Political Film Society - By-Laws



BY-LAWS of The Political Film Society
A CALIFORNIA CORPORATION


 

ARTICLE I
OFFICES

Section 1.  PRINCIPAL OFFICE.  The principal office for the transaction of business of the corporation is hereby fixed and located at 8481 A11enwood Road,City of Los Angeles, County of Los Angeles, State of California.  The location may be changed by approval of a majority of the authorized Directors, and additional offices may be established and maintained at such other place or places, either within or without California, as the Board of Directors may from time to time designate.

Section 2. OTHER OFFICES.  Branch or subordinate offices may at any time be established by the Board of Directors at any place or places where the corporation is qualified to do business.

ARTICLE II
MANAGEMENT

Section 1.  RESPONSIBILITY OF BOARD OF DIRECTORS.  Subject to the provisions of the General Corporation Law and to any limitations in the Articles of Incorporation of the corporation, the business and affairs of the corporation shall be managed and all corporate powers shall be exercised by or under the direction of the Board of Directors.   The Board may delegate the management of the day-to-day operation of the business of the corporation to a management company or other person, provided that the business and affairs of the corporation shall be managed and all corporate powers shall be exercised under the ultimate direction of the Board.

Section 2. STANDARD OF CARE.   Each Director shall perform the duties of a Director, including the duties as a member of any committee of the Board upon which the Director may serve, in good faith, in a manner such Director believes to be in the best interests of the corporation, and with such care, including reasonable inquiry, as an ordinary prudent person in a like position would use under similar circumstances.

Section 3. EXCEPTION FOR CLOSE CORPORATION. Notwithstanding the provisions of Section 1, in the event that this corporation shall elect to become a close corporation as defined in Sec. 158 of the California Corporations Code, its Stakeholders may enter into an Agreement to provide for the exercise of corporate powers and the management of the business and affairs of this corporation by the Stakeholders, provided, however, such agreement shall, to the extent and so long as the discretion or the powers of the Board in its management of corporate affairs is controlled by such agreement, impose upon each Stakeholder who is a party thereof, liability for managerial acts performed or omitted by such person pursuant thereto otherwise imposed upon Directors as provided in Sec. 300(d); and the Directors shall be relieved to that extent from such liability.

Section 4. NUMBER AND QUALIFICATION OF DIRECTORS.  The authorized number of Directors shall be three (3) until changed by a duly adopted amendment to the Articles of Incorporation or by an amendment to this by-law.

Section 5. ELECTION AND TERM OF OFFICE OF DIRECTORS. Directors shall be elected at each annual meeting of the Stakeholders to hold office until the next annual meeting.  Each Director, including a Director elected to fill a vacancy, shall hold office until the expiration of the term for which elected and until a successor has been elected and qualified.  Temporary and full Directors may only be chosen from members of the Society in good standing.

Section 6. VACANCIES.  Vacancies in the Board of Directors may be filled by a majority of the remaining Directors, though less than a quorum, or by a sole remaining Director, except that a vacancy created by the removal of a Director by the vote or written consent of the Stakeholders or by court order may be filled only by the vote of a majority of the Stakeholders entitled to vote represented at a duly held meeting at which a quorum is present, or by the written consent of Stakeholders entitled to vote.  Each Director so elected shall hold office until the next annual meeting of the Stakeholders and until a successor has been elected and qualified.

A vacancy or vacancies in the Board of Directors shall be deemed to exist in the event of the death, resignation, or removal of any Director, or if the Board of Directors by resolution declares vacant the office of a Director who has been declared of unsound mind by an order of court or convicted of a felony, or if the authorized number of Directors is increased, or if the Stakeholders fail, at any meeting of Stakeholders at which any Director or Directors are elected, to elect the number of Directors to be voted for at that meeting.

The Stakeholders may elect a Director or Directors at any time to fill any vacancy or vacancies not filled by the Director.

No reduction of the authorized number of Directors shall have the effect of removing any Director before that Director's term of office expires.

Section 7.  REMOVAL OF DIRECTORS.  The entire Board of Directors or any individual Director may be removed from office as provided by Secs. 302, 303 and 304 of the Corporations Code of the State of California. In such case, the remaining Board members may elect a successor Director to fill such vacancy for the remaining unexpired term of the Director so removed.

Section 8. NOTICE, PLACE AND MANNER OF MEETINGS.  Meetings of the Board of Directors may be called by the Chair of the Board, or the President, or any Vice President, or the Secretary, or any two (2) Directors and shall be held at the principal executive office of the corporation, unless some other place is designated in the notice of the meeting. Members of the Board may participate in a meeting through use of a conference telephone or similar communications equipment so long as all members participating in such a meeting can hear one another. Accurate minutes of any meeting of the Board or any committee thereof, shall be maintained as required by Sec. 1500 of the California Corporations Code by the Secretary or other Officer designated for that purpose.

Section 9. ORGANIZATION MEETINGS.  The organization meetings of the Board of Directors shall be held immediately following the adjournment of the annual meetings of the Stakeholders.

Section 10. OTHER REGULAR MEETINGS.  Regular meetings of the Board of Directors shall be held at the corporate office, or such other place as may be designated by the Board of Directors, as follows:

Time of Regular Meetings: 7 p.m.

Date of Regular Meetings: February 1 & March 1

If said days shall fall upon a holiday, such meetings shall be held on the next succeeding business day thereafter.   No notice need to be given of such regular meetings.

Section 11. SPECIAL MEETINGS - NOTICES - WAIVERS. Special meetings of the Board may be called at any time by any of the aforesaid officers, i.e., by the Chair of the Board or the President or any Vice President or the Secretary or any two (2) Directors.

At least forty-eight(48) hours notice of the time and place of special meetings shall be delivered personally to the Directors, by letter or e-mail, or personally communicated to them by a corporate Officer by telephone.  If the notice is sent to a Director by letter, it shall be addressed to him or her a his or her address as it is shown upon the records of the corporation, or if it is not so shown on such records or is not readily ascertainable, at the place in which the meetings of the Directors are regularly held.  In case such notice is mailed, it shall be deposited in the United states mail, postage prepaid, in the place in which the principal executive office of the corporation is located at least four (4) days prior to the time of the holding of the meeting. Such mailing, e-mailing, telephoning or delivery as above provided shall be due, legal and personal notice to such Director.

When all of the Directors are present at any Directors' meeting, however called or noticed, and either (i) sign a written consent thereto on the records of such meeting, or, (ii) if a majority of the Directors are present and if those not present sign a waiver of notice of such meeting or a consent to holding the meeting or an approval of the minutes thereof, whether prior to or after the holding of such meeting, which said waiver, consent or approval shall be filed with the Secretary of the corporation, or, (iii) if a Director attends a meeting without notice but without protesting, prior thereto or at its commencement, the lack of notice, then the transactions thereof are as valid as if had at a meeting regularly called and noticed.

Section 12. SOLE DIRECTOR PROVIDED BY ARTICLES OF INCORPORATION OR BY-LAWS. In the event only one (1) Director is required by the By-Laws or Articles of Incorporation, then any reference herein to notices, waivers, consents, meetings or other actions by a majority or quorum of the Directors shall be deemed to refer to such notice, waiver,. etc., by such sole Director, who shall have all the rights and duties and shall be entitled to exercise all of the powers and shall assume all the responsibilities otherwise herein described as given to a Board of Directors.

Section 13. DIRECTORS ACTION BY UNANIMOUS WRITTEN CONSENT.  Any action required or permitted to be taken by the Board of Directors may be taken without a meeting and with the same force and effect as if taken by a unanimous vote of Directors, if authorized by a writing signed individually or collectively by all members of the Board. Such consent shall be filed with the regular minutes of the Board.

Section 14. QUORUM. A majority of the number of Directors as fixed by the Articles of Incorporation or By-Laws shall be necessary to constitute a quorum for the transaction of business, and the action of a majority of the Directors present at any meeting at which there is a quorum, when duly assembled, is valid as a corporate act; provided that a minority of the Directors, in the absence of a quorum, may adjourn from time to time but may not transact any business.  A meeting at which a quorum is initially present may continue to transact business, notwithstanding the withdrawal of Directors, if any action taken is approved by a majority of the required quorum for such meeting.

Section 15. NOTICE OF ADJOURNMENT. Notice of the time and place of holding an adjourned meeting need not be given to absent Directors if the time and place be fixed at the meeting adjourned and held within twenty-four(24) hours, but if adjourned more than twenty-four(24)hours, notice shall be given to all Directors not present at the time of the adjournment.

Section 16. COMPENSATION OF DIRECTORS.  Directors, as such, shall not receive any stated salary for their services, but by resolution of the Board a fixed sum and expense of attendance, if any, may be allowed for attendance at each regular and special meeting of the Board; provided that nothing herein contained shall be construed to preclude any Director from serving the corporation in any other capacity and receiving compensation therefor.

Section 17. COMMITTEES.  Committees of the Board may be appointed by resolution passed by a majority of the whole Board.  Committees shall be composed of two (2) or more members of the Board, and shall have such powers of the Board as may be expressly delegated to it by resolution of the Board of Directors except those powers expressly made non-delegable by Sec. 311 of the California Corporate Code.

Section 18. ADVISORY DIRECTORS.  The Board of Directors from time to time may elect one or more persons to be Advisory Directors who shall not by such appointment be members of the Board of Directors.  Advisory Directors shall be available from time to time to perform special assignments specified by the President, to attend meetings of the Board of Directors upon invitation and to furnish consultation to the Board.  The period during which the title shall be held may be prescribed by the Board of Directors.  If no period is prescribed, the title shall be held at the pleasure of the Board.

Section 19. RESIGNATIONS.  Any Director may resign effective upon giving written notice to the Chair of the Board, the President, the Secretary or the Board of Directors of the corporation, unless the notice specifies a later time for .the effectiveness of such resignation.  If the resignation is effective at a future time, a successor may be elected to take office when the resignation becomes effective.

ARTICLE III
OFFICERS

Section 1. OFFICERS.  The Officers of the corporation shall be a President, a Secretary, and a Chief Financial Officer.   The corporation may also have, at the discretion of the Board of Directors, a Chair of the Board, one or more Vice Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers, and such other Officers as may be appointed in accordance with the provisions of Section 3 of this Article III.  Any number of offices may be held by the same person.

Section 2. ELECTION.  The Officers of the corporation, except such Officers as may be appointed in accordance with the provisions of Section 3 or Section 5 of this Article, shall be chosen annually by the Board of Directors, and each shall hold office until he or she shall resign or shall be removed or otherwise disqualified to serve, or a successor shall be elected and qualified.

Section 3. SUBORDINATE OFFICERS, ETC.  The Board of Directors may appoint such other Officers as the business of the corporation may require, each of whom shall hold office for such period, have such authority and perform such duties as are provided in the By-Laws or as the Board of Directors may from time to time determine.

Section 4. REMOVAL AND RESIGNATION OF OFFICERS.  Subject to the rights, if any, of an Officer under any contract of employment, any Officer may be removed, either with or without cause, by the Board of Directors, at any regular or special meeting to the Board, or, except in case of an Officer chosen by the Board of Directors, by any Officer upon whom such power of removal may be conferred by the Board of Directors.

Any Officer may resign at any time by giving written notice to the corporation.  Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective.  Any resignation is without prejudice to the rights, if any, of the corporation under any contract to which the Officer is a party.

Section 5. VACANCIES.  A vacancy in any office be cause of death, resignation, removal, disqualification or any other cause shall be filled in the manner prescribed in the By-Laws for regular appointments to that office.

Section 6. CHAIR OF THE BOARD.  The Chair of the Board, if such an officer be elected, shall, if present, preside at meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned by the Board of Directors or prescribed by the By-Laws.  If there is no President, the Chair of the Board shall in addition be the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article III.

Section 7. PRESIDENT.  Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chair of the Board, if there be such an Officer, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and Officers of the corporation.  He or she shall preside at all meetings of the Stakeholders and in the absence of the Chair of the Board, or 1f there be none, at all meetings of the Board of Directors.  The President shall be ex officio a member of all the standing committees, including the Executive Committee, if any, and shall have the general powers and duties of management usually vested in the office of President of a corporation, and shall have such other powers and duties as may be prescribed by the Board of Directors or the By-Laws.

Section 8. VICE PRESIDENT.  In the absence or disability of the President, the Vice Presidents, if any, in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated by the Board of Directors, shall perform all 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 have such other powers and perform such other duties as from time to time may be prescribed for them respectively by the Board of Director or the By-Laws.

Section 9. SECRETARY.  The Secretary shall keep, or cause to be kept, a book of minutes at the principal office or such other place as the Board of Directors may order, of all meetings of Directors and Stakeholders, with the time and place of holding, whether regular or special, and if special, how authorized, the notice thereof given, the names of those present at Directors' meetings, and the proceedings thereof.

The Secretary shall keep, or cause to be kept, at the principal office or at the office of the corporation's transfer agent, a register, or duplicate register, showing the names of the Stakeholders and their addresses.

The Secretary shall give, or cause to be given, notice of all the meetings of the Stakeholders and of the Board of Directors required by the By-Laws or by law to be given.  He or she shall keep the seal of the corporation in safe custody, and shall have such other powers and perform such other duties as may be prescribed by the Board of Directors or by the By-Laws.

Section 10. CHIEF FINANCIAL OFFICER.  The Chief Financial Officer shall keep and maintain, or cause to be kept and maintained in accordance with generally accepted accounting principles, adequate and correct accounts of the properties and business transactions of the corporation, including accounts of its assets, liabilities, receipts, disbursements, gains, losses capital, and earnings (or surplus).   The books of account shall at all reasonable times be open to inspection by any Director.

This Officer shall deposit all moneys and other valuables in the name and to the credit of the corporation with such depositaries as may be designated by the Board of Directors.  He or she shall disburse the funds of the corporation as may be ordered by the Board of Directors, shall render to the President and Directors, whenever they request it, an account of all of his or her transactions and of the financial condition of the corporation, and shall have such other powers and perform such other duties as may be prescribed by the Board of Directors or the By-Laws.

ARTICLE IV
STAKEHOLDERS' MEETINGS

Section 1. PLACE OF MEETINGS.  All meetings of the Stakeholders shall be held at the principal executive office of the corporation unless some other appropriate and convenient location be designated for that purpose from time to time by the Board of Directors.

Section 2. ANNUAL MEETINGS.  The annual meetings of the Stakeholders shall be held, each year, at the time and on the day following:

Time of Meeting: 6 p.m.

Date of Meeting: August 1

If this day shall be a legal holiday, then the meeting shall be held on the next succeeding business day, at the same hour.  At the annual meeting, the Stakeholders shall elect a Board of Directors, consider reports of the affairs of the corporation and transact such other business as may be properly brought before the meeting.

Section 3. SPECIAL MEETINGS.  Special meetings of the Stakeholders may be called at any time by the Board of Directors the Chairman of the Board, the President, a Vice President, the Secretary, or by one or more Stakeholders. Except as next provided, notice shall be given as for the annual meeting.

Upon receipt of a written request addressed to the Chair, President, Vice President, or Secretary, mailed or delivered personally to such Officer by any person (other than the Board) entitled to call a special meeting of Stakeholders, such Officer shall cause notice to be given, to the Stakeholders entitled to vote, that a meeting will be held at a time requested by the person or persons calling the meeting, not less than thirty-five (35) nor more than sixty (60) days after the receipt of such request.  If such notice is not given within twenty (20) days after receipt of such request, the persons calling the meeting may give notice thereof in the manner provided by these By-Laws or apply to the Superior Court as provided in Sec. 305 (c).

Section 4. NOTICE OF MEETINGS - REPORTS.  Notice of meetings, annual or special, shall be given in writing not less than ten (10) nor more than sixty (60) days before the date of the meeting to Stakeholders entitled to vote thereat.  Such notice shall be given by the Secretary or the Assistant Secretary, or if there be no such Officer, or in the case of his or her neglect or refusal, by any Director or Stakeholder.

Such notices or any reports shall be given personally or by mail or other means of written communication as provided in Sec. 601 of the California Corporations Code and shall be sent to the Stakeholder's address appearing on the books of the corporation, or supplied by him or her to the corporation for the purpose of notice, and in the absence thereof, as provided in Sec. 601 of the Code.

Notice of any meeting of Stakeholders shall specify the place, the day and the hour of meeting, and (1) in case of a special meeting, the general nature of the business to be transacted and no other business may be transacted, or (2) in the case of an annual meeting, those matters which the Board at date of mailing, intends to present for action by the Stakeholders.  At any meetings where Directors are to be elected, notice shall include the names of the nominees, if any, intended at date pf notice to be presented by management for election.

If a Stakeholder supplies no address, notice shall be deemed to have been given if mailed to the place where the principal executive office of the corporation, in California, is situated, or published at least once in some newspaper of general circulation in the County of said principal office.

Notice shall be deemed given at the time it is delivered personally or deposited in the mail or sent by other means of written communication.  The Officer giving such notice or report shall prepare and file an affidavit or declaration thereof.

When a meeting is adjourned for forty-five (45) days or more, notice of the adjourned meeting shall be given as in case of an original meeting.  Save, as aforesaid, it shall not be necessary to give any notice of adjournment or of the business to be transacted at an adjourned meeting other than by announcement at the meeting at which such adjournment is taken.

Section 5. WAIVER OF NOTICE OR CONSENT BY ABSENT STAKEHOLDERS.  The transactions of any meeting of Stakeholders, however called and noticed, shall be valid as though had at a meeting duly held after regular call and notice, if a quorum be present either in person or by proxy, and if, either before or after the meeting, each of the Stakeholders entitled to vote, not present in person or by proxy, sign a written waiver of notice, or a consent to the holding of such meeting or an approval of the minutes thereof.  All such waivers, consents or approvals shall be filed with the corporate records or made a part of the minutes of the meeting.  Attendance shall constitute a waiver of notice, unless objection shall be made as provided in Sec. 601 (e) of the California Corporations Code.

Section 6.  STAKEHOLDERS ACTING WITHOUT A MEETING - DIRECTORS.  Any action which may be taken at a meeting of the Stakeholders, may be taken without a meeting or notice of meeting if authorized by a writing signed by all of the Stakeholders entitled to vote at a meeting for such purpose, and filed with the Secretary of the corporation, provided, further, that while ordinarily Directors can only be elected by unanimous written consent under Sec. 603 (d), if the Directors fail to fill a vacancy, then a Director to fill that vacancy may be elected by the written consent of persons holding a majority of shares entitled to vote for the election of Directors.

Section 7. OTHER ACTIONS WITHOUT A MEETING.  Unless otherwise provided in the California Corporations Code or the Articles, any action which may be taken at any annual or special meeting of Stakeholders may be taken without a meeting and with- out prior notice, if a consent in writing, setting forth the action so taken.

Unless the consents of all Stakeholders entitled to vote have been solicited in writing,

(1) Notice of any Stakeholder approval pursuant to Secs. 310, 317, 1201 or 2007 without a meeting by less than unanimous written consent shall be given at least ten (10) days before the consummation of the action authorized by such approval, and

(2) prompt notice shall be given of the taking of any other corporate action approved by Stakeholders without a meeting by less than unanimous written consent, to each of those Stakeholders entitled to vote who have not consented in writing.

Any Stakeholder giving a written consent, or the Stake holder's proxy, may revoke the consent by a writing received by the corporation prior to the time that written consents required to authorize the proposed action have been filed with the Secretary of the corporation, but may not do so thereafter.  Such revocation is effective upon its receipt by the Secretary of the corporation.

Section 8. QUORUM.  A majority of the stakeholders entitled to vote thereat, present in person, or represented by proxy, shall constitute a quorum at all meetings of the Stakeholders for the transaction of business except as otherwise provided by law, by the Articles of Incorporation, or by these By-Laws.  If, however, such majority shall not be present or represented at any meeting of the Stakeholders, the Stakeholders entitled to vote thereat, present in person, or by proxy, shall have the power to adjourn the meeting from time to time.  At such adjourned meeting, any business may be transacted which might have been transacted at a meeting as originally notified.

If a quorum be initially present, the Stakeholders may continue to transact business until adjournment, notwithstanding the withdrawal of enough Stakeholders to leave less than a quorum, if any action taken is approved by a majority of the Stakeholders required to initially constitute a quorum.

Section 9. VOTING.   Only Stakeholders shall be entitled to vote at such meeting.   A Stakeholder is a member of the Political Film Society in good standing who has paid membership dues and supplies to the Secretary a working e-mail address.

Provided the candidate's name has been placed in nomination prior to the voting and one or more Stakeholder has given notice at the meeting prior to the voting of the Stakeholder's intent to cumulate the Stakeholder's votes, every Stakeholder entitled to vote at any election for Directors of any corporation may cumulate their votes and give one candidate a number of votes equal to the number of Directors to be elected multiplied by the number of votes to which his or her proxies are entitled, or distribute his or her votes on the same principle among as many candidates as he or she thinks fit.

The candidates receiving the highest number of votes up to the number of Directors to be elected are elected.

The Board of Directors may fix a time in the future not exceeding sixty (60) days preceding the date of any meeting of Stakeholders as a record date for the determination of the Stakeholders entitled to notice of and to vote at any such meeting.  In such case only Stakeholders of record on the date so fixed shall be entitled to notice of and to vote at such meeting.  The Board of Directors may close the books of the corporation during the whole or any part of such period.

Section 10. PROXIES.  Every Stakeholder entitled to vote, or to execute consents, may do so, either in person or by written proxy, executed in accordance with the provisions of Secs. 604 and 705 of the California Corporations Code and filed with the Secretary of the corporation.

Section 11. ORGANIZATION.  The President, or in the absence of the President, any Vice President, shall call the meeting of the Stakeholders to order, and shall act as chair of the meeting.  In the absence of the President and all of the Vice Presidents, Stakeholders shall appoint a chair for such meeting.  The Secretary of the corporation shall act as Secretary of all meetings of the Stakeholders, but in the absence of the Secretary at any meeting of the Stakeholders, the presiding Officer may appoint any person to act as Secretary of the meeting.

Section 12. INSPECTORS OF ELECTION.  In advance of any meeting of Stakeholders the Board of Directors may, if they so elect, appoint inspectors of election to act at such meeting or any adjournment thereof.  If inspectors of election be not so appointed, or if any persons so appointed fail to appear or refuse to act, the chair of any such meeting may, and on the request of any Stakeholder or his or her proxy shall, make such appointment at the meeting in which case the number of inspectors shall be either one (1) or three (3) as determined by a majority of the Stakeholders represented at the meeting.

ARTICLE V
DONATIONS & STAKEHOLDERS

Section 1. DONORS.  Any person or institution may contribute funds or services to the Political Film Society, subject to approval by the existing Stakeholders at a meeting of the Stakeholders.

Section 2. SUBSTANTIAL DONATIONS.  A monetary donation approved by the Stakeholders will be considered "substantial" if it constitutes more than ten (10) percent of the expenditures of the Political Film Society for the previous fiscal year.

Section 3. STAKEHOLDERS.  A person or institution becomes eligible to become a Stakeholder when it makes an approved substantial donation to the Political Film Society.  The decision to become a new Stakeholder is made at a meeting of the Board of Directors.  A donor ceases to be a Stakeholder on December 31 of each year unless or until a new donation is received and approved by existing Stakeholders by January 1 of the following year unless the Stakeholder maintains a working e-mail address and so notifies any members of the Board of Directors.

Section 4. INITIAL STAKEHOLDER.  The initial Stakeholder is the one who first secured approval for the corporation from appropriate governmental authorities, as specified in the initial Articles of Incorporation.

Section 5. STOCK AND STOCKHOLDERS.  Any stock issued for the Political Film Society in 1998 is hereby considered void.  Henceforth, the Political Film Society will sell no stock and have no Stockholders.  Stockholders in 1998 automatically become Stakeholders in 1999 but with no special rights accruing from previously having been Stockholders.

ARTICLE VI
RECORDS -  REPORTS - INSPECTION

Section 1. RECORDS.  The corporation shall maintain, in accordance with generally accepted accounting principles, adequate and correct accounts, books and records of its business and properties.  All of such books, records and accounts shall be kept at its principal executive office in the State of California, as fixed by the Board of Directors from time to time.

Section 2. INSPECTION OF BOOKS AND RECORDS.  All books and records provided for in Sec. 1500 of the California Corporations Code shall be open to inspection of the Directors and Stakeho1ders from time to time and in the manner provided in said Sec. 1600 - 1602.

Section 3. CERTIFICATION AND INSPECTION OF BY-LAWS.  The original or a copy of these By-Laws, as amended or otherwise altered to date, certified by the Secretary, shall be kept at the corporation's principal executive office and shall be open to inspection by the Stakeholders of the corporation at all reasonable times during office hours, as provided in Sec. 213 of the Corporations Code.

Section 4. CHECKS, DRAFTS, ETC.  All checks, drafts, or other orders for payment of money, notes or other evidences of indebtedness, issued in the name of or payable to the corporation, shall be signed or endorsed by such person or persons and in such manner as shall be determined from time to time by resolution of the Board of Directors.

Section 5. CONTRACTS, ETC. -- HOW EXECUTED.  The Board of Directors, except as in the By-Laws otherwise provided, may authorize any Officer or Officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the corporation.  Such authority may be general or confined to specific instances. Unless so authorized by the Board of Directors, no Officer, agent or employee shall have any power or authority to bind the corporation by any contract or agreement, or to pledge its credit, or to render it liable for any purpose or to any amount, except as provided in Sec. 313 of the Corporations Code.

ARTICLE VII
ANNUAL REPORTS

Section 1. REPORT TO STAKEHOLDERS, DUE DATE.  The Board of Directors shall cause an annual report to be sent to the Stakeholders not later than one hundred twenty (120) days after the close of the fiscal or calendar year adopted by the corporation.  This report shall be sent at least fifteen (15) days before the annual meeting of Stakeholders to be held during the next fiscal year and in the manner specified in Section 4 of Article IV of these By-Laws for giving notice to Stakeholders of the corporation.  The annual report shall contain a balance sheet as of the end of the fiscal year and an income statement and statement of changes in financial position for the fiscal year, accompanied by any report of independent accountants or, if there is no such report, the certificate of an authorized Officer of the corporation that the statements were prepared without audit from the books and records of the corporation.

Section 2.  WAIVER.  The annual report referred to in Section 1501 of the California General Corporation Law is expressly dispensed with so long as this corporation shall have less than one hundred (100) Stakeholders.  However, nothing herein shall be interpreted as prohibiting the Board of Directors from issuing annual or other periodic reports to the Stakeholders of the corporation as they consider appropriate.

ARTICLE VIII
AMENDMENTS TO BY-LAWS

Section 1. AMENDMENT BY STAKEHOLDERS.  New By-Laws may be adopted or these By-Laws may be amended or repealed by the vote or written consent of a majority of the Stakeholders; however, that if the Articles of Incorporation of the corporation set forth the number of authorized Directors of the corporation, the authorized number of Directors may be changed only by an amendment of the Articles of Incorporation.

Section 2.  POWERS OF DIRECTORS.  Subject to the right of the Stakeholders to adopt, amend or repeal By-Laws, as provided in Section 1 of this Article VIII, and the limitations of Sec. 204 (a) (5) and Sec. 212 of the California Corporations Code, the Board of Directors may adopt, amend or repeal any of these By-Laws other than a By-Law or amendment thereof changing the authorized number of Directors.

Section 3. RECORD OF AMENDMENTS.  Whenever an amendment or new By-Law is adopted, it shall be copied in the book of By-Laws with the original By-Laws, in the appropriate place.  If any By-Law is repealed, the fact of repeal with the date of the meeting at which the repeal was enacted or written assent was filed shall be stated in said book.

ARTICLE IX
CORPORATE SEAL

The corporate seal shall be circular in form, and shall have inscribed thereon the name of the corporation, the year or date of its incorporation, and the word "California."

ARTICLE X
MISCELLANEOUS

Section 1. REFERENCES TO CODE SECTIONS.  "Sec." references herein refer to the equivalent Sections of the California Corporations Code effective January 1, 1977, as amended.

Section 2. INDEMNIFICATION AND LIABILITY.  The liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law.

The corporation is authorized to provide indemnification of agents (as defined in Section 317 of the California Corporations Code) for breach of duty to the corporation and Stakeholders through bylaw provisions or through agreements with the agents, or both, in excess of the indemnification otherwise permitted by Section 317 of the California Corporations Code, subject to the limits on such excess indemnification set forth in Section 204 of the California Corporations Code.

Section 3. ACCOUNTING YEAR.  The accounting year of the corporation shall be fixed by resolution of the Board of Directors.

Section 4. TAX-EXEMPTION.  The Political Film Society will operate at all times as a nonpolitical organization, that is, it will not engage in lobbying and it will not endorse candidates or positions on public questions.

Section 5.  DISSOLUTION.  In the event that the Political Film Society is dissolved, all assets will be transferred to the Directors Guild of America, Los Angeles, California.