11.

To fill in a Vacant Director slot by remaining directors

Required quorum?........................... YES, remaining
. directors must still
constitute a quorum, i.e.
majority unless art/bylaws
require a higher quorum
Required Board vote?.................. Majority or remaining directors
Required stockholders vote?........... NO
Stockholders’ Meeting required?....... n.a.
Must state purpose in agenda?......... n.a.
All stocks vote?...................... n.a.
Needs SEC approval?................... NO
When must it be filed w/ SEC?......... n.a.
When does it become effective?........ n.a.
Appraisal Right?...................... n.a.
Any restrictions?..................... Must be filed by stockholders:
If vacancy is due to:
removal, or
expiration of term, or
increase in no. of directors
If there is no directors quorum
Only for the unexpired portion

12. To fill in Vacant Director slot by stockholders

[ Only if the vacancy is due to removal, or expiration of term,
or increase in no. of directors, or if there is no directors quorum ]
Required Board vote?.................... NO
Required stockholders vote?............. CUMULATIVE VOTING
Stockholders’ Meeting required?......... YES (regular or special)
Must state purpose in agenda?........... YES
All stocks vote?........................ No.
Needs SEC approval?..................... No. Only notify
When must it be filed w/ SEC?............ W/in 30 days from election
When does it become effective?............ n.a.
Appraisal Right?.......................... NO

13. To Elect Officers

Required Board quorum?.................. Majority unless articles or
bylaws provide for a greater
. quorum
Required Board vote?.................... Majority of ALL the members
. of the board
Required stockholders vote?............. NO
Stockholders’ Meeting required?.......... n.a.
Must state purpose in agenda?............ n.a.
All stocks vote?......................... n.a.
Needs SEC approval?...................... NO, simply inform SEC
When must it be filed w/ SEC?............ w/in 30 days
When does it become effective?........... n.a.
Appraisal Right?......................... n.a.

14. To Ratify a contract of a director under Sec. 32

[Self-Dealing]
Required Board vote?.................... NO
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ YES
All stocks vote?......................... NO
Needs SEC approval?...................... NO
When must it be filed w/ SEC?............ n.a.
When does it become effective?........... n.a.
Any restrictions?...................... 1. Full disclosure
2. Contract fair & reasonable
15. To Ratify a contract of an officer under Sec. 32
[Self-Dealing]
Code requires PREVIOUS approval by board.

16. Stockholders’ Ratification of Disloyal Act of Director

Required Board vote?.................... NO
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ Code is silent
All stocks vote?......................... NO
Disloyal directors’ vote counted?........ YES. The Code doesn’t
qualify, only says 2/3
outstanding
Needs SEC approval?...................... NO
When must it be filed w/ SEC?............ n.a.
When does it become effective?........... n.a.
Appraisal Right?......................... NO

17. To Amend Articles to Extend Corp. Term

Required Board vote?.................... Majority of quorum
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ YES (regular & special)
All stocks vote?......................... YES
Needs SEC approval?...................... YES
When must it be filed w/ SEC?............ w/in 5 years before
expiration of the original term
When does it become effective?........... upon SEC Approval or 60 days
if the SEC fails to act
Appraisal Right?......................... YES
18. To Amend Articles to Shorten Term
Required Board vote?.................... Majority of quorum
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ YES (regular & special)
All stocks vote?......................... YES
Needs SEC approval?...................... YES
When must it be filed w/ SEC?............ before expiration of term
When does it become effective?........... upon SEC Approval or 60 days
if the SEC fails to act
Appraisal Right?......................... No

19. To Amend Articles to Increase/Decrease Capital Stock

Required Board vote?.................... Majority of quorum
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ YES (regular & special)
All stocks vote?......................... YES
Needs SEC approval?...................... YES
When must it be filed w/ SEC?............ w/in reasonable time
When does it become effective?........... upon SEC Approval
Appraisal Right?......................... YES

20. Incur/Create Bonded Indebtedness

Required Board vote?.................... Majority of quorum
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ YES (regular & special)
All stocks vote?......................... YES
Needs SEC approval?...................... YES
When must it be filed w/ SEC?............ w/in reasonable time
When does it become effective?........... upon SEC Approval
Appraisal Right?......................... YES

21. Amendment to Articles of Incorporation to Deny Appraisal Rights

Required Board vote?.................... Majority of quorum
Required stockholders vote?............. 2/3 outstanding capital stock
Stockholders’ Meeting required?.......... YES
Must state purpose in agenda?............ Code silent
All stocks vote?......................... Code silent
Needs SEC approval?...................... YES
When must it be filed w/ SEC?............ after stockholders’ approval
When does it become effective?........... Upon SEC Approval or 60 days
If not acted on by SEC
Appraisal Right?......................... YES