DONSOCO HOLDINGS CORPORATION
Bylaws Table of Contents
ARTICLE
I – OFFICES AND RECORDS
Section
1.1 Georgia Office
Section
1.2 Other Offices
Section
1.3 Registered Office
Section
1.4 Books and Records
ARTICLE
II – SHAREHOLDERS
Section 2.1 Annual Meeting
Section
2.2 Special Meeting
Section
2.3 Place of Meeting
Section
2.4 Notice of Meeting
Section
2.5 Fixing of Record Date
Section
2.6 Quorum, Adjournment and Postponement
Section
2.7 Voting by Proxy
Section
2.8 Voting of Shares
Section
2.9 Voting of Shares by Certain
Shareholders
Section 2.10 Action Without a Meeting
Section
2.11 Organization
ARTICLE
III – BOARD OF DIRECTORS
Section 3.1 General Powers
Section 3.2 Number, Tenure and Qualification
Section 3.3 Removal of Director
Section 3.4 Regular Meetings
Section 3.5 Special Meetings
Section
3.6 Notice
Section 3.7 Action by Consent of Board of Directors
Section 3.8 Presumption of Assent
Section 3.9 Conference Telephone Meetings
Section 3.10 Quorum
Section 3.11 Manner of Acting
Section 3.12 Vacancies
Section 3.13 Compensation
Section 3.14 Board Member Resignation
Section 3.15 Records
ARTICLE
IV – EXECUTIVE COMMITTEES OF THE BOARD OF DIRECTORS
Section
4.1 Executive Board Committees
Section 4.2 Committees’ Management Procedures
ARTICLE
V – OFFICERS
Section 5.1 Elected Officers
Section 5.2 Election and Term of Office
Section 5.3 Chairman of the Board
Section 5.4 Vice Chairman of the Board
Section 5.5 President
Section 5.6 Executive Vice President
Section 5.7 Chief Financial Officer
Section 5.8 Chief Operating Officer
Section 5.9 Vice Presidents
Section 5.10 Treasurer
Section 5.11 Secretary
Section 5.12 Removal
Section 5.13 Vacancies
Section 5.14 Salaries
Section 5.15 Disqualification of an Officer
ARTICLE
VI - STOCK CERTIFICATES, TRANSFERS, REISSUANCE &
RECORDING
Section 6.1 Stock Certificates
and Transfers
Section 6.2 Lost, Stolen or Destroyed Certificates
Section 6.3 Record Date of Shareholders
ARTICLE
VII - MISCELLANEOUS PROVISIONS
Section 7.1 Fiscal Year
Section 7.2 Dividends
Section 7.3 Seal
Section 7.4 Waiver of Notice
Section 7.5 Audits
Section 7.6 Resignations
Section 7.7 Indemnification and Insurance
ARTICLE
VIII – CONTRACTS AND PROXIES
Section 8.1 Contracts
Section 8.2 Proxies
ARTICLE
IX – AMENDMENTS
Section
9.1 Amendments
BYLAWS OF DONSOCO HOLDINGS
CORPORATION
Incorporated under the Laws of the State of Georgia
ARTICLE I
– OFFICES AND RECORDS
Section
1.1 Georgia Office. The principal office
of the Corporation in the State of Georgia shall be
located in the City of Norcross, County of Gwinnett.
If the principal executive office is located outside
the State of Georgia, and the Corporation has one
or more business offices in the State of Georgia,
the Board shall fix and designate a principal business
office in the State of Georgia.
Section
1.2 Other Offices. The Corporation may have
such other offices, either within or without the State
of Georgia, as the Board of Directors may designate
or as the business of the Corporation may from time
to time require.
Section
1.3 Registered Office. The name and address
of its registered agent is CB Services Worldwide LLC,
557 Paradise Circle, Douglasville, Georgia 30134.
The registered office of the Corporation as required
by the Georgia Corporation Act to be maintained in
the State of Georgia, may be, but is not required
to be identical to the principal office and the address
of the registered agent may be changed from time to
time by the Board of Directors.
Section
1.4 Books and Records. The books and records
of the Corporation may be kept at the Corporation’s
corporate headquarters or outside the State of Georgia
at such other place or places as may from time to
time be designated by the Board of Directors.
ARTICLE
II – SHAREHOLDERS
Section
2.1 Annual Meeting. The annual meeting of
the Shareholders shall be held between January 1st
and December 31st each year, on such date and at such
hour as may be specified in the Notice of Meeting
or in a duly executed Waiver of Notice thereof, for
the purpose of electing Directors and for the transaction
of such other business as may come before the meeting.
If the day fixed for the annual meeting shall be a
legal holiday in the State of Georgia, such meeting
shall be held on the next succeeding business day.
If the election of Directors shall not be held on
the day designated herein for any annual meeting of
the Shareholders, or at any adjournment thereof, the
Board of Directors shall cause the election to be
held at a special meeting of the Shareholders as soon
thereafter as conveniently may be. Failure to hold
the annual meeting within the above proscribed time
shall not act as forfeiture or grounds for dissolution
of the Corporation.
Section 2.2 Special Meeting. Special
meetings of the Shareholders, for any purpose or purposes,
may be called by the Board of Directors, by the holders
of not less than one tenth (1/10) of all the shares
of the Corporation entitled to vote at the meeting,
or by the Chairman or the Vice Chairman of the Board
or President or Executive Vice President of the Corporation.
Section 2.3 Place of Meeting. The
Board of Directors, the Chairman of the Board, the
Vice Chairman, the President or the Executive Vice
Present, as the case maybe, may designate any place,
either within or without the State of Georgia, unless
otherwise prescribed by statute, as the place of meeting
for any annual meeting of Shareholders or for any
special meeting of Shareholders called by the Board
of Directors, the Chairman of the Board, the Vice
Chairman, the President or the Executive Vice President.
If no designation is made by the Board, or if a special
meeting be otherwise called, the place of meeting
shall be the principal office of the Corporation in
the State of Georgia. Notwithstanding the first two
sentences of this Section, a Waiver of Notice signed
by all Shareholders entitled to vote at a meeting,
whether an annual or special meeting, may designate
any place, either within or without the State of Georgia,
unless otherwise prescribed by statute, as the place
of the holding of such meeting.
Section 2.4 Notice of Meeting.
Written or printed notice stating the place, day and
hour of the meeting and, in the case of a special
meeting, the purpose or purposes for which the meeting
is called, shall be delivered to each Shareholder
of record entitled to vote at such meeting not less
than ten (10) nor more than sixty (60) days before
the date of the meeting, either personally or by first
class mail, by or at the direction of the Chairman
of the Board, the Vice Chairman, President, the Executive
Vice President, the Secretary, or the person or persons
calling the meeting. If mailed, such notice shall
be deemed to be delivered when deposited in the United
States mail addressed to the Shareholder at his address
as it appears on the records of the Corporation, with
the postage thereon prepaid. Notice may be waived
in accordance with Article XIII. If any action is
proposed to be taken at any meeting for approval of
the following actions under the Georgia General Corporation
Law (all references herein to "Corporations Code"
refer to the Georgia Corporations code, General Corporation
Law): (i) a contract or transaction in which a director
has a direct or indirect financial interest under
Corporations Code, (ii) an amendment of the Articles
of Incorporation under Corporations Code, (iii) a
reorganization of the Corporation under Corporations
Code, (iv) a voluntary dissolution of the Corporation
under Corporations Code, or (v) a distribution in
dissolution other than in accordance with the rights
of outstanding preferred shares under Corporations
Code, the notice shall also state the general nature
of that proposal.
Section 2.5 Fixing of Record Date.
The Board of Directors may fix a date, not less than
ten (10) nor more than sixty (60) days before the
date set for any meeting of the Shareholders, as the
record date as of which the Shareholders of record
entitled to notice of and to vote at such meeting
and any adjournment thereof shall be determined.
Section 2.6 Quorum, Adjournment
and Postponement. A majority of the outstanding
shares of the Corporation entitled to vote, represented
in person or by proxy, shall constitute a quorum at
a meeting of the Shareholders. When a meeting is adjourned
to another time or place, it shall not be necessary
to give any notice of the adjourned meeting if the
time and place to which the meeting is adjourned are
announced at the meeting at which the adjournment
is taken, and any business may be transacted at the
adjourned meeting that might have been transacted
at the original date of the meeting. If, however,
after the adjournment, the Board fixes a new record
date for the adjourned meeting, a notice of the adjourned
meeting shall be given in compliance with Section
4 of this article to each Shareholder of record on
the new record date entitled to vote at such meeting.
After a quorum has been established at a Shareholders'
meeting, the subsequent withdrawal of Shareholders,
so as to reduce the number of shares entitled to vote
at the meeting below the number required for a quorum,
shall not affect the validity of any action taken
at the meeting or any adjournment thereof.
Section 2.7 Voting by Proxy. Every
Shareholder entitled to vote at a meeting of shareholders
or to express consent or dissent without a meeting,
or his duly authorized attorney in fact, may authorize
another person or persons to act for him by proxy.
The proxy must be executed in writing by the Shareholder
or his duly authorized attorney in fact. Such proxy
shall be filed with the Secretary of the Corporation
before or at the time of such meeting or at the time
of expressing such consent or dissent without a meeting.
No proxy shall be valid after the expiration of eleven
(11) months of the date thereof unless provided otherwise
in the proxy. The revocability of a proxy that states
on its face that it is irrevocable shall be governed
by the provisions of Corporations Code.
Section 2.8 Voting of Shares. Each
outstanding share of stock shall be entitled to one
(1) vote upon each matter submitted to a vote at a
meeting of the Shareholders. If a quorum is present,
the affirmative vote of a majority of the shares represented
at the meeting and entitled to vote on the subject
matter shall be the act of the Shareholders unless
a greater number is required by the Georgia Statutes.
Section 2.9 Voting of Shares
by Certain Shareholders. Shares of stock
standing in the name of another corporation may be
voted by the officer, agent or proxy designated by
the Bylaws of the corporate Shareholder or, in the
absence of any applicable bylaw, by such person as
the board of directors of the corporate shareholder
may designate. Proof of such designation may be made
by presentation of a certified copy of the bylaws
or other instrument of the corporate Shareholder.
In the absence of any such designation or, in case
of conflicting designation by the corporate Shareholder,
the Chairman of the Board, the Vice Chairman, the
President, the Executive Vice President, the Secretary,
and the Treasurer of the corporate shareholder shall
be presumed to possess, in that order, authority to
vote such shares:
Shares of stock held by an administrator,
executor, guardian or conservator may be voted by
him, either in person or by proxy, without a transfer
of such shares into his name.
Shares of stock standing in the name of a trustee
may be voted by him, either in person or by proxy,
but no trustee shall be entitled to vote shares held
by him without a transfer of such shares into his
name.
Shares of stock standing in the name
of a receiver may be voted by such receiver, and shares
held by or under the control of a receiver may be
voted by such receiver without the transfer thereof
into his name, if authority so to do be contained
in an appropriate order of the court by which such
receiver was appointed.
A Shareholder whose shares of stock
are pledged shall be entitled to vote such shares
until the shares have been transferred into the name
of the pledgee, and thereafter the pledgee or his
nominee shall be entitled to vote the shares so transferred.
Treasury shares, shares of its own
stock owned by another corporation the majority of
the voting stock of which is owned or controlled by
it, and shares of its own stock held by a corporation
in a fiduciary capacity shall not be voted, directly
or indirectly, at any meeting and shall not be counted
in determining the total number of outstanding shares
at any given time.
Section
2.10 Action Without a Meeting. Any action
which may be taken at any annual or special meeting
of shareholders may be taken without a meeting and
without prior notice, if a consent in writing, setting
forth the action so taken, is signed by the holders
of outstanding shares having not less than the minimum
number of votes that would be necessary to authorize
or take that action at a meeting at which all shares
entitled to vote on that action were present and voted.
Directors may be elected by written consent without
a meeting only if the written consents of all outstanding
shares entitled to vote are obtained, except that
a vacancy on the Board (other than a vacancy created
by the removal of a director) not filled by the Board
may be filled by the written consent of the holders
of a majority of the outstanding shares entitled to
vote. All written consents shall be filed with the
Secretary and shall be maintained in the corporate
records. Any shareholder giving a written consent,
or the shareholder's proxy holder, or a transferee
of the shares or a personal representative of the
shareholder or their respective proxy holders, may
revoke the consent by a writing received by the Secretary
before the written consents of the number of shares
required to authorize the proposed action have been
filed with the Secretary.
If the consents of all shareholders entitled to vote
have not been solicited in writing, and if the unanimous
written consent of all such shareholders shall not
have been received, the Secretary shall give prompt
notice of the corporate action approved by the shareholders
without a meeting. This notice shall be given in the
manner specified in Section 4 of this Article. In
the case of approval of (i) contracts or transactions
in which a director has a direct or indirect financial
interest under Corporations Code, (ii) indemnification
of agents of the Corporation under Corporations Code,
(iii) a reorganization of the Corporation under Corporations
Code, or (iv) a distribution in dissolution other
than in accordance with the rights of outstanding
preferred shares, under Corporations Code, notice
of such approval shall be given at least ten (10)
days before the consummation of any action authorized
by that approval.
In the event that the action to which
the shareholder's consent is such as would have required
the filing of a certificate under any other section
of the law if such action had been voted on by shareholders
in a meeting thereof, the certificate filed under
such other section shall state that written consent
has been given in accordance with the provisions of
Georgia Statutes.
Section 2.11 Organization.
The Chairman of the Board or at the direction of the
Chairman or in the Chairman’s absence, the Vice Chairman
or the President or the Executive Vice President shall
preside at meetings of shareholders. The Secretary
of the Corporation shall act as Secretary at all meetings
of the shareholders, but, in the absence of the Secretary,
the presiding officer may appoint a Secretary of the
meeting. The order of business for such meetings shall
be determined by the President with the approval of
the Chairman, if both positions are not held by the
same person or by the Executive Vice President with
the approval of the Vice Chairman, if both positions
are not held by the same person.
ARTICLE
III – BOARD OF DIRECTORS
Section
3.1 General Powers. The business and affairs
of the Corporation shall be managed under the direction
of the Board of Directors. In addition to the powers
and authorities by these Bylaws expressly conferred
upon them, the Board of Directors may exercise all
such powers of the Corporation and do all such lawful
acts and things as are not by statute or by the Certificate
of Incorporation or by these Bylaws required to be
exercised or done by the shareholders.
Section
3.2 Number, Tenure and Qualification. The
business affairs and property of the Corporation shall
be managed by a Board of not less than one director
“Nor” more than eleven directors. The number of directors
may at any time be increased or decreased by resolution
of the Board of Directors or by the shareholders at
the annual meeting. Directors need not be shareholders
of the Corporation or residents of the State of Georgia.
Each Director shall hold office until the next annual
meeting of Shareholders and until his successor shall
be elected or have been elected and qualified, or
until his earlier resignation, removal from office,
or death. Resignation of Directors shall be in accordance
with ARTICLE VII - Section 7.6 hereinafter.
Section 3.3 Removal of Director.
Any Director may be removed with or without cause
by vote of the holders of a majority of the shares
entitled to vote at an election of Directors, but
such removal shall be without prejudice to the contract
rights, if any, of the person so removed. Election
or appointment of a director shall not of itself create
contract rights.
Section 3.4 Regular Meetings.
A regular meeting of the Board of Directors shall
be held without other notice than this Bylaw, except
as provided in Article XIV of these Bylaws, immediately
after and at the same place as the annual meeting
of Shareholders. The Board of Directors may provide,
by resolution, the time and place for the holding
of additional regular meetings without other notice
than such resolution.
Section 3.5 Special Meetings.
Special meetings of the Board of Directors may be
called by the Chairman of the Board, by the Vice Chairman,
by the President, by the Executive Vice President
or by the lesser of a majority, or two Directors.
The person or persons authorized to call special meetings
of the Board of Directors may fix the place for holding
any special meeting of the Board of Directors called
by him/them.
Section 3.6 Notice.
Notice of any special meeting of directors shall be
given to each director at such person’s business or
residence in writing by hand delivery, first-class
or overnight mail or courier service, telegram, email
or facsimile transmission, orally by telephone or
any other lawful means. If mailed by first-class mail,
such notice shall be deemed adequately delivered when
deposited in the United States mails so addressed,
with postage thereon prepaid, at least five (5) days
before such meeting. If by telegram, overnight mail
or courier service, such notice shall be deemed adequately
delivered when the telegram is delivered to the telegraph
company or the notice is delivered to the overnight
mail or courier service company at least twenty-four
(24) hours before such meeting. If by email or facsimile
transmission, such notice shall be deemed adequately
delivered when the notice is transmitted at least
twelve (12) hours before such meeting. If by telephone
or by hand delivery, the notice shall be given at
least twelve (12) hours prior to the time set for
the meeting. Neither the business to be transacted
at, nor the purpose of, any regular or special meeting
of the Board of Directors need be specified in the
notice of such meeting, except for amendments to these
Bylaws, as provided under Section 15.1. A meeting
may be held at any time without notice if all the
directors are present or if those not present waive
notice of the meeting in accordance with Section 13.1
of these Bylaws.
Section 3.7 Action by Consent of Board of
Directors. Any action required or permitted
to be taken at any meeting of the Board of Directors
or of any committee thereof may be taken without a
meeting if all members of the Board or committee,
as the case may be, consent thereto in writing, and
the writing or writings are filed with the minutes
of proceedings of the Board or committee.
Section 3.8 Presumption of Assent.
A Director of the Corporation who is present at a
meeting of the Board of Directors at which action
on any corporate matter is taken shall be presumed
to have assented to the action taken, unless he or
she votes against such action or abstains from voting
in respect thereto because of an asserted conflict
of interest.
Section 3.9 Conference Telephone
Meetings. Members of the Board of Directors,
or any committee thereof, may participate in a meeting
of the Board of Directors or such committee by means
of conference telephone or similar communications
equipment by means of which all persons participating
in the meeting can hear each other and such participation
in a meeting shall constitute presence in person at
such meeting.
Section 3.10 Quorum.
A majority of the number of Directors fixed pursuant
to Section 2 of this Article shall constitute a quorum
for the transaction of business at any meeting of
the Board of Directors. A majority of the Directors
present, whether or not a quorum exists, may adjourn
any meeting of the Board of Directors to another time
and place. Notice of any such adjourned meeting shall
be given to the Directors who were not present at
the time of the adjournment and, unless the time and
place of the adjourned meeting are announced at the
time of the adjournment, to the other Directors.
Section 3.11 Manner of Acting. The
act of the majority of the directors present at a
meeting at which a quorum is present shall be the
act of the Board of Directors. The directors present
at a duly organized meeting may continue to transact
business until adjournment, notwithstanding the withdrawal
of enough directors to leave less than a quorum.
Section 3.12 Vacancies. Subject to applicable
law and the rights of the shareholders and unless
the Board of Directors otherwise determines, vacancies
resulting from death, resignation, retirement, disqualification,
removal from office or other cause, and newly created
directorships resulting from any increase in the authorized
number of directors, may be filled only by the affirmative
vote of a majority of the remaining directors, though
less than a quorum of the Board of Directors, and
directors so chosen shall hold office for a term expiring
at the next annual meeting of shareholders at which
directors are elected and until such director’s successor
shall have been duly elected and qualified. No decrease
in the number of authorized directors constituting
the Board of Directors shall shorten the term of any
incumbent director.
Section 3.13 Compensation. The Board
of Directors shall have the authority to fix the compensation
of directors. By resolution of the Board of Directors,
the Directors may be paid their expenses, if any,
of attendance at each meeting of the Board of Directors,
and may be paid a fixed sum for attendance at each
meeting of the Board of Directors or a stated salary
as Director. No such payment shall preclude any Director
from serving the Corporation in any other capacity
and receiving compensation therefore.
Section 3.14 Board Member Resignation.
Any Director of the Corporation may resign at any
time by giving written notice to the Board of Directors,
and if there are no Directors then to all of the Shareholders.
Any such resignation shall take effect at the time
specified therein, or, if the time be not specified
therein, upon its acceptance by the party or parties
to whom notice is given hereunder.
Section 3.15 Records.
The Board of Directors shall cause to be kept a record
containing the minutes of the proceedings of the meetings
of the Board of Directors and of the shareholders,
appropriate stock books and registers and such books
of records and accounts as may be necessary for the
proper conduct of the business of the Corporation.
ARTICLE
IV – EXECUTIVE COMMITTEES OF THE BOARD OF DIRECTORS
Section
4.1 Executive Board Committees. The Board
of Directors, the Chairman or the Vice Chairman by
resolution adopted by a majority of the full Board
of Directors, may designate from among its members
one or more committees to exercise, subject to applicable
provisions of law, all the powers of the Board of
Directors in the management of the business and affairs
of the Corporations’ Subsidiary Companies and day
to day operations.
Section 4.2 Committees’ Management
Procedures. Each committee: (a.) shall have
two (2) or more members, as determined by the Board
of Directors, the Chairman or Vice Chairman; (b.)
Shall be governed by the same rules regarding meetings,
action without meetings, notice, and waiver of notice,
and quorum and voting requirements as applied to the
Board of Directors; (c.) and to the extent provided
in such resolution, shall have and may exercise all
the authority of the Board, except no such committee
shall have the authority to:
| i. |
Authorize
or approve a distribution except according to
a general formula or method prescribed by the
Board of Directors; |
| ii. |
Approve or propose to
shareholders action which the Georgia Business
Corporation Act requires to be approved by shareholders;
|
| iii. |
Fill vacancies on the
Board of Directors or on any of its committees; |
| iv. |
Amend
the Articles of Incorporation; |
| v. |
Adopt,
amend, or repeal the Bylaws; |
| vi. |
Approve
a plan of merger not requiring shareholder approval;
or Authorize or approve the issuance or sale
or contract for sale of shares, or determine
the designation and relative rights, preferences,
and limitations on a class or series of
shares, except that the Board of Directors may
authorize a committee, or a senior executive
officer of the Corporation, to do so within
limits specifically prescribed by the Board
of Directors. |
Each committee shall keep written
minutes of its proceedings and shall report such proceedings
to the Board when required.
Each committee shall have input in
creating its own charter, which shall be reviewed
by and approved at least annually by the Board of
Directors.
The Board of Directors shall have
power at any time to fill vacancies in, to change
the membership of, or to dissolve any such committee.
Nothing herein shall be deemed to prevent the Board
of Directors from appointing one or more committees
consisting in whole or in part of persons who are
not directors of the Corporation; provided, however,
that no such committee shall have or may exercise
any authority of the Board of Directors.
ARTICLE
V – OFFICERS
Section 5.1 Elected
Officers. The elected officers of the Corporation
shall be a Chairman and Vice chairman of the Board
of Directors, a President, Executive Vice President,
a Secretary, a Treasurer, a Chief Financial Officer,
and such other officers as the Board of Directors
from time to time may deem proper. The Chairman and
Vice Chairman of the Board of Directors shall be chosen
from among the directors. All officers elected by
the Board of Directors shall each have such powers
and duties as generally pertain to their respective
offices, subject to the specific provisions of this
ARTICLE V. Such officers shall also have such powers
and duties as from time to time may be conferred by
the Board of Directors or by any committee thereof
with authority vested by the Board of Directors. The
Board of Directors or any committee with authority
vested by the Board of Directors thereof may from
time to time elect, or the Chairman of the Board or
Vice Chairman of the Board or President or Executive
Vice President may appoint, such other officers (including
a Treasurer or Chief Financial Officer, one or more
Chief Operating Officers, one or more Senior Vice
Presidents and one or more Vice Presidents, Assistant
Vice Presidents, Assistant Secretaries, Assistant
Treasurers, and Assistant Controllers) and such agents,
as may be necessary or desirable for the conduct of
the business of the Corporation. Such other officers
and agents shall have such duties and shall hold their
offices for such terms as shall be provided in these
Bylaws or as may be prescribed by the Board of Directors
or such committee with authority vested by the Board
of Directors or by the Chairman of the Board of Directors
or the Vice Chairman of the Board of Directors or
the President or the Executive Vice President, as
the case may be.
Section 5.2 Election and
Term of Office. The elected officers of the
Corporation shall be elected annually by the Board
of Directors at the regular meeting of the Board of
Directors held after the annual meeting of the shareholders.
If the election of officers shall not be held at such
meeting, such election shall be held as soon thereafter
as convenient. Each officer shall hold office until
his or her successor shall have been duly elected
and shall have qualified or until his or her death,
his or her resignation or his or her removal, whichever
event shall first occur.
Section 5.3 Chairman of the Board.
The Chairman of the Board shall preside at all meetings
of the shareholders, and shall preside at all meetings
of the Board of Directors. The Chairman of the Board
shall be responsible for the general management of
the affairs of the Corporation and shall perform all
duties incidental to his or her office which may be
required by law and all such other duties as are properly
required of him or her by the Board of Directors.
He or she shall make reports to the Board of Directors
and the shareholders, and shall see that all orders
and resolutions of the Board of Directors and of any
committee with authority empowered by the Board of
Directors thereof are carried into effect. The Chairman
of the Board may also serve as President of the Corporation,
if so elected by the consent of the Board.
Section 5.4 Vice Chairman
of the Board. The Vice Chairmen of the Board,
on the absence of the Chairman, shall preside at all
meetings of the shareholders, and shall preside at
all meetings of the Board of Directors. The Vice Chairman
shall be responsible for managing and overseeing all
international business affairs and operations. The
Vice Chairman shall assist the Chairman in all administrative
duties and long range planning of the corporation.
The Vice Chairman shall have such powers and shall
perform such duties as the Board of Directors may
prescribe or as the Chairman of the Board of Directors
shall delegate to him.
Section 5.5 President.
The President shall be the chief executive officer
of the Corporation and, subject to the Board of Directors,
shall have general charge of the overall business
and affairs of the Corporation and shall perform such
other duties as may be assigned to the President by
the Board of Directors. The President may also serve
as Chairman of the Board, if so elected and or consented
by the Board of Directors.
Section 5.6 Executive Vice President.
The Executive Vice President shall have such powers
and perform such duties as may be assigned to such
Executive Vice President by the Board of Directors
or the President. The Executive Vice President may
also serve a Vice Chairman of the Board, if so elected
and or consented by the Board of Directors.
Section 5.7 Chief Financial
Officer. The Chief Financial Officer (CFO)
shall: (A) be responsible for the accounts and other
financial records of the Corporation consistent with
directions of the Board or any committee of the Board
assigned duties related thereto; be the custodian
of the official corporate financial records; (B) prescribe
the Corporation’s accounting practices and procedures
in accordance with Generally Accepted Accounting Principles
(GAAP) and the directions of the Board or any committee
of the Board assigned duties related thereto; (C)
prepare, analyze and interpret the Corporation’s financial
results for use in the decision-making process; prepare
and file external financial reports to satisfy shareholders,
government regulatory bodies, financial institutions,
and others; (D) verify or cause to be verified the
accuracy of all financial statements and accounting
reports issued by the Corporation; (E) oversee the
investment of corporate funds; have primary contact
with banks, investment bankers and investor groups
to raise capital as directed by the Board of Directors
or the President; (F) Executive, manage, direct and
coordinate risk management strategies conducive to
sustainable long term growth, maximizing shareholders
value, profitability and social responsibility investing;
and (F) perform such other duties as may be assigned
to him or her by the Board of Directors or the President
or the Executive Vice President.
Section 5.8 Chief Operating
Officer. The Chief Operating Officer (COO)
shall have such powers and perform such duties as
may be assigned to such Chief Operating Officer by
the Board of Directors or the President. Reporting
to the President, Executive Vice President and Board
of Directors the COO shall assist in the management
of the Corporations’ operations by directing and coordinating
activities consistent with established goals, objectives,
and policies. The COO shall follow direction set by
the President, the Executive Vice President and Board
of Directors. The COO shall implement programs to
ensure attainment of business plan for growth and
profit. The COO shall provide direction and structure
for operating units. The COO shall participate in
developing policy and strategic plans conducive to
operational efficiency, growth, production, cost-effectiveness
and profitability of the Corporation.
Section 5.9 Vice Presidents.
Each Vice President shall have such powers and shall
perform such duties as shall be assigned to him or
her by the Board of Directors or the President or
the Executive Vice President.
Section 5.10 Treasurer. The Treasurer
shall exercise general supervision over the receipt,
custody and disbursement of corporate funds. The Treasurer
shall cause the funds of the Corporation to be deposited
in such banks as may be authorized by the Board of
Directors, or in such banks as may be designated as
depositaries in the manner provided by resolution
of the Board of Directors. He or she shall have such
further powers and duties and shall be subject to
such directions as may be granted or imposed upon
him or her from time to time by the Board of Directors
or the President of the Executive Vice President.
Section 5.11 Secretary. The Secretary
shall keep or cause to be kept in one or more books
provided for that purpose, the minutes of all meetings
of the Board of Directors, the committees of the Board
of Directors and the shareholders; he or she shall
see that all notices are duly given in accordance
with the provisions of these Bylaws and as required
by law; he or she shall be custodian of the records
and the Seal of the Corporation and affix and attest
the Seal to all share certificates of the Corporation
(unless the Seal of the Corporation on such certificates
shall be a facsimile, as hereinafter provided) and
affix and attest the Seal to all other documents to
be executed on behalf of the Corporation under its
Seal; and he or she shall see that the books, reports,
statements, certificates and other documents and records
required by law to be kept and filed are properly
kept and filed; and in general, he or she shall perform
all the duties incident to the office of Secretary
and such other duties as from time to time may be
assigned to him or her by the Board of Directors or
the President or the Executive Vice President.
Section 5.12 Removal. Any officer
elected, or agent appointed, by the Board of Directors,
the Chairman of the Board or the Vice Chairman of
the Board or the President or the Executive Vice President
may be removed from office at any time by the affirmative
vote of a majority of the Board of Directors whenever,
in their judgment, the best interests of the Corporation
would be served by such removal. Any officer or agent
appointed by the Board of Directors, the Chairman
of the Board or the Vice Chairman of the Board or
the President of the Executive Vice President may
be removed by the Chairman of the Board or the Vice
Chairman of the Board or the President or the Executive
Vice President whenever, in his or her judgment, the
best interests of the Corporation would be served
thereby, except that the Chairman of the Board, the
Vice Chairman of the Board, the President, the Executive
Vice President, the Chief Financial Officer, the Chief
Operation Officer, the Treasurer and the Secretary
may only be removed by the affirmative vote of a majority
of the Board. No elected officer shall have any contractual
rights against the Corporation for compensation by
virtue of such election beyond the date of the election
of his or her successor, his or her death, his or
her resignation or his or her removal, whichever event
shall first occur, except as otherwise provided in
an employment contract or under an employee deferred
compensation plan.
Section 5.13 Vacancies. A newly created
elected office and a vacancy in any elected office
because of death, resignation, or removal may be filled
by the Board of Directors for the unexpired portion
of the term at any meeting of the Board of Directors.
Any vacancy in an office appointed by the Chairman
of the Board or the Vice Chairman of the Board, the
President or the Executive Vice President because
of death, resignation, or removal may be filled by
the Chairman of the Board or the Vice Chairman of
the Board or the President or the Executive Vice President.
Section 5.14 Salaries. The salaries
of the officers shall be fixed from time to time by
the Board of Directors and no officer shall be prevented
from receiving such salary by reason of the fact that
he is also a Director of the Corporation.
Section 5.15 Disqualification of an Officer.
If any officer is elected to a public office or accepts
employment that, pursuant to existing law, places
restrictions or limitations upon his continued rendering
of service to the Corporation, then such officer shall
no longer be qualified to serve as an officer to the
Corporation and he shall be deemed to have forthwith
submitted his resignation as an officer of the Corporation.
ARTICLE
VI - STOCK CERTIFICATES, TRANSFERS, REISSUANCE &
RECORDING
Section 6.1
Stock Certificates and Transfers. The procedure
for the issuance of shares, stock certificates and
transfers shall be as follows:
(A) The interest of each shareholder of the Corporation
shall be evidenced by shares of stock which may be
certificated or uncertificated, as provided under
Georgia law, and shall be entered in the books of
the Corporation and registered as they are issued.
Any certificates representing shares of stock shall
be in such form as the appropriate officers of the
Corporation may from time to time prescribe.
(B) Shares of the stock of the Corporation evidenced
by certificate shall be transferred on the books of
the Corporation upon surrender for cancellation of
certificates for at least the same number of shares,
with an assignment and power of transfer endorsed
thereon or attached thereto, duly executed, with such
proof of the authenticity of the signature as the
Corporation or its agents may reasonably require.
Shares of the stock of the Corporation which are uncertificated
shall, upon the receipt of proper transfer instructions
from the registered owner of uncertificated shares,
be cancelled and issuance of new equivalent uncertificated
shares or certificated shares shall be made to the
shareholder entitled thereto. It shall be the duty
of the Corporation to issue a new certificate or evidence
of the issuance of uncertificated shares to the shareholder
entitled thereto, cancel the old certificate and record
the transaction upon the Corporation’s books.
(C) Within a reasonable time after the issuance or
transfer of uncertificated stock, the Corporation
shall send to the registered owner thereof a written
notice that shall contain such information as required
under Georgia law.
(D) Any certificates of stock shall be signed, countersigned
and registered in such manner as the Board of Directors
may by resolution prescribe which resolution may permit
all or any of the signatures on such certificates
to be in facsimile. In case any officer, transfer
agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate has ceased
to be such officer, transfer agent or registrar before
such certificate is issued, it may be issued by the
Corporation with the same effect as if he or she were
such officer, transfer agent or registrar at the date
of issue.
Section 6.2 Lost, Stolen or Destroyed Certificates.
With respect to any certificate for shares of stock
in the Corporation alleged to have been lost, destroyed
or stolen, upon production of evidence of loss, destruction
or theft of a certificate for shares of stock in the
Corporation, and upon delivery to the Corporation
of a bond of indemnity in such amount, upon such terms
and secured by such surety, as the Board of Directors
or any financial officer may in its or his or her
discretion require, the Corporation may issue (i)
a new certificate or certificates of stock or (ii)
uncertificated shares in place of any certificate
or certificates previously issued by the Corporation.
Section 6.3 Record Date of Shareholders.
The Board may fix in advance a date, not exceeding
60 days preceding the date of any meeting of shareholders
and as otherwise required by law, or the date for
the payment of any dividend or other distribution,
or the date for the allotment of rights, or the date
when any change or conversion or exchange of capital
stock shall go into effect, as a record date for the
determination of the shareholders entitled to notice
of, and to vote at, any such meeting, or entitled
to receive payment of any such dividend or other distribution,
or to any such allotment of rights, or to exercise
the rights in respect of any such change, conversion
or exchange of capital stock, and in such case, only
such shareholders as shall be shareholders of record
on the date so fixed shall be entitled to such notice
of, and to vote at, such meeting, or to receive any
such dividend or other distribution, or to receive
such allotment or rights, or to exercise such rights,
as the case may be, notwithstanding any transfer of
any stock on the books of the Corporation after such
record date fixed as aforesaid.
ARTICLE
VII - MISCELLANEOUS PROVISIONS
Section
7.1 Fiscal Year. The fiscal year of the Corporation
shall begin on the first day of January and end on
the thirty-first day of December of each year.
Section 7.2 Dividends. The Board
of Directors may from time to time declare, and the
Corporation may pay, dividends on its outstanding
shares in the manner and upon the terms and conditions
provided by law and the Certificate of Incorporation.
Section 7.3 Seal. The Seal of the
Corporation shall be circular in form, containing
the words “DONSOCO HOLDINGS CORPORATION” and “GEORGIA”
on the circumference, surrounding the words “SEAL”
and the date “2009.” The Seal shall be in the custody
of the Secretary.
Section 7.4 Waiver of Notice. Whenever
any notice is required to be given to any shareholder
or director of the Corporation under the provisions
of the General Corporation Law of the State of Georgia
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 therein, shall
be deemed equivalent to the giving of such notice.
Neither the business to be transacted at, nor the
purpose of, any annual or special meeting of the shareholders
or the Board of Directors or committee thereof need
be specified in any waiver of notice of such meeting.
Section 7.5 Audits. The accounts,
books and records of the Corporation and Subsidiary
Companies shall be audited upon the conclusion of
each fiscal year by an independent certified public
accountant selected by the Finance and Audit Committee,
and it shall be the duty of the Board of Directors
to cause such audit to be done annually.
Section 7.6 Resignations. Any director
or any officer, whether elected or appointed, may
resign at any time by giving written notice of such
resignation to the Chairman of the Board, the Vice
Chairman of the Board, the President, the Executive
Vice President or the Secretary, and such resignation
shall be deemed to be effective as of the close of
business on the date said notice is received by the
Chairman of the Board, the Vice Chairman of the Board,
the President, the Executive Vice President or the
Secretary, or at such later time as is specified therein.
No formal action shall be required of the Board of
Directors or the shareholders to make any such resignation
effective.
Section 7.7 Indemnification and Insurance.
The indemnification and insurance of directors and
officers shall apply as follows:
(a) Each person who was or is made a party or is threatened
to be made a party to or is involved in any action,
suit, or proceeding, whether civil, criminal, administrative
or investigative (hereinafter a “proceeding”), by
reason of the fact that he or she or a person of whom
he or she is the legal representative is or was a
director or officer of the Corporation or is or was
serving at the request of the Corporation as a director,
officer, employee or agent of another corporation
or of a partnership, joint venture, trust or other
enterprise, including service with respect to employee
benefit plans maintained or sponsored by the Corporation,
whether the basis of such proceeding is alleged action
in an official capacity as a director, officer, employee
or agent or in any other capacity while serving as
a director, officer, employee or agent, shall be indemnified
and held harmless by the Corporation to the fullest
extent authorized by the General Corporation Law of
the State of Georgia as the same exists or may hereafter
be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the
Corporation to provide broader indemnification rights
than said law permitted the Corporation to provide
prior to such amendment), against all expense, liability
and loss (including attorneys’ fees, judgments, fines,
Employee Retirement Income Security Act (ERISA) excise
taxes or penalties and amounts paid or to be paid
in settlement) reasonably incurred or suffered by
such person in connection therewith and such indemnification
shall continue as to a person who has ceased to be
a director, officer, employee or agent and shall inure
to the benefit of his or her heirs, executors and
administrators; provided, however, that except as
provided in paragraph (c) of this Bylaw, the Corporation
shall indemnify any such person seeking indemnification
in connection with a proceeding (or part thereof)
initiated by such person only if such proceeding (or
part thereof) was authorized by the Board of Directors.
The right to indemnification conferred in this Bylaw
shall be a contract right and shall include the right
to be paid by the Corporation the expenses incurred
in defending any such proceeding in advance of its
final disposition, such advances to be paid by the
Corporation within 20 days after the receipt by the
Corporation of a statement or statements from the
claimant requesting such advance or advances from
time to time; provided, however, that if the General
Corporation Law of the State of Georgia requires,
the payment of such expenses incurred by a director
or officer in his or her capacity as a director or
officer (and not in any other capacity in which service
was or is rendered by such person while a director
or officer, including, without limitation, service
to an employee benefit plan) in advance of the final
disposition of a proceeding, shall be made only upon
delivery to the Corporation of an undertaking by or
on behalf of such director or officer, to repay all
amounts so advanced if it shall ultimately be determined
that such director or officer is not entitled to be
indemnified under this Bylaw or otherwise.
(c) To obtain indemnification under this Bylaw, a
claimant shall submit to the Corporation a written
request, including therein or therewith such documentation
and information as is reasonably available to the
claimant and is reasonably necessary to determine
whether and to what extent the claimant is entitled
to indemnification. Upon written request by a claimant
for indemnification pursuant to the first sentence
of this paragraph (b), a determination, if required
by applicable law, with respect to the claimant’s
entitlement thereto shall be made as follows: (1)
if requested by the claimant, by Independent Counsel
(as hereinafter defined), or (2) if no request is
made by the claimant for a determination by Independent
Counsel, (i) by the Board of Directors by a majority
vote of a quorum consisting of Disinterested Directors
(as hereinafter defined), or (ii) if a quorum of the
Board of Directors consisting of Disinterested Directors
is not obtainable or, even if obtainable, such quorum
of Disinterested Directors so directs, by Independent
Counsel in a written opinion to the Board of Directors,
a copy of which shall be delivered to the claimant,
or (iii) if a quorum of Disinterested Directors so
directs, by the shareholders of the Corporation. In
the event the determination of entitlement to indemnification
is to be made by Independent Counsel at the request
of the claimant, the Independent Counsel shall be
selected by the Board of Directors unless there shall
have occurred within two years prior to the date of
the commencement of the action, suit or proceeding
for which indemnification is claimed a “Change of
Control” as defined in the Change of Control Severance
Agreements of the Corporation, in which case the Independent
Counsel shall be selected by the claimant unless the
claimant shall request that such selection be made
by the Board of Directors. If it is so determined
that the claimant is entitled to indemnification,
payment to the claimant shall be made within 10 days
after such determination.
(c) If a claim under paragraph (a) of this Bylaw is
not paid in full by the Corporation within 30 days
after a written claim pursuant to paragraph (b) of
this Bylaw has been received by the Corporation, the
claimant may at any time thereafter bring suit against
the Corporation to recover the unpaid amount of the
claim and, if successful in whole or in part, the
claimant shall be entitled to be paid also the expense
of prosecuting such claim. It shall be a defense to
any such action (other than an action brought to enforce
a claim for expenses incurred in defending any proceeding
in advance of its final disposition where the required
undertaking, if any is required, has been tendered
to the Corporation) that the claimant has not met
the standard of conduct which makes it permissible
under the General Corporation Law of the State of
Georgia for the Corporation to indemnify the claimant
for the amount claimed, but the burden of proving
such defense shall be on the Corporation. Neither
the failure of the Corporation (including its Board
of Directors, Independent Counsel or shareholders)
to have made a determination prior to the commencement
of such action that indemnification of the claimant
is proper in the circumstances because he or she has
met the applicable standard of conduct set forth in
the General Corporation Law of the State of Georgia,
nor an actual determination by the Corporation (including
its Board of Directors, Independent Counsel or shareholders)
that the claimant has not met such applicable standard
of conduct, shall be a defense to the action or create
a presumption that the claimant has not met the applicable
standard of conduct.
(d) If a determination shall have
been made pursuant to paragraph (b) of this Bylaw
that the claimant is entitled to indemnification,
the Corporation shall be bound by such determination
in any judicial proceeding commenced pursuant to paragraph
(c) of this Bylaw.
(e) The Corporation shall be precluded from asserting
in any judicial proceeding commenced pursuant to paragraph
(c) of this Bylaw that the procedures and presumptions
of this Bylaw are not valid, binding and enforceable
and shall stipulate in such proceeding that the Corporation
is bound by all the provisions of this Bylaw.
(f) The right to indemnification and the payment of
expenses incurred in defending a proceeding in advance
of its final disposition conferred in this Bylaw shall
not be exclusive of any other right which any person
may have or hereafter acquire under any statute, provision
of the Certificate of Incorporation, Bylaws, agreement,
vote of shareholders or Disinterested Directors or
otherwise. No repeal or modification of this Bylaw
shall in any way diminish or adversely affect the
rights of any director, officer, employee or agent
of the Corporation hereunder in respect of any occurrence
or matter arising prior to any such repeal or modification.
(g) The Corporation may maintain insurance, at its
expense, to protect itself and any director, officer,
employee or agent of the Corporation or another corporation,
partnership, joint venture, trust or other enterprise
against any expense, liability or loss, whether or
not the Corporation would have the power to indemnify
such person against such expense, liability or loss
under the General Corporation Law of the State of
Georgia. To the extent that the Corporation maintains
any policy or policies providing such insurance, each
such director or officer, and each such agent or employee
to which rights to indemnification have been granted
as provided in paragraph (H) of this Bylaw, shall
be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the
coverage thereunder for any such director, officer,
employee or agent.
(h) The Corporation may, to the extent authorized
from time to time by the Board of Directors, grant
rights to indemnification, and rights to be paid by
the Corporation the expenses incurred in defending
any proceeding in advance of its final disposition,
to any employee or agent of the Corporation to the
fullest extent of the provisions of this Bylaw with
respect to the indemnification and advancement of
expenses of directors and officers of the Corporation.
(i) If any provision or provisions of this Bylaw shall
be held to be invalid, illegal or unenforceable for
any reason whatsoever: (1) the validity, legality
and enforceability of the remaining provisions of
this Bylaw (including, without limitation, each portion
of any paragraph of this Bylaw containing any such
provision held to be invalid, illegal or unenforceable,
that is not itself held to be invalid, illegal or
unenforceable) shall not in any way be affected or
impaired thereby; and (2) to the fullest extent possible,
the provisions of this Bylaw (including, without limitation,
each such portion of any paragraph of this Bylaw containing
any such provision held to be invalid, illegal or
unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid,
illegal or unenforceable.
(j) For purposes of this Bylaw: (1) “Disinterested
Director” means a director of the Corporation who
is not and was not a party to the matter in respect
of which indemnification is sought by the claimant.
(2) “Independent Counsel” means a law firm, a member
of a law firm, or an independent practitioner, that
is experienced in matters of corporation law and shall
include any person who, under the applicable standards
of professional conduct then prevailing, would not
have a conflict of interest in representing either
the Corporation or the claimant in an action to determine
the claimant’s rights under this Bylaw.
(k) Any notice, request or other communication required
or permitted to be given to the Corporation under
this Bylaw shall be in writing and either delivered
in person or sent by telecopy, telex, telegram, overnight
mail or courier service, or certified or registered
mail, postage prepaid, return receipt requested, to
the Secretary of the Corporation and shall be effective
only upon receipt by the Secretary.
ARTICLE
VIII – CONTRACTS AND PROXIES
Section
8.1 Contracts. Except as otherwise required
by law, the Certificate of Incorporation or these
Bylaws, any contracts or other instruments may be
executed and delivered in the name and on the behalf
of the Corporation by such officer or officers of
the Corporation as the Board of Directors may from
time to time direct. Such authority may be general
or confined to specific instances as the Board may
deter mine. The Chairman of the Board, the Vice Chairman
of the Board, the President or Executive Vice President
or any Vice President (including any Senior Vice President)
may execute bonds, contracts, deeds, leases and other
instruments to be made or executed for or on behalf
of the Corporation. Subject to any restrictions imposed
by the Board of Directors or the Chairman of the Board
or the Vice Chairman of the Board, the President or
the Executive Vice President or any Vice President
of the Corporation may delegate contractual powers
to others under his or her jurisdiction, it being
under stood, however, that any such delegation of
power shall not relieve such officer of responsibility
with respect to the exercise of such delegated power.
Section 8.2 Proxies. Unless otherwise
provided by resolution adopted by the Board of Directors,
the Chairman of the Board, the Vice Chairman of the
Board, the President, the Executive Vice President
or any Vice President may from time to time appoint
an attorney or attorneys or agent or agents of the
Corporation, in the name and on behalf of the Corporation,
to cast the votes which the Corporation may be entitled
to cast as the holder of stock or other securities
in any other corporation, any of whose stock or other
securities may be held by the Corporation, at meetings
of the holders of the stock or other securities of
such other corporation, or to consent in writing,
in the name of the Corporation as such holder, to
any action by such other corporation, and may instruct
the person or persons so appointed as to the manner
of casting such votes or giving such consent, and
may execute or cause to be executed in the name and
on behalf of the Corporation and under its corporate
seal or otherwise, all such written proxies or other
instruments as he or she may deem necessary or proper
in the premises.
ARTICLE
IX – AMENDMENTS
Section 9.1 Amendments.
These Bylaws may be altered, amended, or repealed
at any meeting of the Board of Directors or of the
shareholders, provided notice of the proposed change
was given in the notice of the meeting and, in the
case of a meeting of the Board of Directors, in a
notice given not less than two days prior to the meeting.
Effective 04/17/09