Page:United States Statutes at Large Volume 83.djvu/33

 83 STAT. ]

PUBLIC LAW 91-3-IVlAR. 12, 1969

When the number of shares of the voting capital stock of the corporation issued and outstanding and owned either directly or indirectly by communications common carriers is less than— 45 per centum 40 per centum 35percentum 25percentum. ISpercentum 8 percentum

But not less than— 40 per centum 35percentum 25percentum ISpercentum Spercentum

The number of members which stockholders who are communications common carriers are entitled to elect shall be—

And the number of members which other stockholders are entitled to elect shall be—

5 4 3 2 1 0

7 8 9 10 11 12

No stockholder who is a communications common carrier and no trustee for such a stockholder shall vote^ either directly or indirectly, through the votes of subsidiaries or affiliated companies, nominees, or any persons subject to his direction or control, for more than three candidates for membership on the board, except that in the event the number of shares of the voting capital stock of the corporation issued and outstanding and owned either directly or indirectly by communications common carriers as of the record date for the annual meeting is less than 8 per centum of the total number of shares of the voting capital stock of the corporation issued and outstanding, any stockholder who is a communications common carrier shall be entitled to vote at such meeting for candidates for membership on the board in the same manner as all other stockholders. Subject to the foregoing limitations, the articles of incorporation of the corporation shall provide for cumulative voting under section 27(d) of the District of Columbia Business Corporation Act (D.C. Code, sec. 29-911 (d)). The articles of incorporation of the corporation may be amended, altered, changed, or repealed by a vote of not less than 66% per centum of the outstanding shares of the voting capital stock of the corporation owned by stockholders who are communications common carriers and by stockholders who are not communications common carriers, voting together, if such vote complies with all other requirements of this Act and of the articles of incorporation of the corporation with respect to the amendment, alteration, change, or repeal of such articles. The corporation may adopt such bylaws as shall, notwithstanding the provisions of section 36 of the District of Columbia Business Corporation Act (D.C. Code, sec. 29-916d), provide for the continued ability of the board to transact business under such circumstances of national emergency as the President of the United States, or the officer designated by him, may determine, after February 18, 1969, would not permit a prompt meeting of a majority of the board to transact business." SEC. 2. As promptly as the board of directors of the Communications Satellite Corporation shall determine to be practical after the date of the amendinent of this Act, a meeting of the stockholders of the corporation shall be called for the purpose of electing twelve members of the board in accordance with subsection (a) of section 303 of the Communications Satellite Act of 1962 as amended by the first section of this Act. The members of the board elected at such meeting shall serve until the next annual meeting of stockholders or until their successors have been elected and qualified. SEC. 3. The status and authority of the members of the board of directors of the Communications Satellite Corporation who were elected to the board before the date of the enactment of this Act ancl who are serving as members of the board on such date shall not be in any way impaired or affected until their successors have been electecl and qualified in accordance with section 2 of this Act. Approved March 12, 1969.

^s Stat. 191.

^s Stat. 193.

�