BYLAWS
OF
WORLD-WIDE CLASSICS, INC.
ARTICLE I
SHAREHOLDERS
SECTION 1.1. ANNUAL MEETINGS. An annual meeting of shareholders shall
be held for the election of directors on such date, and at such time and place
as the Board of Directors may, from time to time, determine. Any other proper
business may be transacted at an annual meeting. If the annual meeting is not
held on the date designated, it may be held as soon thereafter as convenient and
shall be called the annual meeting.
SECTION 1.2. SPECIAL MEETINGS. Special meetings of the shareholders,
for any purpose or purposes, unless otherwise prescribed by the General
Corporation Law of the State of Delaware, may be called by the President or the
Board of Directors. The shareholders do not have the authority to call a special
meeting of the shareholders.
SECTION 1.3. SHAREHOLDER PROPOSALS/NOMINEES.
a. Shareholder Proposals. Shareholders seeking to place
shareholder proposals on the agenda for a shareholders' meeting must (i) notify
the Corporation of such proposal not less than 30 nor more than 60 days prior to
the date of the meeting; provided, however, that if the Corporation provides
shareholders with less than 40 days advance notice of the date of the meeting,
the shareholder notice must be given no later than the close of business on the
10th day following the day the Corporation's notice was mailed or publicly
disclosed. Such notice must provide the Corporation with adequate information
regarding the proposal.
b. Shareholder Director Nominees. Shareholders director
nominations must (i) be in writing and contain adequate information about the
nominee; and (ii) be received by the secretary of the Corporation not less than
30 nor more than 60 days prior to the date of the meeting at which Directors
will be elected; provided, however, that if the Corporation provides
shareholders with less than 40 days advance notice of the date of the meeting,
the shareholder notice must be given no later than the close of business on the
10th day following the day the Corporation's notice was mailed or publicly
disclosed.
SECTION 1.4. NOTICE OF MEETINGS. Whenever shareholders are required or
permitted to take any action at a meeting, a written notice of the meeting will
be given that states the place, date and hour of the meeting, and in the case of
a special meeting, the purpose(s) for which the meeting is called. Unless
otherwise provided by law, the Certificate of Incorporation or these Bylaws, the
written notice of any meeting will be given not less than ten nor more than
sixty days before the date of the meeting to each shareholder entitled to vote
at such meeting. If mailed, such notice will be deemed to be given when
deposited in the United States mail, postage prepaid, directed to the
shareholder at his or her address as it appears in the records of the
Corporation.
SECTION 1.5. WAIVER OF NOTICE. A shareholder may waive notice of any
meeting; provided that a shareholder's attendance at a meeting shall constitute
waiver of notice of such meeting, except when the shareholder attends a meeting
for the express purpose of objecting to the transaction of any business to be
transacted at the meeting, and not for the purpose of objecting to the purpose
of the meeting.
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SECTION 1.6. ADJOURNMENTS. Any meeting of shareholders, annual or
special, may adjourn from time to time to reconvene at the same or some other
place, and notice need not be given of any such adjourned meeting if the time
and place are announced at the meeting at which the adjournment is taken. At the
adjourned meeting, the Corporation may transact any business that might have
been transacted at the original meeting. If the adjournment is for more than
thirty days, or if after the adjournment a new record date is fixed for the
adjourned meeting, pursuant to Section 1.3, notice of the adjourned meeting will
be given to each shareholder of record entitled to vote at the meeting.
SECTION 1.7. RECORD DATE.
a. Determination of Record Date. For purposes of
determining the number and identity of shareholders for any purpose, the Board
of Directors may fix a date in advance as the record date for any such
determination of shareholders, provided that the record date may not precede the
date of the resolution fixing the record date. The record date may not be more
than sixty days prior to the date that the particular action requiring the
determination of shareholders is to occur. If to determine the shareholders
entitled to notice of, or to vote at, a meeting of shareholders, the record date
may not be fewer than ten days prior to the meeting. The record date for
determining shareholders for any other purpose shall be at the close of business
on the day on which the Board of Directors adopts the resolution relating
thereto. A determination of shareholders of record entitled to notice of, or to
vote at, a meeting of shareholders will apply to any adjournment of the meeting;
provided that the Board of Directors may fix a new record date for the adjourned
meeting.
b. Failure to Fix Record Date. If the stock transfer
books are not closed and no record date is fixed for the determination of
shareholders entitled to notice or to vote, or to receive payment of a dividend,
the date on which the notice is mailed or the Board of Directors resolution
declaring the dividend is adopted, as the case may be, will be the record date
for such determination of shareholders.
SECTION 1.8 LIST OF SHAREHOLDERS ENTITLED TO VOTE. At least ten
days before each meeting of shareholders, the officer or agent charged with
overseeing the stock transfer books of the Corporation will compile a complete
list of the shareholders entitled to vote at such meeting, or any adjournment
thereof, arranged in alphabetical order, with the address of and the number of
shares held by each. Such list will be kept on file at the Corporation's
principal office for the ten days before the meeting and will be subject to the
inspection of any shareholder during that ten day period during normal business
hours for any purpose related to the meeting and during the meeting.
SECTION 1.9. QUORUM. Except as otherwise provided by law, the
Certificate of Incorporation, or these Bylaws, a majority of the outstanding
shares of the Corporation entitled to vote, represented in person or by proxy,
will constitute a quorum at a meeting of shareholders. If less than a majority
of the outstanding shares are represented at the meeting, a majority of the
shares so represented may adjourn the meeting from time to time without further
notice. If a quorum is present or represented at such adjourned meeting, any
business may be transacted that might have been transacted at the meeting as
originally notified. The shareholders present at a duly organized meeting may
continue to transact business until adjournment, notwithstanding the withdrawal
of enough shareholders to leave less than a quorum.
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SECTION 1.10. VOTING.
a. One Vote Per Share. Unless otherwise provided by the Certificate
of Incorporation (or action of the Board of Directors as provided therein) or
these Bylaws, each outstanding share entitled to vote will be entitled to one
vote on each matter submitted to a vote at a meeting of shareholders.
b. Required Vote. Article VIII of the Certificate of
Incorporation provides for super-majority voting in certain circumstances.
Except as set forth therein, or as provided in the General Corporation Law of
the State of Delaware, a majority vote of those shares present and voting at a
duly organized meeting will suffice to defeat or enact any proposal; provided
that with respect to votes to elect directors, a plurality of the votes cast
will be sufficient to elect.
c. Shares Held By Other Than the Record Owner. Shares
held by an administrator, executor, guardian or conservator may be voted by him
or her, in person or by proxy, without the transfer of such shares into his or
her name. Shares held in the name of a trustee may be voted by him or her, in
person or by proxy, only if the shares are transferred into the trustee's name.
Shares held in the name of, by or under the control of a receiver may be voted
by the receiver without transferring the shares into the receiver's name if
authority to do so is evidenced in an order from the court that appointed the
receiver. A shareholder whose shares are pledged shall be entitled to vote his
or her shares until the shares are transferred into the name of the pledgee, and
thereafter, the pledgee will be entitled to vote the shares so transferred.
Shares belonging to the Corporation or held by it in a fiduciary capacity may
not be voted, directly or indirectly, at any meeting, and will not be counted in
determining the total number of outstanding shares at any given time.
SECTION 1.11. PROXIES.
a. General. At all meetings of shareholders, a
shareholder may vote by proxy. Proxies must be written, signed by the
shareholder or by his or her duly authorized attorney-in-fact, and filed with
the Secretary of the Corporation before or at the time of a meeting where a
proxy is granted. No proxy is valid after six months from the date of its
execution, unless otherwise provided in the proxy or coupled with an interest.
b. Irrevocable Proxies. A proxy may be irrevocable if it states
that it is irrevocable and if, and only as long as, it is coupled with an
interest sufficient in law to support an irrevocable power.
c. Revocation of a Proxy. A shareholder may revoke any
proxy that is not irrevocable by attending the meeting and voting in person or
by filing an instrument in writing revoking the proxy or by delivering a proxy
in accordance with applicable law bearing a later date to the Secretary of the
Corporation.
SECTION 1.12. SHAREHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING.
a. Action. Any action required to be taken at any annual or special
meeting of shareholders of the Corporation, or any action that may be taken at
any annual or special meeting of such shareholders may be taken without a
meeting, without prior notice, and without a vote, if a consent in writing,
setting forth the action so taken, is signed by the holders of outstanding stock
having not less than the minimum number of votes that would be necessary to
authorize or take such action at a meeting at which all shares entitled to vote
thereon were present and voted.
b. Notice. Prompt notice of the taking of the corporate action
without a meeting by less than unanimous written consent shall be given to those
shareholders who have not consented in writing. If the action which is consented
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to is such as would have required the filing of a certificate under any Section
of the General Corporation Law of Delaware, if such action had been voted on by
shareholders at a meeting thereof, then the certificate filed under such Section
shall state, in lieu of any statement required by such Section concerning any
vote of shareholders, that written notice and written consent have been given as
provided in Section 228 of the General Corporation Law of Delaware.
ARTICLE II
BOARD OF DIRECTORS
SECTION 2.1. NUMBER, QUALIFICATIONS. The Board of Directors shall
consist of that number of directors as are set from time to time by the
affirmative vote of a majority of the members of the Board of Directors. A
director will hold office until his or her successor is elected and qualified.
Directors need not be shareholders of the corporation.
SECTION 2.2. ELECTION; RESIGNATION; VACANCIES. The Board of Directors
will initially consist of the persons designated by the Incorporator, and each
director so elected will hold office until the first annual meeting of
shareholders and until his or her successor is elected and qualified. At the
first annual meeting of shareholders, the shareholders will elect directors to
the Board of Directors. A director may resign at any time on written notice to
the Corporation. Any vacancy occurring in the Board of Directors, whether by
reason of death, resignation, removal, or an increase in the number of
directors, may be filled by the affirmative vote of the majority of the
remaining directors, though less than a quorum of the Board of Directors, or by
election at an annual meeting or at a special meeting of the shareholders called
for that purpose. A director elected to fill a vacancy will be elected for the
unexpired term of his predecessor in office.
SECTION 2.3. REGULAR MEETINGS. A regular meeting of the Board of
Directors for the election of officers and the transaction of any other business
that may properly come before the meeting shall be held immediately after, and
at the same place as, each annual meeting of shareholders, if a quorum of
directors is then present or as soon thereafter as may be convenient. Regular
meetings of the Board of Directors may be held at such places within or without
the State of Delaware and at such times as the Board of Directors may from time
to time determine. The Board of Directors may provide, by resolution, the date,
time and place for the holding of additional regular meetings without other
notice than such resolution.
SECTION 2.4. SPECIAL MEETINGS. Special meetings of the Board of
Directors may be called by or at the request of the President or any director.
The person(s) authorized to call special meetings of the Board of Directors may
fix any place, within or without the State of Delaware, to hold a special
meeting of the Board of Directors. Notice of a special meeting must be given to
each director by the person(s) calling the meeting at least two days before the
meeting.
SECTION 2.5. WAIVER OF NOTICE. A director may waive notice of any
meeting. A director's attendance at a meeting shall constitute waiver of notice
of such meeting; provided that, when a director attends a meeting for the
express purpose of objecting to the transaction of any business to be transacted
at the meeting, the director will not be deemed to have waived notice of such
meeting.
SECTION 2.6. TELEPHONIC MEETINGS PERMITTED. Members of the Board of
Directors, or any committee designated by the Board of Directors, may
participate in a meeting thereof by means of telephonic conference, or similar
communications
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equipment that permits all persons participating in the meeting to hear each
other, and participation in a meeting pursuant to this Bylaw will constitute
presence at such meeting.
SECTION 2.7. QUORUM. Vote Required for Action. At all meetings of the
Board of Directors, a majority of the whole Board of Directors will constitute a
quorum for the transaction of business. Unless required by the General
Corporation Law of the State of Delaware, the Certificate of Incorporation or
these Bylaws, the vote of a majority of the directors present at a meeting at
which a quorum is present will be the act of the Board of Directors. If less
than a majority is present at a meeting, a majority of the directors present may
adjourn the meeting from time to time without further notice. Once a quorum has
been established at a duly organized meeting, the Board of Directors may
continue to transact corporate business until adjournment, notwithstanding the
withdrawal of enough members to leave less than a quorum.
SECTION 2.8. PAYMENT OF EXPENSES. By resolution of the Board of
Directors, directors may be paid their expenses, if any, of attendance at each
meeting of the Board of Directors. Directors may be paid also either a fixed sum
for attendance at each meeting of the Board of Directors or a stated salary as
director. Such payment will not preclude any director from serving the
Corporation in any other capacity and receiving compensation therefor.
SECTION 2.9. DISSENT TO CORPORATE ACTION. A director 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
(i) enters his or her dissent in the minutes of the meeting, (ii) files written
dissent to such action with the Secretary of the meeting before adjournment, or
(iii) expresses such dissent by written notice to the Secretary of the
Corporation within one (1) day after the adjournment of the meeting. The right
to dissent shall not apply to a director who voted in favor of such action.
SECTION 2.10. ACTION BY WRITTEN CONSENT. Any action required or
permitted to be taken at a meeting of the Board of Directors may be taken
without a meeting if all members of the Board of Directors sign a written
consent with respect to such action. Such consent shall be filed with the
minutes of proceedings of the Board of Directors.
ARTICLE III
COMMITTEES
SECTION 3.1. COMMITTEES. The Board of Directors may, by resolution
passed by a majority of the whole Board of Directors, designate one or more
committees, each to consist of one or more of the directors. The Board of
Directors may designate one or more directors as alternate members of any
committee, who may replace any absent or disqualified member at any meeting of
the committee. In the absence or disqualification of a member of the committee,
the member or members thereof present at any meeting and not disqualified from
voting, whether or not constituting a quorum, may unanimously appoint another
member of the Board of Directors to act at the meeting in place of any such
absent or disqualified member. Any such committee, to the extent permitted by
the General Corporation Law of the State of Delaware and to the extent provided
in the resolution of the Board of Directors, will have and may exercise all the
powers and authority of the Board of Directors in the management of the business
and affairs of the Corporation, and may authorize the seal of the Corporation to
be affixed to all papers that may require it.
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SECTION 3.2. COMMITTEE RULES. Unless the Board of Directors otherwise
provides, each committee designated by the Board of Directors may make, alter
and repeal rules for the conduct of its business. In the absence of such rules,
each committee will conduct its business pursuant to Article II of these Bylaws.
ARTICLE IV
OFFICERS
SECTION 4.1. OFFICERS. The officers of the Corporation may be a
President, Vice President, Secretary, and Treasurer. Other officers and
assistant officers may be authorized and elected or appointed by the Board of
Directors. An individual is permitted to hold more than one office.
SECTION 4.2. ELECTION. The officers of the Corporation will be elected
annually by the Board of Directors at the first meeting of the Board of
Directors held after each annual meeting of the shareholders. If the election of
officers is not held at such meeting, it will be held as soon thereafter as
convenient. Each officer will hold office until his or her successor is duly
elected and qualified, or until his or her death, resignation or removal.
SECTION 4.3. REMOVAL. Any officer, elected or appointed, may be removed
by the Board of Directors, but such removal shall be without prejudice to the
contract rights, if any, of the person so removed.
SECTION 4.4. VACANCY. A vacancy in any office for any reason may be
filled by majority vote of the Board of Directors, and any officer so elected
will serve for the unexpired portion of the term of such office.
SECTION 4.5. PRESIDENT. The President presides at all meetings of the
Board of Directors and of shareholders and has general charge and control over
the affairs of the Corporation subject to the Board of Directors. The President
signs or countersigns all certificates, contracts and other instruments of the
Corporation as authorized by the Board of Directors and performs such other
duties incident to the office or required by the Board of Directors.
SECTION 4.6. VICE PRESIDENT. The Vice President exercises the functions
of the President in the President's absence, and has such powers and duties as
may be assigned to him or her from time to time by the Board of Directors.
SECTION 4.7. SECRETARY. The Secretary issues all required notices for
meetings of the Board of Directors and of the shareholders, keeps a record of
the minutes of the proceedings of the meetings of the Board of Directors and of
the shareholders, has charge of the Corporate Seal and the corporate books, and
makes such reports and performs such other duties as are incident to the office
or required by the Board of Directors.
SECTION 4.8. TREASURER. The Treasurer has custody of all monies and
securities of the Corporation, keeps regular books of account, disburses the
funds of the Corporation, renders account to the Board of Directors of all
transactions made on behalf of the Corporation and of the financial condition of
the Corporation from time to time as the Board requires, and performs all duties
incident to the office or properly required by the Board of Directors.
SECTION 4.9. ADDITIONAL OFFICERS. The Corporation may have such
additional officers as the Board of Directors deems necessary or appropriate
including, without limitation, a Chairman of the Board, Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, Assistant Vice Presidents,
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Assistant Secretaries and Assistant Treasurers. Each such officer shall perform
those duties as determined or assigned by the Board of Directors.
SECTION 4.10. SALARIES. The salaries of all officers will be fixed by
the Board of Directors, and may be changed from time to time by a majority vote
of the Board of Directors.
ARTICLE V
CERTIFICATE OF SHARES
SECTION 5.1. CERTIFICATES. The Corporation may issue certificates
representing shares of the Corporation, which will be in the form determined by
the Board of Directors, and will be signed by the President of the Corporation
or any other officers permitted by law, certifying the number of shares owned by
him or her in the Corporation. Any of or all the signatures on the certificate
may be a facsimile. If any officer, transfer agent or registrar who has signed,
or whose facsimile signature has been placed upon, a certificate ceases to hold
that position before the certificate is issued, it may be issued by the
Corporation with the same effect as if the officer, transfer agent or registrar
continued to hold that position at the date of issue.
SECTION 5.2. LOST, STOLEN OR DESTROYED STOCK CERTIFICATES; ISSUANCE OF
NEW CERTIFICATES. If a certificate is lost, stolen or destroyed, a new one may
be issued on such terms and indemnity to the Corporation as the Board of
Directors may prescribe.
ARTICLE VI
INDEMNIFICATION OF DIRECTORS AND OFFICERS
SECTION 6.1. DIRECTORS.
a. Right to Indemnification Insurance. Every person who
was or is a party to, or is threatened to be made a party to, or is involved in
any action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that he or she, or a person of whom he is
the legal representative, is or was a director or officer, or is or was serving
at the request of the corporation as a director, officer, employee or agent of
another corporation, or as its representative in another enterprise (an
"Indemnitee"), shall be indemnified and held harmless by the Corporation to the
fullest extent legally permissible under the laws of the State of Delaware
against all judgments, fines, penalties, excise taxes, amounts paid in
settlement and costs, charges and expenses (including attorneys' fees and
disbursements) actually and reasonably incurred or suffered by him or her in
connection therewith, subject to the standards of conduct, the procedures, and
other applicable provisions of the General Corporation Law of the State of
Delaware. Such right of indemnification is a contract right which may be
enforced in any manner desired by such person. The Corporation may purchase and
maintain insurance on behalf of an Indemnitee against any liability arising out
of such status, whether or not the corporation would have the power to indemnify
such person.
b. Inurement. The right to indemnification shall inure whether or
not the claim asserted is based on matters that predate the adoption of this
Article VI, will continue as to an Indemnitee who has ceased to hold the
position by virtue of which he or she was entitled to indemnification, and will
inure to the benefit of his or her heirs and personal representatives.
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c. Non-exclusivity of Rights. The right to
indemnification and to the advancement of expenses conferred by this Section 6.1
are not exclusive of any other rights that an Indemnitee may have or acquire
under any statute, bylaw, agreement, vote of shareholders or disinterested
directors, this Certificate of Incorporation or otherwise.
d. Advancement of Expenses. The Corporation shall, from
time to time, reimburse or advance to any Indemnitee the funds necessary for
payment of expenses, including attorneys' fees and disbursements, incurred in
connection with defending any proceeding for which he or she is indemnified by
the Corporation, in advance of the final disposition of such proceeding;
provided that, if then required by the General Corporation Law of the State of
Delaware, the expenses incurred by or on behalf of an Indemnitee may be paid in
advance of the final disposition of a proceedings only upon receipt by the
Corporation of an undertaking by or on behalf of such Indemnitee to repay any
such amount so advanced if it is ultimately determined by a final and
unappealable judicial decision that the Indemnitee is not entitled to be
indemnified for such expenses.
SECTION 6.2. OFFICERS, EMPLOYEES AND AGENTS. The Board of Directors
may, on behalf of the Corporation, grant indemnification to any officer,
employee, agent or other individual to such extent and in such manner as the
Board of Directors in its sole discretion may from time to time and at any time
determine, in accordance with the General Corporation Law of the State of
Delaware.
ARTICLE VII
GENERAL PROVISIONS
SECTION 7.1. FISCAL YEAR. The fiscal year of the Corporation will be
fixed by the Board of Directors.
SECTION 7.2. AMENDMENTS. These Bylaws may be amended or repealed or
new Bylaws may be adopted (i) at any regular or special meeting of shareholders
at which a quorum is present or represented, by the vote of the holders of a
majority of the shares entitled to vote in the election of any directors,
provided notice of the proposed alteration, amendment or repeal is contained in
the notice of such meeting; or (ii) by affirmative vote of a majority of the
Board of Directors at any regular or special meeting thereof.
SECTION 7.3. BOOKS AND RECORDS; EXAMINATION. Any records maintained by
the corporation in the regular course of its business, including its stock
ledger, books of account, and minute books, may be kept on, or be in any form of
information storage, provided that the records can be converted into clearly
legible form within a reasonable time. The books and records of the Corporation
may be kept outside of the State of Delaware. Except as may otherwise be
provided by the General Corporation Law of the State of Delaware, the Board of
Directors will have the power to determine from time to time whether and to what
extent and at what times and places and under what conditions any of the
accounts, records and books of the Corporation are to be open to the inspection
of any shareholder.
SECTION 7.4. DIVIDENDS. Subject to the provisions, if any, of the
General Corporation Law of Delaware and the Certificate of Incorporation,
dividends on the capital shares of the Corporation may be declared by the Board
of Directors at any regular or special meeting. Dividends may be paid in cash,
in property or in shares of the capital stock. Before payment of any dividend,
the Board of Directors may set aside out of any funds of the Corporation
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available for dividends such reserves for any purpose that the directors will
think conducive to the interests of the Corporation.
SECTION 7.5. SEAL. The Corporation may or may not have a corporate
seal, as may from time to time be determined by resolution of the Board of
Directors. If a corporate seal is adopted, it will have inscribed thereon the
name of the corporation and the words "Corporate Seal" and "Delaware". The seal
may be used by causing it or a facsimile thereof to be impressed or affixed or
in any manner reproduced or by causing the word {SEAL}, in brackets, to appear
where the seal is required to be impressed or affixed.
