Community Bank System, Inc.
Extract: Bylaws Amended/Restated (Plain English Desc) from a 8-K on 05/22/2020   Download
SEC Document
SEC Filing

On May 19, 2020, the Board of Directors (the “Board”) of Community Bank System, Inc. (the “Company”) authorized and approved the amendment of the Company’s Bylaws in connection with the Board’s proposal to declassify the Board, contingent upon the receipt of the shareholders’ approval of the proposal at the 2020 Annual Shareholders Meeting held on May 20, 2020 (the “Annual Meeting”). The proposal to declassify the Board was approved by the shareholders and the Bylaws were amended and restated to:


·Update the term of office for the directors in connection with the proposal approved by the Company’s Shareholders to amend the Company’s Certificate of Incorporation to declassify the Board; and


·Make certain other ministerial updates and conforming revisions including, the use of gender neutral language and clarification that electronic transmissions are an acceptable form of communication as provided under the Delaware General Corporation Law.