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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)___
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U.S. BANK TRUST NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
000 XXXX XXXXXX XXXXX, XXXXX 0000
XXXXXXX, XXXXXXXX 00000 00-0000000
(Address of principal executive offices) (Zip Code) I.R.S. Employer
Identification No.
Xxxxxxxx X. Xxxxx
000 Xxxx Xxxxxx Xxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Telephone (000) 000-0000
(Name, address and telephone number of agent for service)
CENTERPOINT PROPERTIES TRUST
(Exact name of obligor as specified in its charter)
MARYLAND 00-0000000
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
000 XXXXX XXXXXXXX XXXXXX, XXXXX 0000
XXXXXXX, XXXXXXXX 00000
(Address of Principal Executive Offices) (Zip Code)
SENIOR DEBT SECURITIES
(Title of the Indenture Securities)
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FORM T-1
ITEM 1. GENERAL INFORMATION. Furnish the following information as to the
Trustee.
a) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO
WHICH IT IS SUBJECT.
Comptroller of the Currency
Washington, D.C.
b) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes
ITEM 2. AFFILIATIONS WITH OBLIGOR. IF THE OBLIGOR IS AN AFFILIATE OF THE
TRUSTEE, DESCRIBE EACH SUCH AFFILIATION.
None
ITEMS 3-15 Not applicable because, to the best of Trustee's knowledge, the
Trustee is not a trustee under any other indenture under which
any other securities or certificates of interest or participation
in any other securities of the obligor are outstanding and there
is not, nor has there been, a default with respect to securities
issued under this indenture.
ITEM 16. LIST OF EXHIBITS: LIST BELOW ALL EXHIBITS FILED AS A PART OF THIS
STATEMENT OF ELIGIBILITY AND QUALIFICATION.
1. A copy of the Articles of Association of the Trustee now in
effect, filed herewith.
2. A copy of the certificate of authority of the Trustee to commence
business, incorporated herein by reference to Exhibit 2 to Item
16 of Form T-1, Registration No. 33-64175.*
3. A copy of the certificate of authority of the Trustee to exercise
corporate trust powers, incorporated herein by reference to
Exhibit 3 to Item 16 of Form T-1, Registration No. 33-64175.*
4. A copy of the existing bylaws of the Trustee, as now in effect,
filed herewith.
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939, incorporated herein by reference to
Exhibit 6 of Form T-1, Registration No. 33-64175.*.
7. A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or
examining authority, filed herewith.
8. Not applicable.
9. Not applicable.
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* Exhibits thus designated are incorporated herein by reference to Exhibits
bearing identical numbers in Item 16 of the Form T-1 filed by the Trustee with
the Securities and Exchange Commission with the specific references noted.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility and qualification to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Chicago, State of Illinois on the 6th day of April, 1998.
U.S. BANK TRUST NATIONAL ASSOCIATION
By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx
Vice President and Assistant Secretary
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U.S. BANK TRUST NATIONAL ASSOCIATION
ARTICLES OF ASSOCIATION
For the purpose of organizing an association to perform any lawful
activities of national banks, the undersigned do enter into the following
Amended and Restated Articles of Association:
FIRST. The title of this Association shall be "U.S. Bank Trust
National Association."
SECOND. The main office of this Association shall be in the City of
Chicago, County of Xxxx and State of Illinois. The business of this Association
will be limited to that of a national trust bank, and to support activities
incidental thereto. This Association will not amend these Articles of
Association to expand the scope of or alter its business beyond that stated in
this Article Second without the prior approval of the Comptroller of the
Currency. Prior to the transfer of any stock of the Association, the
Association will seek the prior approval of the appropriate federal depository
institution regulatory agency.
THIRD. The board of directors of the Association shall consist of not
less than five nor more than 25 persons, the exact number to be fixed and
determined from time to time by resolution of a majority of the full board of
directors or by resolution of a majority of the shareholders at any annual or
special meeting thereof. Each director shall own common or preferred stock of
this Association with an aggregate par, fair market, or equity value of not less
than $1,000.00, as of either (i) the date of purchase, (ii) the date the person
became a director, whichever is more recent. Any combination of common or
preferred stock of this Association or U.S. Bancorp may be used.
Any vacancy in the board of directors may be filled by action of a
majority of the remaining directors between meetings of shareholders. The board
of directors may not increase the number of directors between meetings of
shareholders to a number that (1) exceeds by more than two the number of
directors last elected by shareholders where the number was fifteen or less; and
(2) exceeds by more than four the number of directors last elected by
shareholders where the number was sixteen or more, but in no event shall the
number of directors exceed twenty-five.
Terms of directors, including directors selected to fill vacancies,
shall expire at the next regular meeting of shareholders at which directors are
elected, unless the directors resign or are removed from office.
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Despite the expiration of a director's term, the director shall
continue to serve until his or her successor is elected and qualifies or until
there is a decrease in the number of directors and his or her position is
eliminated.
Honorary or advisory members of the board of directors, without voting
power or power of final decision in matters concerning the business of this
Association, may be appointed by resolution of a majority of the full board of
directors, or by resolution of shareholders at any annual or special meeting.
Honorary or advisory directors shall not be counted for purposes of determining
the number of directors of this Association or the presence of a quorum in
connection with any board action, and shall not be required to own qualifying
shares.
FOURTH. There shall be an annual meeting of the shareholders to elect
directors and transact whatever other business may be brought before the
meeting. It shall be held at the main office or any other convenient place the
board of directors may designate, on the day of each year specified therefore in
the bylaws, or if that day falls on a legal holiday in the State in which this
Association is located, on the next following banking day. If no election is
held on the day fixed, or in event of a legal holiday, an election may be held
on any subsequent day within sixty days of the day fixed, to be designated by
the board of directors, or, if the directors fail to fix the day, by
shareholders representing two-thirds of the shares issued and outstanding. In
all cases at least ten-days advance notice of the meeting shall be given to the
shareholders by first class mail.
A director may resign at any time by delivering written or oral notice
to the board of directors, its chairperson, or to this Association, which
resignation shall be effective when the notice is delivered unless the notice
specifies a later effective date.
A director may be removed by shareholders at a meeting called to
remove him or her, when notice of the meeting stating that the purpose or one of
the purposes is to remove him or her is provided, if there is a failure to
fulfill one of the affirmative requirements for qualification, or for cause;
PROVIDED, HOWEVER, that a director may not be removed if the number of votes
sufficient to elect him or her under cumulative voting is voted against his or
her removal.
FIFTH. The authorized amount of capital stock of this Association
shall be 10,000 shares of common stock of the par value of one-hundred dollars
($100.00) each; but said capital stock may be increased or decreased from time
to time, according to the provisions of the laws of the United States.
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No holder of shares of the capital stock of any class of this
Association shall have any preemptive or preferential right of subscription to
any shares of any class of stock of this Association, whether now or hereafter
authorized, or to any obligations convertible into stock of this Association,
issued, or sold, nor any right of subscription to any thereof other than such,
if any, as the board of directors, in its discretion may from time to time
determine and at such price as the board of directors may from time to time fix.
Unless otherwise specified in these Articles of Association or
required by law, (1) all matters requiring shareholder action, including
amendments to the articles of Association must be approved by shareholders
owning a majority voting interest in the outstanding voting stock, and (2) each
shareholder shall be entitled to one vote per share.
Unless otherwise provided in the bylaws, the record date for
determining shareholders entitled to notice of and to vote at any meeting is the
close of business on the day before the first notice is mailed or otherwise sent
to the shareholders, provided that in no event may a record date be more than
seventy days before the meeting.
SIXTH. The board of directors shall appoint one of its members
president of this Association and one of its members chairperson of the board.
The board of directors shall also have the power to appoint one or more vice
presidents, a secretary who shall keep minutes of the directors' and
shareholders' meetings and be responsible for authenticating the records of this
Association, and such other officers and employees as may be required to
transact the business of this Association. A duly appointed officer may appoint
one or more officers or assistant officers if authorized by the board of
directors in accordance with the bylaws.
The board of directors shall have the power to:
(1) Define the duties of the officers, employees, and agents of
this Association.
(2) Delegate the performance of its duties, but not the
responsibility for its duties, to the officers, employees,
and agents of this Association.
(3) Fix the compensation and enter into employment contracts
with its officers and employees upon reasonable terms and
conditions, consistent with applicable law.
(4) Dismiss officers and employees.
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(5) Require bonds from officers and employees and to fix the
penalty thereof.
(6) Ratify written policies authorized by this Association's
management or committees of the board.
(7) Regulate the manner in which any increase or decrease of the
capital of this Association shall be made; PROVIDED,
HOWEVER, that nothing herein shall restrict the power of
shareholders to increase or decrease the capital of this
Association in accordance with law, and nothing shall raise
or lower from two-thirds the percentage required for
shareholder approval to increase or reduce the capital.
(8) Manage and administer the business and affairs of this
Association.
(9) Adopt bylaws, not inconsistent with law or these Articles of
Association, for managing the business and regulating the
affairs of this Association.
(10) Amend or repeal bylaws, except to the extent that the
articles of Association reserve this power in whole or in
part to shareholders.
(11) Make contracts.
(12) Generally to perform all acts that are legal for a board of
directors to perform.
SEVENTH. The board of directors shall have the power to change the
location of the main office to any other place within the limits of the City of
Chicago without the approval of the shareholders, and shall have the power to
establish or change the location of any branch or branches of this Association
to any other location permitted under applicable law, without the approval of
the shareholders, subject to approval by the Comptroller of the Currency.
EIGHTH. The corporate existence of this Association shall continue
until terminated according to the laws of the United States.
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NINTH. The board of directors of this Association, or any three (3)
or more shareholders owning, in the aggregate, not less than twenty-five percent
(25%) of the stock of this Association, may call a special meeting of
shareholders at any time. Unless otherwise provided by the bylaws or the laws
of the United States, or waived by shareholders, a notice of the time, place,
and purpose of every annual and special meeting of the shareholders shall be
given by first-class mail, postage prepaid, mailed at least ten, and no more
than sixty, days prior to the date of the meeting to each shareholder of record
at his/her address as shown upon the books of this Association. Unless
otherwise provided by these Articles of Association or the bylaws, any action
requiring approval of shareholders must be effected at a duly called annual or
special meeting.
TENTH. Any action required to be taken at a meeting of the
shareholders or directors or any action that may be taken at a meeting of the
shareholders or directors may be taken without a meeting if consent in writing,
setting forth the action as taken shall be signed by all the shareholders or
directors entitled to vote with respect to the matter thereof. Such action
shall be effective on the date on which the last signature is placed on the
writing, or such earlier date as is set forth therein.
ELEVENTH. Meetings of the board of directors or shareholders, regular
or special, may be held by means of conference telephone or similar
communication equipment by means of which all persons participating in the
meeting can simultaneously hear each other, and participation in such meeting by
such aforementioned means shall constitute presence in person at such meeting.
TWELFTH. (a) Any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than any action
by or in the right of the Association) by reason of the fact that he is or was a
director, officer, employee or agent of the Association, or is or was serving at
the request of the Association as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
shall be indemnified by the Association, unless similar indemnification is
provided by such other corporation, partnership, joint venture, trust or other
enterprise (any funds received by any person as a result of the provisions of
this Article being deemed an advance against his receipt of any such other
indemnification from any such other corporation, partnership, joint venture,
trust or other enterprise), against expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred
by such person in connection with such action, suit or proceeding if such person
acted in good faith and in a manner such person reasonably believed to be in or
not opposed to the best interest of the Association, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe his conduct
was unlawful. The termination of any action, suit or proceeding by judgment,
order, settlement, conviction
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or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself,
create a presumption that the person seeking indemnification did not act in good
faith and in a manner which he reasonably believed to be in or not opposed to
the best interest of the Association, and, with respect to any criminal action
or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) Any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the
Association to procure a judgment in its favor by reason of the fact that such
person is or was a director, officer, employee or agent of the Association, or
is or was serving at the request of the Association as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other corporation, partnership, joint venture, trust or other enterprise shall
be indemnified by the Association, unless similar indemnification is provided by
such other corporation, partnership, joint venture, trust or other enterprise
(any funds received by any person as a result of the provisions of this Article
being deemed an advance against his receipt of any such other indemnification
from any such other corporation, partnership, joint venture, trust or other
enterprise), against expenses (including attorneys' fees) actually and
reasonably incurred by him in connection with the defense or settlement of such
action or suit if he acted in good faith and in a manner he reasonably believed
to be in or not opposed to the best interests of the Association and except that
no indemnification shall be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the Association
unless and only to the extent that the Court of Chancery of the State of
Delaware or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and reasonably entitled
to indemnify for such expenses which the Court of Chancery or such other court
shall deem proper.
(c) To the extent that a director, officer, employee or agent of the
Association has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in paragraphs (a) and (b), or in defense
of any claim, issue or matter therein, such person shall be indemnified by the
Association against expenses (including attorneys' fees) actually and reasonably
incurred by such person in connection therewith.
(d) Except as set forth in paragraph (c) of this Article, any
indemnification under paragraphs (a) and (b) of this Article (unless ordered by
the court), shall be made by the Association only as authorized in the specific
case upon a determination that indemnification of the director, officer,
employee or agent is proper in the circumstances because such person has met the
applicable standard of conduct set forth in paragraphs (a) and (b) of this
Article. Such determination shall be made (1) by a majority vote of the
directors who are not parties to such action, suit or proceeding,
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even though less than a quorum, or (2) if there are no such directors, or if
such directors so direct, by independent legal counsel in a written opinion, or
(3) by the stockholders.
(e) Expenses (including attorneys' fees) incurred by an officer or
director in defending any civil, criminal, administrative or investigative
action, suit or proceeding may be paid by the Association in advance of the
final disposition of such action, suit or proceeding upon receipt of any
undertaking by or on behalf of such director or officer to repay such amount if
it shall ultimately be determined that he is not entitled to be indemnified by
the Association. Such expenses (including attorneys' fees) incurred by other
employees and agents may be so paid upon such terms and conditions, if any, as
the Board of Directors deems appropriate.
(f) The indemnification and advancement of expenses provided by this
Article shall not be deemed exclusive of any other rights to which those seeking
indemnification or seeking advancement of expenses may be entitled under any
by-law, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in an official capacity and as to action in
another capacity while holding such office.
(g) By action of the Board of Directors, notwithstanding any interest of
the directors in the action, the Association may purchase and maintain
insurance, in such amounts as the Board of Directors deems appropriate, on
behalf of any person who is or was a director, officer, employee or agent of the
Association, or is or was serving at the request of the Association as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against him
and incurred by him in any such capacity, or arising out of his status as such,
whether or not the Association shall have the power to indemnify him against
such liability under the provisions of this Article.
(h) For purpose of this Article, references to "the Association" shall
include, in addition to the resulting corporation, any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or
merger which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, employees or agents, so that any
person who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, shall stand in the same position under
this Article with respect to the resulting or surviving corporation as he would
have with respect to such constituent corporation if its separate existence had
continued.
(i) For purposes of this Article, references to "other enterprises" shall
include employee benefit plans; reference to "fines" shall include any excise
taxes assessed on a
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person with respect to an employee benefit plan; and references to "serving at
the request of the Association" shall include any service as a director,
officer, employee or agent of the Association which imposes duties on, or
involves services by, such director, officer, employee or agent with respect to
an employee benefit plan, its participants or beneficiaries; and a person who
acted in good faith and in a manner he reasonably believed to be in the interest
of the participants and beneficiaries of an employee benefit plan shall be
deemed to have acted in a manner "not opposed to the best interests of the
Association" as referred to in this Article.
(j) The indemnification and advancement of expenses hereby provided shall,
unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to
the benefit of the heirs, executors and administrators of such person.
THIRTEENTH. These Articles of Association may be amended at any
regular or special meeting of the shareholders by the affirmative vote of the
holders of a majority of the stock of this Association, unless the vote of the
holders of a greater amount of stock is required by law, and in that case by the
vote of the holders of such greater amount. This Association's board of
directors may propose one or more amendments to these Articles of Association
for submission to the shareholders.
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U.S. BANK TRUST NATIONAL ASSOCIATION
BYLAWS
AS LAST AMENDED ON MARCH 30, 1998
ARTICLE I
MEETINGS OF SHAREHOLDERS
Section 1.1. ANNUAL MEETING. The annual meeting of the shareholders,
for the election of directors and the transaction of other business, shall be
held at a time and place as the Chairman or President may designate. Notice
of such meeting shall be given at least ten days prior to the date thereof,
to each shareholder of the Association. If, for any reason, an election of
directors is not made on the designated day, the election shall be held on
some subsequent day, as soon thereafter as practicable, with prior notice
thereof.
Section 1.2. SPECIAL MEETINGS. Except as otherwise specially provided
by law, special meetings of the shareholders may be called for any purpose,
at any time by a majority of the board of directors, or by any shareholder or
group of shareholders owning at least ten percent of the outstanding stock.
Every such special meeting, unless otherwise provided by law, shall be called
upon not less than ten days prior notice stating the purpose of the meeting.
Section 1.3. NOMINATIONS FOR DIRECTORS. Nominations for election to the
board of directors may be made by the board of directors or by any
shareholder.
Section 1.4. PROXIES. Shareholders may vote at any meeting of the
shareholders by proxies duly authorized in writing. Proxies shall be valid
only for one meeting and any adjournments of such meeting and shall be filed
with the records of the meeting.
Section 1.5. QUORUM. A majority of the outstanding capital stock,
represented in person or by proxy, shall constitute a quorum at any meeting
of shareholders, unless otherwise provided by law. A majority of the votes
cast shall decide every question or matter submitted to the shareholders at
any meeting, unless otherwise provided by law or by the Articles of
Association.
ARTICLE II
DIRECTORS
Section 2.1. BOARD OF DIRECTORS. The board of directors (hereinafter
referred to as the "board"), shall have power to manage and administer the
business and affairs of the Association. All authorized corporate powers of
the Association shall be vested in and may be exercised by the board.
Section 2.2. POWERS. In addition to the foregoing, the board of
directors shall have and may exercise all of the powers granted to or
conferred upon it by the Articles of Association, the Bylaws and by law.
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Section 2.3. NUMBER. The board shall consist of a number of members to
be fixed and determined from time to time by resolution of the board or the
shareholders at any meeting thereof, in accordance with the Articles of
Association.
Section 2.4. ORGANIZATION MEETING. The newly elected board shall meet
for the purpose of organizing the new board and electing and appointing such
officers of the Association as may be appropriate. Such meeting shall be held
on the day of the election or as soon thereafter as practicable, and, in any
event, within thirty days thereafter. If, at the time fixed for such meeting,
there shall not be a quorum present, the directors present may adjourn the
meeting until a quorum is obtained.
Section 2.5. REGULAR MEETINGS. The regular meetings of the board shall
be held, without notice, as the Chairman or President may designate and deem
suitable.
Section 2.6. SPECIAL MEETINGS. Special meetings of the board may be
called by the Chairman or the President of the Association, or at the request
of two or more directors. Each member of the board shall be given notice
stating the time and place of each such meeting.
Section 2.7. QUORUM. A majority of the directors shall constitute a
quorum at any meeting, except when otherwise provided by law; but fewer may
adjourn any meeting. Unless otherwise provided, once a quorum is established,
any act by a majority of those constituting the quorum shall be the act of
the board.
Section 2.8. VACANCIES. When any vacancy occurs among the directors,
the remaining members of the board may appoint a director to fill such
vacancy at any regular meeting of the board, or at a special meeting called
for that purpose.
ARTICLE III
COMMITTEES
Section 3.1. ADVISORY BOARD OF DIRECTORS. The board may appoint
persons, who need not be directors, to serve as advisory directors on an
advisory board of directors established with respect to the business affairs
of either this Association alone or the business affairs of a group of
affiliated organizations of which this Association is one. Advisory directors
shall have such powers and duties as may be determined by the board,
provided, that the board's responsibility for the business and affairs of
this Association shall in no respect be delegated or diminished.
Section 3.2. AUDIT COMMITTEE. The board shall appoint an Audit
Committee which shall consist of at least two Directors of the Association or
of an affiliate of the Association. If legally permissible, the board may
determine to name itself as the Audit Committee. The Audit Committee shall
direct and review audits of the Association's fiduciary activities.
The members of the Audit Committee shall be appointed each year and
shall continue to act until their successors are named. The Audit Committee
shall have power to adopt its own rules and procedures and to do those things
which in the judgment of such Committee are
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necessary or helpful with respect to the exercise of its functions or the
satisfaction of its responsibilities.
Section 3.3. EXECUTIVE COMMITTEE. The board may appoint an Executive
Committee which shall consist of at least three directors and which shall
have, and may exercise, all the powers of the board between meetings of the
board or otherwise when the board is not meeting.
Section 3.4. OTHER COMMITTEES. The board may appoint, from time to
time, committees of one or more persons who need not be directors, for such
purposes and with such powers as the board may determine. In addition, either
the Chairman or the President may appoint, from time to time, committees of
one or more officers, employees, agents or other persons, for such purposes
and with such powers as either the Chairman or the President deems
appropriate and proper.
Whether appointed by the board, the Chairman, or the President, any such
Committee shall at all times be subject to the direction and control of the
board.
Section 3.5. MEETING MINUTES AND RULES. An advisory board of directors
and/or committee shall meet as necessary in consideration of the purpose of
the advisory board of directors or committee, and shall maintain minutes in
sufficient detail to indicate actions taken or recommendations made; unless
required by the members, discussions, votes or other specific details need
not be reported. An advisory board of directors or a committee may, in
consideration of its purpose, adopt its own rules for the exercise of any of
its functions or authority.
ARTICLE IV
OFFICERS AND EMPLOYEES
Section 4.1. CHAIRMAN OF THE BOARD. The board may appoint one of its
members to be Chairman of the board to serve at the pleasure of the board.
The Chairman shall supervise the carrying out of the policies adopted or
approved by the board; shall have general executive powers, as well as the
specific powers conferred by these Bylaws; shall also have and may exercise
such powers and duties as from time to time may be conferred upon or assigned
by the board.
Section 4.2. PRESIDENT. The board may appoint one of its members to be
President of the Association. In the absence of the Chairman, the President
shall preside at any meeting of the board. The President shall have general
executive powers, and shall have and may exercise any and all other powers
and duties pertaining by law, regulation or practice, to the Office of
President, or imposed by these Bylaws. The President shall also have and may
exercise such powers and duties as from time to time may be conferred or
assigned by the board.
Section 4.3. VICE PRESIDENT. The board may appoint one or more Vice
Presidents who shall have such powers and duties as may be assigned by the
board and to perform the duties of the President on those occasions when the
President is absent, including presiding at any meeting of the board in the
absence of both the Chairman and President.
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Section 4.4. SECRETARY. The board shall appoint a Secretary, or other
designated officer who shall be Secretary of the board and of the
Association, and shall keep accurate minutes of all meetings. The Secretary
shall attend to the giving of all notices required by these Bylaws to be
given; shall be custodian of the corporate seal, records, document and papers
of the Association; shall provide for the keeping of proper records of all
transactions of the Association; shall have and may exercise any and all
other powers and duties pertaining by law, regulation or practice, to the
Secretary, or imposed by these Bylaws; and shall also perform such other
duties as may be assigned from time to time by the board.
Section 4.5. OTHER OFFICERS. The board may appoint, and may authorize
the Chairman or the President to appoint, any officer as from time to time
may appear to the board, the Chairman or the President to be required or
desirable to transact the business of the Association. Such officers shall
exercise such powers and perform such duties as pertain to their several
offices, or as may be conferred upon or assigned to them by these Bylaws, the
board, the Chairman or the President.
Section 4.6. TENURE OF OFFICE. The Chairman or the President and all
other officers shall hold office for the current year for which the board was
elected, unless they shall resign, become disqualified, or be removed. Any
vacancy occurring in the Office of Chairman or President shall be filled
promptly by the board.
Any officer elected by the board or appointed by the Chairman or the
President may be removed at any time, with or without cause, by the
affirmative vote of a majority of the board or, if such officer was appointed
by the Chairman or the President, by the Chairman or the President,
respectively.
ARTICLE V
STOCK
Section 5.1. Shares of stock shall be transferable on the books of the
Association, and a transfer book shall be kept in which all transfers of
stock shall be recorded. Every person becoming a shareholder by such transfer
shall, in proportion to such person's shares, succeed to all rights of the
prior holder of such shares. Each certificate of stock shall recite on its
face that the stock represented thereby is transferable only upon the books
of the Association properly endorsed.
ARTICLE VI
CORPORATE SEAL
Section 6.1. The Association shall have no corporate seal; provided,
however, that if the use of a seal is required by, or is otherwise convenient
or advisable pursuant to, the laws or regulations of any jurisdiction, the
following seal may be used, and the Chairman, the President, the Secretary
and any Assistant Secretary shall have the authority to affix such seal:
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ARTICLE VII
MISCELLANEOUS PROVISIONS
Section 7.1. EXECUTION OF INSTRUMENTS. All agreements, checks, drafts,
orders, indentures, notes, mortgages, deeds, conveyances, transfers,
endorsements, assignments, certificates, declarations, receipts, discharges,
releases, satisfactions, settlements, petitions, schedules, accounts,
affidavits, bonds, undertakings, guarantees, proxies and other instruments or
documents may be signed, countersigned, executed, acknowledged, endorsed,
verified, delivered or accepted on behalf of the Association, whether in a
fiduciary capacity or otherwise, by any officer of the Association, or such
employee or agent as may be designated from time to time by the board by
resolution, or by the Chairman or the President by written instrument, which
resolution or instrument shall be certified as in effect by the Secretary or
an Assistant Secretary of the Association. The provisions of this section are
supplementary to any other provision of the Articles of Association or Bylaws.
Section 7.2. RECORDS. The Articles of Association, the Bylaws and the
proceedings of all meetings of the shareholders, the board, and standing
committees of the board, shall be recorded in appropriate minute books
provided for the purpose. The minutes or each meeting shall be signed by the
Secretary, or other officer appointed to act as Secretary of the meeting.
Section 7.3. TRUST FILES. There shall be maintained in the Association
files all fiduciary records necessary to assure that its fiduciary
responsibilities have been properly undertaken and discharged.
Section 7.4. TRUST INVESTMENTS. Funds held in a fiduciary capacity
shall be invested according to the instrument establishing the fiduciary
relationship and according to law. Where such instrument does not specify the
character and class of investments to be made and does not vest in the
Association a discretion in the matter, funds held pursuant to such
instrument shall be invested in investments in which corporate fiduciaries
may invest under law.
Section 7.5. NOTICE. Whenever notice is required by the Articles of
Association, the Bylaws or law, such notice shall be by mail, postage
prepaid, telegram, in person, or by any other means by which such notice can
reasonably be expected to be received, using the address of the person to
receive such notice, or such other personal data, as may appear on the
records of the Association. Prior notice shall be proper if given not more
than 30 days nor less than 10 days prior to the event for which notice is
given.
ARTICLE VIII
INDEMNIFICATION
Section 8.1. The Association shall indemnify to the full extent
permitted by, and in the manner permissible under, the Articles of
Association and the laws of the United States of America, as applicable and
as amended from time to time, any person made, or threatened to be made, a
party to any action, suit or proceeding, whether criminal, civil,
administrative or investigative, by reason of the fact that such person is or
was a director, advisory director, officer
-5-
or employee of the Association, or any predecessor of the Association, or served
any other enterprise as a director or officer at the request of the Association
or any predecessor of the Association.
Section 8.2. The board in its discretion may, on behalf of the
Association, indemnify any person, other than a director, advisory director,
officer or employee, made a party to any action, suit or proceeding by reason
of the fact that such person is or was an agent of the Association or any
predecessor of the Association serving in such capacity at the request of the
Association or any predecessor of the Association.
ARTICLE IX
INTERPRETATION AND AMENDMENT
Section 9.1. These Bylaws shall be interpreted in accordance with and
subject to appropriate provisions of law, and may be amended, altered or
repealed, at any regular or special meeting of the board.
Section 9.2. A copy of the Bylaws, with all amendments, shall at all
times be kept in a convenient place at the main office of the Association,
and shall be open for inspection to all shareholders during Association hours.
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CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR DECEMBER 31, 1997
All schedules are to be reported in thousands of dollars. Unless
otherwise indicated, report the amount outstanding as of the last business
day of the quarter.
SCHEDULE RC - BALANCE SHEET
DOLLAR AMOUNTS IN THOUSANDS
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
1. Cash and balances due from depository institutions RCON
(from Schedule RC-A): -----
a. Noninterest-bearing balances and currency and coin (1)_____________________________ 0081 . . . . 55,536 1.a
b. Interest-bearing balances (2)______________________________________________________ 0071 . . . . 0 1.b
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)_________________________ 1754 . . . . 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D)_______________________ 1773 . . . . 3,216 2.b
3. Federal funds sold and securities purchased under agreements to resell_________________ 1350 . . . . 0 3.
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income RCON
----
(from Schedule RC-C)______________________________________________ 2122 . . . 0 4.a
b. LESS: Allowance for loan and lease losses ________________________ 3123 . . . 0 . . . . . 4.b
c. LESS: Allocated transfer risk reserve ____________________________ 3128 . . . 0 4.c
d. Loans and leases, net of unearned income, allowance, and reserve
(item 4.a minus 4.b and 4.c______________________________________________________ 2125 . . . . 0 4.d
5. Trading assets_________________________________________________________________________ 3345 . . . . 0 5.
6. Premises and fixed assets owned (including capitalized leases)_________________________ 2145 . . . . 95 6.
7. Other real estate owned (from Schedule RC-M)___________________________________________ 2150 . . . . 0 7.
8. Investments in unconsolidated subsidiaries and associated companies (from
Schedule RC-M)_______________________________________________________________________ 2130 . . . . 0 8.
9. Customer's liability to this bank on acceptances outstanding___________________________ 2155 . . . . 0 9.
10. Intangible assets (from Schedule RC-M)_________________________________________________ 2143 . . . . 48,072 10.
11. Other assets (from Schedule Rc-F)______________________________________________________ 2160 . . . . 2,435 11.
12. Total assets (sum of items 1 through 11)_______________________________________________ 2170 . . . . 109,354 12.
__________________
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
SCHEDULE RC - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
13. Deposits RCON
a. In domestic offices (sum of totals of columns A and C from -----
(Schedule RC-E):_________________________________________________________________ 2200 . . . . 0 13.a
RCON
----
(1) Noninterest-bearing (1)_________________________________________ 6631 . . 0 . . . . . 13.a.1
(2) Interest bearing________________________________________________ 6636 . . 0 . . . . . 13.a.2
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs______________________ . . . . .
(1) Noninterest-bearing __________________________________________________________ . . . . .
(2) Interest-bearing______________________________________________________________ . . . . .
14. Federal funds purchased and securities sold under agreements to repurchase_____________ 2800 . . . . 0 14.
15. a. Demand notes issued to the U.S. Treasury___________________________________________ 2840 . . . . 0 15.a
b. Trading Liabilities________________________________________________________________ 3548 . . . . 0 15.b
16. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized leases):
a. With a remaining maturity of one year or less______________________________________ 2332 . . . . 0 16.a
b. With a remaining maturity of more than one year through three years________________ 4547 . . . . 0 16.b
c. With a remaining maturity of more than three years_________________________________ 4548 . . . . 0 16.c
17. Not applicable.
18. Bank's liability on acceptances executed and outstanding_______________________________ 2920 . . . . 0 18.
19. Subordinated notes and debentures (2)__________________________________________________ 3200 . . . . 0 19.
20. Other liabilities (from Schedule RC-G)_________________________________________________ 2930 . . . . 2,072 20.
21. Total liabilities (sum of items 13 through 20)_________________________________________ 2948 . . . . 2,072 21.
22. Not applicable.
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus__________________________________________ 3830 . . . . 0 23.
24. Common stock___________________________________________________________________________ 3230 . . . . 1,000 24.
25. Surplus (exclude all surplus related to preferred stock)_______________________________ 3839 . . . . 106,712 25.
26. a. Undivided profits and capital reserves______________________________________________ 3632 . . . . (430) 26.a
b. Net unrealized holding gains (losses) on available-for-sale securities______________ 8434 . . . . 0 26.b
27. Cumulative foreign currency translation adjustments____________________________________ . . . . . . . . . . .
28. Total equity capital (sum of items 23 through 27)______________________________________ 3210 . . . . 107,282 28.
29. Total liabilities and equity capital (sum of items 21 and 28)__________________________ 3300 . . . . 109,354 29.
MEMORANDUM
TO BE REPORTED ONLY WITH THE MARCH REPORT OF CONDITION.
1. Indicate in the box at the right the number of the statement below that best
describes the most comprehensive level of auditing work performed for the bank
by independent external auditors as of any date during 1996____________________________ 6742 . . . N/A M.1.
1 - Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank.
2 - Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified
public accounting firm which submits a report on the consolidated holding
company (but not on the bank separately)
3 - Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)
4 - Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 - Review of the banks' financial statements by external auditors.
6 - Compilation of the banks's financial statements by external auditors.
7 - Other audit procedures (excluding tax preparation work)
8- No external audit work.
________________________
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited life preferred stock and related surplus.
SCHEDULE RC-A - CASH AND BALANCES DUE FROM DEPOSITORY INSTITUTIONS
Exclude assets held for trading.
DOLLAR AMOUNTS IN THOUSANDS
--------------------------------------------------------------------------------------------------------------------------------
RCON
1. Cash items in process of collection, unposted debits, and currency and coin: ----
a. Cash items in process of collection and unposted debits___________________________ 0020 . . . . 0 1.a
b. Currency and coin_________________________________________________________________ 0080 . . . . 0 1.b
2. Balances due from depository institutions in the U.S.:
a. U.S. branches and agencies of foreign banks_______________________________________ 0083 . . . . 0 2.a
b. Other commercial banks in the U.S. and other depository institutions in the U.S.__ 0085 . . . . 55,536 2.b
3. Balances due from banks in foreign countries and foreign central banks:
a. Foreign branches of other U.S. banks______________________________________________ 0073 . . . . 0 3.a
b. Other banks in foreign countries and foreign central banks________________________ 0074 . . . . 0 3.b
4. Balances due from Federal Reserve Banks_______________________________________________ 0090 . . . . 0 4.
5. Total (sum of items 1 through 4) (must equal Schedule RC, sum of items 1.a and 1.b)___ 0010 . . . . 55,536 5.
MEMORANDUM
DOLLAR AMOUNTS IN THOUSANDS
--------------------------------------------------------------------------------------------------------------------------------
RCON
1. Noninterest-bearing balances due from commercial banks in the U.S. ----
(included in items 2.a and 2.b above)_______________________________________________ 0050 55,536 M.1
