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Bylaws of Medtronic, Inc.
(As Amended through June 24, 2004)
ARTICLE 1 - MEETINGS OF SHAREHOLDERS
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1.1
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Regular meetings of the shareholders of the corporation
shall be held each year on the date and at the time set by
the Board of Directors or by the chief executive officer.
At each regular meeting the shareholders shall elect the
Board of Directors and shall transact such other business
as shall come properly before the meeting, in accordance
with applicable provisions of the Articles of Incorporation
and these Bylaws.
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1.2
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A special meeting of the shareholders may be called for
any purpose or purposes at any time by the chief executive
officer; by the chief financial officer; by the Board of
Directors or any two or more members thereof; or by one or
more shareholders holding not less than ten percent of the
voting power of all shares of the corporation entitled to
vote (except that a special meeting for the purpose of considering
any action to directly or indirectly facilitate or effect
a business combination, including any action to change or
otherwise affect the composition of the Board of Directors
for that purpose, must be called by twenty-five percent or
more of the voting power of all shares of the corporation
entitled to vote), who shall demand such special meeting
by written notice given to the chief executive officer or
the chief financial officer of the corporation specifying
the purposes of such meeting.
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1.3
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Meetings Held Upon Shareholder Demand. Within thirty days
after receipt by the chief executive officer or the chief
financial officer of a demand from any shareholder or shareholders
entitled to call a meeting of the shareholders, it shall
be the duty of the Board of Director to cause a special meeting
of shareholders to be duly called and held on notice no later
than ninety days after receipt of such demand. If the Board
of Directors fails to cause such a meeting to be called and
held as required by this Section, the shareholder or shareholders
making the demand may call the meeting by giving notice as
provided in Section 1.5 hereof at the expense of the corporation.
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1.4
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Place of Meetings. Meetings of the shareholders shall be
held at the principal executive office of the corporation
or at such other place, within or without the State of Minnesota,
as is designated by the Board of Directors or the chief executive
officer, except that a meeting called by or at the demand
of a shareholder shall be held in the county where the principal
executive office of the corporation is located.
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1.5
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Notice of Meeting. Except as otherwise specified in Section
1.6 or required by law, written notice of each meeting of
shareholders, setting out the place, date and time of any
regular or special meeting, shall be given not less than
four days prior to the date of the meeting to each holder
of shares entitled to vote. Notice of any special meeting
shall state the purpose or purposes of the proposed meeting,
and business transacted at all special meetings shall be
confined to the purposes stated in the notice. A shareholder
may waive notice of any meeting before, at or after the meeting,
in writing, orally or by attendance. Attendance at a meeting
by any shareholder is a waiver of notice of that meeting
unless the shareholder objects at the beginning of the meeting
to the transaction of business because the meeting is not
lawfully called or convened, or objects before a vote on
an item of business because the item may not lawfully be
considered at the meeting and does not participate in the
consideration of the item at that meeting.
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1.6
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Quorum and Adjourned Meeting. The holders of a majority
of the voting power of the shares entitled to vote at a meeting,
represented either in person or by proxy, shall constitute
a quorum for the transaction of business at any meeting of
shareholders. If a quorum is present when a duly called or
held meeting is convened, the shareholders present may continue
to transact business until adjournment, even though the withdrawal
of a number of shareholders originally present leaves less
than the proportion or number otherwise required for a quorum.
In case a quorum is not present at any meeting, the meeting
may be adjourned from time to time without notice other than
announcement at the time of adjournment of the date, time
and place at which the meeting will be reconvened. At any
adjourned meeting in which a quorum is present, any business
may be transacted which might have been transacted at the
original meeting.
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1.7
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Voting. At each meeting of the shareholders every shareholder
having the right to vote shall be entitled to vote in person
or by proxy duly appointed by an instrument in writing subscribed
by such shareholder. Each shareholder shall have one vote
for each share having voting power standing in such shareholder's
name on the books of the corporation except as may be otherwise
provided in the terms of the share. Upon the demand of any
shareholder, the vote for directors or the vote upon any
question before the meeting shall be by ballot. All elections
shall be determined by a plurality vote, and all questions
decided by a majority vote, of the number of shares entitled
to vote and represented at any meeting at which there is
a quorum except in such cases as shall otherwise be required
by statute, the Articles of Incorporation or these Bylaws.
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1.8
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Record Date. The Board of Directors may fix a date, not
exceeding sixty days preceding the date of any meeting of
shareholders, as a record date for the determination of the
shareholders entitled to notice of and entitled to vote at
such meeting. When a date is so fixed, only shareholders
on that date are entitled to notice of and permitted to vote
at that meeting of shareholders, notwithstanding any transfer
of any shares on the books of the corporation after any record
date so fixed.
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ARTICLE 2 - DIRECTORS
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2.1
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Quorum and Voting. A majority of the directors currently
holding office shall constitute a quorum for the transaction
of business. In the absence of a quorum, a majority of the
directors present may adjourn a meeting from time to time
without further notice until a quorum is present. If a quorum
is present when a duly called or held meeting is convened,
the directors present may continue to transact business until
adjournment, even though the withdrawal of a number of directors
originally present leaves less than the proportion or number
otherwise required for a quorum.
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2.2
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Place of Meetings. Each meeting of the Board of Directors
shall be held at the principal executive office of the corporation
or at such other place as may be designated from time to
time by a majority of the members of the Board, provided
that if the Board shall not have designated the place of
the meeting, the chief executive officer of the corporation
(if then a director of the corporation) may designate a place
other than the principal executive office of the corporation
for any such meeting called by such chief executive officer
in such officer's capacity as a director.
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2.3
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Regular Meetings. Regular meetings of the Board of Directors
for the election of officers and the transaction of any other
business shall be held without notice at the place of and
immediately after each regular meeting of the shareholders.
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2.4
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Special Meetings. A special meeting of the Board of Directors
may be called for any purpose or purposes at any time by
any member of the Board by giving not less than twenty-four
hours' notice to all directors of the date, time and place
of the meeting, provided that when notice is mailed, at least
four days' notice shall be given. The notice need not state
the purpose of the meeting. If a meeting schedule is adopted
by the Board, or if the day or date, time and place of a
Board meeting have been announced at a previous Board meeting,
no notice is required. Notice of an adjourned meeting need
not be given other than by announcement at the meeting at
which adjournment is taken.
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2.5
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Waiver of Notice. A director may waive notice of a meeting
of the Board. A waiver of notice by a director entitled to
notice is effective whether given before, at or after the
meeting, and whether given in writing, orally or by attendance.
Attendance by a director at a meeting is a waiver of notice
of that meeting, except where the director objects at the
beginning of the meeting to the transaction of business because
the meeting is not lawfully called or convened and does not
participate thereafter in the meeting.
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2.6
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Absent Directors. A director may give advance written consent
or opposition to a proposal to be acted on at a Board meeting.
If the director is not present at the meeting, consent or
opposition to a proposal does not constitute presence for
purposes of determining the existence of a quorum, but consent
or opposition shall be counted as a vote in favor of or against
the proposal and shall be entered in the minutes of the meeting,
if the proposal acted on at the meeting is substantially
the same or has substantially the same effect as the proposal
to which the director has consented or objected.
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2.7
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Electronic Communications. (a) A conference among directors
by any means of communication through which the directors
may simultaneously hear each other during the conference
constitutes a Board meeting, if the same notice is given
of the conference as would be required for a meeting, and
if the number of directors participating in the conference
would be sufficient to constitute a quorum at a meeting.
Participation in a meeting by that means constitutes presence
in person at the meeting.
(b) A director may participate in a Board meeting not described
in paragraph (a) by any means of communication through which
the director, other directors so participating, and all directors
physically present at the meeting may simultaneously hear
each other during the meeting. Participation in a meeting
by that means constitutes presence in person at the meeting.
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2.8
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Action Without a Meeting. An action required or permitted
to be taken at a Board meeting may be taken without a meeting
by written action signed by all of the directors. If the
Articles of Incorporation so provide, any action, other than
an action requiring shareholder approval, may be taken by
written action signed by the number of directors that would
be required to take the same action at a meeting of the Board
at which all directors were present. The written action is
effective when signed by the required number of directors,
unless a different effective time is provided in the written
action. When written action is permitted to be taken by less
than all directors, all directors shall be notified immediately
of its text and effective date.
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2.9 |
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Compensation. Directors who are not salaried officers of
the corporation shall receive such fixed sum and expenses
per meeting attended or such fixed annual sum or both as
shall be determined from time to time by resolution of the
Board of Directors. Nothing herein contained shall be construed
to preclude any director from serving this corporation in
any other capacity and receiving proper compensation therefor.
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2.10 |
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Committees. The Board of Directors may, by
resolution approved by the affirmative vote of a majority
of the Board, establish committees having the authority of
the Board in the management of the business of the corporation
only to the extent provided in the resolution. Each such
committee shall consist of one or more natural persons (who,
except as set forth below, need not be directors) appointed
by affirmative vote of a majority of the directors present
at a duly held Board meeting, and shall, except in the case
of a committee of disinterested persons, be subject at all
times to the direction and control of the Board. A majority
of the members of a committee shall constitute a quorum for
the transaction of business. Such committees include but
are not limited to the following:
(a) Audit Committee. The directors shall by resolution
appoint members of the Board who are independent of management
and who are free of any relationship which, in the opinion
of the Board, would interfere with the exercise of independent
judgment, as an Audit Committee with such powers and duties
as the Board may deem appropriate, subject to review by the
Board of Directors.
(b) Compensation Committee. The directors shall by resolution
appoint members of the Board who are independent of management
and who are free of any relationship which, in the opinion
of the Board, would interfere with the exercise of independent
judgment, as a Compensation Committee with such powers and
duties as the Board may deem appropriate, subject to review
by the Board of Directors.
(c) Committee of Disinterested Persons. The Board may by
resolution establish a committee composed of two or more
disinterested directors or other disinterested persons to
determine whether it is in the best interests of the corporation
to pursue a particular legal right or remedy of the corporation
and whether to cause the dismissal or discontinuance of a
particular proceeding that seeks to assert a right or remedy
on behalf of the corporation. The committee, once established,
is not subject to the direction or control of, or termination
by, the Board. A vacancy on the committee may be filled by
a majority vote of the remaining committee members. The good
faith determinations of the committee are binding upon the
corporation and its directors, officers and shareholders.
The committee terminates when it issues a written report
of its determinations to the Board. |
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ARTICLE 3 - OFFICERS
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3.1
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Number and Designation. The corporation shall have one or
more natural persons exercising the functions of the offices
of chief executive officer and chief financial officer. The
Board of Directors may elect or appoint such other officers
or agents as it deems necessary for the operation and management
of the corporation with such powers, rights, duties and responsibilities
as may be determined by the Board, including, but not limited
to, a Chairman of the Board, a President, one or more Executive
Officers, a Secretary, a Treasurer and a Controller, each
of whom shall have the powers, rights, duties and responsibilities
set forth in these Bylaws unless otherwise determined by
the Board. Any of the offices or functions of those offices
may be held by the same person.
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3.2
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Election, Term of Office and Qualification. At the first
meeting of the Board following each election of directors,
the Board shall elect officers who shall hold office until
the next election of officers or until their successors are
elected or appointed and qualify, provided, however, that
any officer may be removed with or without cause by the affirmative
vote of a majority of the Board of Directors present (without
prejudice, however, to any contract rights of such officer).
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3.3
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Resignation. Any officer may resign at any time by giving
written notice to the corporation. The resignation is effective
without acceptance when the notice is given to the corporation,
unless a later effective date is specified in the notice.
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3.4
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Vacancies in Office. A vacancy in any office of the corporation
by reason of death, resignation, removal, disqualification
or otherwise may, or in the case of a vacancy in the office
of chief executive officer or chief financial officer, shall
be filled for the unexpired term by the Board of Directors.
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3.5
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Chief Executive Officer. Unless provided otherwise by a
resolution adopted by the Board of Directors, the chief executive
officer (a) shall have general active management of the business
of the corporation; (b) shall, when present and in the absence
of the Chairman of the Board, preside at all meetings of
the shareholders and Board of Directors; (c) shall see that
all orders and resolutions of the Board are carried into
effect; (d) shall sign and deliver in the name of the corporation
any deeds, mortgages, bonds, contracts or other instruments
pertaining to the business of the corporation, except in
cases in which the authority to sign and deliver is required
by law to be exercised by another person or is expressly
delegated by the Articles, these Bylaws or the Board to some
other officer or agent of the corporation; (e) may appoint
such divisional or staff officers, a secretary, a treasurer
and a controller, each of whom shall have the powers, rights,
duties and responsibilities delegated to him or her by the
chief executive officer; (f) may maintain records of and
certify proceedings of the Board and shareholders; and (g)
shall perform such other duties as may from time to time
be assigned by the Board.
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3.6
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Chief Financial Officer. Unless provided otherwise by a
resolution adopted by the Board of Directors, the chief financial
officer (a) shall keep accurate financial records for the
corporation; (b) shall deposit all monies, drafts and checks
in the name of and to the credit of the corporation in such
banks and depositories as the Board of Directors shall designate
from time to time; (c) shall endorse for deposit all notes,
checks and drafts received by the corporation as ordered
by the Board, making proper vouchers therefor; (d) shall
disburse corporate funds and issue checks and drafts in the
name of the corporation, as ordered by the Board; (e) shall
render to the chief executive officer and the Board of Directors,
whenever requested, an account of all of such officer's transactions
as chief financial officer and of the financial condition
of the corporation; and (f) shall perform such other duties
as may be prescribed by the Board of Directors or the chief
executive officer from time to time.
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3.7
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(a) Chairman of the Board. The Chairman of the Board shall
preside at all meetings of the shareholders and directors
and shall be an ex-officio member of all committees of the
Board, except as otherwise prescribed by the Board of Directors.
In the event of absence or disability of the President, the
Chairman of the Board shall succeed to the powers and shall
perform the duties of the President until such absence or
disability has terminated or the Board of Directors has elected
a new President or designated a Vice President or Vice Presidents
to succeed to the powers and duties of the President. In
general, the Chairman of the Board shall have the powers
and duties usually vested in the office of Chairman of the
Board, and shall have such other duties as may be prescribed
by the Board of Directors.
(b) Vice Chairman. The Vice Chairman of the Board shall
have such duties as may be prescribed by the Board of Directors.
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3.8
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President. Unless otherwise determined by the Board, the
President shall be the chief executive officer of the corporation.
The President shall preside at all meetings of the shareholders
and directors in the absence of the Chairman of the Board.
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3.9 |
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Executive Officers. The executive officers may include Executive
Vice Presidents, divisional Presidents, Vice Presidents and
other officers who shall have such powers and shall perform
such duties as may be specified in these Bylaws or prescribed
by the Board of Directors. In the event of absence or disability
of the President, the Board of Directors may designate a
Vice President or Vice Presidents to succeed to the power
and duties of the President.
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3.10 |
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Secretary. The Secretary shall be secretary of and shall
attend all meetings of the shareholders and Board of Directors.
The Secretary shall give proper notice of meetings of shareholders
and directors and shall keep minutes of such meetings and
other actions of the Board. The Secretary shall certify proceedings
of the Board of Directors and shareholders, shall have charge
of the share registers and stock transfer records of the
corporation and shall perform such other duties as may be
prescribed by the Board of Directors or the chief executive
officer from time to time.
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3.11 |
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Treasurer. The Treasurer shall perform such duties as may
be prescribed by the Board of Directors or the chief executive
officer from time to time.
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3.12 |
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Controller. The Controller shall prepare financial reports,
establish controls and perform such other duties as may be
prescribed by the Board of Directors or the chief executive
officer from time to time.
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3.13 |
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Delegation. Unless prohibited by a resolution
approved by the affirmative vote of a majority of the directors
present, an officer elected or appointed by the Board may,
without the approval of the Board, delegate some or all of
the duties and powers of the office to other persons. |
ARTICLE 4 - INDEMNIFICATION
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4.1
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Indemnification. The corporation shall indemnify such persons,
for such expenses and liabilities, in such manner, under
such circumstances, and to such extent, as permitted by Minnesota
Statutes, Section 302A.521, as now enacted or hereafter amended,
or as required or permitted by other provisions of law.
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4.2
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Insurance. The corporation may purchase and maintain insurance
on behalf of any person in such person's official capacity
against any liability asserted against and incurred by such
person in or arising from that capacity, whether or not the
corporation would otherwise be required to indemnify the
person against the liability.
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ARTICLE 5 - SHARES AND THEIR TRANSFERS
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5.1
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Share Certificates and Uncertificated Shares. Shares of
the corporation may be certificated or uncertificated, as
provided under Minnesota law. Certificates for such shares
shall be numbered (separately for each class) in the order
in which they are issued, shall be entered in the books of
the corporation as they are issued and shall, unless otherwise
determined by the Board, be signed by the chief executive
officer, the chief financial officer or any other officer
of the corporation. A signature upon a certificate may be
a facsimile. Certificates on which a facsimile signature
of a former officer, transfer agent or registrar appears
may be issued with the same effect as if such person had
that capacity on the date of issue.
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5.2
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Stock Record. As used in these Bylaws, the term "shareholder" shall
mean the person in whose name outstanding shares of capital
stock of the corporation are currently registered on the
stock record books of the corporation. The corporation shall
keep, at its principal executive office or at another place
or places within the United States determined by the Board,
a share register not more than one year old containing the
names and addresses of the shareholders and the number and
classes of shares held by each shareholder. The corporation
shall also keep at its principal executive office or at another
place or places within the United States determined by the
Board, a record of the dates on which certificates representing
shares were issued. Every certificate surrendered to the
corporation for exchange or transfer shall be canceled and
no new certificate or certificates shall be issued in exchange
for any existing certificate until such existing certificate
shall have been so canceled (except as provided for in Section
5.4 of this Article 5).
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5.3 |
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Transfer of Shares. Transfer of shares shall be made on
the books of the corporation and may be authorized only by
the shareholder named in the stock record books of the corporation
(or his legal representative or duly authorized attorney-in-fact)
and, in the case of shares represented by a certificate,
upon surrender for cancellation of the certificate(s) for
such shares. The shareholder in whose name shares of stock
stand on the books of the corporation shall be deemed the
owner thereof for all purposes as regards the corporation,
provided that when any transfer of shares shall be made as
collateral security and not absolutely, such fact, if known
to the corporation or to the transfer agent, shall be so
expressed in the entry of transfer, and provided further,
that the Board of Directors may establish a procedure whereby
a shareholder may certify that all or a portion of the shares
registered in the name of the shareholder are held for the
account of one or more beneficial owners.
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5.4 |
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Lost Certificate. Any shareholder claiming a certificate
of stock to be lost or destroyed shall make an affidavit
or affirmation of that fact in such form as the Board of
Directors may require, and shall, if the directors so require,
give the corporation a bond of sufficient indemnity in form
and with one or more sureties satisfactory to the Board in
order to indemnify the corporation against any claim that
may be made against it on account of the alleged loss or
destruction of such certificate, whereupon a new certificate
may be issued in the same tenor and for the same number of
shares as the one alleged to have been destroyed or lost.
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5.5 |
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Record Date. The Board of Directors may fix
a date, not exceeding sixty days preceding the date fixed
for the payment of any dividend or other distribution, as
a record date for the determination of the shareholders entitled
to receive payment of such dividend or other distribution,
and in such case only shareholders of record on the date
so fixed shall be entitled to receive payments of such dividend
or other distribution, notwithstanding any transfer of any
shares on the books of the corporation after any record date
so fixed. |
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ARTICLE 6 - GENERAL PROVISIONS
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6.1
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Distributions, Acquisitions of Shares. The Board of Directors
may authorize distributions upon the shares of the corporation
or acquisitions by the corporation of such shares to the
extent permitted by law.
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6.2
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Fiscal Year. The fiscal year of the corporation shall be
established by the Board of Directors.
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6.3 |
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No Corporate Seal. There shall be no corporate seal.
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6.4 |
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Voting Securities Held by the Corporation. Unless otherwise
ordered by the Board of Directors, the chief executive officer
shall have full power and authority on behalf of the corporation
(i) to attend and to vote at any meeting of security holders
of other companies in which the corporation may hold securities;
(ii) to execute any proxy for such meeting on behalf of the
corporation; and (iii) to execute a written action in lieu
of a meeting of such other company on behalf of this corporation.
At such meeting, by such proxy or by such writing in lieu
of meeting, the chief executive officer shall possess and
may exercise any and all rights and powers incident to the
ownership of such securities that the corporation might have
possessed and exercised if it had been present. The Board
of Directors may from time to time confer like powers upon
any other person or persons.
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6.5 |
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Amendments. The Board of Directors shall have
the power to adopt, amend or repeal the Bylaws of the corporation,
subject to the power of the shareholders to change or repeal
the same, provided, however, that the Board shall not adopt,
amend or repeal any Bylaw fixing a quorum for meetings of
shareholders, prescribing procedures for removing directors
or filling vacancies in the Board, or fixing the number of
directors or their classifications, qualifications or terms
of office, but may adopt or amend a Bylaw that increases
the number of directors. |
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