Business
DATA Group Adopts Advance Notice By-law
BRAMPTON, ON , Jan. 20, 2014 /CNW/ - DATA Group Ltd. (TSX:DGI) ("DATA Group" or the "Cor...
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\nBRAMPTON, ON, Jan. 20, 2014 /CNW/ - DATA Group Ltd. (TSX:DGI) (\"DATA\n Group\" or the \"Corporation\") today announced the adoption by its Board\n of Directors of By-law No. 2 of the Corporation (the \"Advance Notice\n By-law\"), a by-law establishing a framework for advance notice of\n nominations of directors by shareholders of DATA Group. Among other\n things, the Advance Notice By-law fixes a deadline by which\n shareholders must submit a notice of director nominations to DATA Group\n prior to any annual or special meeting of shareholders where directors\n are to be elected and sets forth the information that a shareholder\n must include in the notice for it to be valid.\n\n\nThe Advance Notice By-law is similar to the advance notice by-laws\n adopted by many other Canadian public companies. Specifically, the\n Advance Notice By-law requires advance notice to the Corporation in\n circumstances where nominations of persons for election as a director\n of DATA Group are made by shareholders other than pursuant to (i) a\n requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Ontario) (the \"OBCA\") or (ii) a shareholder proposal made in\n accordance with the provisions of the OBCA.\n\n\nIn the case of an annual meeting of shareholders, notice to the\n Corporation must be given not less than 30 nor more than 65 days prior\n to the date of the annual meeting. In the event that the annual meeting\n is to be held on a date that is less than 50 days after the date on\n which the first public announcement of the date of the annual meeting\n was made, notice may be given not later than the close of business on\n the tenth day following the notice date.\n\n\nIn the case of a special meeting of shareholders (which is not also an\n annual meeting), notice to the Corporation must be given not later than\n the close of business on the fifteenth day following the day on which\n the first public announcement of the date of the meeting was made.\n\n\nThe Board of Directors of DATA Group has also adopted an amendment to\n the Corporation's existing general By-law No. 1 (the \"By-law\n Amendment\"), which is intended to ensure that By-Law No. 1 remains\n consistent with evolving corporate governance practices and the\n published guidelines of major proxy advisory firms. The By-law\n Amendment increase...