Election of the Board of Directors of the Communications Satellite Corporation: 19691969 - 15 страници |
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12 members 1962 with respect 45 per centum 90th Congress adjustment amend the Communications annual meeting appointed articles of incorporation Board of Directors Business Corporation Act carrier directors carrier representation carrier shareholdings Chairman Columbia Business Corporation COMMITTEE ON COMMERCE common stock outstanding communica communications common car communications common carriers Communications Satellite Act Communications Satellite Corporation Comsat Board Comsat stock corporation issued directly or indirectly District of Columbia elected annually enactment entitled to elect Federal Communications Commission formula holders HYDE indirectly by communications issued and outstanding meeting of stockholders national emergency number of carrier number of directors number of members number of shares President public stockholders question reduced relative holdings relative shareholdings riers Sam Harris section 606 Senator CANNON Senator COTTON Senator HANSEN Senator PASTORE Series II stockholders shares of common shares of Comsat six directors total number U.S. Senate voting capital stock voting stock WARREN G Washington
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Страница 1 - ... qualified, except that the first three members of the board so appointed shall continue in office for terms of one, two, and three years, respectively, and any member so appointed to fill a vacancy shall be appointed only for the unexpired term of the director whom he succeeds.
Страница 3 - The Department has been advised by the Bureau of the Budget that there is no objection from the standpoint of the Administration's program to the submission of this report to your Committee. Sincerely yours, ROT T. ENGLERT. Acting General Counsel. Senator PASTORE. The first witness is the Chairman of the Federal Communications Commission...
Страница 14 - No stockholder who is a communications common carrier and no trustee for such a stockholder shall vote, either directly or indirectly, through the votes of subsidiaries or affiliated companies, nominees, or any persons subject to his direction or control, for more than three candidates for membership on the board. Subject to such limitation, the articles of incorporation to be filed by the incorporators designated under section 302 shall provide for cumulative voting under section 27(d) of the District...
Страница 11 - They would authorize the Corporation, which plays a unique and vital role in international communications, to adopt bylaws to assure its ability to operate in accordance with law in the event of a national emergency. In the event of such an emergency and the unavailability of a majority of the Directors, such a provision would take precedence over Section 36 of the District of Columbia Business Corporation Act which requires that a majority of the directors of a corporation be present to constitute...
Страница 13 - HR 4214 and S. 17, companion bills to amend the Communications Satellite Act of 1962. The major objective of these bills is to assure that the composition of the Board of Directors of Comsat will reflect as fully as possible the relative holdings of stock by stockholders who are communications common carriers and stockholders who are not communications common carriers. This is an objective in which the Congress, the Executive Branch, the Federal Communications Commission and all the Directors of...
Страница 1 - SEC. 303. (a) The corporation shall have a board of directors consisting of individuals who are citizens of the United States, of whom one shall be elected annually by the board to serve as chairman. Three members of the board shall be appointed by the President of the United States, by and with the advice and consent of the Senate, effective the date on which the other members are elected, and for terms of three years or until their successors have been appointed and qualified...
Страница 10 - ... so appointed to fill a vacancy shall be appointed only for the unexpired term of the director whom he succeeds. Six members of the board shall be elected annually by those stockholders who are communications common carriers and six shall be elected annually by the other stockholders of the corporation.
Страница 2 - Sic. 2. As promptly as the board of directors of the Communications Satellite Corporation shall determine to be practical after this Act takes effect, a meeting of the stockholders of the corporation shall be called for the purpose of electing twelve members of the board in accordance with section 1 of this Act. The members of the board elected at such meeting shall serve until the next annual meeting of stockholders or until their successors have been elected and qualified.
Страница 12 - ... have been enacted into law. However, the sources of information available to us indicate that the problem discussed herein is not urgent since it is expected that the carrier-stockholders will purchase half of the voting stock which the corporation will issue. On the other hand, if there were to be a showing at any time that the carriers have elected six directors without retaining substantially half the total of the voting stock, it would be appropriate for Congress promptly to enact the House...
Страница 4 - ... entitled. Implicit in the Communications Satellite Act is the assumption that communications common carriers would at all times exercise their right to own 50% of the outstanding voting stock of ComSat. However, as of December of 1968 the carriers had reduced their aggregate holdings to approximarely 38% of the total voting stock. As the Act stands now the carriers are still entitled to elect 50% of the elective board of directors of the Corporation. The fact that this 50% ownership expectation...