OpenMPE INCORPORATED
BY-LAWS
ARTICLE I
Principal Office and Place of Business
The principal office and place of business of the Corporation shall be 15
Catawba Place, Hagerstown, Maryland 21742 or at such other place as may from
time to time be designated by the Board of Directors.
SECTION 1.
Member: Any legal person with legal title to one or more Memberships issued
by the Corporation. Every employee and board member of the Corporation.
SECTION 2.
Agreement: With respect to users of the MPE/iX Operating System,
"Agreement" shall mean the User Membership adopted and
approved by the Board of Directors. With respect to vendors
providing applications, utilities and services dependent upon MPE/iX
Operating System, "Agreement" shall mean the Vendor
Membership adopted and approved by the Board of Directors.
SECTION 1. Annual
Meeting: The annual meeting of the Members of the Corporation, for
the election of directors and for such other business as may properly
come before such meeting, shall be held on the first Monday in March
of each year, at such time and place as may be designated by the
Board of Directors, provided that no more than one calendar year
shall pass between annual meetings. The notice of the meeting shall
be in writing and signed by the Chair or a Vice-Chair or the
Secretary or an Assistant Secretary and shall include the proposed
agenda for the meeting. Such notice shall state the time and the
place within the State where it is to be held, and the Secretary
shall cause a copy thereof to be delivered personally or mailed to
each Member of record of the Corporation entitled to vote at such
meeting not less than 10 nor more than 40 days before the meeting. If
mailed, it shall be directed to each such Member at the Member's
address as it appears on the Membership ledger books, unless the
Member shall have filed with the Secretary of the Corporation a
written request that notices intended for the Member be mailed to
some other address, in which case it shall be mailed to the address
designated in such request. The first annual meeting, unless
otherwise adjourned by the Board of Directors, shall be held at the
discretion of the Board of Directors on or before the first Monday in
March of 2003.
SECTION 2. Special
Meetings: Special meetings of Members other than those the calling of
which is regulated by statute, may be called at any time by the Chair
or by a majority of the Board of Directors. It shall also be the duty
of the Secretary to call such meetings whenever requested in writing
to do so by Members owning at least 35% of the outstanding
Memberships. The Secretary shall cause a notice of such special
meeting stating the time, place and object thereof and the officer or
other person or persons by whom the meeting is called, to be
delivered personally or mailed as provided in Section 1 of this
Article to each Member of record of the Corporation entitled to vote
at such meeting not less than 10 nor more than 40 days before such
meeting. No business other than that stated in such notice shall be
transacted at such special meeting unless the holders of all the
outstanding Memberships are present thereat in person or by proxy.
SECTION 3. Waiver of
Notice: The notice provided for in the two foregoing sections is not
indispensable but any Members' meeting whatever shall be valid for
all purposes if all the outstanding Memberships are represented
thereat in person or by proxy, or if a quorum is present, as provided
in the next succeeding section, and waiver of notice of the time,
place and objects of such meeting shall be duly executed in writing
either before or after said meeting by such Members as are not so
represented and were not given such notice.
SECTION 4. Quorum;
Adjournments: At each meeting of Members, except where otherwise
provided by law, Members representing, in person or by proxy, more
than 50% of the Memberships then issued and outstanding shall
constitute a quorum; in case a quorum shall not be present at any
meeting, the holders of a majority of the Memberships represented may
adjourn the meeting to some future time and place. No notice of the
time and place of the adjourned meeting need be given other than by
announcement at the meeting. Only those Members who, if present at
the original meeting, would have been entitled to vote thereat shall
be entitled to vote at any such adjourned meeting.
SECTION 5. Voting:
At each meeting of Members each Member present in person or by proxy
shall be entitled to one vote for each Membership registered in his
name at the time of service of notice of such meeting or at such
prior date, not more than 40 days before such meeting, as may be
prescribed by the Board of Directors for the closing of the corporate
Membership books or fixed by the Board of Directors as the date for
determining which Members of record are entitled to notice of and to
vote at such meeting. Proxies shall be in writing duly signed by the
Member but need not be acknowledged or witnessed, and the person
named as proxy by any Member shall be a Member, or his agent. Voting
by Members shall be by voice vote unless any Member present at the
meeting, in person or by proxy, demands a vote by written ballot, in
which case the voting shall be by ballot, and each ballot shall state
the name of the Member voting and the number of Memberships owned by
him, and in addition, the name of the proxy of such ballot if cast by
a proxy. All elections shall be determined by a plurality vote and
unless otherwise specified in these Bylaws or the Articles of
Incorporation, the affirmative vote of a majority of the Memberships
represented at any meeting of Members shall be necessary for the
transaction of any item of business and shall constitute the act of
the Members. Where the ownership of Memberships is in more than one
name, the person who shall be entitled to cast the vote for such
Memberships shall be the person named in a certificate executed by
all of the owners of such Memberships and filed with the Secretary
or, in the absence of such named person from the meeting, the person
who shall be entitled to cast the vote of such Memberships shall be
the person owning such Memberships who is present. If more than one
person owning such Memberships are present then such vote shall be
cast only in accordance with their unanimous agreement.
SECTION 6. Order of
Business: So far as consistent with the purpose of the meeting, the
order of business of each meeting of Members shall be as follows:
- Call to order.
- Presentation of proofs of due calling at the meeting.
- Proof of quorum.
- Reading of minutes of previous meeting or meetings, unless waived.
- Reports of officers and committees.
- Appointment or election of inspectors of election, if requested.
- If the annual meeting or a special meeting called for that purpose,
the election of directors.
- Such other business as shall be prescribed by the public agenda.
- Adjournment.
SECTION 1. Number:
The initial number of Directors shall be nine. Each director shall
serve for a term of two years, and shall be entitled to serve an
unlimited number of renewal terms if re-elected. Commencing with
the first election of Directors by Members, and until changed by
amendment to these Bylaws, hereinafter provided, the number of
Directors shall not be decreased to a number less than the number of
Directors then in office except at an annual meeting of Members.
The terms are to be overlapping, with approximately half of the members to be
elected each year. To establish this pattern, those members selected as
officers at the first meeting of the Board will stand for election at the
first general meeting of the members.
SECTION 2. Election:
Except for the first Board of Directors serving until the first
meeting, the Directors shall be elected at the annual meeting of
Members or at a special meeting called for that purpose as provided
by law or by these Bylaws by a plurality of votes cast at such
meeting. The composition of the initial Board of Directors shall be
two (2) individuals who are End-Users of the MPE/iX Operating System,
two (2) individuals who are consultants with respect to the MPE/iX
Operating System, two (2) individuals who are applications vendors
with respect to the MPE/iX Operating System, two (2) individuals who
are utility vendors with respect to the MPE/iX Operating System and
one (1) representative of Hewlett-Packard. Thereafter, the composition shall
be restricted only in that it must include at least one vendor with respect to
the MPE/iX Operating System, one consultant with respect to that operating
system and one end-user of that operating system.
SECTION 3. Quorum: A
majority of the Directors then authorized by these Bylaws shall
constitute a quorum.
SECTION 4.
Vacancies: Vacancies in the Board of Directors resulting from death,
resignation, or otherwise may be filled without notice to any of the
Members by a vote of a majority of the remaining Directors present at
the meeting at which such election is held even though no quorum is
present, which may be at any regular meeting of the Board of
Directors or any special meeting thereof called for such purpose. In
the event of the failure to hold any election of Directors or in the
event that the Board of Directors shall not have filled any such
vacancy, a special meeting of Members to elect a new Board of
Directors or to fill such vacancy or vacancies may be called in the
manner provided for the calling of special meetings of Members.
Vacancies in the Board of Directors resulting from an increase of the
Board of Directors by amendment of these Bylaws shall be filled
in the manner provided in the resolution adopting such amendment. In
case of reduction of the authorized number of Directors by amendment
of these Bylaws, the Directors, if any, whose term of office
shall cease shall be determined in the manner provided in the
resolution adopting such amendment.
SECTION 5. Meetings:
The Board of Directors shall meet immediately after the annual
meeting of Members without notice and also whenever called together
by any officer of the Corporation or upon the written request of any
four Directors then holding office, upon notice given to each
Director, by delivering personally, mailing, or e-mailing the same to
him at least two days prior to such meeting at the last address
furnished by him to the Corporation. Meetings may be held via
telephone conference call or by other electronic means. Regular
meetings may be held without notice at such times and places as a
majority of the Board of Directors may determine, but such meetings
shall be held at least once every three months during each fiscal
year. Any meeting of the Board of Directors at which all the
Directors shall be present, or of which notice shall be duly waived
by all absentees, either before or after the holding of such meeting,
shall be valid for all purposes provided a quorum be present.
Meetings of the Board of Directors may be held either at the
principal office of the Corporation or elsewhere as provided in the notice
calling the meeting, unless the
Board of Directors by resolution adopts some further limitation in
regard thereto. At all meetings of the Board of Directors, each
Director shall be entitled to one vote. The vote of a majority of the
Directors present at the time of a vote of a duly constituted meeting
shall be the act of the Board of Directors.
The Chair shall
preside over all meetings of the Board of Directors and the Secretary
shall keep a minute book of the Board of Directors recording therein
all resolutions adopted by the Board of Directors and a record of all
transactions and proceedings occurring at such meetings. Any action
by the Board of Directors required or permitted to be taken at any
meeting may be taken without a meeting if all of the members of the
Board of Directors shall individually or collectively consent in
writing to such action. Any such written consent shall be filed with
the minutes of the proceedings of the Board of Directors.
SECTION 6. Voting in absentia: Any Director who is aware that they will
not be able to attend an official meeting, or any part of a meeting,
may vote on any resolution to be considered at a meeting in
absentia. The vote must be limited to one in favor of or against a
proposed resolution that exists in written form prior to the meeting.
The vote may be made to the Secretary, Chair, or Vice-Chair by mail,
facsimile, or digitally signed electronic mail. The vote may be
rescinded by the director if he or she attends the meeting or by
mail, facsimile, or digitally signed electronic mail received by the
Secretary, Chair, or Vice-Chair prior to the meeting. The vote is to
be counted only if the form of the resolution considered by the board
is identical to the proposed resolution voted upon by the absent director.
SECTION 7.
Resignation and Removal: Any Director may resign at any time by
written notice delivered in person or sent by certified or registered
mail to the Chair or Secretary of the Corporation. Such resignation
shall take effect at the time specified therein and, unless
specifically requested, acceptance of such resignation shall not be
necessary to make it effective. Any Director may be removed without
cause at any time by a vote of the Members at a meeting duly called
for that purpose. Any Directors whose removal has been proposed shall
be given at least 15 days notice of the time, place and purpose of
the meetings and shall be given an opportunity to be heard at the
meeting.
Any Director may be proposed for removal without special notice and can be
found to be in violation of the provisions in Section 12 of Article IV,
by adoption of a resolution with an affirmative vote of a majority of the
Directors present at any regular or special meeting of the Board of Directors;
any Director who is the subject of said resolution shall be given an opportunity
to be heard prior to voting and will then abstain from casting a vote on the
resolution; a Director found to be in violation of Section 12 will then be
considered immediately removed from the Board of Directors and officially
notified of said removal by the Secretary of the Corporation by mail,
facsimile, or electronic mail.
SECTION 8.
Committees: The Board of Directors may by resolution appoint
committees, as it may deem appropriate. Such committees shall have
and may exercise such of the powers of the Board of Directors in the
management of the business and affairs of the Corporation during the
intervals between the meetings of the Board of Directors as may be
determined by the authorizing resolution of the Board of Directors
and so far as may be permitted by law.
SECTION 9. Salaries:
No salary or other compensation for services shall be paid to any
Director of the Corporation for services rendered unless and until
any such payment shall have been authorized in writing and by
affirmative vote taken at a duly held meeting of Members, by vote
representing at least a majority of the then-outstanding
Memberships.
SECTION 10. Powers
and Duties: The Board of Directors shall have all of the powers and
duties necessary for the administration of the affairs of the
Corporation and may do any such acts and things as are provided for by
the Articles of Incorporation of the Corporation and Bylaws as
are necessary and done by the Corporation. The Board of Directors
shall have the power from time to time to adopt the form of an
Agreement governing the use of the MPE/iX Operating Systems and the
technological services related thereto. In addition to the duties
imposed by these Bylaws or by any resolution of the Members
that may hereafter be adopted, the Board of Directors shall, on
behalf of the Corporation:
- Prepare and adopt an annual budget.
- Designate, hire and dismiss the personnel necessary for the operation
of the business of the Corporation, and, where appropriate, provide
for the compensation of such personnel and for the purchase of
equipment, supplies, and material to be used by such personnel in the
performance of their duties, which supplies and equipment shall be
deemed part of the property of the Corporation.
- Open bank accounts on behalf of the Corporation and designate the
signatures thereon, and invest the funds of the Corporation for the
benefit of the Corporation.
- Enforce by legal means the provisions of the Articles of Incorporation,
these Bylaws and the Agreements, and notify the Members of any
litigation against the Corporation involving a claim in excess of
five percent (5%) of the amount of the annual budget.
- Obtain and carry insurance against casualties and liabilities, as
provided in these Bylaws, and pay the premiums therefore and adjust
and settle any claims thereunder.
- Pay the cost of all authorized services rendered to the Corporation.
- Keep the books with detailed accounts in chronological order of the
receipts and expenditures affecting administration of the
Corporation. Such books and vouchers accrediting the entries
thereupon shall be available for examination by the Members, their
duly authorized agents or attorneys, during general business hours on
working days at the times and in the manner set and announced by the
Board of Directors for the general knowledge of the Members. All
books and records shall be kept in accordance with generally accepted
accounting practices and standards consistently applied, and the same
shall be audited and certified at least once each year by an
independent accountant retained by the Board of Directors, who shall
not be a Member.
- Borrow money on behalf of the Corporation when required in connection
with any instance relating to the operation of the business of the
Corporation, provided, however, that the consent of at least
two-thirds in number of the Memberships voting at a meeting duly
called and held for such purpose in accordance with the provisions of
these Bylaws, shall be required to borrow any sum in excess of
$15,000.00 in the aggregate during any one calendar year.
- Approval of the Certificates of Membership, which approval shall not
be unreasonably withheld, provided that no Membership shall be approved
unless to a purchaser proven to the Board of Directors' satisfaction
to be financially responsible and shall be either users of the MPE/iX
Operating System or vendors providing applications, utilities and
services dependent upon the MPE/iX Operating System.
- Do such other things and acts not inconsistent with the applicable laws
of the State of Maryland, the Articles of Incorporation, and these
Bylaws which the Board of Directors may be authorized to do by
a resolution of the Members.
SECTION 11. Managing
Agent: The Board of Directors and the Corporation may employ a
managing agent (herein referred to as the "Managing Agent").
Any Managing Agent or the Board of Directors if it serves in that
capacity shall operate so that:
- two or more persons shall be responsible for handling cash to maintain
adequate financial control procedures;
- cash accounts of the Corporation shall not be commingled with any other
accounts;
- any financial or other interest which the Managing Agent or Board may
have in any firm providing goods or services to the Corporation shall
be disclosed to and approved by the Board of Directors prior to
employment of such firm; and
A Management Contract must provide that it may be terminated with or without
cause on no more than 30 days written notice without any termination fee and
the term of any such contract may not exceed two years.
SECTION 12. Additional Director and Candidate Requirements: In addition to the
requirements set forth in Section 2 of Article IV, each candidate for election
to the Board of Directors, or any person elected or appointed to the Board of
Directors, as provided in Section 4 of Article IV, shall agree to, sign and
submit the following to the Secretary of the Corporation in advance of said
candidate being eligible for election or service on the Board of Directors of
the Corporation:
(1) An Agreement to consent to and abide by all Bylaws and past and future
resolutions voted upon and ratified by the Board of Directors; to adhere to,
follow and comply with all past and future Agreements and Obligations
entered into on behalf of the Corporation by the Board of Directors.
(2) Any Non-Disclosure Agreement(s) or Confidential Disclosure Agreement(s)
then binding upon the Board of Directors, the members thereof, and/or the
Corporation.
(3) An Agreement to be bound by and sign any future Non-Disclosure Agreement(s),
Confidential Disclosure Agreement(s) or other Agreements adopted as a
requirement of the Corporations Board of Directors, by the Board of Directors.
SECTION 1. Election and Removal: The officers of the Corporation shall be a
Chair, one or more Vice-Chairs, a Secretary, and a Treasurer. Such officers
shall be elected at the first meeting of the Board of Directors after
these Bylaws become effective, and thereafter at the regular
meeting in each year following the annual meeting of Members, and
shall serve until removed or until their successors shall have been
elected. The Board of Directors may at any time appoint one or more
Assistant Secretaries and one or more Assistant Treasurers to hold
office at the pleasure of the Board of Directors and may accord to
such officers such power as the Board of Directors deems proper. Any
officer may be removed at any time, with or without cause, by the
affirmative vote of a majority of the then authorized total number of
Directors. One person may hold not more than two offices at the same
time, except that the Chair and the Secretary may not be the same
person. The Board of Directors may fill vacancies occurring in any
office at any time.
SECTION 2. Duties of
Chair and Vice-Chairs: The Chair shall preside at all meetings
of the Members and of the Board of Directors. The Chair or any
Vice-Chair shall sign in the name of the Corporation all
contracts, leases, and other instruments, which are authorized from
time to time by the Board of Directors. The Chair, subject to the
control of the Board of Directors, shall have general management of
the affairs of the Corporation and perform all the duties incidental
to the office. In the absence of the Chair or the inability of the
Chair to act, any Vice-Chair shall have the powers and perform
the duties of the Chair.
SECTION 3. Duties of
Treasurer: The Treasurer shall have the supervisory authority over
the care and custody of all funds and securities of the Corporation
and shall direct the deposit of such funds in the name of the
Corporation in such state and federally insured savings and loan
associations, secure investment funds, banks, or trust companies as
the Board of Directors may determine and he shall perform all other
duties incidental to his office. If so required by the Board of
Directors, he shall, before receiving any such funds, furnish to the
Corporation a bond with a surety company as surety in such form and
amount as said Board of Directors from time to time shall determine.
The Corporation shall pay the premium upon such bond. The Treasurer
shall cause to be transmitted to each Member an annual report of
operations and balance sheet of the Corporation, which shall be
certified by the accountant. In the absence or inability of the
Treasurer, the Assistant Treasurer, if any, shall have all the powers
and perform all the duties of the Treasurer.
SECTION 4. Duties of
Secretary: The Secretary shall keep the minutes of the meetings of
the Board of Directors and of the meetings of Members and shall
attend to the giving and serving of all notices of the Corporation
and shall be empowered to affix the corporate seal to all written
instruments authorized by the Board of Directors or these Bylaws.
He shall also perform all other duties incidental to his office. He
shall cause to be kept a book containing the names, alphabetically
arranged, of all persons who are Members of the Corporation, showing
respectively their places of residence, the number of Memberships
held by them, the date when they became the owners thereof, and the
amount paid thereon, and the denomination and the amount of all
Memberships issued. Such book shall be open for inspection as
provided by law. In the absence or inability of the Secretary, the
Assistant Secretary, if any, shall have the powers and perform all
the duties of the Secretary.
SECTION 5. Salaries:
No salary or other compensation for services shall be paid to any
officer of the Corporation for services rendered unless and until any
such payment shall have been authorized in writing or by affirmative
vote taken at a duly held meeting of Members, by vote representing at
least a majority of the then outstanding Memberships.
SECTION 1.
Memberships and Agreement: No Memberships hereafter issued or
acquired by the Corporation shall be issued or reissued except in
connection with the execution by the purchaser and delivery by the
Corporation of the Agreement with respect to the use of the MPE/iX
Operating System or related software. Memberships shall entitle the
holder to use the MPE/iX Operating System, or related software, and
technological services related thereto in accordance with the
Agreement and for such other purposes as may be specified in these
Bylaws to which the Memberships are appurtenant, subject to the
provisions, covenants and agreements contained in such Agreement and
to these Bylaws.
SECTION 2. Form and
Membership Register: Certificates of the Memberships shall be in the
form adopted by the Board of Directors. Certificates shall be issued
and there shall be recorded the name of the person holding the
Memberships, the number of Memberships and the date of issue.
SECTION 3.
Transfers: Transfers of Memberships shall be made upon the books of
the Corporation only by the Member in person or by power of attorney
or stock power with a signature guarantee executed by guarantor
acceptable to the Corporation, duly executed and filed with the
Secretary of the Corporation and on the surrender of the certificate
for such Memberships. Memberships sold by the Corporation to satisfy
any lien, which it holds thereon, may be transferred without the
surrender of the certificate representing such Memberships.
SECTION 4. Legend on
Membership Certificates: Certificates representing Memberships shall
bear a conspicuous legend reading as follows:
"The rights of any holder hereof are subject to the provisions of the
Articles of Incorporation, Bylaws and to all the terms,
covenants, conditions and provisions of a certain Agreement made
between the person in whose name this certificate is issued. The
holder hereof is entitled to all the provisions of the OpenMPE,
Incorporated's Articles of Incorporation, Bylaws, and the
Agreement, all of which the holder hereof hereby acknowledges to have
been advised and to have received copies of and hereby expressly
agrees to all of said terms, conditions and provisions thereof. The
Memberships represented by this certificate are transferable only as
an entirety and only to an assignee of such Agreement. Copies of the
Articles of Incorporation, the Agreement, and the Bylaws are on
file and available for inspection at the Office of OpenMPE,
Incorporated.
Such further information shall be added as to the conditions and
restriction relative to Memberships as the Board of Directors may deem
appropriate.
ARTICLE VII
Indemnification and Related Matters
SECTION 1.
Definitions. As used in Sections 1 and 2 of this Article VII, any
word or words that are defined in Section 2-418 of the
Corporations and Associations Article of the Annotated Code of
Maryland, as amended from time to time (the "Indemnification
Section"), shall have the same meaning as provided in the
Indemnification Section.
SECTION 2.
Indemnification of Directors and Officers. The Corporation shall
indemnify and advance expenses to a director or officer of the
Corporation in connection with a proceeding to the fullest extent
permitted by and in accordance with the Indemnification Section.
SECTION 3.
Indemnification of Employees and Agents. With respect to an employee
or agent, other than a director or officer, of the Corporation, the
Corporation may, as determined by the Board of Directors of the
Corporation, indemnify and advance expenses to such employee or agent
in connection with a proceeding to the extent permitted by and in
accordance with the Indemnification Section.
SECTION 4. Common or
interested Directors: Each member of the Board of Directors shall
exercise his powers and duties in good faith and with a view to the
interests of the Corporation. No contract or other transaction
between the Corporation and any of its directors, or between the
Corporation and any other corporation, firm, or association in which
any of the directors of the Corporation are directors or officers or
are pecuniary or otherwise interested, is either void or voidable
because any such director is present at the meeting of the Board of
Directors or any committee thereof which authorizes or approves the
contract or transaction, or because his vote is counted for such
purpose, if any of the conditions specified in any of the following
subparagraphs exists:
- The fact of the common directorate or interest is disclosed or known
to the Board of Directors or a majority thereof or noted in the
minutes, and the Board of Directors authorizes, approves, or ratifies
such contract or transaction in good faith by a vote sufficient for
the purpose; or
- The fact of the common directorate or interest is disclosed or known
to at least a majority of the Members by number of Memberships voted,
and the Members approve or ratify the contract or transaction by a
vote sufficient for the purpose; or
- The contract or transaction is commercially reasonable to the
Corporation at the time it is authorized, ratified, approved, or
executed.
Any common or
interested directors may be counted in determining the presence of a
quorum of any meeting of the Board of Directors or committee thereof
which authorizes, approves, or ratifies any contract or transaction
and may vote thereat to authorize any contract or transaction with
like force and effect as if such director were not such director or
officer of the Corporation or not so interested.
SECTION 1.
Signatures: All checks, drafts, orders for payment of money and
negotiable instruments shall be signed by such officer or officers or
employee or employees of the Corporation or Managing Agent as the
Board of Directors may from time to time, by standing resolution,
special order, or contract between the Corporation and Managing Agent
prescribe. Endorsements or transfers of Memberships, bonds, or other
securities shall be signed by the Chair or any Vice-Chair and by the
Treasurer or an Assistant Treasurer or the Secretary or an Assistant
Secretary unless the Board of Directors, by special resolution shall
prescribe otherwise.
SECTION 2. Safe
Deposit Access: Such officer or officers, as from time to time shall
be designated by the Board of Directors, shall have access to any
safe or safe deposit box of the Corporation.
SECTION 3. Bonds and
Securities: Such officer or officers, as from time to time shall be
designated by the Board of Directors, shall have power to control and
direct the disposition of any bonds or other securities or property
of the Corporation deposited in the custody of any trust company,
bank, or other custodian.
ARTICLE IX
Compliance and Default
SECTION 1. Default:
If at any time one or more of the events specified in the following
subparagraphs of this Section 1 of Article IX shall occur, the
Corporation may terminate the Member's rights any other rights and
remedies available at law or in equity. Such events of default shall
include, but not be limited to, the following:
- In case at any time during the term of the Agreement the Member shall
cease to be the owner of Memberships.
- In case the Member attempts to transfer or assign the Agreement in a
manner inconsistent with the provisions of these Bylaws or the
Agreement.
- In case the Member shall default in the performance of any of his
obligations under the Agreement or these Bylaws or shall fail to
comply with or abide by any of the covenants, conditions, promises,
or undertakings of or under the Agreement or any article or part
thereof or of any of the provisions of these Bylaws.
The failure on
the part of the Corporation to avail itself of any of the remedies
provided under these Bylaws shall not waive or destroy the right of
the Corporation to avail itself of such remedies for similar or other
breaches on the part of the Member.
SECTION 2.
Compliance: Each Member shall be governed by, and shall comply with,
all of the terms of these Bylaws, the Agreement as any of the
same may be amended from time to time.
SECTION 3. Costs and
Attorney's Fees: In any proceeding arising out of any alleged default
by a Member, the prevailing party shall be entitled to recover the
costs of all such proceeding and such reasonable attorney's fees as
may be determined by the court.
Section 4. No Waiver
of Rights: The failure of the Corporation, the Board of Directors, or
of a Member to enforce any right, provision, covenant, or condition
which may be established by law or equity, the Agreement, the
Articles of Incorporation or these Bylaws shall not constitute
a waiver of the right of the Corporation, the Board of Directors, or
the Member to enforce such right, provision, covenant, or condition
in the future. All rights, remedies, and privileges granted to the
Corporation, the Board of Directors, or any Member pursuant to any
term, provision, covenant, or condition of the Agreement, Articles of
Incorporation, or these Bylaws shall be deemed to be cumulative
and the exercise of any one or more thereof shall not be deemed to
constitute an election of remedies, nor shall it preclude the party
exercising the same from exercising such other privileges as may be
the same nor from exercising such other privileges as may be granted
to such party by such documents and instruments or at law or in equity.
SECTION 5. Legal
Proceedings: Failure to comply with any of the terms of the
Agreement, Articles of Incorporation, these Bylaws shall be
grounds for relief, including, without limitation, an action to
recover any sums due for money damages, injunctive relief, any other
relief provided for in these Bylaws or any combination thereof and
any other relief afforded by a court of competent jurisdiction, all
of which relief may be sought by the Corporation, the Board of
Directors, the Managing Agent, or, if appropriate, by any aggrieved
Member and shall not constitute an election of remedies.
SECTION 1.
Amendments: These Bylaws may be amended, enlarged, or
diminished either at any Members' meeting called for such purpose or
at an annual meeting by vote of Members voting two-thirds of the
outstanding Memberships present and voting (including Memberships
voted by proxy), provided that the proposed amendment or the
substance thereof shall have been inserted in the notice of meeting
or that all of the Members be present in person or by proxy. These
Bylaws may also be amended, enlarged or diminished by the Board of
Directors provided that no such amendment, modification, or
alteration shall change the number of Memberships of the Corporation.
The Corporation shall give notice to all Members of any amendments so
adopted.
SECTION 2. Notices:
All notices, demands, bills, statements, or other communications
under these Bylaws shall be in writing and shall be deemed to
have been duly given if delivered personally or if sent by mail,
postage prepaid, or if sent by electronic mail or, in the case
of general notice, if posted on the corporate website:
- if to a Member, at the address which the Member shall designate in
writing and file with the Secretary; or
- if to the Corporation, to the resident agent and to the Board of
Directors or the Managing Agent, at the principal office of the
Managing Agent or at such other address as shall be designated by
notice in writing to the Members pursuant to this Section.
SECTION 3. Captions:
The captions herein are inserted only as a matter of convenience and
for reference, and in no way define, limit, or describe the scope of
these Bylaws or the intent of any provision thereof.
SECTION 4. Gender:
The use of the masculine gender in these Bylaws shall be deemed to
include the feminine and neuter genders and the use of the singular
shall be deemed to include plural, and vice versa whenever the
context so required.
Approved
and Adopted by the Board of Directors of OpenMPE, Incorporated at the
Board of Directors meeting on the 19th day of March 2002.