Exhibit b.2
AMENDED AND RESTATED
BYLAWS
of
PIMCO NEW YORK MUNICIPAL INCOME FUND II
(Dated as of June 18, 2002)
ARTICLE 1
Agreement and Declaration of Trust and Principal Office
1.1 Principal Office of the Trust. A principal office of the Trust
shall be located in New York, New York. The Trust may have other principal
offices within or without Massachusetts as the Trustees may determine or as they
may authorize.
1.2 Agreement and Declaration of Trust. These Bylaws shall be subject
to the Agreement and Declaration of Trust, as amended or restated from time to
time (the "Declaration of Trust"), of PIMCO New York Municipal Income Fund II,
the Massachusetts business trust established by the Declaration of Trust (the
"Trust"). Capitalized terms used in these Bylaws and not otherwise defined
herein shall have the meanings given to such terms in the Declaration of Trust.
ARTICLE 2
Meetings of Trustees
2.1 Regular Meetings. Regular meetings of the Trustees may be held
without call or notice at such places and at such times as the Trustees may from
time to time determine, provided that notice of the first regular meeting
following any such determination shall be given to absent Trustees. A regular
meeting of the Trustees may be held without call or notice immediately after and
at the same place as the annual meeting of the Shareholders.
2.2 Special Meetings. Special meetings of the Trustees may be held at
any time and at any place designated in the call of the meeting when called by
the Chairman of the Trustees, the President or the Treasurer or by two or more
Trustees, sufficient notice thereof being given to each Trustee by the Secretary
or an Assistant Secretary or by the officer or the Trustees calling the meeting.
2.3 Notice. It shall be sufficient notice to a Trustee of a special
meeting to send notice by mail at least forty-eight hours, or by telegram, telex
or telecopy or other electronic
facsimile transmission method at least twenty-four hours, before the meeting
addressed to the Trustee at his or her usual or last known business or residence
address or to give notice to him or her in person or by telephone at least
twenty-four hours before the meeting. Notice of a meeting need not be given to
any Trustee if a written waiver of notice, executed by him or her, before or
after the meeting, is filed with the records of the meeting, or to any Trustee
who attends the meeting without protesting prior thereto or at its commencement
the lack of notice to him or her. Neither notice of a meeting nor a waiver of a
notice need specify the purposes of the meeting.
2.4 Quorum. At any meeting of the Trustees a majority of the Trustees
then in office shall constitute a quorum. Any meeting may be adjourned from time
to time by a majority of the votes cast upon the question, whether or not a
quorum is present, and the meeting may be held as adjourned without further
notice.
ARTICLE 3
Officers
3.1 Enumeration; Qualification. The officers of the Trust shall be a
President, a Treasurer, a Secretary, and such other officers including a
Chairman of the Trustees, if any, as the Trustees from time to time may in their
discretion elect. The Trust may also have such agents as the Trustees from time
to time may in their discretion appoint. The Chairman of the Trustees, if one is
elected, shall be a Trustee and may but need not be a Shareholder; and any other
officer may but need not be a Trustee or a Shareholder. Any two or more offices
may be held by the same person.
3.2 Election. The President, the Treasurer, and the Secretary shall be
elected annually by the Trustees. Other officers, if any, may be elected or
appointed by the Trustees at the same meeting at which the President, Treasurer
and Secretary are elected, or at any other time. Vacancies in any office may be
filled at any time.
3.3 Tenure. The Chairman of the Trustees, if one is elected, the
President, the Treasurer and the Secretary shall hold office until their
respective successors are chosen and qualified, or in each case until he or she
sooner dies, resigns, is removed with or without cause or becomes disqualified.
Each other officer shall hold office and each agent of the Trust shall retain
authority at the pleasure of the Trustees.
3.4 Powers. Subject to the other provisions of these Bylaws, each
officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as are commonly incident
to the office occupied by him or her as if the Trust were organized as a
Massachusetts business corporation and such other duties and powers as the
Trustees may from time to time designate.
3.5 Chairman; President; Vice President. Unless the Trustees otherwise
provide, the Chairman of the Trustees or, if there is none or in the absence of
the Chairman, the President shall preside at all meetings of the Shareholders
and of the Trustees. The President shall be the
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chief executive officer. Any Vice President shall have such duties and powers as
may be designated from time to time by the Trustees or the President.
3.6 Treasurer; Assistant Treasurer. The Treasurer shall be the chief
financial and accounting officer of the Trust, and shall, subject to the
provisions of the Declaration of Trust and to any arrangement made by the
Trustees with a custodian, investment adviser, sub-adviser or manager, or
transfer, shareholder servicing or similar agent, be in charge of the valuable
papers, books of account and accounting records of the Trust, and shall have
such other duties and powers as may be designated from time to time by the
Trustees or by the President. Any Assistant Treasurer shall have such duties and
powers as may be designated from time to time by the Trustees or the President.
3.7 Secretary; Assistant Secretary. The Secretary shall record all
proceedings of the Shareholders and the Trustees in books to be kept therefor,
which books or a copy thereof shall be kept at the principal office of the
Trust. In the absence of the Secretary from any meeting of the Shareholders or
Trustees, an Assistant Secretary, or if there be none or if he or she is absent,
a temporary secretary chosen at such meeting shall record the proceedings
thereof in the aforesaid books. Any Assistant Secretary shall have such duties
and powers as may be designated from time to time by the Trustees or the
President.
3.8 Resignations. Any officer may resign at any time by written
instrument signed by him or her and delivered to the Chairman, if any, the
President or the Secretary, or to a meeting of the Trustees. Such resignation
shall be effective upon receipt unless specified to be effective at some other
time. Except to the extent expressly provided in a written agreement with the
Trust, no officer resigning and no officer removed shall have any right to any
compensation for any period following his or her resignation or removal, or any
right to damages on account of such removal.
ARTICLE 4
Committees
4.1 Quorum; Voting. Except as provided below or as otherwise
specifically provided in the resolutions constituting a Committee of the
Trustees and providing for the conduct of its meetings, a majority of the
members of any Committee of the Trustees shall constitute a quorum for the
transaction of business, and any action of such a Committee may be taken at a
meeting by a vote of a majority of the members present (a quorum being present)
or evidenced by one or more writings signed by such a majority. Members of a
Committee may participate in a meeting of such Committee by means of a
conference telephone or other communications equipment by means of which all
persons participating in the meeting can hear each other at the same time and
participation by such means shall constitute presence in person at a meeting.
With respect to a Valuation Committee of the Trustees, one or more of the
Committee members shall constitute a quorum for the transaction of business.
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Except as specifically provided in the resolutions constituting a
Committee of the Trustees and providing for the conduct of its meetings, Article
2, Section 2.3 of these Bylaws relating to special meetings shall govern the
notice requirements for Committee meetings, except that it shall be sufficient
notice to a Valuation Committee of the Trustees to send notice by telegram,
telex or telecopy or other electronic means (including by telephone
voice-message or e-mail) at least fifteen minutes before the meeting.
ARTICLE 5
Reports
5.1 General. The Trustees and officers shall render reports at the
time and in the manner required by the Declaration of Trust or any applicable
law. Officers and Committees shall render such additional reports as they may
deem desirable or as may from time to time be required by the Trustees.
ARTICLE 6
Fiscal Year
6.1 General. Except as from time to time otherwise provided by the
Trustees, the initial fiscal year of the Trust shall end on such date as is
determined in advance or in arrears by the Treasurer, and the subsequent fiscal
years shall end on such date in subsequent years.
ARTICLE 7
Seal
7.1 General. The seal of the Trust shall, subject to alteration by the
Trustees, consist of a flat-faced die with the word "Massachusetts", together
with the name of the Trust and the year of its organization cut or engraved
thereon; provided, however, that unless otherwise required by the Trustees, the
seal shall not be necessary to be placed on, and its absence shall not impair
the validity of, any document, instrument or other paper executed and delivered
by or on behalf of the Trust.
ARTICLE 8
Execution of Papers
8.1 General. Except as the Trustees may generally or in particular
cases authorize the execution thereof in some other manner, all deeds, leases,
transfers, contracts, bonds, notes, checks, drafts and other obligations made,
accepted or endorsed by the Trust shall be executed by the President, any Vice
President, the Treasurer or by whomever else shall be designated for that
purpose by vote of the Trustees, and need not bear the seal of the Trust.
ARTICLE 9
Issuance of Share Certificates
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9.1 Share Certificates. Each Shareholder shall be entitled to a
certificate stating the number of Shares owned by him or her, in such form as
shall be prescribed from time to time by the Trustees. Such certificates shall
be signed by the President or any Vice President and by the Treasurer or any
Assistant Treasurer. Such signatures may be by facsimile if the certificate is
signed by a transfer agent, or by a registrar, other than a Trustee, officer or
employee of the Trust. In case any officer who has signed or whose facsimile
signature has been placed on such certificate shall cease to be such officer
before such certificate is issued, it may be issued by the Trust with the same
effect as if he or she were such officer at the time of its issuance.
Notwithstanding the foregoing, in lieu of issuing certificates for
Shares, the Trustees or the transfer agent may either issue receipts therefor or
may keep accounts upon the books of the Trust for the record holders of such
Shares, who shall in either case be deemed, for all purposes hereunder, to be
the holders of certificates for such Shares as if they had accepted such
certificates and shall be held to have expressly assented and agreed to the
terms hereof.
9.2 Loss of Certificates. In case of the alleged loss or destruction
or the mutilation of a share certificate, a duplicate certificate may be issued
in place thereof, upon such terms as the Trustees shall prescribe.
9.3 Issuance of New Certificates to Pledgee. A pledgee of Shares
transferred as collateral security shall be entitled to a new certificate if the
instrument of transfer substantially describes the debt or duty that is intended
to be secured thereby. Such new certificate shall express on its face that it is
held as collateral security, and the name of pledgor shall be stated thereon,
who alone shall be liable as a Shareholder and entitled to vote thereon.
9.4 Discontinuance of Issuance of Certificates. Notwithstanding
anything to the contrary in this Article 9, the Trustees may at any time
discontinue the issuance of share certificates and may, by written notice to
each Shareholder, require the surrender of share certificates to the Trust for
cancellation. Such surrender and cancellation shall not effect the ownership of
Shares in the Trust.
ARTICLE 10
Shareholders' Voting Powers and Meetings
10.1 Voting Powers. The Shareholders shall have power to vote only (i)
for the election or removal of Trustees as provided in Article IV, Sections 1
and 3 of the Declaration of Trust, (ii) with respect to any Manager or
sub-adviser as provided in Article IV, Section 8 of the Declaration of Trust to
the extent required by the 1940 Act, (iii) with respect to certain transactions
and other matters to the extent and as provided in Article V, Sections 2 and 3
of the Declaration of Trust, (iv) with respect to any termination of this Trust
to the extent and as provided in Article IX, Section 4 of the Declaration of
Trust (for the avoidance of any doubt, Shareholders shall have no separate right
to vote with respect to the termination of the Trust or a series or class of
Shares if the Trustees (including the Continuing Trustees) exercise their right
to terminate the Trust or such series or class pursuant to clauses (ii) or (y)
of Article IX, Section 4
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of the Declaration of Trust), (v) with respect to any amendment of the
Declaration of Trust to the extent and as provided in Article IX, Section 7 of
the Declaration of Trust, (vi) to the same extent as the stockholders of a
Massachusetts business corporation as to whether or not a court action,
proceeding or claim should or should not be brought or maintained derivatively
or as a class action on behalf of the Trust or the Shareholders, and (vii) with
respect to such additional matters relating to the Trust as may be required by
law, the Declaration of Trust, these Bylaws or any registration of the Trust
with the Securities and Exchange Commission (or any successor agency) or any
state, or as the Trustees may consider necessary or desirable. Each whole Share
shall be entitled to one vote as to any matter on which it is entitled to vote
and each fractional Share shall be entitled to a proportionate fractional vote,
except as otherwise provided in the Declaration of Trust, these Bylaws, or
required by applicable law. Except as otherwise provided in the Declaration of
Trust or in respect of the terms of a class of preferred shares of beneficial
interest of the Trust as reflected in these Bylaws or required by applicable
law, all Shares of the Trust then entitled to vote shall be voted in the
aggregate as a single class without regard to classes or series of Shares. There
shall be no cumulative voting in the election of Trustees. Shares may be voted
in person or by proxy. A proxy with respect to Shares held in the name of two or
more persons shall be valid if executed by any one of them unless at or prior to
exercise of the proxy the Trust receives a specific written notice to the
contrary from any one of them. The placing of a Shareholder's name on a proxy
pursuant to telephonic or electronically transmitted instructions obtained
pursuant to procedures reasonably designed to verify that such instructions have
been authorized by such Shareholder shall constitute execution of such proxy by
or on behalf of such Shareholder. A proxy purporting to be executed by or on
behalf of a Shareholder shall be deemed valid unless challenged at or prior to
its exercise and the burden of proving invalidity shall rest on the challenger.
Until Shares of a particular class or series are issued, the Trustees may
exercise all rights of Shareholders and may take any action required by law, the
Declaration of Trust or these Bylaws to be taken by Shareholders as to such
class or series.
10.2 Voting Power and Meetings. Except as provided in the next sentence,
regular meetings of the Shareholders for the election of Trustees and the
transaction of such other business as may properly come before the meeting shall
be held, so long as Shares are listed for trading on the New York Stock
Exchange, on at least an annual basis, on such day and at such place as shall be
designated by the Trustees. In the event that such a meeting is not held in any
annual period if so required, whether the omission be by oversight or otherwise,
a subsequent special meeting may be called by the Trustees and held in lieu of
such meeting with the same effect as if held within such annual period. Special
meetings of the Shareholders or any or all classes or series of Shares may also
be called by the Trustees from time to time for such other purposes as may be
prescribed by law, by the Declaration of Trust or by these Bylaws, or for the
purpose of taking action upon any other matter deemed by a majority of the
Trustees and a majority of the Continuing Trustees to be necessary or desirable.
A special meeting of Shareholders may be held at any such time, day and place as
is designated by the Trustees. Written notice of any meeting of Shareholders,
stating the date, time, place and purpose of the meeting, shall be given or
caused to be given by a majority of the Trustees and a majority of the
Continuing Trustees at least seven days before such meeting to each Shareholder
entitled to vote thereat by leaving such notice with the Shareholder at his or
her residence or usual place of business or by mailing such notice, postage
prepaid, to the Shareholder's address as it appears on
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the records of the Trust. Such notice may be given by the Secretary or an
Assistant Secretary or by any other officer or agent designated for such purpose
by the Trustees. Whenever notice of a meeting is required to be given to a
Shareholder under the Declaration of Trust or these Bylaws, a written waiver
thereof, executed before or after the meeting by such Shareholder or his or her
attorney thereunto authorized and filed with the records of the meeting, shall
be deemed equivalent to such notice. Notice of a meeting need not be given to
any Shareholder who attends the meeting without protesting prior thereto or at
its commencement the lack of notice to such Shareholder. No ballot shall be
required for any election unless required by a Shareholder present or
represented at the meeting and entitled to vote in such election.
Notwithstanding anything to the contrary in this Section 10.2, no matter shall
be properly before any annual or special meeting of Shareholders and no business
shall be transacted thereat unless in accordance with Section 10.6 of these
Bylaws.
10.3 Quorum and Required Vote. Except when a larger quorum is required
by any provision of law or the Declaration of Trust or these Bylaws, thirty
percent (30%) of the Shares entitled to vote on a particular matter shall
constitute a quorum for the transaction of business at a Shareholders' meeting,
except that where any provision of law or the Declaration of Trust or these
Bylaws permits or requires that holders of any class or series of Shares shall
vote as an individual class or series, then thirty percent (30%) (unless a
larger quorum is required as specified above) of Shares of that class or series
entitled to vote shall be necessary to constitute a quorum for the transaction
of business by that class or series. Any lesser number shall be sufficient for
adjournments. Any adjourned session or sessions may be held, within a reasonable
time after the date set for the original meeting, without the necessity of
further notice. Except when a different vote is required by any provision of law
or the Declaration of Trust or these Bylaws, a plurality of the quorum of Shares
necessary for the transaction of business at a Shareholders' meeting shall
decide any questions and a plurality of Shares voted shall elect a Trustee,
provided that where any provision of law or of the Declaration of Trust or these
Bylaws permits or requires that the holders of any class or series of Shares
shall vote as an individual class or series, then a plurality of the quorum of
Shares of that class or series necessary for the transaction of business by that
class or series at a Shareholders' meeting shall decide that matter insofar as
that class or series is concerned.
10.4 Action by Written Consent. Any action taken by Shareholders may be
taken without a meeting if a majority of Shareholders entitled to vote on the
matter (or such larger proportion thereof as shall be required by any express
provision of law or the Declaration of Trust or these Bylaws) consent to the
action in writing and such written consents are filed with the records of the
meetings of Shareholders. Such consent shall be treated for all purposes as a
vote taken at a meeting of Shareholders.
10.5 Record Dates. For the purpose of determining the Shareholders who
are entitled to vote or act at any meeting or any adjournment thereof, or who
are entitled to receive payment of any dividend or of any other distribution,
the Trustees may from time to time fix a time, which shall be not more than 90
days before the date of any meeting of Shareholders or the date for the payment
of any dividend or of any other distribution, as the record date for determining
the Shareholders having the right to notice of and to vote at such meeting and
any adjournment
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thereof or the right to receive such dividend or distribution, and in such case
only Shareholders of record on such record date shall have the right
notwithstanding any transfer of Shares on the books of the Trust after the
record date; or without fixing such record date the Trustees may for any of such
purposes close the register or transfer books for all or any part of such
period.
10.6 Advance Notice of Shareholder Nominees for Trustees and Other
Shareholder Proposals.
(a) As used in this Section 10.6, the term "annual meeting" refers
to any annual meeting of Shareholders as well as any special meeting held
in lieu of an annual meeting as described in the first two sentences of
Section 10.2 of these Bylaws, and the term "special meeting" refers to all
meetings of Shareholders other than an annual meeting or a special meeting
in lieu of an annual meeting.
(b) The matters to be considered and brought before any annual or
special meeting of Shareholders shall be limited to only such matters,
including the nomination and election of Trustees, as shall be brought
properly before such meeting in compliance with the procedures set forth
in this Section 10.6. Only persons who are nominated in accordance with
the procedures set forth in this Section 10.6 shall be eligible for
election as Trustees, and no proposal to fix the number of Trustees shall
be brought before an annual or special meeting of Shareholders or
otherwise transacted unless in accordance with the procedures set forth in
this Section 10.6, except as may be otherwise provided in these Bylaws
with respect to the right of holders of preferred shares of beneficial
interest, if any, of the Trust to nominate and elect a specified number of
Trustees in certain circumstances.
(c) For any matter to be properly before any annual meeting, the
matter must be (i) specified in the notice of meeting given by or at the
direction of a majority of the Trustees and a majority of the Continuing
Trustees pursuant to Section 10.2 of these Bylaws, (ii) otherwise brought
before the meeting by or at the direction of a majority of the Continuing
Trustees (or any duly authorized committee thereof), or (iii) brought
before the meeting in the manner specified in this Section 10.6(c) by a
Shareholder of record entitled to vote at the meeting or by a Shareholder
(a "Beneficial Owner") that holds Shares entitled to vote at the meeting
through a nominee or "street name" holder of record and that can
demonstrate to the Trust such indirect ownership and such Beneficial
Owner's entitlement to vote such Shares, provided that the Shareholder was
the Shareholder of record or the Beneficial Owner held such Shares at the
time the notice provided for in this Section 10.6(c) is delivered to the
Secretary.
In addition to any other requirements under applicable law and the
Declaration of Trust and these Bylaws, persons nominated by Shareholders
for election as Trustees and any other proposals by Shareholders may be
properly brought before an annual meeting only pursuant to timely notice
(the "Shareholder Notice") in writing to the Secretary. To be timely, the
Shareholder Notice must be delivered to or mailed and received at the
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principal executive offices of the Trust not less than forty-five (45)
nor more than sixty (60) days prior to the first anniversary date of
the date on which the Trust first mailed its proxy materials for the
prior year's annual meeting; provided, however, with respect to the
annual meeting to be held in the calendar year 2003, the Shareholder
Notice must be so delivered or mailed and so received on or before May
1, 2003; provided further, however, if and only if the annual meeting
is not scheduled to be held within a period that commences thirty (30)
days before the first anniversary date of the annual meeting for the
preceding year and ends thirty (30) days after such anniversary date
(an annual meeting date outside such period being referred to herein
as an "Other Annual Meeting Date"), such Shareholder Notice must be
given in the manner provided herein by the later of the close of
business on (i) the date forty-five (45) days prior to such Other
Annual Meeting Date or (ii) the tenth (10/th/) business day following
the date such Other Annual Meeting Date is first publicly announced or
disclosed.
Any Shareholder desiring to nominate any person or persons (as
the case may be) for election as a Trustee or Trustees of the Trust
shall deliver, as part of such Shareholder Notice: (i) a statement in
writing setting forth (A) the name, age, date of birth, business
address, residence address and nationality of the person or persons to
be nominated; (B) the class or series and number of all Shares of the
Trust owned of record or beneficially by each such person or persons,
as reported to such Shareholder by such nominee(s); (C) any other
information regarding each such person required by paragraphs (a), (d),
(e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22
of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), adopted by the Securities and
Exchange Commission (or the corresponding provisions of any regulation
or rule subsequently adopted by the Securities and Exchange Commission
or any successor agency applicable to the Trust); (D) any other
information regarding the person or persons to be nominated that would
be required to be disclosed in a proxy statement or other filings
required to be made in connection with solicitation of proxies for
election of Trustees or directors pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder; and
(E) whether such Shareholder believes any nominee is or will be an
"interested person" of the Trust (as defined in the Investment Company
Act of 1940, as amended) and, if not an "interested person,"
information regarding each nominee that will be sufficient for the
Trust to make such determination; and (ii) the written and signed
consent of the person or persons to be nominated to be named as
nominees and to serve as Trustees if elected. In addition, the Trustees
may require any proposed nominee to furnish such other information as
they may reasonably require or deem necessary to determine the
eligibility of such proposed nominee to serve as a Trustee. Any
Shareholder Notice required by this Section 10.6(c) in respect of a
proposal to fix the number of Trustees shall also set forth a
description of and the text of the proposal, which description and text
shall state a fixed number of Trustees that otherwise complies with
applicable law, these Bylaws and the Declaration of Trust.
Without limiting the foregoing, any Shareholder who gives a
Shareholder Notice of any matter proposed to be brought before a
Shareholder meeting (whether or not
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involving nominees for Trustees) shall deliver, as part of such
Shareholder Notice: (i) the description of and text of the proposal to
be presented; (ii) a brief written statement of the reasons why such
Shareholder favors the proposal; (iii) such Shareholder's name and
address as they appear on the Trust's books; (iv) any other
information relating to the Shareholder that would be required to be
disclosed in a proxy statement or other filings required to be made in
connection with the solicitation of proxies with respect to the
matter(s) proposed pursuant to Section 14 of the Exchange Act and the
rules and regulations promulgated thereunder; (v) the class or series
and number of all Shares of the Trust owned beneficially and of record
by such Shareholder; (vi) any material interest of such Shareholder in
the matter proposed (other than as a Shareholder); (vii) a
representation that the Shareholder intends to appear in person or by
proxy at the Shareholder meeting to act on the matter(s) proposed;
(viii) if the proposal involves nominee(s) for Trustees, a description
of all arrangements or understandings between the Shareholder and each
proposed nominee and any other person or persons (including their
names) pursuant to which the nomination(s) are to be made by the
Shareholder; and (ix) in the case of a Beneficial Owner, evidence
establishing such Beneficial Owner's indirect ownership of, and
entitlement to vote, Shares at the meeting of Shareholders. As used in
this Section 10.6, Shares "beneficially owned" shall mean all Shares
which such person is deemed to beneficially own pursuant to Rules
13d-3 and 13d-5 under the Exchange Act.
(d) For any matter to be properly before any special meeting,
the matter must be specified in the notice of meeting given by or at
the direction of a majority of the Trustees and a majority of the
Continuing Trustees pursuant to Section 10.2 of these Bylaws. In the
event the Trust calls a special meeting for the purpose of electing
one or more Trustees, any Shareholder may nominate a person or persons
(as the case may be) for election to such position(s) as specified in
the Trust's notice of meeting if and only if the Shareholder provides
a notice containing the information required in the Shareholder Notice
to the Secretary required with respect to annual meetings by Section
10.6(c) hereof, and such notice is delivered to or mailed and received
at the principal executive office of the Trust not later than the
close of business on the tenth (10/th/) day following the day on which
the date of the special meeting and of the nominees proposed by the
Trustees to be elected at such meeting are publicly announced or
disclosed.
(e) For purposes of this Section 10.6, a matter shall be deemed
to have been "publicly announced or disclosed" if such matter is
disclosed in a press release reported by the Dow Xxxxx News Service,
Associated Press or comparable national news service, in a document
publicly filed by the Trust with the Securities and Exchange
Commission, or in a Web site accessible to the public maintained by
the Trust or by its investment adviser or an affiliate of such
investment adviser with respect to the Trust.
(f) In no event shall an adjournment or postponement (or a
public announcement thereof) of a meeting of Shareholders commence a
new time period (or extend any time period) for the giving of notice
as provided in this Section 10.6.
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(g) The person presiding at any meeting of Shareholders, in addition
to making any other determinations that may be appropriate to the conduct
of the meeting, shall have the power and duty to (i) determine whether a
nomination or proposal of other matters to be brought before a meeting and
notice thereof have been duly made and given in the manner provided in this
Section 10.6 and elsewhere in these Bylaws and the Declaration of Trust and
(ii) if not so made or given, to direct and declare at the meeting that
such nomination and/or such other matters shall be disregarded and shall
not be considered. Any determination by the person presiding shall be
binding on all parties absent manifest error.
(h) Notwithstanding anything to the contrary in this Section 10.6 or
otherwise in these Bylaws, unless required by federal law, no matter shall
be considered at or brought before any annual or special meeting unless
such matter has been approved for these purposes by a majority of the
Continuing Trustees and, in particular, no Beneficial Owner shall have any
rights as a Shareholder except as may be required by federal law.
Furthermore, nothing in this Section 10.6 shall be construed as creating
any implication or presumption as to the requirements of federal law.
Amendment to the Bylaws
11.1 General. Except to the extent that the Declaration of Trust or
applicable law requires a vote or consent of Shareholders or a higher vote or
consent by the Trustees and/or the Continuing Trustees, these Bylaws may be
amended, changed, altered or repealed, in whole or part, only by resolution of a
majority of the Trustees and a majority of the Continuing Trustees then in
office at any meeting of the Trustees, or by one or more writings signed by such
Trustees and Continuing Trustees.
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