Attached files
Exhibit 3.2
BYLAWS
OF
NISSAN
AUTO RECEIVABLES CORPORATION II
ARTICLE
ONE
MEETINGS
OF STOCKHOLDERS
Section
1.01. Time and
Place. All meetings of stockholders shall be held at such time
and place, whether within or without the State of Delaware, as shall be
determined by the President or the Board of Directors.
Section
1.02. Annual
Meeting. An annual meeting of stockholders shall be held each
year, commencing in July 2001, at which the stockholders shall elect a Board of
Directors and transact such other business as may properly be brought before the
meeting.
Section
1.03. Special
Meetings. Special meetings of stockholders, for any purpose,
unless otherwise prescribed by statute or by the Certificate of Incorporation,
may be called by the President or the Board of Directors. Any such
request shall state the purpose or purposes of the proposed
meeting.
Section
1.04. Notice of
Meetings. Written notice of each meeting of stockholders
stating the place, date and hour thereof, and, in the case of a special meeting,
specifying the purpose or purposes thereof and the person or persons by whom or
at whose direction such meeting has been called, shall be given, in the manner
prescribed by Section 4.01 of these Bylaws, to each stockholder entitled to vote
at such meeting, not less than 10 nor more than 60 days prior to the
meeting.
Section
1.05. Quorum. Except
as otherwise provided by statute or the Certificate of Incorporation, the
holders of a majority of the shares of the Corporation issued and outstanding
and entitled to vote, present in person or by proxy, shall be necessary to and
shall constitute a quorum for the transaction of business at each meeting of
stockholders.
Section
1.06. Voting. Unless
otherwise required by law, the Certificate of Incorporation or these Bylaws, any
question brought before any meeting of stockholders shall be decided by the vote
of the holders of a majority of the stock represented and entitled to vote at
such meeting. Each stockholder represented at a meeting of
stockholders shall be entitled to cast one vote for each share of the capital
stock held by such stockholder and entitled to vote at such
meeting. Such votes may be cast in person or by proxy but no proxy
shall be voted on or after three years from its date, unless such proxy provides
for a longer period. The Board of Directors, in its discretion, or
the officer of the Corporation presiding at a meeting of stockholders, in his
discretion, may require that any votes cast at such meeting shall be cast by
written ballot.
Section
1.07. Stockholder Consent in Lieu
of Meetings. Whenever the vote of stockholders at a meeting
thereof is required or permitted by the laws of the State of Delaware, the
Certificate of Incorporation or these Bylaws to be taken in connection with any
corporate action, the meeting and vote of stockholders may be dispensed with if
the holders of outstanding shares having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at
which all shares entitled to vote thereon were present and voted, consent in
writing to such corporate action being taken. Any such written
consent shall be filed with the Secretary of the Corporation.
ARTICLE
TWO
DIRECTORS
Section
2.01. Board of
Directors. The property and business of the Corporation shall
be managed by its Board of Directors, which may exercise all such powers of the
Corporation and do all such lawful acts and things on its behalf as are not, by
statute, the Certificate of Incorporation or these Bylaws, directed or required
to be exercised or done by the stockholders.
Section
2.02. Number of
Directors. The Board of Directors shall consist of five (5)
directors until changed pursuant to this Section or the Certificate of
Incorporation. The authorized number of directors on the Board shall
not be less than three nor more than five unless changed by a duly adopted Bylaw
or an amendment to the Certificate of Incorporation. The exact number
of directors may be changed from time to time within the limits specified either
by resolution duly adopted by the Board of Directors or by approval of the
stockholders, except that no decrease in the size of the Board of Directors
shall eliminate the seat or shorten the term of any director who is required to
be an “Independent Director” pursuant to the Certificate of
Incorporation. The term of any incumbent director that is not
required to be an Independent Director shall not be shortened unless such
director is specifically removed pursuant to Section 2.03 of these Bylaws at the
time of such decrease.
Section
2.03. Resignation and
Removal. Any director may resign at any time by written notice
to the Corporation. Any director may be removed, for cause or without
cause, by the stockholders, provided, however, that no Independent Director
shall be removed by the stockholders, for cause or without cause, unless a new
Independent Director shall be elected in his place.
Section
2.04. Vacancies. Any
vacancy in the Board of Directors occurring by reason of death, resignation or
disqualification of any director, the removal of any director from office for
cause or without cause, an increase in the number of directors, or otherwise,
may be filled by the remaining directors or by the stockholders, provided,
however, that the filling of such seat be in accordance with the provisions of
the Certificate of Incorporation. Each director elected to fill a
vacancy shall hold office for a term expiring at the next succeeding annual
meeting of stockholders and until his successor is elected and has qualified or
until his earlier displacement from office by resignation, removal or
otherwise.
Section
2.05. Committees. The
Board of Directors may designate from among its members committees which may
exercise any of the powers of the Board of Directors to the extent the Board of
Directors so provides.
Section
2.06. Election and Term of
Directors. Directors shall be elected annually or at such time
as is required by the Certificate of Incorporation, by election at the annual
meeting of stockholders or by written consent of the holders of stock entitled
to vote thereon in lieu of such meeting. If the annual election of
directors is not held on the date designated therefor, the directors shall cause
such election to be held as soon thereafter as convenient. Each
director shall hold office from the time of his election and qualification until
his successor is elected and qualified or until his earlier resignation or
removal.
ARTICLE
THREE
MEETING
OF THE BOARD
Section
3.01. Time and Place; Telephonic
Meetings. Meetings of the Board of Directors may be held at
such time and place, within or without the State of Delaware, as shall be
determined by the President or the Board of Directors. Members of the Board of
Directors may participate in a meeting of the Board by means of conference
telephone or similar communications equipment permitting all persons
participating in the meeting to hear each other, and participation in a meeting
by such means shall constitute presence in person at such meeting.
Section
3.02. First
Meeting. The directors elected at each annual meeting of
stockholders may hold their first meeting within 10 days following the annual
meeting, at such time and place as shall be fixed by resolution of the Board of
Directors prior to the annual meeting or by the consent in writing of all of the
newly-elected directors, and no notice of such meeting to the newly-elected
directors shall be necessary in order legally to constitute the meeting,
provided a quorum shall be present.
Section
3.03. Regular
Meetings. Regular meetings of the Board of Directors may be
held, without notice, at such time and place as shall from time to time be fixed
in advance by resolution of the Board.
Section
3.04. Special
Meetings. Special meetings of the Board of Directors may be
called by the President, and at the written request of any director shall be
called by the President or the Secretary. Written notice of each
special meeting of directors stating the time and place, and, if deemed
appropriate by the person or persons by whom or at whose request the meeting is
being called, the purpose or purposes thereof, shall be personally received by
each director at least three days before such meeting. The time and
place of any special meeting of directors may also be fixed by a duly executed
waiver of notice thereof.
Section
3.05. Quorum and
Voting. At all meetings of the Board of Directors a majority
of the entire Board of Directors shall be necessary and sufficient to constitute
a quorum for the transaction of business, and the vote of a majority of the
directors present at any meetings at which a quorum is present shall be the act
of the Board of Directors, except as may otherwise specifically be provided by
statute, the Certificate of Incorporation or these Bylaws. If a
quorum shall not be present at any meeting of the Board of Directors, the
members of the Board present may adjourn the meeting from time to time, without
notice other than an announcement at the meeting, until a quorum shall be
present.
Section
3.06. Director Consent in Lieu of
Meetings. Any action of the Board of Directors or any
committee thereof required or permitted to be taken at any meeting of the Board
of Directors or of any committee thereof may be taken without a meeting if all
of the members of the Board or committee, as the case may be, consent thereto in
writing and such writing or writings are filed with the minutes of the
proceedings of the Board or committee.
ARTICLE
FOUR
NOTICE
Section
4.01. Delivery of
Notices. Notices to directors and stockholders shall be in
writing and may be delivered personally or by mail. Notice by mail
shall be deemed to be given at the time when deposited in the post office or a
letter box, enclosed in a
post-paid
sealed wrapper, and addressed to directors or stockholders at their respective
addresses appearing on the books of the Corporation, unless any such director or
stockholder shall have filed with the Secretary of the Corporation a written
request that notices intended for him be mailed or delivered at the address
designated in such request. Notice to directors may also be given by
telegram or by leaving the notice at the residence or usual place of business or
a director.
Section
4.02. Waivers of
Notice. Whenever any notice is required by law, the
Certificate of Incorporation or these Bylaws, to be given to any director,
member of a committee or stockholder, a waiver thereof in writing, signed, by
the person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent thereto. Attendance of a person at a
meeting shall constitute a waiver of notice of such meeting except when the
person attends a meeting for the express purpose of objecting at the beginning
of the meeting to the transaction of any business because the meeting is not
lawfully called or convened. No such waiver need specify the business to be
transacted at nor the purpose of such meeting.
ARTICLE
FIVE
OFFICERS
Section
5.01. Executive
Officers. The executive officers of the Corporation shall be a
Chairman of the Board, a President, a Treasurer and a Secretary. Any
number of offices may be held by the same person, unless otherwise prohibited by
law, the Certificate of Incorporation or these Bylaws. The executive
officers of the Corporation shall exercise such powers and perform such duties
as are set forth herein and such additional powers and duties as the Board of
Directors may at any time or from time to time determine to be advisable, and
shall be chosen annually by the Board of Directors at its first meeting
following the meeting of stockholders at which the Board was
elected.
Section
5.02. Chairman of the
Board. The Chairman of the Board of Directors shall preside at
all meetings of the Board of Directors at which he is present, and shall
exercise general supervision of the other officers and employees of the
Corporation on behalf of the Board of Directors.
Section
5.03. Vice Chairman of the
Board. The Vice Chairman of the Board of Directors, if
elected, shall perform the duties of the Chairman of the Board of Directors at
the Chairman’s request, or in the case of his absence or inability to act, and
when so acting shall have all the powers of the Chairman.
Section
5.04. President. The
President of the Corporation, subject to the direction of the Board of Directors
and its Chairman, shall be the chief executive officer of the Corporation, shall
have general charge of the business and affairs of the Corporation, shall have
the direction of all other officers, agents and employees and may assign such
duties to such other officers of the Corporation as he deems
appropriate.
Section
5.05. Treasurer. The
Treasurer of the Corporation shall have charge and custody of and be responsible
for all funds and securities of the Corporation and its books of
account.
Section
5.06. Secretary. The
Secretary shall have the duty to record the proceedings of the meetings of the
stockholders and directors in a book to be kept for that purpose and shall be
the custodian of the Corporation’s other corporate records.
Section
5.07. Other Officers and
Agents. The Board of Directors may also appoint a Vice
Chairman of the Board, one or more Assistant Treasurers or Secretaries and such
other officers and agents as it shall deem necessary who shall exercise such
powers and perform such duties as set forth herein or as the Board of Directors
may at any time or from time to time determine to be advisable.
Section
5.08. Tenure; Resignation;
Removal; Vacancies. Each officer of the Corporation shall hold
office until his successor is elected or appointed or until his earlier
displacement from office by resignation, removal or otherwise; provided, that if
the term of office of any officer elected or appointed pursuant to these Bylaws
shall have been fixed by the Board of Directors, he shall cease to hold such
office no later than the date of expiration of such term, regardless of whether
any other person shall have been elected or appointed to succeed
him. Any officer may resign by written notice to the Corporation and
may be removed for cause or without cause by the Board of Directors, provided
that any such removal shall be without prejudice to the rights, if any, of the
officer so removed under any employment contract or other agreement with the
Corporation. If the office of any officer becomes vacant for any
reason, the vacancy may be filled by the Board of Directors.
ARTICLE
SIX
AMENDMENTS
Section
6.01. Power to
Amend. These Bylaws may be amended or repealed, and new Bylaws
may be adopted, by vote of the Board of Directors or of the stockholders
entitled at the time to vote for the election of directors.
ARTICLE
SEVEN
INDEMNIFICATION
Section
7.01. Right to
Indemnification.
(i) Persons Entitled to
Indemnification. Subject to applicable Delaware law as existing or
hereafter amended, the Corporation will indemnify and hold harmless each person
who was or is a party or is threatened to be made a party to or is involved in
any action, suit or proceeding, whether civil, criminal, administrative or
investigative (a “Proceeding”), by reason of
the fact that he or she, or a person of whom he or she is the legal
representative, is or was a director or officer of the Corporation (“Indemnitee”). Further,
this indemnification right will extend to each person who is or was serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit
plans.
(ii) Scope of
Indemnification. The indemnification right will extend to
persons entitled to such right whether the basis of such proceeding is alleged
action or inaction in an official capacity or in any other capacity while
serving as a director, officer, employee or agent.
(iii) Expenses
Indemnified. The Corporation will indemnify persons entitled
to indemnity against all costs, charges, expenses, liabilities and losses
(including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid or to be paid in settlement) reasonably incurred or suffered by
such Indemnitee in connection therewith.
(iv) Survival. The
indemnification right outlined in this paragraph 7.01, unless otherwise provided
when authorized or ratified, will continue as to a person who has ceased to be a
director, officer, employee or agent. Further, the indemnification right will
inure to the benefit of such Indemnitee’s heirs, executors and
administrators.
(v) Limitation of
Indemnification. The Corporation will indemnify any Indemnitee
seeking indemnification in connection with a proceeding (or part thereof)
initiated by such Indemnitee only if such proceeding (or part thereof) was
authorized by the Board.
Section
7.02. Repayment of Indemnified
Expenses. The right to indemnification conferred in this
Article shall be a contract right and shall include the right to be paid by the
Corporation the expenses incurred in defending any such proceeding in advance of
its final disposition (“Advance
Payment”). Nevertheless, if Delaware law so requires, such
Advance Payment of expenses incurred by an Indemnitee in his or her capacity as
a director or officer (and not in any other capacity in which service was or is
rendered by such person while a director or officer including, without
limitation, service to an employee benefit plan) will be made only upon delivery
to the Corporation of an undertaking, by or on behalf of such Indemnitee, to
repay all amounts so advanced if it shall ultimately be determined that such
Indemnitee is not entitled to be indemnified under this paragraph, under
Delaware law, or otherwise.
Section
7.03. Indemnification of Other
Persons. The Corporation may, by action of the Board, provide
indemnification to employees and agents of the Corporation with the same scope
and effect as the indemnification of directors and officers as outlined in
paragraphs 7.01 and
7.02 above.
Section
7.04. Right of Claimant to Bring
Suit. If a claim brought under paragraph 7.01, 7.02, or
7.03 of this
Article is not paid in full by the Corporation within thirty days after a
written claim has been received by the Corporation, the claimant may at any time
thereafter bring suit against the Corporation to recover the unpaid amount of
the claim. If the claimant’s suit is successful in whole or in part,
the claimant will be entitled to recover also the expense of prosecuting such
claim.
(i) Valid Defenses to the
Claimant’s Action. It shall be a defense to any such action
(other than an action brought to enforce a claim for Advance Payment where the
required undertaking, if any is required, has been tendered to the Corporation)
that the claimant has failed to meet a standard of conduct which makes it
permissible under Delaware law for the Corporation to indemnify the claimant for
the amount claimed.
(ii) Invalid Defenses to the
Claimant’s Action. Neither of the following acts or omissions
will be a defense to the claimant’s action or create a presumption that the
claimant has failed to meet the standard of conduct described in paragraph
7.04(i) above:
(a) the
failure of the Corporation (including its Board, independent legal counsel, or
its stockholders) to have made a determination prior to the commencement of such
action that indemnification of the claimant is permissible in the circumstances
because the claimant has met such standard of conduct; or
(b) an
actual determination by the Corporation (including its Board, independent legal
counsel, or its stockholders) that the claimant has not met such standard of
conduct.
Section
7.05. Non-Exclusivity of
Rights. The right to indemnification and to Advance Payments
conferred in this Article shall not be exclusive of any other right which any
person may have or hereafter acquire under any: (i) statute; (ii) provision of
the Certificate of Incorporation; (iii) bylaw; (iv) agreement; (v) vote of
stockholders; (vi) vote of disinterested directors; or (vii)
otherwise.
Section
7.06. Insurance. Regardless
of whether the Corporation would have the power under Delaware law to indemnify
itself or any director, officer, employee or agent of the Corporation or another
corporation, partnership, joint venture, trust or other enterprise, the
Corporation may maintain insurance, at its expense, to protect such persons or
entities against any such expense, liability or loss.
Section
7.07. Certain Provisions Related
to Employee Benefit Plans. For purposes of this Article,
references to “other enterprises” shall include employee benefit plans;
references to “fines” shall include any excise taxes assessed on a person with
respect to any employee benefit plan; and references to “serving at the request
of the Corporation” shall include any service as a director, officer, employee
or agent of the Corporation which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries.
Section
7.08. Expenses as a
Witness. The Corporation will indemnify any director, officer,
employee or agent of the Corporation who, by reason of such position, or a
position with another entity at the request of the Corporation, is a witness in
any Proceeding. Such indemnity will cover all costs and expenses
actually and reasonably incurred by the witness or on his or her behalf in
connection with the Proceeding.
Section
7.09. Indemnity
Agreements. The Corporation may enter into agreements with any
director, officer, employee or agent of the Corporation providing for
indemnification to the full extent permitted by Delaware law.
ARTICLE
EIGHT
CAPITAL
STOCK
Section
8.01. Certificates. Certificates
for stock of the Corporation shall be approved by the Board of Directors and
shall be signed in the name of the Corporation by the Chairman of the Board, or
a Vice Chairman of the Board, if any, or the President or a Vice President, if
any, and by the Treasurer or an Assistant Treasurer, if any, or the Secretary or
an Assistant Secretary, if any. Such certificates may be sealed with the seal of
the Corporation or a facsimile thereof. Any of or all the signatures
on a certificate may be facsimile signatures. In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has been
placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before such certificate is issued, it may be issued by the
Corporation with the same effect as if he were such officer, transfer agent or
registrar at the date of issue.
ARTICLE
NINE
CHECKS,
NOTES, DRAFTS, ETC.
Section
9.01. Checks, Notes, Drafts,
Etc. Checks, notes, drafts, acceptances, bills of exchange and
other orders or obligations for the payment of money shall be signed by such
officer or officers or person or persons as the Board of Directors or a duly
authorized committee thereof may from time to time designate.
ARTICLE
TEN
OFFICES
Section
10.01. Location of Offices.
The Corporation may have offices at such places both within and without the
State of Delaware as the Board of Directors may from time to time
determine.
ARTICLE
ELEVEN
GENERAL
RESOLUTIONS
Section
11.01. Corporate
Seal. The corporate seal shall have inscribed thereon the name
of the Corporation, the year of its organization and the words “Corporate Seal,
Delaware.” The seal may be used by causing it or a facsimile thereof
to be impressed, affixed or otherwise reproduced.