ࡱ> ` ?bjbj *M7dt d*@@@8x<6hLLbbffff$:hrϿjffjjϿff`HHHj6ffHjHHA0if@ { @q$D"Hii,fvܓTH0DtfffϿϿ&"fffjjjj666X666$ Xp  Corporations A separate legal entity (a person) owned by investors (shareholders) and managed by a board of directors Corporate Characteristics (Advantages) Continuity of LifePerpetual Life Corporation does not automatically terminate on change of shareholder. Centralization of Management Board of directors elected by shareholders manages business. Directors appoint officers (president, vice president, secretary) to manage daily operations. Limited Liability Shareholders have limited personal liability. Free Transferability of Interests Ownership of corporations may be transferred. Exception: closely held corporations Disadvantages of Corporate Form Corporate Formalities Must be complied with to maintain corporate status (liability protections) For example, articles of incorporation, bylaws, annual shareholders meetings, regular board of directors meetings, and so on Taxation Considerations Double Taxation First, corporate person is taxed. Second, shareholders are taxed when corporate profits (dividends) are paid. Exception: close corporations Corporate Forms Basic Forms Business Corporations Statutory Close Corporations Specific Categories of Businesses Nonprofit Corporations Professional Corporations IRS Designation S Corporation Receives pass-through taxation Business Corporations Basic form for all corporate forms owners = shareholders (investors without liability) managers = board of directors or officers Advantages 1. perpetual life 2. centralization of management 3. limited liability 4. free transferability of ownership Disadvantages 1. corporate formalities 2. double taxation Statutory Close Corporation Small corporation (e.g., family owned) 50 or fewer shareholders (Nevada: 30 or fewer) Shareholders also manage; therefore, stock ownership is restricted. Restriction is on stock certificate. Formation Statutory close corporation election in articles of incorporation Organization Managed by shareholders Organized pursuant to shareholders agreement Minimal Corporate Formalities Board of directors not required Bylaws not required Annual shareholders meetings not required main advantage = stock transfer restrictions Professional Corporation Traditionally sole proprietors or partnerships Theory: hold professionals accountable for services Special Considerations Name must specify P.C. (professional corporation) P.A. (professional association) S.C. (service corporation) Liability Protections More restrictive than other corporations Limited personal liability for negligence or malfeasance of associates Ownership Restrictions Only by professionals Theory: eliminates profit motives of investors Nonprofit Corporation (charitable, educational, cultural, religious, etc.) 1. limits liability of benefactors 2. offers taxation exemptions S Corporation IRS designation but not a separate corporate form Small corporations (less than 75 shareholders) Shareholdersindividuals or extensions of individuals (trusts, estates, etc.) Advantages Disadvantages Perpetual Centralization Limited Free Transferability Formalities Double Life of Management Liability of Interests Taxation Business x x x x x x* Close x x x x* Nonprofit x x x x x Exempt Professional x x** x x* * Unless S election is made ** All professionals remain personally liable for their own negligence or malfeasance and that which they supervise or have knowledge of. Formation of a Corporation Creating the corporation Preincorporation Considerations Organization Corporate Organizers Promoters organize corporation lease business property buy business equipment hire employees solicit investors Incorporators sign and file articles of incorporation Generally, promoters have a role only in large corporations. Also, promoters and incorporators often are the same people and become shareholders in the corporation. Selection of Jurisdiction MBCA and RMBCAuniform laws Reduce forum shopping Corporate Financing Potential investors agree to purchase corporate shares once corporation is formed. = preincorporation share subscriptions Corporate Name Designate one of the following: Corporation Incorporated Company Name may not be deceptively similar to another corporate name (to prevent consumer confusion and unfair competition). Large corporations intending to expand markets reserve their corporate names. Preincorporation Document Preparation Formation File articles of incorporation with secretary of state. Acceptance of articles of incorporation = beginning of corporate life Articles of incorporation are an informational filing with the secretary of state. Look to state statute. name of corporation purpose of corporation capital structure of corporation registered agent initial board of directors Note: Provide minimal information because articles of incorporation are available for public inspection and difficult to amend. Postincorporation Procedures Organizing = bylaws and meetings of incorporators and directors Bylaws (operating procedures) = written guidelines and procedures for operation and management dates and places of shareholders and board of directors meetings voting of board of directors duties of board of directors or officers stock issuance and ownership corporate finances (e.g., bank accounts) Organizational Meeting By incorporators or initial directors Purpose elect directors (if none in articles of incorporation) appoint corporate officers approve articles of incorporation adopt bylaws ratify preincorporation transactions Defective Incorporation Doctrines de jure corporation = valid corporation Corporation complies with all state statutory requirements, so corporation cannot be set aside and shareholders cannot be held liable for corporate debts. But if a corporation does not comply with statutory requirements, then corporate structure may be set aside and shareholders may be personally liable for obligations of corporation. A defective corporation, however, may be saved according to one of the following theories: De Facto Corporation Business owner has in good faith 1. attempted to comply with state statutory requirements and 2. operated as corporation (e.g., uses corporate name) Creditor cannot set aside corporate structure. But state can always challenge corporate status. Corporation by Estoppel If party to a contract represents self as corporation, other party cannot set aside corporate existence. Applicable only to contract disputes Reflects contract expectations Taxation Considerations Federal Income Taxation Corporation is taxed as person. Shareholders are taxed on dividends. Exception: S corporations are offered pass-through taxation. State Income Taxation Prorated state taxing Each state in which corporation transacts business may tax corporation. Corporate residence versus sales profits Corporate Organizational Structure Shareholders .Corporate Owners Elect directors Vote on extraordinary corporate matters Directors ..Policy Makers Make corporate policy Determine management of corporation Officers ..Daily Managers Implement corporate policies Manage daily operations of corporation Shareholders Corporate owners Contribute investment capital for shares Ownership = right to receive corporate profits, elect and remove directors, vote on extraordinary corporate matters, receive corpororate assets in dissolution. No management rights, therefore, no personal liability Shareholders rights Inspection rights Inspect corporate books to oversee management Voting Rights Elect and Remove Directors Extraordinary Corporate Matters Amendment of articles of incorporation Mergers Sale of corporate assets not ordinary Dissolution Voting Mechanisms quorum = minimum number of shares for valid vote 1. per articles of incorporation or bylaws or 2. RMBCA = majority of votes majority of quorum = binding vote adjourn and reschedule if no quorum Proxies Another person votes shareholders vote. Preemptive Rights Shareholders right to maintain proportionate ownership interest (i.e., control of corporation) Prevents outsiders from taking over corporation Meeting Rights Meeting Prerequisites Shareholders eligible to vote Shareholders owning stock on date of notice of meeting (record date) Notice of meetings (date, place, time) Shareholders must have reasonable notice. May waive notice Shareholders Meetings 1. Annual meetings Purpose: elect new directors Other matters: amend articles, consider mergers 2. Special meetings Held between annual meetings 3. Meetings by written consent Votes must be unanimous (all shareholders). Minutes of corporate meetings must be maintained. Shareholders Liability Shareholders generally have no personal liability = veil between corporation and shareholders Piercing the Corporate Veil But veil may be pierced 1. to prevent fraud or injustice 2. if a shareholder personally guarantees loans Three reasons lack of corporate formalities commingling of assets 3. inadequate capitalization Personal Guarantee by Shareholder Voluntary agreement by shareholder to be personally liable for specific debts of corporation (maintains liability protections for other debts) Purpose: financing for corporation Directors Corporate policy makers Election of Directors Directors are elected by shareholders at annual meetings. Voting Mechanisms Plurality of outstanding shares Cumulative voting versus straight voting Removal of Directors 10 percent vote to remove director Directors Duties Management Responsibilities make corporate policy declare corporate dividends elect and remove officers of the corporation initiate extraordinary corporate matters Directors Meetings (look to bylaws) Voting requirements and restrictions Majority of directors must be at meeting for valid vote. Fiduciary Duties Duty of Care Reasonably prudent director standard Business judgment rule Duty of Loyalty Conflict of interest 1. Personal interest in corporate transaction full disclosure a. disclose interest b. transaction fair to corporation 2. Usurpation of corporate opportunity 3. Insider trading Trading on corporations stock with inside information (information not available to general public) Directors Liability Director and liability insurance Provides directors protection from suit Ultra Vires Acts Director exceeds authority granted Breach of Fiduciary Duties Duty of Care Duty of Loyalty Conflict of interest Usurpation of corporate opportunity Insider trading Officers Corporate (daily) managers Appointment and Removal of Officers Officers Duties President oversees general management Vice President has variable duties Secretary keeps records of corporation Treasurer is responsible for financial affairs Agency Officers are agents of corporation. Express Authority Granted by articles of incorporation bylaws board of directors Implied Authority Authority that public assumes of officer Apparent Authority Corporation gives impression officer has authority. Purpose: to protect public from unauthorized acts of officers Fiduciary Duties Duty of Care Duty of Loyalty Breach of fiduciary duties Creates personal liability Business judgment rule Fundamental Changes in Corporate Structure Fundamental Changes merger consolidation sale, lease, exchange of corporate assets not in the ordinary course of business amendment to articles of incorporation dissolution Standard Approval Procedure Board of directors and shareholders must approve change. (File articles of amendment.) Board of Directors Approval Is change in best interests of shareholders? If approved, then submit to shareholders. Shareholders Approval Approved by majority (or two-thirds) Dissenters rights Fundamental Changes Amendment to Articles of Incorporation Articles create and organize; therefore, amendment = fundamental change File articles of amendment with secretary of state. Merger One or more corporations (merged corporations) absorbed into another corporation (surviving corporation) File articles of merger with secretary of state. Consolidation One or more corporations merge and form a new corporation File articles of consolidation with secretary of state. 4. Sale of Corporate Assets Corporation buys all or substantially all of the assets of another corporation (not in ordinary course of business). Purpose: escape liabilities of selling corporation (5. Hostile Takeovers) Take over management, ownership, or both of corporation without approval of board of directors or shareholders. 6. Dissolution of Corporation Two-step process: a. dissolve corporate form b. liquidate corporate assets Dissolution 1. Voluntary By board of directors or shareholders 2. Involuntary Because of poor or ineffective management Dissolved by state, shareholders, or corporate creditors Liquidation of Corporate Assets Turning assets into cash 1. creditors claims Paid before distribution to shareholders 2. distributions to shareholders File Articles of Dissolution     ____________________________________________________________Corporations  PAGE 1  z|  . / 0 C D n o   2 3 4 a b l ż綰矘禎禄{s禎h?5\]h?6CJ$]h?56CJ,\h?56CJ(\ h?6CJ$ h?CJ$]h?5CJ(\] h?CJ h?CJ$h?56CJ(h?5CJ(] h?] h?CJ,] h?CJ( h?5CJ,h?h?56CJ0\ h?5 h?\- 3Vz{|d & F EƀjgdQojd& & F ^` &d P  M???  / -d & F Eƀj^gdQojd& & F p^^d & F Eƀj^gdQojd& & F p^/ 0 n o ^^h & F Eƀj^gdQojd& & F ^`   3 1d & F Eƀj^gdQojd& & F p^d & F Eƀj^gdQojd& & F p^3 4 b d & F EƀjgdQojd& & F ^`^ ^d & F Eƀj^gdQojd& & F p^   ' 1 E F V X d  1 2 6 K L N q r TU񹲹퓌}w h?CJ h?CJ(h?5CJ(\ h?\]h?CJ$\] h?CJ, h?5CJ,h?6CJ ] h?6] h?CJ h?CJ8h?56CJ$h?5CJ(\] h?5\ h?6CJ$ h?CJ$]h?h?6CJ$] h?CJ$. & ' E V W d z $a$p^p^8^8d & F Eƀj^gdQojd& & F p^ 1 2 3 4 5 6 L M d & F EƀjgdQojd& & F ^` &d P ^M q r -TUd} ^`@ ^@ ^ ^` p`^p``Ubd#-Lqs|}~9:=휕{qh?56\] h?5\ h?CJ h?5CJ h?CJ h?CJ$\ h?5CJ$h?5CJ(\]h?56CJh?CJ$\]h?6CJ$] h?]h?6CJ] h?6CJ$ h?CJ$]h?5CJ,\ h?CJ$h?h?5CJ(\,qrsv Zp^p` Zp^p Z^d & F EƀjgdQojd& & F ^` s}~^d & F Eƀj^gdQojd& & F p^d & F Eƀj^gdQojd& & F p^:;]`tw^d & F Eƀj ^gdQojd& & F p^ !(TUVlmns=df|}~AEFdƽ╌yy h?CJ$] h?] h?5CJ(h?CJ$\]h?56CJ$\] h?CJ h?CJ(h?5CJ(\ h?56h?5CJ$]h?5CJ(\]h?6CJ]h?6CJ$]h? h?CJ h?CJ$ h?5h?5CJ,\/!UV ^` 0^`0F & FEƀjVmnQKKKp^pF & F Eƀjd & F Eƀj ^gdQojd& & F p^ef}~cY 0^`0F & FEƀjp^pp^pF & FEƀj DdfF & FEƀj 0^`0 dfstv&,./0:>KVFRbcls "=>W\{|}Ŀxh?5CJ$]h?5CJ(\] h?5\ h?CJ0 h?5CJ8h?56hh?5CJhh?5>*h h?5h h?h h?CJh h?CJ$h?6CJ$\h?CJ$\]h?56CJ$ h?5CJ(h?5CJ,\h?+ftu&'()*+,L/$d %d &d 'd -D M N O P Q gd)F & FEƀj LUEFbcst !=>$a$/$d %d &d 'd -D M N O P Q gd)/$d %d &d 'd -D M N O P Q gd)>WXYZ[\|}F & FEƀj &d P }QK: *@ p^p`p^pF & FEƀjd & F Eƀj ^gdQojd& & F p^)+VW7MOXYbcd.8:J]'*347谧谧谧wh?6>*CJ$h?5CJ(\]h?5CJ,\ h?6CJ$ h?56 h?CJ h?56CJ(h?56\] h?CJ ] h?CJ$] h?5CJ$h?6CJ$\] h?CJ$h?6CJ$]h?h?56CJ$h?5CJ$\].)<VW6`F & FEƀjb^bp^p@ ^@ Zp^p`p^p6MOcd]F & FEƀjp^pp^pF & FEƀj^ .89:K bpEƀ/&^p p^p` p^p`p^p ()*4567QKK^d & F Eƀj ^gdQojd& & F p^F & FEƀj 7<Vo "%%()+GHK !!!!!f!y!دܨعܹvp h?CJh?6CJ(]h?56CJ(\]h?56CJ(\ h?5 h?5CJ, h?CJ(] h?6CJ(h?5CJ(\] h?5CJ(h?5CJ,\h?6CJ$] h?CJh? h?CJ$h?CJ$]y( h?CJ$] h?5\ h?6],7op"#9Ru)+HIJF & FEƀj p^p ^`^ ^JK3S @ 0^@ `0c & F Eƀj ^gdQojd& & F p^^   Q o @ 0^@ `0c & F Eƀj^gdQojd& & F p^ !!!!m"n"c]^GEƀUF^^ ^F & FEƀj y!!!!!!"""l"m"n"""""""""""""##<#@#A#x#y#####\$]$$$$$$$$$$$$ƿЦЍ}vЦ h?5CJ( h?5CJ, *h?CJ$] h?CJ$] h?] h4CJ$ h?CJ(\h?56CJ(\ h?\h?6CJ$\] h?CJ$\h?56\]h?h?6CJ$]h?CJ$\]h?6CJ$\ h?5 h?CJ h?CJ$.n"""""##KE^c & F Eƀj^gdQojd& & F p^^K EƀWF^#A#x#y######*$\$]$$|vlv ^`^c & F Eƀj^gdQojd& & F p^ ^  ^ `  ^ ` $$$$$$$$$Mc & F Eƀj^gdQojd& & F p^F & FEƀj ^$$$$&%'%g%h%i%j%k%%%%%%%@ ^@ c & F Eƀj^gdQojd& & F p^p^p$%%*%4%g%k%%%%%%&&4&:&e&&&&& ''8'''''''''''''l(m(((((((»Ÿ®Ÿ~wŸ~w h?CJ$\h?6CJ$\]h?6CJ(] h?6CJ0 h?5CJ, h?CJ h?56CJ$ h?CJ h?5CJ8 h?CJ$h h?CJ$ h?\] h?5 h?5\h?56CJ(\h? h?6CJ$ h?CJ$]h?CJ$\]*%%&4&5&6&7&8&9&:&d&e&w&&&&&&&& ' '''7'8'W'' ^$a$@ ^@ ''''''''l(m((((((((( F & FEƀj  &d P ^` ((((((())))-).)M)P))))))))*+*1*4*6*7*S*V*h*x*y*************+!+J+M+}+++++ľ;德ͩͩ͠喷巾Ӎ͆ h?6CJ$h?5CJ$]h?56CJ$\h?6CJ$]h?h?56CJ$] h?CJ$] h?CJ(h?56CJ h?CJ$h?5CJ(]h?5CJ(\ h?CJ h?5CJ \h?56CJ(\]4(((()));[ & FZEƀj`ZgdQojd& & F Z`Z^[ & FZEƀj`ZgdQojd& & F Z`Z8^8))-).)N)x)))))ke`F & F EƀjF & F Eƀj^ )))))**+*4*7*T*U*x*y***p^pb^b p^p` ]^ ]^`^F & F Eƀj********P[ & FZEƀj`ZgdQojd& & F Z`ZF & F Eƀj ^`**J+M+}+~++++IF & F Eƀj[ & FZEƀj`ZgdQojd& & F Z`ZT^T ^++++++, , ,,,2,3,],^,b,g,o,q,,,,,,,,,--%-&-E-t-v-w---------------.).+.ýýh?56CJ$\] h?5CJ, h?5CJ$h?5CJ \ h?6]h?6CJ$] h?CJ$y( h?CJ h?CJ$\ h?6CJ$h?56CJ$h?56CJ$] h?CJ$ h?6 h?CJ$]h? h?CJ(3++++ , ,2,3,],^,o,p,q,,,`F & F Eƀj ^ ^`@ ^@ ^` X^`X^,,,,,-%-&-E-u-v-w---*$$d%d&d'dNOPQ^a$'$d%d&d'dNOPQ^ h^`h  (^ `( @ ^@ ` ^` -------).*.+.qooooe__^ ^`F & FEƀjF & FEƀj +.G.H.`..4c & F pEƀj^gdQojd& & F 8^ ^`[ & FZEƀj`ZgdQojd& & F Z`Z+.G.H.`......//7/8/w///////////000010k0l0}0~000000000001111617181<1=1M1ֻ֟ꆟh?56CJ h?6CJ ] h?5CJ h?5CJ, h?6CJ0 h?CJ ] h?6CJ8 h?5CJ8h?6CJ$] h?6CJ$h? h?CJ h?6CJ h?CJ$] h?CJ$ h?5]h?5CJ(]4......?F & FEƀj.^^ ^`c & F pEƀj^gdQojd& & F 8^..//7/8////TNHNN^^[ & FZEƀj`ZgdQojd& & F Z`Zp^pF & FEƀj.////00000000010k0l0F & FEƀj &d P ^l0~000000 p^`p ^[ & FZEƀj`ZgdQojd& & F Z`Z0001111TF & FEƀj^[ & FZEƀj`ZgdQojd& & F Z`Z17181N1j1111T^T^[ & FZEƀj `ZgdQojd& & F Z`ZM1N1i1j111111H2X2Y2Z2f2g2i222222222222233S3]3v3{333344,4Y4Z4k444444555!5"5>5?5@5C5Ϯϧ h?6CJ0 h?5CJ0 h?5CJ8 h?CJ ]h?5CJ$] h CJ$h? h?6CJ$ h4CJ$] h?CJ$] h4CJ$ h?CJ(h?56CJ$h?5CJ(] h?CJ$ h?CJ 8111 22G2H2` ]^^_ & F ZEƀj `ZgdQojd& & F Z`ZH2Y2Z2g2i22ZL 8^`8F & F Eƀj[ & FZEƀj `ZgdQojd& & F Z`Z22222233,3O3oi[ |]|^`^F & F EƀjG EƀP™ O3P3w3x333344,4Y4Z4k4l4444  |p]|^pF & F Eƀj  |\ ]|^\ |@ ]|^@ |]|44444455"5#5?5@5A5B5C5D5E5 &d P  |]|^ |@ ]|^@  |@ ]|^@ |]|C5E5h5i5k5{5555555555555555556666'6)6/60636X6i6j6k6w6x66666666663747<7r7t77ᴥᴘؓؓጴ h?CJ h?6CJ$ h?5h?h?56CJ h?5CJ(] h?CJ h?CJ$ h?CJ$\ h?5CJ$h?56CJ$ h?CJ$]h?5CJ$] h?5CJ h?5CJh h?5CJ, h?6CJ 4E5i5j5k5|5}5555'6(6)6oF & FEƀjF & FEƀj )60616W6X6j6k6w6x6ZTNN^p^p[ & FZEƀj `ZgdQojd& & F Z`ZF & FEƀjx6666666666[ & FZEƀj `ZgdQojd& & F Z`Zp^p 6663747r7s7t77LF & FEƀj p]^pp^p[ & FZEƀj`ZgdQojd& & F Z`Z777777777777777888182858I8J88889999<9=9Z9\9y9~9999999::0:1:2:3:᭦ԉy h?6CJ h?5CJ(\ h?5CJ$ h?CJ(h?5CJ$\] h?CJ h?5CJ, h?CJ h?CJ, h?5CJ8h?5CJh h?5CJ h? h?CJ$ h?6CJ$ h?CJ$]h?5CJ$] h?CJh?56CJ$/77777777[ & FZEƀj`ZgdQojd& & F Z`Z^[ & FZEƀj`ZgdQojd& & F Z`Z Z]^Z777778828384858I8J8Q8_88$]^`a$ $^`a$F & FEƀj$a$$a$ Z]^Z88888899<9Z9[9\9$^a$ $]^a$F & FEƀj$a$ $^`a$$]^`a$ \9y9~999999$a$$]^`a$$]a$[ & FZEƀj`ZgdQojd& & F Z`Z999:0:1:2:3:G:mm#$d%d&d'dNOPQ $^`a$$a$[ & FZEƀj`ZgdQojd& & F Z`Z3:G:I:p:q:::::::::;;K;T;a;b;c;;;;;;;;<<4<5<<<<<<<<<<<<<<.=5=f=g====Ǿߴߴ߭ǤǝߔǔǴߍЀ퇔 h?6CJ$ h?CJ h?5CJh?5CJ$] h?CJ]h?56CJ h?5CJ h?56CJ$]h?56CJh?56CJ$ h?CJ$h?5CJ$y( h?5CJ$ h?6CJ h?CJ$] h?CJ h?CJ,2G:H:I:p:q::::| $h]^ha$I$ & FEƀj.a$$a$&$$d%d&d'dNOPQa$:::6;b;;;;;LI$ & FEƀj.a$$^a$$ hh]^ha$$a$I$ & FEƀj.a$;;<<4<5<<<<<f=g=======$^a$$h^ha$$^a$$`a$ $h]^ha$$a$$^a$ $`h]`^ha$======>(>)>S>U>V>>>>>>>>-?.?0?L?M?N?P?Q?S?T?V?W?Y??????????ڻĨě|v|k|hQ0JmHnHu h?0Jjh?0JU h?6h?hQjhQU h?CJ( h?5CJ h?5CJ]h?5CJ$\]h?5CJ$\h?5CJ$] h?CJ h?5CJ$ h?CJ$ h?6CJ$ h?5CJ,h?56CJ h?5CJ ](=====>>(>)>{gO$ v`h]`^`ha$$ v`]`^a$$ vbb>^b`>a$$ vh^`ha$$ v^a$$a$F & FEƀj)>T>U>>>>>>>>jaaX$p^pa$$^a$[ & FZEƀj`ZgdQojd& & F Z`Z$a$$ vbb^ba$$ v^a$$ vb`]`^a$ >>> ? ?.?/?0?M?O?P?R?S?U?wuuuuu[ & FZEƀj`ZgdQojd& & F Z`Z$@ ^@ a$ $|]|^a$ $|$ ]|^$ a$$^a$ U?V?X?Y?Z?[??????[ & FZEƀj`ZgdQojd& & F Z`Z (/ =!"#$% 8@8 Normal_HmH sH tH @@@ Heading 1$@&^CJ <@< Heading 2$@&5CJ(@@@ Heading 3$@&^CJ$@@@ Heading 4$@&^CJ$<@< Heading 5$@&5CJ0D@D Heading 6$$@&a$ 56CJ$D@D Heading 7$$@&a$ 56CJ B@B Heading 8$$@&a$6CJ(< @< Heading 9 $@&6CJ$DA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k@(No List 6@6  Footnote Text4>@4 Title$a$5CJ8HC@H Body Text Indent ^CJ 4@"4 Header  !4 @24 Footer  !.)@A. Page NumberLR@RL Body Text Indent 2 ^CJ$PS@bP Body Text Indent 3 p^p6CJ<B@r< Body Text$a$6CJB'@B Comment ReferenceCJaJ4@4  Comment TextH@H ) Balloon TextCJOJQJ^JaJ77" z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z !z "z4Fdw e "*x!!#w%%'N))++-x.015467.+7     #  2 e u ! 3Vz{|/0no34b  &'VWdz 123456LMqr-TUd}qrs}~:;]`tw ! U V m n   e f } ~   D f t u & ' ( ) * + , L U E F bcst =>WXYZ[\|})<VW6MOcd.89:()*4567op"#9Ru+HIJK3SQomnAxy*\]&'ghijk456789:dew  78Wl m !!!!-!.!N!x!!!!!!!!*"+"4"7"T"U"x"y"""""""""""J#M#}####### $ $2$3$]$^$o$p$q$$$$$$$%%%&%E%u%v%w%%%%%%%%)&*&+&G&H&`&&&&&&&&''7'8''''''(((((((0(1(k(l(~(((((((())))7)8)N)j))))) **G*H*Y*Z*g*i*******++,+O+P+w+x+++,,,,Y,Z,k,l,,,,,,,,,-"-#-?-@-A-B-C-D-E-i-j-k-|-}----'.(.).0.1.W.X.j.k.w.x............3/4/r/s/t////////////020304050I0J0Q0_000000011<1Z1[1\1y1~11111111202122232G2H2I2p2q22222263b3333334444544444f5g5555555555566(6)6T6U6666666666 7 7.7/7077G"G"G"`G"`G"`G"QG".G" G".G".G"kG".G"G"WG"kG".G"G".G"G".G"kG".G"G".G"kG".G"G"G".G"G".G"kG".G"G".G"G".G"kG".G"G".G"G"G"G"G"G".G"G"WG"WG"WG"G"WG"WG".G"G"G"WG"bG".G".G".G".G"G".G"G".G"G".G"G".G"kG"G"G"G"G"Y G"kG"G"G"G".G"G"G"G".G"G"2G"2G"kG".G"G"WG".G"kG".G"G"|G"G"WG"kG".G"G"G"G"G"G".G".G"G".G"G"G".G"G".G"kG"PSG" G".G"G"G"G".G"G".G"G".G"cG".G"G".G"G".G"G".G".G".G"G".G"G".G"G"G"G".G"G".G"G".G".G".G".G".G".G"G".G"G"G"G"PSG".G"PSG".G"PSG".G"G".G".G".G".G".G"`G".G"G".G".G".G"G".G"kG".G"G".G"G"G"G"G"G"G".G"G"G"G".G"G".G".G".G"G".G"G"WG".G"G"PSG"G".G"G".G"G".G"G"G"G"G".G".G" G".G"G".G"G".G".G"kG".G".G".G"cG"G"G"G"G".G"G"G"G"G"G".G"G"G".G".G".G"G"G".G".G"G".G"G".G"G"G"G"G"G".G".G".G"kG".G"G"G"G"G"G"G"G"G"kG"G".G"G".G"G".G"G"PSG"G".G"kG".G"G".G"G"G".G"G"G".G"kG".G"G"G".G"G"G"G".G".G".G"kG".G".G"G"G"G"G"G".G".G".G".G"kG".G".G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"G"WG"G"`G"WG"G"WG"G"WG"G".G"G".G".G".G"G"|G"WG"kG"WG"G"WG"kG"|G" G"G" G"G"G"G"G" G"WG"cG"G"G".G"G".G"G"WG"G"WG"G"WG"G" G".G"G"WG"WG"kG"bG"G"WG"G"WG"WG" G".G"G".G"cG".G"G".G"G".G"G".G".G" G".G"G"G"G".G"G"G".G"G"G"WG"G"#G"xG"G".G".G"G".G"G".G".G"kG".G"G"G"G"G"G".G"G"G"G"WG"kG"WG"G"WG"G"WG"WG"`G"WG".G"G".G"WG"WG"G"G"G"|G"kG"|G"G"WG"G"WG"kG"|G"G"|G"G"|G"kG"WG"G"G"G"G"kG"G"G"G"G"G"kG"G" G"G"G"G"G" G".G"G"cG"G"G"G"G"G"G"G"G" G"G"G"G"G"G"G"G"G"G"G"bG"bG"bG"G"G"G"`G"`G"WG".G"G".G"WG"WG"G"|G"|G"G"|G"G"G"G"G"|G"|G"G"|G"G"G"kG"|G"G".G"G"G"G"WG"|G"7G".G"G"WG"7G".G"G"|G"G"Y G"Y G"G"Y G"7G"bG"7G"G"G".G"G"G"Y G"|G"G"G"G"G"G".G"G"G"G"G"G"G"G"G"G"kG"G"G"G"G"kG"G"G"G"G"G"G"kG"G"G"G"|G"G"xG"G"Y G"G"bG"PSG"G"G".G"bG"PSG"G"G"G".G"bG"PSG"G"G"G"bG"PSG"G"G".G"bG"G"G"bG".G"G"G"WG"WG"G"G"bG"bG"G"bG"bG"2G"G"bG"G"bG"bG"7G"bG"G".G"G"G"G"G"G"WG"WG"7 3Vz{|/0no34b  &'EVWdz 123456LMqr-TUd}qrs}~:;]`tw ! U V m n   e f } ~   D d f t u & ' ( ) * + , L U E F bcst !=>WXYZ[\|})<VW6MOcd.89:()*4567op"#9Ru)+HIJK3SQomnAxy*\]&'ghijk456789:dew  78Wl m !!!!-!.!N!x!!!!!!!!!*"+"4"7"T"U"x"y"""""""""""J#M#}#~####### $ $2$3$]$^$o$p$q$$$$$$$%%%&%E%u%v%w%%%%%%%%%)&*&+&G&H&`&&&&&&&&''7'8'''''''(((((((0(1(k(l(~(((((((())))7)8)N)j)))))) **G*H*Y*Z*g*i*******++,+O+P+w+x++++,,,,Y,Z,k,l,,,,,,,,,--"-#-?-@-A-B-C-D-E-i-j-k-|-}----'.(.).0.1.W.X.j.k.w.x............3/4/r/s/t////////////0020304050I0J0Q0_000000011<1Z1[1\1y1~11111111202122232G2H2I2p2q22222263b3333334444544444f5g5555555555566(6)6T6U6666666666 7 7.7/707M7O7P7R7S7U7V7X7Y7Z7[777770000000 000 0000 00 000 00o 0o0o 00 00 00404 0404 040404040404 0404*04000000000000:0000:00000000 000000000000000000 000000000 00000 000000 000000000Z00 000000 0 0 000000 000000 00000000 0000000 00000000000000000000000000000z00>0>0>0>0> 0>0> 0 >0> 0>0>0>0>0>0>0>0>0>0>0>0>0>0>0>0>0> 0>0*0400 00O0O0O0O0O 0000*0400000000 000 0 000 007070707070707070707070707 0 707070707070707 0 70707070707070707070707 0707070707070707070707 0 707 00000000 0000000000 00000000 0 000 000000000000 00k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0 k0k0k 0k0k0k0k 0k0k 0k0k 0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k 0k0k0k0k0k0k 0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0 k 0k0k0k0k0k0k0k0k 0k0k0k 0k 0k0k0k0k 0k 0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k 0k0k0k0k0k0k 0k0k0k0k 0k0k 0k0k0k0k0k0k0k 0 k0k0k0k0k0k 0 k0k 0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k 0k0k0k0k0k0k0k0k 0k0k0k0k 0 k0k0k0k0k0k0k0k0k 0 k0k0k0k 0 k0k0k0k0k0k0k 0k0k 0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k 0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k 0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k0k0k 0k0k0k0k0k0k0k0k0k0k0k 0k00000000000000 3V7ي0ي0#26ي0ي00 cccf Ud7y!$(++.M1C573:=? (,16;@EJMSX_ejpt/ 3 M sVfL>}67J n"#$$%'())**+,-+.../l0011H22O34E5)6x66778\99G::;=)>>U??!#$%&')*+-./02345789:<=>?ABCDFGHIKLNOPQRTUVWYZ[\]^`abcdfghiklmnoqrsuvwx?"W^`f!ԟ]t=,M),c<4"Sd!!447!!4478*urn:schemas-microsoft-com:office:smarttagsCity9*urn:schemas-microsoft-com:office:smarttagsplace9*urn:schemas-microsoft-com:office:smarttagsState .p q } ~ RS_`#$pq\l+<I T `,e,`6b6M77738VY9Ktz"15gp ! ' I O %  +/<D%);BT[w6<V\T[ryDL*/!!1"3"V"^"y""&'8)<)N)U)j)o)))+ +++,+-+x......J0P0Q0^0_0c000000063=355U666677M777::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::KKSSoo $ $ ((  !!""$$&&+,+,-->->-F2F233444444444444444444 5 5B5B5f5f5j5j55555555555555566 6 6+6+6`6`6a6a6j6j6{6{666666666667777"7"7L7M7[777777`6b6M777K/!!Bt0pPs!R_ h#!Ao)!'*!s|N+!=!>^!-:c!rBfp{!8 h8^h`8OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(0^`0CJ(OJQJo(8^`8CJ(OJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(h8^h`8CJOJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( pp^p`OJQJo(o @ @ ^@ `OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo(p0p^p`0CJ(OJQJo(8^`8CJ(OJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(hh^h`o(.h8^h`8CJ(OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(h8^h`8CJ(OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(h8^h`8CJ(OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(h8^h`8CJ(OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(p0p^p`0CJ(OJQJo(8^`8CJ(OJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(0^`0CJ(OJQJo(8^`8CJ(OJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(p0p^p`0CJ(OJQJo(8^`8CJOJQJo( pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(^`CJ(OJQJo( ^`OJQJo(o^`CJ(OJQJo( 0 ^ `0CJ,OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo( k ^ `ko(.88^8`o(>{p^r'*Ao)h#lfj       Gژ,       fj        5ژ,       <=fj       8tfj       ?Bfj       ژ,fj       5ژ,       n1ژ,       5fj       .  B     4?) QM777@`6`6Pd`6`67@@Unknown Delmar User Banks, Brian Delmar UserDelmar User20051013T092220745VjGz Times New Roman5Symbol3& z Arial5& zaTahoma;Wingdings?5 z Courier New"phjj0f@ /"d@ /"d 24d1717 3QHP(?|)2 Corporations Kent Bartschi Delmar UserH          Oh+'0  4 @ L Xdlt|CorporationsKent Bartschi Normal.dot Delmar User2Microsoft Office Word@G@ } @h @h "@ /՜.+,0 hp   Intelicomd17  Corporations Title  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxy{|}~Root Entry FQ 1Tablez\WordDocument*SummaryInformation(DocumentSummaryInformation8CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89qRoot Entry FH1Tablez\WordDocument*SummaryInformation(DocumentSummaryInformation8tCompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q՜.+,D՜.+,@ hp   Intelicomd17  Corporations Title4 $,