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Title: |
Bylaws |
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Entities: |
Cornerstone Realty Income Trust Inc.; Federal National Mortgage Association |
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Date: |
2001 |
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Size: |
Preview shows 19KB of 144KB total |
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Price: |
$55 |
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ID: |
#871869 |
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BYLAWS
OF
CORNERSTONE REALTY INCOME TRUST, INC.
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
PAGE
----
<S> <C>
ARTICLE I THE COMPANY; DEFINITIONS................................................................................1
1.1 Name................................................................................................1
1.2 Nature of Company...................................................................................1
1.3 Definitions.........................................................................................1
ARTICLE II MINIMUM CAPITAL........................................................................................5
2.1 Minimum Capital.....................................................................................5
ARTICLE III OFFICES; FISCAL YEAR..................................................................................5
3.1 Principal Office....................................................................................5
3.2 Other Offices.......................................................................................5
3.3 Fiscal Year.........................................................................................5
ARTICLE IV MEETINGS OF SHAREHOLDERS...............................................................................6
4.1 Place of Meetings...................................................................................6
4.2 Annual Meetings.....................................................................................6
4.3 Special Meetings....................................................................................7
4.4 Notice; Affidavit of Notice.........................................................................7
4.5 Record Date for Shareholder Notice, Voting and Giving Consents......................................7
4.6 Adjourned Meetings; Notice..........................................................................8
4.7 Voting at Meetings of Shareholders..................................................................8
4.8 Quorum..............................................................................................8
4.9 Waiver of Notice or Consent of Absent Shareholders..................................................9
4.10 Action Without Meeting..............................................................................9
4.11 Proxies.............................................................................................9
4.12 Inspectors of Election.............................................................................10
ARTICLE V DIRECTORS..............................................................................................10
5.1 Powers.............................................................................................10
5.2 Number, Tenure and Qualifications..................................................................11
5.3 Nomination of Directors............................................................................12
5.4 Vacancies..........................................................................................12
5.5 Place of Meeting...................................................................................13
5.6 Organization Meeting...............................................................................13
5.7 Special Meetings...................................................................................13
5.8 Adjournment........................................................................................14
5.9 Notice of Adjournment..............................................................................14
5.10 Entry of Notice....................................................................................14
5.11 Waiver of Notice...................................................................................14
5.12 Quorum.............................................................................................14
5.13 Fees and Compensation..............................................................................14
5.14 Action Without Meeting.............................................................................15
</TABLE>
(i)
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
5.15 Independent Directors..............................................................................15
5.16 Removal of Director for Cause......................................................................16
5.17 Removal of Director Without Cause..................................................................17
5.18 Committees.........................................................................................17
5.19 Fiduciary Relationship.............................................................................17
5.20 Preferred Shares and Other Securities..............................................................17
ARTICLE VI OFFICERS..............................................................................................18
6.1 Officers...........................................................................................18
6.2 Election...........................................................................................18
6.3 Subordinate Officers...............................................................................18
6.4 Removal and Resignation............................................................................18
6.5 Vacancies..........................................................................................18
6.6 Chairman of the Board..............................................................................18
6.7 President..........................................................................................19
6.8 Vice Presidents....................................................................................19
6.9 Secretary..........................................................................................19
6.10 Assistant Secretaries..............................................................................19
6.11 Chief Financial Officer............................................................................19
6.12 Assistant Chief Financial Officers.................................................................20
ARTICLE VII SHARES OF STOCK......................................................................................20
7.1 Registered Ownership, Share Certificates and
Shares in "Unissued Certificate"Form...............................................................20
7.2 Transfer of Shares.................................................................................21
7.3 Disclosures by Holders of Shares; Redemption of Shares.............................................21
7.4 Right to Refuse to Transfer the Shares.............................................................22
7.5 Limitation on Acquisition of Shares................................................................22
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7.6 Lost or Destroyed Certificates.....................................................................24
7.7 Dividend Record Date and Closing Stock Books.......................................................24
7.8 Dividend Reinvestment Plan.........................................................................24
ARTICLE VIII EMPLOYMENT OF ADVISOR, LIMITATION ON EXPENSES AND LEVERAGE..........................................25
8.1 Employment of Advisor..............................................................................25
8.2 Term...............................................................................................25
8.3 Other Activities of Advisor........................................................................26
8.4 Limitation on Offering and Organization Expenses
and Acquisition Fees and Expenses..................................................................26
8.5 Limitation on Operating Expenses...................................................................27
8.6 Limitation on Real Estate Brokerage Commissions on Purchase and Resale of Property.................27
8.7 Limitation on Incentive Fees.......................................................................27
8.8 Limitations on Leverage............................................................................27
</TABLE>
(ii)
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
ARTICLE IX RESTRICTIONS ON INVESTMENTS AND ACTIVITIES............................................................28
9.1 Restrictions.......................................................................................28
ARTICLE X TRANSACTIONS WITH AFFILIATES; CERTAIN DUTIES AND LIABILITIES OF DIRECTORS, SHAREHOLDERS, ADVISOR AND
AFFILIATES.......................................................................................................29
10.1 Transactions with Affiliates.......................................................................29
10.2 Restriction of Duties and Liabilities..............................................................31
10.3 Persons Dealing with Directors or Officers.........................................................31
10.4 Reliance...........................................................................................31
10.5 Income Tax Status..................................................................................31
ARTICLE XI MISCELLANEOUS.........................................................................................32
11.1 Competing Programs.................................................................................32
11.2 Corporate Seal.....................................................................................32
11.3 Inspection of Bylaws...............................................................................32
11.4 Inspection of Corporate Records....................................................................32
11.5 Checks, Drafts, Etc................................................................................33
11.6 Contracts, Etc., How Executed......................................................................33
11.7 Representation of Shares of Other Corporations.....................................................33
11.8 Annual Report......................................................................................33
11.9 Quarterly Reports..................................................................................33
11.10 Other Reports......................................................................................34
11.11 Provisions of the Company in Conflict with Law or Regulation.......................................34
11.12 Voluntary Dissolution..............................................................................35
11.13 Distributions......................................................................................35
11.14 Shareholder Liability..............................................................................35
11.15 Return of Offering Proceeds........................................................................35
11.16 Certain New York Stock Exchange Requirements.......................................................36
ARTICLE XII AMENDMENTS TO BYLAWS.................................................................................36
12.1 Amendments.........................................................................................36
</TABLE>
(iii)
<PAGE>
ARTICLE I
THE COMPANY; DEFINITIONS
1.1 NAME. The name of the corporation is CORNERSTONE REALTY INCOME
TRUST, INC. and is referred to in these Bylaws as the "Company." As far as
practicable and except as otherwise provided in the Organizational Documents,
the Directors shall direct the management of the business and the conduct of the
affairs of the Company, execute all documents and sue or be sued in the name of
the Company. If the Directors determine that the use of that name is not
practicable, legal or convenient, they 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.
1.2 NATURE OF COMPANY. The Company is a corporation organized under the
laws of the Commonwealth of Virginia. It is intended that the Company shall
carry on business as a "real estate investment trust" ("REIT").
1.3 DEFINITIONS. Whenever used in these Bylaws, the terms defined in
this Section 1.3 shall, unless the context otherwise requires, have the
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.
(a) Acquisition Expenses. The total expenses, including but not
limited to legal fees and expenses, travel and communications expenses, costs of
appraisals, non-refundable 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.
(b) Acquisition Fees. The total of all fees and commissions paid
by any party in connection with the purchase or development of real property by
the Company, except a development fee paid to a person not Affiliated with the
Sponsor in connection with the actual development of a project after acquisition
of the land by the Company. Included in the computation of such fees or
commissions shall be any real estate commission, selection fee, development fee,
nonrecurring management fee, or any fee of a similar nature, however designated.
(c) Adjusted Net Asset Value. The net assets of the Company (total
assets before deducting depreciation or non-cash reserves less total
liabilities) valued at fair market value as determined by qualified appraisals
or valuations of the assets.
(d) Advisor. The Person responsible for directing or performing
the day-to-day business affairs of the Company, including a Person to which the
Advisor subcontracts substantially all such functions.
(e) Affiliate. Means (i) any Person directly or indirectly
controlling, controlled by or under common control with another Person, (ii) any
Person owning or controlling 10% or more of the outstanding voting securities or
beneficial interests of such other
<PAGE>
Person, (iii) any officer, director, trustee or general partner of such Person,
and (iv) if such other Person is an officer, director, trustee or partner of
another entity, then the entity for which that Person acts in any such capacity.
"Affiliated" means being an Affiliate of a specified Person.
(f) Annual Report. As set forth in Section 11.8.
(g) Appraisal. The values as of the date of the appraisal or
valuation of property in its existing state or in a state to be created, as
determined by the Directors, the Advisor or by another person, who is a member
in good standing of the American Institute of Real Estate Appraisers (M.A.I.) or
who in the sole judgment of the Directors is properly qualified to make such a
determination. The Directors may in good faith rely on a previous Appraisal made
on behalf of another Person, provided (i) it meets the standards of this
definition and was made in connection with an investment in which the Company
acquires the entire or a participating interest, and (ii) it was prepared not
earlier than two years prior to the acquisition by the Company of its interest
in the property. In appraising properties, appraisers may take into
consideration each of the specific terms and conditions of a purchase, including
any leaseback or other guarantee arrangement. The Appraisal may not necessarily
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