EXHIBIT (2)
AMENDED AND RESTATED BY-LAWS
OF
CIGNA INSTITUTIONAL FUNDS GROUP
ARTICLE 1
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Agreement and Declaration
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of Trust and Principal Office
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1.1 Agreement and Declaration of Trust. These By-Laws shall be
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subject to the Master Trust Agreement, as from time to time in effect and as the
same may be amended from time to time (the "Declaration of Trust"), of CIGNA
Institutional Funds Group, the Massachusetts business trust established by the
Declaration of Trust (the "Trust").
1.2 Principal Office of the Trust. The principal office of the
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Trust shall be located in Waltham, Massachusetts.
ARTICLE 2
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Meetings of Trustees
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2.1 Regular Meetings. Regular meetings of the Trustees may be held
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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.
2.2 Special Meetings. Special meetings of the Trustees may be held
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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 of the Trustees calling
the meeting.
2.3 Notice. It shall be sufficient notice to a Trustee of a special
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meeting to send notice by mail at least forty-eight hours or by telegram 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
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notice to him or her. Neither notice of a meeting nor a waiver of a notice need
specify the purpose of the meeting.
2.4 Quorum. At any meeting of the Trustees a majority of the
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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.
2.5 Participation by Telephone. One or more of the Trustees or of
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any committee of the Trustees may participate in a meeting thereof by means of a
conference telephone or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting.
ARTICLE 3
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Officers
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3.1 Enumeration; Qualification. The officers of the Trust shall be a
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Chairman of the Board of Trustees, a President, a Treasurer, a Secretary and
such other officers, including Vice President, 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 Board of Trustees shall be a Trustee and may but need not be a shareholder;
and any other officer may be but none need be a Trustee or shareholder. Any two
or more offices may be held by the same person.
3.2 Election. The Chairman of the Board of Trustees, the President,
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the Treasurer, and the Secretary shall be elected annually by the Trustees at a
meeting at which a quorum is present. The meeting at which the officers are
elected shall be known as the annual meeting of Trustees. Other officers, if
any, may be elected or appointed by the Trustees at said meeting or at any other
time. Vacancies in any office may be filled at any time.
3.3 Tenure. The Chairman of the Board of Trustees, the President,
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the Treasurer, and the Secretary shall hold office until the next annual meeting
of the Trustees and until their respective successors are chosen and qualified,
or in each case until he or she sooner dies, resigns, is removed or becomes
disqualified. Each other officer shall hold office and each agent shall retain
authority at the pleasure of the Trustees.
3.4 Powers. Subject to the other provisions of these By-Laws, each
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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
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business corporation and such other duties and powers as the Trustees may from
time to time designate.
3.5 Chairman; President. Unless the Trustees otherwise provide, the
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Chairman of the Board of 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 chief executive officer.
3.6 Vice President. The Vice President, or if there be more than one
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Vice President, the Vice Presidents in the order determined by the Trustees (or
if there be no such determination, then in the order of their election) shall in
the absence of the President or in the event of his inability or refusal to act,
perform the duties of the President, and when so acting, shall have all the
powers of and be subject to all the restrictions upon the President. The Vice
Presidents shall perform such other duties and have such other powers as the
Board of Trustees may from time to time prescribe.
3.7 Treasurer. The Treasurer shall be the chief financial and
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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 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.
3.8 Assistant Treasurer. The Assistant Treasurer, if any, or if
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there shall be more than one, the Assistant Treasurers in the order determined
by the Trustees (or if there be no such determination, then in the order of
their election), shall, in the absence of the Treasurer or in the event of his
inability or refusal to act, perform the duties and exercise the powers of the
Treasurer and shall perform such other duties and have such other powers as the
Board of Trustees may from time to time prescribe.
3.9 Secretary. The Secretary shall record all proceedings of the
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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 or the
investment adviser. 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.
3.10 Assistant Secretary. The Assistant Secretary, if any, or if
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there be more than one, the Assistant Secretaries in the order determined by the
Trustees (or if there be no determination, then in the order of their election),
shall, in the absence of the Secretary or in the event of his inability or
refusal to act, perform the duties and exercise the powers of the
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Secretary and shall perform such other duties and have such other powers as the
Board of Trustees may from time to time prescribe.
3.11 Resignations and Removals. Any Trustee or officer may resign at
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any time by written instrument signed by him or her and delivered to the
Chairman, 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. The Trustees may remove any officer elected by them with or
without cause. Except to the extent expressly provided in a written agreement
with the Trust, no Trustee or 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. Any
Trustee shall retire as a Trustee of the Trust after attaining the age of 70
years.
ARTICLE 4
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Committees
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4.1 General. The Trustees, by vote of a majority of the Trustees
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then in office, may elect from their number an Executive Committee or other
committees and may delegate thereto some or all of their powers except those
which by law, by the Declaration of Trust, or by these By-Laws may not be
delegated. Except as the Trustees may otherwise determine, any such committee
may make rules for the conduct of its business, but unless otherwise provided by
the Trustees or in such rules, its business shall be conducted so far as
possible in the same manner as is provided by these By-Laws for the Trustees
themselves. All members of such committees shall hold such offices at the
pleasure of the Trustees. The Trustees may abolish any such committee at any
time. Any committee to which the Trustees delegate any of their powers or duties
shall keep records of its meetings and shall report its action to the Trustees.
The Trustees shall have power to rescind any action of any committee, but no
such rescission shall have retroactive effect.
ARTICLE 5
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Reports
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5.1 General. The Trustees and officers shall render reports at the
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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.
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ARTICLE 6
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Fiscal Year
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6.1 General. The fiscal year each of the Sub-Trusts shall be
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fixed by resolution of the Trustees.
ARTICLE 7
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Seal
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7.1 General. The seal of the Trust shall consist of a flat-faced die
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with the word "Massachusetts", together with the name of the Trust and the year
of its organization cut or engraved thereon, but, 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
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Execution of Papers
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8.1 General. Except as the Trustees may generally or in particular
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cases authorize the execution thereof in some other manner, all deeds, leases,
contracts, notes and other obligations made by the Trustees shall be signed by
the President, any Vice President, or by the Treasurer and need not bear the
seal of the Trust.
ARTICLE 9
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Issuance of Share Certificates
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9.1 Share Certificates. In lieu of issuing certificates for shares,
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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.
The Trustees may at any time authorize the issuance of share
certificates either in limited cases or to all shareholders. In that event, a
shareholder may receive 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 certificate shall be signed by the President or a Vice President and by the
Treasurer or an Assistant Treasurer. Such signatures may be facsimiles 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
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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 issue.
9.2 Loss of Certificates. In case of the alleged loss or destruction
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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 Certificate to Pledgee. A pledgee of shares
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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 the 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. The Trustees may at
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any time discontinue the issuance of share certificates and may, by written
notice to each shareholder, require the surrender of shares certificates to the
Trust for cancellation. Such surrender and cancellation shall not affect the
ownership of shares in the Trust.
ARTICLE 10
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Dealings with Trustees and Officers
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10.1 General. Any Trustee, officer or other agent of the Trust may
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acquire, own and dispose of shares of the Trust to the same extent as if he or
she were not a Trustee, officer or agent; and the Trustees may accept
subscriptions to shares or repurchase shares from any firm or company in which
any Trustee, officer or other agent of the Trust may have an interest.
ARTICLE 11
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Amendments to the By-Laws
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11.1 General. These By-Laws may be amended or repealed, in whole or
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in part, by a majority of the Trustees then in office at any meeting of the
Trustees, or by one or more writings signed by such a majority.
The foregoing By-Laws were adopted by the Board of Trustees of the
Trust on April 29, 1997.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Secretary
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