Monday, April 04, 2011 7:04:40 AM
Item 5.03.
Amendment of Articles of Incorporation or Bylaws; Change in Fiscal Year.
On March 22, 2011, we filed an amendment to our articles of incorporation with the Secretary of State of Nevada to reflect the designation of the Series A Preferred Stock described in Item 3.02 above. A statement of the rights, preferences and terms of the Series A Preferred Stock is filed as Exhibit 3.1 to this Report.
Contemporaneously, with the completion of our financing transaction described in Item 3.02 above, our board of directors amended and restated our bylaws in their entirety. The new bylaws differ from the prior bylaws in the following principal respects:
Reflects our name change from “Management Energy, Inc.”
Includes provisions for stockholder meetings that are more typical for publicly held companies, including advance notice requirements, that will be necessary should we become subject to the proxy statement requirements of the Securities Exchange Act of 1934.
Institutes a “cause” standard for removal of directors by shareholders
Expands the indemnification rights of our directors and executive officers to the full protection afforded by statute
Institutes a higher voting requirement for shareholder action to amend material portions of the bylaws
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
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