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Title: |
Bylaws |
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Entities: |
Carey Financial Corp.; Corporate Property Associates 15 Inc; W. P. Carey & Co. LLC |
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Date: |
2001 |
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Size: |
Preview shows 22KB of 160KB total |
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Price: |
$61 |
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ID: |
#1548287 |
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BYLAWS
OF
CORPORATE PROPERTY ASSOCIATES 15 INCORPORATED
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
ARTICLE I................................................................................... 1
THE COMPANY, DEFINITIONS................................................................ 1
1.1 Name .......................................................................... 1
1.2 Nature of Company.............................................................. 1
1.3 Definitions.................................................................... 1
ARTICLE 11.................................................................................. 9
OFFICES................................................................................. 9
2.1 Principal Office............................................................... 9
2.2 Registered Office.............................................................. 9
2.3 Other Offices.................................................................. 9
2.4 Fiscal Year.................................................................... 9
ARTICLE III................................................................................. 10
MEETINGS OF SHAREHOLDERS................................................................ 10
3.1 Place of Meeting.............................................................. 10
3.2 Annual Meetings................................................................ 10
3.3 Special Meetings............................................................... 10
3.4 Notice; Affidavit of Notice.................................................... 10
3.5 Record Date for Shareholder Notice, Voting and Giving Consents................. 11
3.6 Adjourned Meetings: Notice..................................................... 11
3.7 Voting at Meetings of Shareholders............................................. 12
3.8 Quorum......................................................................... 12
3.9 Waiver of Notice or Consent of Absent Shareholders............................. 12
3.10 Action Without Meeting........................................................ 13
3.11 Proxies....................................................................... 13
3.12 Inspectors of Election........................................................ 13
ARTICLE IV.................................................................................. 14
DIRECTORS............................................................................... 14
4.1 Power.......................................................................... 14
4.2 Number, Tenure and Qualifications.............................................. 14
4.3 Nomination of Directors........................................................ 15
4.4 Place of Meeting............................................................... 16
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TABLE OF CONTENTS
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4.5 Organization Meeting........................................................... 16
4.6 Regular Meeting................................................................ 16
4.7 Special Meetings............................................................... 16
4.8 Entry of Notice................................................................ 16
4.9 Waiver of Notice............................................................... 17
4.10 Adjournment................................................................... 17
4.11 Notice of Adjournment......................................................... 17
4.12 Quorum........................................................................ 17
4.13 Fees and Compensation......................................................... 17
4.14 Action Without Meeting........................................................ 17
4.15 Independent Directors......................................................... 18
4.16 Additional Duties of the Directors............................................ 19
4.17 Removal of Director........................................................... 19
4.18 Vacancies..................................................................... 19
4.19 Committees.................................................................... 19
4.20 Fiduciary Relationship........................................................ 20
4.21 Delegation of Authority....................................................... 20
4.22 Listing of Shares............................................................. 21
4.23 Abstention from Voting........................................................ 21
ARTICLE V................................................................................... 21
OFFICERS ............................................................................... 21
5.1 Officers....................................................................... 21
5.2 Election....................................................................... 22
5.3 Subordinate Officers........................................................... 22
5.4 Removal and Resignation........................................................ 22
5.5 Vacancies...................................................................... 22
5.6 Chairman of the Board.......................................................... 22
5.7 President...................................................................... 22
5.8 Vice Presidents, Directors and Executive Directors............................. 22
5.9 Secretary...................................................................... 23
</TABLE>
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(continued)
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<S> <C>
5.10 Assistant Secretaries......................................................... 23
5.11 Treasurer..................................................................... 23
5.12 Assistant Treasurers.......................................................... 23
ARTICLE VI.................................................................................. 24
SHARES OF STOCK......................................................................... 24
6.1 Shareholder Suitability Standards.............................................. 24
6.2 Registration of Ownership of Shares............................................ 24
6.3 Transfer of Shares............................................................. 25
6.4 Disclosure by Shareholders; Redemption of Shares............................... 26
6.5 Right to Refuse to Transfer the Shares......................................... 26
6.6 Lost or Destroyed Certificate.................................................. 27
6.7 Dividends to Shareholders...................................................... 27
6.8 ERISA Limitations.............................................................. 27
6.9 Repurchase of Shares on Open Market............................................ 27
ARTICLE VII................................................................................. 28
EMPLOYMENT OF ADVISOR, LIMITATION ON EXPENSES AND LEVERAGE.............................. 28
7.1 Employment of Advisor.......................................................... 28
7.2 Term .......................................................................... 28
7.3 Other Activities of Advisor.................................................... 29
7.3A Abstention from Voting........................................................ 29
7.4 Limitation on Organization, Offering and Acquisition Fees and Expenses......... 30
7.5 Limitation on Operating Expenses............................................... 30
7.6 Limitations on Real Estate Brokerage Commissions on Resale of Property......... 30
7.7 Limitation on Incentive Fee.................................................... 31
ARTICLE VIII................................................................................ 31
RESTRICTIONS ON INVESTMENTS AND ACTIVITIES.............................................. 31
8.1 Restrictions................................................................... 31
8.2 Roll-Up Transaction............................................................ 32
</TABLE>
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TABLE OF CONTENTS
(continued)
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<S> <C>
ARTICLE IX.................................................................................. 33
TRANSACTIONS WITH AFFILIATES; CERTAIN DUTIES AND LIABILITIES OF DIRECTORS, SHAREHOLDERS,
ADVISORS AND AFFILIATES............................................................... 33
9.1 Transactions with Affiliates................................................... 33
9.2 Restriction of Duties and Liabilities.......................................... 35
9.3 Persons Dealing with Directors or Officers..................................... 35
9.4 Reliance....................................................................... 36
9.5 Income Tax Status.............................................................. 36
ARTICLE X................................................................................... 36
INDEMNIFICATION......................................................................... 36
10.1 Restrictions on Indemnification............................................... 36
10.2 Effect of Securities Law on Indemnification................................... 36
10.3 Insurance..................................................................... 37
ARTICLE XI.................................................................................. 37
MISCELLANEOUS........................................................................... 37
11.1 Competing Programs............................................................ 38
11.2 Corporate Seal................................................................ 38
11.3 Inspection of Bylaw........................................................... 38
11.4 Inspection of Corporate Records............................................... 39
11.5 Voting Rights of Shareholders................................................. 39
11.6 Checks, Drafts, Etc........................................................... 39
11.7 Contracts, Etc., How Executed................................................. 39
11.8 Representation of Shares of Other Corporations................................ 39
11.9 Annual Report................................................................. 39
11.10 Provisions of the Bylaws in Conflict with Law or Regulation.................. 40
11.11 Voluntary Dissolution........................................................ 40
11.12 Reduction of Restricted Capital.............................................. 40
11.13 Retained Earnings............................................................ 40
11.14 Source of Dividends.......................................................... 40
11.15 Dividend..................................................................... 41
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TABLE OF CONTENTS
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11.16 Shareholder Liability........................................................ 41
ARTICLE XII................................................................................. 41
AMENDMENTS TO BYLAWS.................................................................... 41
12.1 Amendments to the Bylaw....................................................... 41
</TABLE>
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<PAGE>
BYLAWS OF
CORPORATE PROPERTY ASSOCIATES 15 INCORPORATED
ARTICLE I
THE COMPANY, DEFINITIONS
1.1 Name. The name of the corporation is CORPORATE PROPERTY ASSOCIATES
15 INCORPORATED and is referred to in these Bylaws as the "Company." If the
Directors determine that the use of that name is not practicable, legal or
convenient, the Directors upon the appropriate amendment to the Articles may use
such other designation or may adopt another name under which the Company may
hold property or conduct all or part of its activities. The Directors without
approval of the Shareholders may amend the Articles (a) to delete from the
corporate name the word "the" or the name of a political subdivision or other
geographical location of the state; (b) to abbreviate the word "corporation",
"incorporated", "company" or "limited" in the corporate name; or (c) to
substitute in the corporate name for its respective abbreviation the word
"corporation", "incorporated", "company" or "limited."
1.2 Nature of Company. The Company is a corporation organized under the
laws of the State of Maryland. It is intended that the Company shall carry on
business as a real estate investment trust ("REIT") and shall elect to be taxed
as a REIT for Federal income tax purposes. These Bylaws and all actions of the
Directors hereunder shall be construed in accordance with such intent.
1.3 Definitions. Whenever used in these Bylaws, the terms defined in
this Section 1.3 shall, unless the context otherwise requires, have their
respective meanings specified in this Section 1.3. In these Bylaws, words in the
singular number include the plural and in the plural number include the
singular.
Acquisition Expenses. Those expenses, including but not limited to
legal fees and expenses, travel and communications expenses, costs of
appraisals, nonrefundable option payments on Property not acquired,
accounting fees and expenses, title insurance, and miscellaneous expenses
related to selection and acquisition of Properties, whether or not
acquired. Acquisition Expenses shall not include Acquisition Fees.
Acquisition Fees. The total of all fees and commissions (including
any interest thereon) paid by any party to any party in connection with
the making or investing in mortgage loans or the purchase, development or
construction of Properties by the Company. A Development Fee or
Construction Fee paid to a Person not affiliated with the Sponsor in
connection with the actual development or construction of a project after
acquisition of the Property by the Company shall not be deemed an
Acquisition Fee. Included in the computation of such fees or commissions
shall be any real estate commission, selection fee, development fee (other
than as described above) or any fee of a similar nature, however
designated. Acquisition Fees shall include Subordinated Acquisition Fees,
unless the context otherwise requires. Acquisition Fees shall not include
Acquisition Expenses.
-1-
<PAGE>
Advisor. Any Person appointed or employed by or who contracts with
the Company under the provisions of Article VII of these Bylaws, and who
is responsible for the day-to-day management of the Company, including any
Person to which an Advisor subcontracts substantially all such functions.
Advisory Agreement. The Advisory Agreement between the Company and
the Advisor pursuant to which the Advisor will act as the advisor and
administrator of the Company.
Affiliated Director. A Director who is not an Independent Director.
Affiliate. An Affiliate of another Person shall mean (i) any Person
directly or indirectly owning, controlling, or holding, with power to vote
ten percent or more of the outstanding voting securities of such other
Person, (ii) any Person ten percent or more of whose outstanding voting
securities are directly or indirectly owned, controlled, or held, with
power to vote, by such other Person, (iii) any Person directly or
indirectly controlling, controlled by, or under common control with such
other Person, (iv) any executive officer, director, trustee or general
partner of such other Person, or (c) any legal entity for which such
Person acts as an executive officer, director, trustee or general partner.
Annual Meeting of Shareholders. As set forth in Section 3.2 of these
Bylaws.
Annual Report. As set forth in Section 11.9 of these Bylaws.
Appraised Value. Value according to an appraisal made by an
Independent Appraiser.
Articles or Articles of Incorporation. Articles of Incorporation of
the Company under the General Corporation Law of Maryland, as amended from
time to time, pursuant to which the Company is organized.
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