Bylaws of Rural Telephone Bank : with amendments

30 Pages·1991·1.2 MB·English

by  Rural Telephone Bank

Historic, Archive Document
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Reserve
aXK6l69
.R87
1991
National Agricultural Library
UnitedStates Bylaws of Rural
^ Departmentof
Agriculture
Telephone Bank
Rural
Telephone
Bank
with amendments
August9, 1991
Informational
Publication400-1
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AMENDMENTS
The Telephone Bank Board adopted amendments on May 1, 1991, and on
August7, 1991, to thebylawsoftheRural Telephone Bank. Generally the
bylaw amendmentsadopted will:
1. *Restrict the issuance of a certificate for shares associated with a
specific loan until the endofeach fiscal year - Sec. 2.3(d);
2. Provide for the date for determination of stockholders entitled to
notice ofand to vote in anyelection ofDirectors - Sec. 2.5;
3. Providefor the classification ofstockholders before any election of
Directors - Sec. 2.8;
4. Provideforregularmeetingsofthestockholders inNovemberofeach
even-numbered year - Sec. 3.1;
5. *Transfer the authority to call special meetings ofthe stockholders
from theGovernorto theChairperson ofthe Board - Sec. 3.2;
6. *Provide that written notice of all meetings of stockholders be
publishedin theFederal Register- Sec. 3.3;
7. *Lifttherestrictiononthenumberofproxiesavotingrepresentative
may voteata single stockholders meeting - Sec. 3.6(a);
8. *Prohibitproxy votingin theelection ofDirectors - Sec. 3.6(b);
9. *Limit the authority to designate the voting representative or the
holderofaproxy to thestockholder’s chiefexecutive officer,president, or
vicepresident- Sec. 3.7(a);
10. Increase thenumberofBoard membersdesignatedby thePresident
oftheUnited States from five to seven - Sec. 4.2;
11. *ChangethevotingprocedureforelectingDirectorsfrom non-secret
to secretvotes - Sec. 4.3(a);
12. *ProvidethateachelectionofDirectorsshallnotbeconsideredvalid
unlessamajorityofthestockholderseligibletovoteintheelectionhavevoted
in theelection - Sec. 4.3(b) and (c);
13. ProvidethattheChairpersonshallcallaspecialmeetingoftheBoard
to determine the procedures to be followed in the event ofa tie vote in the
election ofDirectors - Sec. 4.3(d);
14. Extend thetimelimitstockholders havetosubmittheirnominations
forcandidates in an election ofDirectors from sixty days to threemonths -
Sec. 4.4(a);
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15. *Permit stockholders to write in names on the official ballot as
candidates forpositionson the Board - Sec. 4.4(b);
16. ProvidethattheSecretaryshallberesponsibleformailingastatement
of the number of Board members to be elected by the stockholders, a
biographicalsketchofeachcandidatefortheBoard,andtheofficialballotto
be used by the stockholder - Sec. 4.4(c);
17. *Providethattheauthorizedvotingrepresentativeofeachstockholder
shall voteby mail ballotfortheelection ofDirectors - Sec. 4.4(d);
18. ProvidethatDirectorsshallserveafterexpirationofthetermofoffice
ofsuch memberuntil the successorforsuch memberhas takenoffice- Sec.
4.4(e);
19. *Providethatanynominatingformorofficialballotplacedinthemail
bytheBankinWashington,D.C.,addressedwiththeaddressappearinginthe
official records ofthe Bank, shall be properly mailed in satisfaction ofthe
requirements ofthesebylaws - Sec. 4.4(f);
20. ProvideforBoardmemberstobecompensated$100perdayforeach
dayorpartthereof,nottoexceedfiftydaysperyear,andshallbereimbursed
bytheBankfortravelandotherexpensesinsuchmannerandsubjecttosuch
limitations as the Board may prescribe - Sec. 4.6;
21. ProvidethatinanelectionyeararegularmeetingoftheBoardbeheld
no more than45 days after thedate ofsuch election ofDirectors - Sec. 5.1;
22. Transfertheauthoritytocallspecial meetingsoftheBoardfrom the
Governorto the Chairperson - Sec. 5.2(a);
23. ProvideforspecialmeetingsoftheBoardonlessthantendaysnotice
- Sec. 5.2(b);
24. *Providethatnoticesofanymeetingmaybedeliveredbyfacsimileto
each Directorandall suchnotices willbepublished in theFederal Register-
Sec. 5.3;
25. *ProvidethatallmeetingsoftheBoardcomplywith theGovernment
in the Sunshine Act - Sec. 5.4 and 5.5;
26. *Provide fora Chairperson and Vice Chairperson ofthe Board and
removetheGovernoroftheBankasanofficeroftheBoard-Sec.6.1 and6.2;
27. Provide thatofficersoftheBoardofDirectors shall holdoffice until
the firstmeeting oftheBoard following theelection ofDirectors - Sec. 6.2;
28. *Set forth the responsibilities of the Chairperson and the Vice
Chairperson - Sec. 6.4;
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29. *SetforththeGovernor’sresponsibilitiesaschiefexecutiveofficerof
the Bank - Sec. 6.7; 87
30. Provide thatall meetings beconducted in accordance with Roberts’
RulesofOrderexceptas suchrules may beinconsistentwith theRE Actor
thesebylaws - Sec. 9.5; and
31. Providethatstockholdersbenotifiedimmediatelyofanyamendments
to thesebylaws - Article X.
* Indicates a substantivechangeornew section added to thebylaws.
Copiesofthebylaws,asrevised,arebeingmailed toall stockholders ofthe
Bank and all recipients of telephone loans from the Rural Electrification
AdministrationortheRuralTelephoneBank.Othersmayreceivecopiesfrom
the Governor, Rural Telephone Bank, Room 4051, South Building,
UnitedStatesDeparunentofAgriculture,Washington,D.C.20250,telephone
202-720-9540.
Dated: August 9, 1991
Governor,RuralTelephoneBank
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