Word: bylaw
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Another maneuver is to adopt a bylaw requiring a super-majority of outstanding voting shares, say 70% or 80%, for approval of a tender offer. Reincorporating in a state with rules that favor existing management is another defense. In Delaware, certain defensive tactics, like issuing rights or options to buy shares of a company, can be approved by directors alone, without a vote by shareholders. Gulf reincorporated in Delaware from Pennsylvania, thus shielding itself at least for now against a raid by Mesa Petroleum's T. Boone Pickens Jr. Many experts question the legality of shark repellents. Dissident shareholders...
...Joan Bylaw Rouses Point...
...assembly referred to committee a proposal to frame a bylaw prohibiting one delegate from holding two seats and another to form a rules committee on constitutional issues...
Essentially, the bylaw, as approved January 13, 1978, splits Division I football--the so-called football elite--into two subsets--Division I-A and I-AA. The results of this restructing plan, which Bob Murphy, the Ivy League and numerous other NCAA members opposed, had, on the surface, little impact. The old Division I was composed of 144 members. Its new equivalent, Division I-A, has 139. Because they could not meet the criteria established for eligibility in Division I-A, five schools dropped into I-AA. In addition, 28 Division II schools moved up to I-AA to form...
...That bylaw has taken full effect this year, and many college football observers have suggested it is responsible for the more even level of competition surfacing in the current collegiate season...