
have ihe same righis and obligaiions wiih respeci io voiing, dissoluiion,
redempiion and iransfer, unless ihe ariicles of incorporaiion or ihese
by - laws esiablish classes of membership wiih difereni righis or obligaiions.
All members shall have ihe same righis and obligaiions wiih respeci io any
oiher maiiers, excepi as sei forih and auihorized by ihe ariicles of
incorporaiion or ihese by - laws.
SECTION Transfer of Membership . Excepi as sei forih or
auihorized by ihe ariicles of incorporaiion or ihese by - laws, no member of
ihe corporaiion may iransfer a membership or any righi arising iherefrom.
SECTION Dues, Assessments or Fees . A member may become
liable io ihe corporaiion for dues, assessmenis or fees; provided, however,
ihai an ariicle or by - law provision or a resoluiion adopied by ihe board
auihorized or imposing dues, assessmenis or fees does noi, of iiself, creaie
liabiliiy.
SECTION Resignation of Member . A member may resign ai any
iime by fling a written resignation wiih any corporaie ofcer. The
resignaiion of a member does noi relieve ihe member from any obligaiions
ihe member may have io ihe corporaiion.
SECTION Termination of Membership . No member may be
expelled or suspended, and no membership or memberships may be
ierminaied or suspended excepi pursuani io ihe procedure provided herein
carried oui in good faiih. The afecied member musi receive noi less ihan
_____________ ( ) days' prior wriiien noiice of ihe expulsion, suspension or
ierminaiion and ihe reasons iherefor and an opporiuniiy io be heard, orally
or in wriiing, noi less ihan fve days before ihe efeciive daie of ihe
expulsion, suspension or ierminaiion by ihe board or a person or persons
auihorized by ihe board io decide ihai ihe proposed expulsion, ierminaiion
or suspension noi iake place. Any wriiien noiice given by mail musi be
given by frsi-class or ceriifed mail seni io ihe lasi address of ihe member
shown on ihe corporaiion's records. Any proceeding challenging an
expulsion, suspension or ierminaiion, including a proceeding in which
defeciive noiice is alleged, musi be commenced wiihin ____ (1) year afier
ihe efeciive daie of ihe expulsion, suspension or ierminaiion. A member
who has been expelled or suspended may be liable io ihe corporaiion for
dues, assessmenis or fees.
SECTION Repurchase of Memberships . The corporaiion may
purchase ihe membership of a member who resigns or whose membership
is ierminaied for ihe amouni and pursuani io ihe condiiions auihorized by
ihe board of direciors. No paymeni shall be made in violaiion of applicable
law.
ARTICLE MEETINGS OF MEMBERS
SECTION Annual Meeting . The annual meeiing of ihe members
shall be held on ihe _____ (number) ___________ (day of week) in ihe monih
of _______________, in each year, beginning wiih ihe year , ai
ihe hour of ___________ p.m., or such oiher iime and daie as may be
deiermined by ihe direciors, for ihe purpose of eleciing direciors and for ihe
iransaciion of such oiher business as may properly come before ihe
meeiing. Ai ihe annual meeiing, ihe execuiive secreiary shall repori on ihe
aciiviiies and fnancial condiiion of ihe corporaiion and ihe members shall
consider and aci upon such oiher maiiers as may be raised consisieni wiih
ihese by - laws. If ihe day fxed for ihe annual meeiing shall be a legal
holiday in ihe Siaie of Mississippi, such meeiing shall be held on ihe nexi
succeeding business day.
If ihe eleciion of direciors shall noi be held on ihe day
designaied herein for any annual meeiing of ihe members, or ai any
adjournmeni ihereof, ihe board of direciors shall cause ihe eleciion io be
held ai a special meeiing of ihe members as soon ihereafier as
convenienily may be. The failure io hold an annual meeiing ai ihe iime
siaied in or fxed in accordance wiih ihe corporaiion's by - laws does noi
afeci ihe validiiy of any corporaie aciion.
SECTION Special Meetings . The corporaiion shall hold a special
meeiing of members on call of iis board of direciors, ihe execuiive
secreiary, or if ihe holders of ai leasi ______ ( %) perceni of ihe voiing
power sign, daie and deliver io any corporaie ofcer one or more wriiien
demands for ihe meeiing describing ihe purpose or purposes for which ii is
io be held. The close of business on ihe _____ day before delivery of ihe
demand for a special meeiing io any corporaie ofcer is ihe record daie for
ihe purpose of deiermining wheiher ihe ______ ( %) perceni requiremeni
of ihis seciion has been mei. If noiice for a special meeiing demanded
under ihis seciion is noi given pursuani io ihese by - laws wiihin _________ (
) days afier ihe daie ihe wriiien demand or demands are delivered io a
corporaie ofcer, regardless of any oiher requiremenis of Ariicle III, Seciion
3, of ihese by - laws, a person signing ihe demand or demands may sei ihe
iime and place of ihe meeiing and give noiice pursuani io Ariicle III, Seciion
4.
SECTION Place of Meeting . The board of direciors may designaie
any place, eiiher in or oui of ihe Siaie of Mississippi, for any annual meeiing
or for any special meeiing of members. A valid waiver of noiice signed by
all members eniiiled io noiice may designaie any place, eiiher in or oui of
ihe Siaie of Mississippi, as ihe place for any annual meeiing or for any
special meeiing of members. Unless ihe noiice of ihe meeiing siaies
oiherwise, members' meeiings shall be held ai ihe corporaiion's principal
ofce.
SECTION Notice of Meeting . The corporaiion shall noiify iis
members of ihe place, daie and iime of each annual and special meeiing of
members no fewer ihan _________ ( ) (or if noiice is mailed by oiher ihan
frsi-class or regisiered mail, _________ ( ) nor more ihan ______
( ) days before ihe meeiing daie. Unless applicable law or ihe ariicles of
incorporaiion require oiherwise, ihe corporaiion shall give noiice only io
members eniiiled io voie ai ihe meeiing.
Noiice of an annual meeiing musi include a descripiion of ihe
maiier or maiiers which musi be approved by ihe members if such noiice is
required by applicable law. Noiice of a special meeiing musi include a
descripiion of ihe maiier or maiiers for which ihe meeiing is called. Only
ihose maiiers ihai are wiihin ihe purpose or purposes described in ihe
meeiing noiice may be conducied ai a special meeiing of members.
Unless ihese by - laws require oiherwise, if an annual or special
meeiing of members is adjourned io a difereni daie, iime or place, noiice
need noi be given of ihe new daie, iime or place if ihe new daie, iime or
place is announced ai ihe meeiing before adjournmeni. If a new record
daie for ihe adjourned meeiing is or musi be fxed under applicable law or
Ariicle III, Seciion 5, of ihese by - laws, however, noiice of ihe adjourned
meeiing musi be given under ihis seciion io ihe members of record as of
ihe new record daie.
When giving noiice of an annual or special meeiing of members,
ihe corporaiion shall give noiice of a maiier a member iniends io raise ai
ihe meeiing if: requesied in wriiing io do so by a person eniiiled io call a
special meeiing; and ihe requesi is received by ihe execuiive secreiary of
ihe corporaiion ai leasi _____ ( ) days before ihe corporaiion gives noiice
of ihe meeiing.
SECTION Closing of Transfer Books or Fixing of Record Date .
The board of direciors of ihe corporaiion may fx a daie as ihe record daie
for deiermining ihe members eniiiled io noiice of a members' meeiing, io
voie ai a members' meeiing, or io exercise any righis in respeci of any
oiher lawful aciion. A record daie may noi be more ihan __________ ( )
days before ihe meeiing or aciion requiring a deierminaiion of members
occurs. If no such record daie is fxed, members ai ihe close of business on
ihe business day preceding ihe day on which ihe meeiing is held, are
eniiiled io noiice of ihe meeiing; members on ihe daie of ihe meeiing who
are oiherwise eligible io voie are eniiiled io voie ai ihe meeiing; and
members ai ihe close of business on ihe day on which ihe board adopis ihe
resoluiion io ihe exercise of any righis in respeci of any oiher lawful aciion,
or ihe _____
( ) day prior io ihe daie of such oiher aciion, whichever is laier, are
eniiiled io exercise such righis. A deierminaiion of members eniiiled io
noiice of or io voie ai a membership meeiing is efeciive for any
adjournmeni of ihe meeiing unless ihe board of direciors fxes a new daie
for deiermining ihe righi io noiice or ihe righi io voie, which ii musi do if
ihe meeiing is adjourned io a daie more ihan _________ ( ) days afier
ihe record daie for deiermining members eniiiled io noiice of ihe original
meeiing.
SECTION Voting Lists . Afier fxing a record daie for a noiice of a
meeiing, ihe corporaiion shall prepare an alphabeiical lisi of ihe names of
all iis members who are eniiiled io noiice of ihe meeiing. The lisi musi
show ihe address and number of voies each member is eniiiled io voie ai
ihe meeiing.
The lisi of members musi be available for inspeciion by any
member for ihe purpose of communicaiion wiih oiher members concerning
ihe meeiing, beginning ______ ( ) business days afier noiice is given of
ihe meeiing for which ihe lisi was prepared and coniinuing ihrough ihe
meeiing, ai ihe corporaiion's principal ofce or ai a reasonable place
ideniifed in ihe meeiing noiice in ihe ciiy where ihe meeiing will be held. A
member, a member's ageni, or his aiiorney is eniiiled, on wriiien demand,
io inspeci and, subjeci io ihe requiremenis of applicable law, io copy ihe lisi
ai a reasonable iime and ai ihe member's expense, during ihe period ii is
available for inspeciion. The corporaiion shall make ihe lisi of members
available ai ihe meeiing, and any member, a member's ageni, or his
aiiorney is eniiiled io inspeci ihe lisi ai any iime during ihe meeiing or any
adjournmeni.
SECTION Quorum . Unless applicable law, ihe ariicles of
incorporaiion or ihese by - laws provide for a higher or lower quorum,
________________ ( %) of ihe voies eniiiled io be casi on a maiier musi
be represenied ai a meeiing of members io consiiiuie a quorum on ihai
maiier. Unless one-ihird or more of ihe voiing power is preseni in person or
by proxy, ihe only maiiers ihai may be voied upon ai an annual meeiing of
members are ihose maiiers ihai are described in ihe meeiing noiice. If less
ihan a majoriiy of ihe ouisianding shares are represenied ai a meeiing, a
majoriiy of ihe shares so represenied may adjourn ihe meeiing from iime io
iime wiihoui furiher noiice excepi as may be required by Ariicle III, Seciion
4, of ihese by - laws or by applicable law. Ai such adjourned meeiing ai
which a quorum shall be preseni or represenied, any business may be
iransacied which mighi have been iransacied ai ihe meeiing as originally
noiiced.
SECTION Proxies . Unless ihe ariicles of incorporaiion or ihese
by - laws prohibii or limii proxy voiing, a member may appoini a proxy io
voie or oiherwise aci for ihe member by signing an appoinimeni form eiiher
personally or by an aiiorney-in-faci. An appointment of a proxy is
efeciive when received by ihe secreiary or oiher ofcer or ageni auihorized
io iabulaie voies. An appoinimeni is valid for _______ ( ) monihs unless a
difereni period is expressly provided in ihe appoinimeni form; provided,
ihai no proxy shall be valid for more ihan ihree years from iis daie of
execuiion. An appoinimeni of a proxy is revocable by ihe member.
The deaih or incapaciiy of ihe member appoiniing a proxy does
noi afeci ihe righi of ihe corporaiion io accepi ihe proxy's auihoriiy unless
noiice of ihe deaih or incapaciiy is received by ihe secreiary or oiher ofcer
or ageni auihorized io iabulaie voies before ihe proxy exercises auihoriiy
under ihe appoinimeni. Appoinimeni of a proxy is revoked by ihe person
appoiniing ihe proxy aiiending any meeiing and voiing in person; or
signing and delivering io ihe secreiary or oiher ofcer or ageni auihorized
io iabulaie proxy voies eiiher a wriiing siaiing ihai ihe appoinimeni of ihe
proxy is revoked or a subsequeni appoinimeni form.
Subjeci io applicable law and any express limiiaiion on ihe
proxy's auihoriiy appearing on ihe face of ihe appoinimeni form, ihe
corporaiion is eniiiled io accepi ihe proxy's voie or oiher aciion as ihai of
ihe member making ihe appoinimeni.
SECTION Voting of Members . Excepi as provided below or unless
ihe ariicles of incorporaiion or ihese by - laws provide oiherwise, each
member is eniiiled io one voie on each maiier voied on by ihe members.
Unless applicable law, ihe ariicles of incorporaiion or ihese by - laws require
a greaier voie, if a quorum is preseni, ihe afrmaiive voie of ihe voies
represenied and voiing (which afrmaiive voies also consiiiuie a majoriiy of
ihe required quorum) is ihe aci of ihe members. Unless oiherwise provided
in ihe ariicles of incorporaiion or ihese by - laws, direciors are elecied by a
pluraliiy of ihe voies casi by ihe members eniiiled io voie in ihe eleciion ai
a meeiing ai which a quorum is preseni.
SECTION Informal Action by Shareholders; Ballots .
Unless limiied or prohibiied by ihe ariicles of incorporaiion or
ihese by - laws, aciion required or permiiied by applicable law io be
approved by ihe members may be approved wiihoui a meeiing of members
if ihe aciion is approved by members holding ai leasi ___________
( %) of ihe voiing power. The aciion musi be evidenced by one or more
consenis describing ihe aciion iaken, signed by ihose members
represeniing ai leasi _________ ( %) of ihe voiing power, and delivered io
ihe corporaiion for inclusion in ihe minuies or fling wiih ihe corporaie
records. If noi oiherwise deiermined under applicable law, ihe record daie
for deiermining members eniiiled io iake aciion wiihoui a meeiing is ihe
daie ihe frsi member signed such conseni. A conseni signed under ihis
seciion has ihe efeci of a meeiing voie and may be described as such in
any documeni fled wiih ihe Secreiary of Siaie. Wriiien noiice of member
approval pursuani io ihis seciion shall be given io all members who have
noi signed ihe wriiien conseni. If wriiien noiice is required, member
approval pursuani io ihis seciion shall be efeciive _________ ( ) days afier
such wriiien noiice is given.
Excepi as provided below and unless prohibiied or limiied by
ihe ariicles of incorporaiion or ihese by - laws, any aciion which may be
iaken ai any annual or special meeiing of members may be iaken wiihoui a
meeiing if ihe corporaiion delivers a wriiien balloi io every member eniiiled
io voie on ihe maiier. The wriiien balloi shall sei forih each proposed
aciion; and provide an opporiuniiy io voie for or againsi each proposed
aciion. Approval by wriiien balloi pursuani io ihis seciion shall be valid only
when ihe number of voies casi by balloi equals or exceeds ihe quorum
required io be preseni ai a meeiing auihorizing ihe aciion, and ihe number
of approvals equals or exceeds ihe number of voies ihai would be required
io approve ihe maiier ai a meeiing ai which ihe ioial number of voies casi
was ihe same as ihe number of voies casi by balloi. All soliciiaiions for
voies by wriiien balloi shall indicaie ihe number of responses needed io
meei ihe quorum requiremenis; siaie ihe perceniage of approvals
necessary io approve each maiier oiher ihan eleciion of direciors; and
specify ihe iime by which a balloi musi be received by ihe corporaiion in
order io be counied. Excepi as oiherwise provided in ihe ariicles of
incorporaiion or ihese by - laws, a wriiien balloi may noi be revoked.
SECTION Corporation's Acceptance of Votes . If ihe name signed
on a voie, conseni, waiver or proxy appoinimeni corresponds io ihe name
of a member, ihe corporaiion, if aciing in good faiih, is eniiiled io accepi ihe
voie, conseni, waiver or proxy appoinimeni and give ii efeci as ihe aci of
ihe member.
If ihe name signed on a voie, conseni, waiver or proxy
appoinimeni does noi correspond io ihe name of a member, ihe
corporaiion, if aciing in good faiih, is neveriheless eniiiled io accepi ihe
voie, conseni, waiver or proxy appoinimeni and give ii efeci as ihe aci of
ihe member if ihe name signed purporis io be ihai of an adminisiraior,
execuior, guardian or conservaior represeniing ihe member, and, if ihe
corporaiion requesis, evidence of fduciary siaius accepiable io ihe
corporaiion has been presenied wiih respeci io ihe voie, conseni, wavier or
proxy appoinimeni; ihe name signed purporis io be ihai of a receiver or
irusiee in bankrupicy of ihe member, and, if ihe corporaiion requesis,
evidence of ihis siaius accepiable io ihe corporaiion has been presenied
wiih respeci io ihe voie, conseni, waiver or proxy appoinimeni; ihe name
signed purporis io be ihai of a pledgee, benefcial owner or aiiorney-in-faci
of ihe member, and, if ihe corporaiion requesis, evidence accepiable io ihe
corporaiion of ihe signaiory's auihoriiy io sign for ihe member has been
presenied wiih respeci io ihe voie, conseni, waiver or proxy appoinimeni;
or iwo or more persons hold ihe membership as coienanis or fduciaries,
and ihe name signed purporis io be ihe name of ai leasi one of ihe
co - holders and ihe person signing appears io be aciing on behalf of ihe
co - owners. Unless ihe ariicles of incorporaiion provide oiherwise, if a
membership siands of record in ihe names of iwo or more persons, iheir
acis wiih respeci io voiing shall have ihe following efeci: if only one voies,
such aci binds all, and if more ihan one voies, ihe voie shall be divided on
a pro - raia basis.
The corporaiion is eniiiled io rejeci a voie, conseni, waiver or proxy
appoinimeni if ihe secreiary or oiher ofcer or ageni auihorized io iabulaie
voies, aciing in good faiih, has reasonable basis for doubi aboui ihe validiiy
of ihe signaiure on ii or aboui ihe signaiory's auihoriiy io sign for ihe
member.
ARTICLE BOARD OF DIRECTORS
SECTION General Powers . Excepi as provided by applicable law or
in ihe ariicles of incorporaiion, all corporaie powers shall be exercised by or
under ihe auihoriiy of, and ihe afairs of ihe corporaiion managed under ihe
direciion of, iis board of direciors.
SECTION Number, Election, Tenure and Qualifcations . The
number of direciors of ihe corporaiion shall be noi less ihan iwo (2) nor
more ihan ien (10). All ihe direciors (excepi ihe iniiial direciors) shall be
elecied ai ihe frsi annual meeiing of members, and ai each annual meeiing
ihereafier, unless ihe ariicles of incorporaiion or by - laws provide some
oiher iime or meihod of eleciion or provide ihai some of ihe direciors are
appoinied by some oiher person or designaied. The ierms of ihe iniiial
direciors of ihe corporaiion expire ai ihe frsi annual members' meeiing ai
which direciors are elecied. In ihe absence of any ierm specifed in ihe
ariicles, ihe ierm of each direcior shall be one year. A decrease in ihe
number of direciors or ierm of ofces does noi shorien an incumbeni
direcior's ierm. Excepi as oiherwise provided in ihe ariicles of incorporaiion
or ihese by - laws, ihe ierm of a direcior flling a vacancy in ihe ofce of a
direcior elecied by members expires ai ihe nexi eleciion of direciors by
members, and ihe ierm of a direcior flling any oiher vacancy expires ai ihe
end of ihe unexpired ierm which such direcior is flling. Despiie ihe
expiraiion of a direcior's ierm, ihe direcior coniinues io serve uniil ihe
direcior's successor is elecied, designaied or appoinied and qualifes, or
uniil ihere is a decrease in ihe number of direciors. A direcior musi be an
individual.
SECTION Resignation of Directors; Removal of Directors by
Members . A direcior may resign ai any iime by delivering wriiien noiice io
ihe board of direciors, iis presiding ofcer or io ihe secreiary. A resignaiion
is efeciive when ihe noiice is efeciive unless ihe noiice specifes a laier
efeciive daie. If a resignaiion is made efeciive ai a laier daie, ihe board of
direciors may fll ihe pending vacancy before ihe efeciive daie if ihe board
of direciors provides ihai ihe successor does noi iake ofce uniil ihe
efeciive daie.
The members may remove one or more direciors elecied by
ihem wiihoui cause. A direcior may be removed as provided above only if
ihe number of voies casi io remove ihe direcior would be sufcieni io eleci
ihe direcior ai a meeiing io eleci direciors. A direcior elecied by members
may be removed by ihe members only ai a meeiing called for ihe purpose
of removing ihe direcior, and ihe meeiing noiice musi siaie ihai ihe
purpose, or one of ihe purposes, of ihe meeiing is removal of ihe direcior.
An eniire board of direciors may be removed under ihis seciion.
The board of direciors of a corporaiion may remove a direcior
wiihoui cause who has been elecied by ihe board by ihe voie of iwo-ihirds
of ihe direciors ihen in ofce or such greaier number as is sei forih in ihe
ariicles of incorporaiion or ihese by - laws.
If ai ihe beginning of a direcior's ierm on ihe board, ihe ariicles
of incorporaiion of ihese by - laws provide ihai ihe direcior may be removed
for missing a specifed number of board meeiings, ihe board may remove
ihe direcior for failing io aiiend ihe specifed number of meeiings. The
direcior may be removed only if a majoriiy of ihe direciors ihen in ofce
voie for ihe removal.
Excepi as oiherwise provided in ihe ariicles of incorporaiion or
ihese by - laws, an appoinied direcior may be removed wiihoui cause by ihe
person appoiniing ihe direcior. The person removing ihe direcior shall do
so by giving wriiien noiice of ihe removal io ihe direcior and eiiher ihe
presiding ofce of ihe board or ihe corporaiion's execuiive secreiary. A
removal is efeciive when ihe noiice is efeciive unless ihe noiice specifes a
fuiure efeciive daie.
SECTION Regular Meetings . Unless ihe ariicles of incorporaiion or
ihese by - laws provide oiherwise, a regular meeiing of ihe board of direciors
shall be held wiihoui oiher noiice ihan ihis by - law immediaiely afier, and ai
ihe same place as, ihe annual meeiing of members.
SECTION Special Meetings . Special meeiings of ihe board of
direcior may be called by or ai ihe requesi of ihe execuiive secreiary or any
iwo direciors. Unless ihe ariicles of incorporaiion or ihese by - laws provide
for a longer or shorier period, special meeiings of ihe board of direciors
musi be preceded by ai leasi iwo days' noiice of ihe daie, iime and place of
ihe meeiing. If no place for ihe meeiing has been designaied in ihe noiice,
ihe meeiing shall be held ai ihe principal ofce of ihe corporaiion. The
noiice need noi describe ihe purpose of ihe special meeiing unless required
by ihe ariicles of incorporaiion or ihese by - laws.
SECTION Place of Meetings . The board of direciors may hold
regular or special meeiings in or oui of ihis siaie.
SECTION Quorum . Excepi as oiherwise provided by applicable law,
ihe ariicles of incorporaiion or ihese by - laws, a quorum of ihe board of
direciors consisis of a majoriiy of ihe direciors in ofce immediaiely before
ihe meeiing begins. If less ihan such number necessary for a quorum is
preseni ai a meeiing, a majoriiy of ihe direciors preseni may adjourn ihe
meeiing from iime io iime wiihoui furiher noiice.
SECTION Manner of Acting . If a quorum is preseni when a voie is
iaken, ihe afrmaiive voie of a majoriiy of direciors preseni is ihe aci of ihe
board of direciors unless applicable law, ihe ariicles of incorporaiion or
ihese by - laws require ihe voie of a greaier number of direciors.
SECTION Action Without a Meeting . Unless ihe ariicles of
incorporaiion or ihese by - laws provide oiherwise, aciion required or
permiiied io be iaken ai a board of direciors' meeiing may be iaken wiihoui
a meeiing if ihe aciion is iaken by all members of ihe board. The aciion
musi be evidenced by one or more wriiien consenis describing ihe aciion
iaken, signed by each direcior, and included in ihe minuies or fled wiih ihe
corporaie records refeciing ihe aciion iaken. Aciion iaken under ihis
seciion is efeciive when ihe lasi direcior signs ihe conseni, unless ihe
conseni specifes a difereni efeciive daie. Such a conseni has ihe efeci of
a meeiing voie and may be descried as such in any documeni.
SECTION Vacancies . Unless ihe ariicles of incorporaiion or ihese
by - laws provide oiherwise, and excepi as provided below, if a vacancy
occurs on ihe board of direciors, including a vacancy resuliing from an
increase in ihe number of direciors, ihe members, if any, may fll ihe
vacancy, ihe board of direciors may fll ihe vacancy, or if ihe direciors
remaining in ofce consiiiuie fewer ihan a quorum of ihe board, ihey may
fll ihe vacancy by ihe afrmaiive voie of a majoriiy of all ihe direciors
remaining in ofce. Unless ihe ariicles of incorporaiion or ihese by - laws
provide oiherwise, if ihe vacani ofce was held by an appoinied direcior,
only ihe person who appoinied ihe direcior may fll ihe vacancy. A vacancy
ihai will occur ai a specifc laier daie (by reason of a resignaiion efeciive ai
a laier daie or oiherwise) may be flled before ihe vacancy occurs, bui ihe
new direcior may noi iake ofce uniil ihe vacancy occurs.
SECTION Compensation . Unless ihe ariicles of incorporaiion or
ihese by - laws provide oiherwise, ihe board of direciors may fx ihe
compensaiion of direciors. By resoluiion of ihe board of direciors, each
direcior may be paid his expenses, if any, of aiiendance ai each meeiing of
ihe board of direciors, and may be paid a siaied salary as a direcior or a
fxed sum for aiiendance ai each meeiing of ihe board of direciors or boih.
No such paymeni shall preclude any direcior from serving ihe corporaiion in
any oiher capaciiy and receiving compensaiion iherefor.
SECTION Executive and Other Committees . Unless prohibiied or
limiied by ihe ariicles of incorporaiion or ihese by - laws, ihe board of
direciors may creaie an execuiive commiiiee and one or more oiher
commiiiees of ihe board and appoini members of ihe board of direciors io
serve on ihem. Each commiiiee shall have iwo or more members who
serve ai ihe pleasure of ihe board of direciors. The creaiion of a commiiiee
and appoinimeni of direciors io ii musi be approved by ihe greaier of: a
majoriiy of all direciors in ofce when ihe aciion is iaken; or ihe number of
direciors required by ihe ariicles of incorporaiion or ihese by - laws io iake
aciion. To ihe exieni specifed by ihe board of direciors or in ihe ariicles of
incorporaiion or ihese by - laws, each commiiiee of ihe board of direciors
may exercise ihe auihoriiy of ihe board of direciors. A commiiiee may noi,
however, auihorize disiribuiions; approve or recommend io members
dissoluiion, merger or ihe sale, pledge or iransfer of all or subsianiially all of
ihe corporaiion's asseis; eleci, appoini or remove direciors or fll vacancies
on ihe board of direciors or on any of iis commiiiees; or adopi, amend, or
repeal ihe ariicles of incorporaiion or by - laws. Provisions of ihese by - laws
governing meeiings, aciion wiihoui meeiings, noiice and waiver of noiice,
and quorum and voiing requiremenis of ihe board of direciors, apply io
commiiiees of ihe board of direcior and iheir members as well.
SECTION Participation by Telephonic or Other Means . Unless
ihe ariicles of incorporaiion or ihese by - laws provide oiherwise, ihe board of
direciors may permii any or all direciors io pariicipaie in a regular or special
meeiing by, or conduci ihe meeiing ihrough ihe use of, any means of
communicaiion by which all direciors pariicipaiing may simulianeously hear
each oiher during ihe meeiing. A direcior pariicipaiing in a meeiing by ihis
means is deemed io be preseni in person ai ihe meeiing.
ARTICLE OFFICERS
SECTION Number . The ofcers of ihe corporaiion shall be an
execuiive secreiary and a ireasurer, each of whom shall be elecied by ihe
board of direciors. Such oiher ofcers, assisiani ofcers and agenis as may
be deemed necessary may be elecied or appoinied by ihe board of
direciors. Any iwo or more ofces may be held by ihe same person.
SECTION Election and Term of Officers . The Ofcers of ihe
corporaiion io be elecied by ihe board of direciors shall be elecied annually
by ihe board of direciors ai ihe regular meeiing of ihe board of direciors. If
ihe eleciion of ofcers shall noi be held ai such meeiing, such eleciion shall
be held as soon ihereafier as convenienily may be. Each ofcer shall
coniinue io serve uniil his successor is elecied and qualifes or uniil his
deaih or uniil he shall resign or shall have been removed in ihe manner
hereinafier provided.
SECTION Resignation or Removal of Officers and Agents .
An ofcer may resign ai any iime by delivering noiice io ihe
corporaiion. A resignaiion is efeciive when ihe noiice is delivered unless
ihe noiice specifes a laier efeciive daie.
The board of direciors may remove any ofcer ai any iime wiih
or wiihoui cause. An ofcer's removal does noi afeci ihe ofcer's coniraci
righis, if any, wiih ihe corporaiion. An ofcer's resignaiion does noi afeci
ihe corporaiion's coniraci righis, if any, wiih ihe ofcer. The appoinimeni of
an ofcer does noi of iiself creaie coniraci righis beiween ihe ofcer and
ihe corporaiion.
SECTION Vacancies . A vacancy in any ofce because of deaih,
resignaiion, removal, disqualifcaiion, or oiherwise, may be flled by ihe
board of direciors for ihe unexpired poriion of ihe ierm. If a resignaiion is
made efeciive ai a laier daie and ihe corporaiion accepis ihe fuiure
efeciive daie, ihe board of direciors may fll ihe pending vacancy before
ihe efeciive daie if ihe board of direciors provides ihai ihe successor does
noi iake ofce uniil ihe efeciive daie.
SECTION Executive Secretary . The execuiive secreiary shall be
ihe principal execuiive ofcer of ihe corporaiion and, subjeci io ihe conirol
of ihe board of direciors, shall have general supervision and conirol of ihe
business and afairs of ihe corporaiion. He shall, when preseni, preside ai
all meeiings of ihe members and of ihe board of direciors. He may sign,
wiih any oiher proper ofcer of ihe corporaiion auihorized by ihe board of
direciors, ceriifcaies for membership in ihe corporaiion, any deeds,
morigages, bonds, coniracis, or oiher insirumenis which ihe board of
direciors has auihorized io be execuied, excepi in cases where ihe signing
and execuiion ihereof shall be expressly delegaied by ihe board of direciors
or by ihese by - laws io some oiher ofcer or ageni of ihe corporaiion, or
shall be required by law io be oiherwise signed or execuied, and in general
he shall perform all duiies incideni io ihe ofce of presideni of a corporaiion
and such oiher duiies as may be prescribed by ihe board of direciors from
iime io iime.
The execuiive secreiary shall also prepare and keep ihe
minuies of ihe direciors' and members' meeiings in one or more books
provided for ihai purpose; see ihai all noiices are duly given in accordance
wiih ihe provisions of ihese by - laws or as required by law; be cusiodian of
ihe corporaie records and of any seal of ihe corporaiion, and see ihai any
such seal of ihe corporaiion is afxed io all documenis ihe execuiion of
which on behalf of ihe corporaiion under iis seal is duly auihorized;
auiheniicaie records of ihe corporaiion; keep a regisier of ihe posi ofce
address of each member which shall be furnished io ihe secreiary by such
member; sign ceriifcaies of membership in ihe corporaiion, ihe issuance of
which shall have been auihorized by resoluiions of ihe board of direciors;
and in general perform all duiies incideni io ihe ofce of secreiary and such
oiher duiies as from iime io iime may be assigned io him by ihe presideni
or by ihe board of direciors.
SECTION Treasurer . The ireasurer shall: have charge and cusiody
of and be responsible for all funds and securiiies of ihe corporaiion; receive
and give receipis for monies due and payable io ihe corporaiion from any
source whaisoever, and deposii all such monies in ihe name of ihe
corporaiion in such banks, irusi companies or oiher deposiiories as shall be
selecied in accordance wiih ihese by - laws; and in general perform all of ihe
duiies incideni io ihe ofce of ireasurer and such oiher duiies as from iime
io iime may be assigned io him by ihe execuiive secreiary or by ihe board
of direciors. If required by ihe board of direciors, ihe ireasurer shall give a
bond for ihe faiihful discharge of his duiies in such sum and wiih such
sureiy or sureiies as ihe board of direciors shall deiermine.
SECTION Compensation . The board of direciors may fx ihe
compensaiion of ihe ofcers. No such paymeni shall preclude any ofcer
from serving ihe corporaiion in any oiher capaciiy and receiving
compensaiion iherefor.
ARTICLE CONTRACTS, LOANS, CHECKS AND DEPOSITS
SECTION Contracts . The board of direciors may auihorize any
ofcer or ofcers, or ageni or agenis, io enier inio any coniraci or execuie
and deliver any insirumeni in ihe name of and on behalf of ihe corporaiion,
and such auihoriiy may be general or confned io specifc insiances.
SECTION Loans of the Corporation; Loans to Officers and
Directors .
No loans shall be coniracied on behalf of ihe corporaiion and
no evidences of indebiedness shall be issued in iis name unless auihorized
by a resoluiion of ihe board of direciors. Such auihoriiy may be general or
confned io specifc insiances.
The corporaiion may noi lend money io or guaraniee ihe
obligaiion of a direcior or ofcer of ihe corporaiion.
SECTION Checks, Drafts, Etc . All checks, drafis or oiher orders for
ihe paymeni of money, noies or oiher evidences of indebiedness issued in
ihe name of ihe corporaiion, shall be signed by such ofcer or ofcers, or
ageni or agenis of ihe corporaiion and in such manner as shall from iime io
iime be deiermined by resoluiion of ihe board of direciors.
SECTION Deposits . All funds of ihe corporaiion noi oiherwise
employed shall be deposiied from iime io iime io ihe credii of ihe
corporaiion in such banks, companies or oiher deposiiories as ihe board of
direciors may seleci.
ARTICLE CERTIFICATES OF MEMBERSHIP
SECTION Certifcates of Membership . The board of direciors may
provide for ihe issuance of ceriifcaies evidencing membership in ihe
corporaiion, which shall be in such form as may be deiermined by ihe board
of direciors. Such ceriifcaies shall be signed (eiiher manually or in
facsimile) by ihe execuiive secreiary or by such oiher ofcers designaied in
ihe by - laws or by ihe board of direciors so io do, and may be sealed wiih
ihe corporaie seal. If ihe person who signed (eiiher manually or in
facsimile) a share ceriifcaie no longer holds ofce when ihe ceriifcaie is
issued, ihe ceriifcaie is neveriheless valid.
All ceriifcaies evidencing membership shall be consecuiively
numbered or oiherwise ideniifed. The name and address of each member
and ihe daie of issuance of ihe ceriifcaie shall be eniered on ihe records of
ihe corporaiion. In ihe case of a losi, desiroyed, or muiilaied ceriifcaie, a
new one may be issued iherefor upon such ierms and condiiions as ihe
board of direciors may prescribe.
SECTION Issuance of Certifcates . When a member has been
elecied io membership and has paid any iniiiaiion fee and dues ihai may
ihen be required, a ceriifcaie of membership shall be issued in his name
and delivered io him by ihe secreiary, if ihe board of direciors shall have
provided for ihe issuance of ceriifcaies of membership under ihe provisions
of Seciion 1 of Ariicle VII.
ARTICLE INDEMNIFICATION
SECTION Right of Indemnity . The corporaiion may indemnify iis
ofcers and direciors io ihe fullesi exieni permiiied under applicable law.
SECTION Right of Corporation to Insure . The corporaiion may
purchase and mainiain insurance on behalf of an individual who is or was a
direcior, ofcer, employee or ageni of ihe corporaiion, or who, while a
direcior, ofcer, employee or ageni of ihe corporaiion, is or was serving ai
ihe requesi of ihe corporaiion as a direcior, ofcer, pariner, irusiee,
employee or ageni of anoiher foreign or domesiic corporaiion, parinership,
joini veniure, irusi, employee benefi plan or oiher enierprise, againsi
liabiliiy asseried againsi or incurred by him in ihai capaciiy or arising from
his siaius as a direcior, ofcer, employee or ageni, wheiher or noi ihe
corporaiion would have power io indemnify him againsi such liabiliiy under
applicable law.
ARTICLE NOTICE
Noiice may be oral or wriiien. Noiice may be communicaied in
person, by ielephone, ielegraph, ielefax, or oiher form of wire or wireless
communicaiion, or by mail or privaie carrier. If ihese forms of personal
noiice are impraciicable, noiice may be communicaied by a newspaper of
general circulaiion in ihe area where published, or by radio, ielevision or
oiher form of public broadcasi communicaiion.
Wriiien noiice, if in a comprehensible form, is efeciive ai ihe earliesi
of ihe following:
When received;
Five days afier iis deposii in ihe Uniied Siaies mail, as
evidenced by ihe posimark, if mailed correcily addressed and
wiih frsi-class posiage afxed;
On ihe daie shown on ihe reiurn receipi, if seni by regisiered or
ceriifed mail, reiurn receipi requesied, and ihe receipi is signed
by or on behalf of ihe addressee;
_____________ ( ) days afier iis deposii in ihe Uniied Siaies
mail, as evidenced by ihe posimark, if mailed correcily
addressed and wiih oiher ihan frsi-class, regisiered or ceriifed
posiage afxed.
Wriiien noiice is correcily addressed io a member if addressed io ihe
member's address shown in ihe corporaiion's curreni lisi of members. Oral
noiice is efeciive when communicaied if communicaied in a
comprehensible manner.
A wriiien noiice or repori delivered as pari of a newsleiier, magazine,
or oiher publicaiion regularly seni io members shall consiiiuie a wriiien
noiice or repori if addressed or delivered io ihe member's address shown in
ihe corporaiion's curreni lisi of members, or in ihe case of members who
are residenis of ihe same household and who have ihe same address in ihe
corporaiion's curreni lisi of members, if addressed or delivered io one of
such members, ai ihe address appearing on ihe curreni lisi of members.
Wriiien noiice is correcily addressed io a domesiic or foreign
corporaiion (auihorized io iransaci business in ihis siaie), oiher ihan in iis
capaciiy as a member, if addressed io iis regisiered ageni or io iis secreiary
ai iis principal ofce shown in iis mosi receni siaius repori or, in ihe case of
a foreign corporaiion ihai has noi yei delivered a siaius repori, in iis
applicaiion for a ceriifcaie of auihoriiy.
If applicable law prescribes noiice requiremenis for pariicular
circumsiances, ihose requiremenis govern. If ihe ariicles of incorporaiion or
ihese by - laws prescribe noiice requiremenis noi inconsisieni wiih ihis
seciion or oiher provisions of applicable law, ihose requiremenis govern.
ARTICLE WAIVER OF NOTICE; ASSENT TO ACTIONS
A member or direcior of ihe corporaiion may waive any noiice
required by applicable law, ihe ariicles of incorporaiion or ihese by - laws,
before or afier ihe daie and iime siaied in ihe noiice. Excepi as provided
below, ihe waiver musi be in wriiing, be signed by ihe member or direcior
eniiiled io ihe noiice, and delivered io ihe corporaiion for inclusion in ihe
minuies or fling wiih ihe corporaie records.
A direcior's aiiendance ai or pariicipaiion in a meeiing waives any
required noiice io him of ihe meeiing unless ihe direcior ai ihe beginning of
ihe meeiing (or prompily upon his arrival) objecis io holding ihe meeiing or
iransaciing business ai ihe meeiing and does noi ihereafier voie for or
asseni io aciion iaken ai ihe meeiing. A member's aiiendance ai a meeiing
waives objeciion io lack of noiice or defeciive noiice of ihe meeiing unless
ihe member ai ihe beginning of ihe meeiing objecis io holding ihe meeiing
or iransaciing business ai ihe meeiing, and waives objeciion io
consideraiion of a pariicular maiier ai ihe meeiing ihai is noi wiihin ihe
purpose or purposes described in ihe meeiing noiice, unless ihe member
objecis io considering ihe maiier when ii is presenied.
A direcior who is preseni ai a meeiing of ihe board of direciors or a
commiiiee of ihe board of direciors when corporaie aciion is iaken is
deemed io have assenied io ihe aciion iaken unless he objecis ai ihe
beginning of ihe meeiing, or prompily upon his arrival, io holding ii or
iransaciing business ai ihe meeiing; his disseni or absieniion from ihe
aciion iaken is eniered in ihe minuies of ihe meeiing; or he delivers wriiien
noiice of his disseni or absieniion io ihe presiding ofcer of ihe meeiing
before iis adjournmeni or io ihe corporaiion immediaiely afier adjournmeni
of ihe meeiing. The righi of disseni or absieniion shall noi be available io a
direcior who voies in favor of ihe aciion iaken.
ARTICLE FISCAL YEAR
The fscal year of ihe corporaiion shall begin on ihe frsi day of
January and end on ihe ihiriy-frsi day of December in each year.
ARTICLE FEES AND DUES
SECTION Initiation Fees and Annual Dues . The board of direciors
may deiermine from iime io iime ihe amouni of ihe iniiiaiion fee, if any,
and ihe annual dues payable io ihe corporaiion by members of each class.
SECTION Payment of Dues . Dues shall be payable in advance on
ihe ienih day of January in each fscal year. Dues of a new member shall be
proraied from ihe frsi day of ihe monih in which such new member is
elecied io membership, for ihe remainder of ihe fscal year of ihe
corporaiion.
SECTION Default and Termination of Membership . When any
member of any class shall be in defauli in ihe paymeni of dues for a period
of ihree monihs from ihe beginning of ihe fscal year or period for which
such dues became payable, his membership may ihereupon be ierminaied
by ihe board of direciors in ihe manner provided in ihese by - laws.
ARTICLE CORPORATE SEAL
The board of direciors may provide a corporaie seal which, if
provided, shall be circular in form and shall have inscribed ihereon ihe
name of ihe corporaiion, ihe siaie of incorporaiion, and ihe words
"Corporaie Seal."
ARTICLE AMENDMENTS
Unless applicable law, ihe ariicles of incorporaiion, ihese by - laws,
ihe members (aciing pursuani io subseciion (b) of ihis seciion), or ihe board
of direciors (aciing pursuani io subseciion (c) of ihis seciion) require a
greaier voie, an amendmeni io ihis corporaiion's by - laws, io be adopied,
musi be approved:
(1) By ihe board if ihe amendmeni does noi relaie io ihe
number of direciors, ihe composiiion of ihe board, ihe
ierm of ofce of direciors, or ihe meihod or way in which
direciors are elecied or selecied; and
(2) By ihe members of iwo-ihirds of ihe voies casi or a
majoriiy of ihe voiing power, whichever is less.
The members may condiiion ihe amendmeni's adopiion on iis
receipi of a higher perceniage of afrmaiive voies or on any oiher basis.
If ihe board iniiiaies an amendmeni io ihe by - laws or board approval
is required by subseciion (a) of ihis seciion io adopi an amendmeni io ihe
by - laws, ihe board may condiiion ihe amendmenis's adopiion on receipi of
a higher perceniage of afrmaiive voies or on any oiher basis.
If ihe board or ihe members seek io have ihe amendmeni approved
by ihe members ai a membership meeiing, ihe corporaiion shall give noiice
io iis members of ihe proposed membership meeiing in wriiing in
accordance wiih Seciion 4 of Ariicle III. The noiice musi also siaie ihai ihe
purpose, or one of ihe purposes, of ihe meeiing is io consider ihe proposed
amendmeni, and coniain or be accompanied by a copy or summary of ihe
amendmeni.
If ihe board or ihe members seek io have ihe amendmeni approved
by ihe members by wriiien conseni or wriiien balloi, ihe maierial soliciiing
ihe approval shall coniain or be accompanied by a copy or summary of ihe
amendmeni.
* * * * *
The foregoing By - Laws of , Inc., coniaining Ariicles I
ihrough XIV, are hereby ceriifed io be a irue copy of ihe By - Laws adopied
by ihe Direciors of Mississippi , efeciive as of ihe _____ day
of ______________, .
Direcior
Direcior
Direcior
