CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03.
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Amendments to Articles of Incorporation or Bylaws; Change
in Fiscal Year |
Board of Directors amended the Registrant’s Bylaws in the
following particulars:
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1.
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Changed the minimum number of Directors required by
Article III, Section 7 of the Bylaws to serve on any committee of the Board of Directors from three to two. |
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2.
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Deleted Section 5 of the Bylaws and substituted therefor
Sections 5 and 5A which respectively deal with the position of Chairman of the Board of Directors and the President and prescribe their duties in those instances where the Chairman of the Board of Directors is serving as Chief Executive Officer and where he is not so serving. |
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3.
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Amended Article VI, Section 1 of the Bylaws to require
the Chairman of the Board of Directors where he is also serving as Chief Executive Officer to deliver at the annual meeting a statement of the business and condition of the Registrant and to require the President to deliver such report in those instances where the Chairman of the Board of Directors is not serving as Chief Executive Officer. |
About CAPITAL PROPERTIES, INC. (OTCMKTS:CPTP)
Capital Properties, Inc., through its subsidiaries, operates in two segments: leasing and petroleum storage. The Company’s subsidiaries include Tri-State Displays, Inc., Capital Terminal Company and Dunellen, LLC. The leasing segment leases Company-owned land in the Capital Center area (Capital Center) in downtown Providence, Rhode Island under long-term ground leases. The petroleum storage segment includes Terminal and Pier Facility. The Company owns approximately 20 acres in the Capital Center consisting of over 10 individual parcels. It leases Parcels 3E, 3W, 4E and 4W in the Capital Center area for public parking purposes on a short-term basis. The Company leases a parcel of land adjacent to the Capital Center for public parking purposes on a short-term basis. The Company, through Dunellen, LLC, owns a petroleum storage terminal containing approximately 1,004,000 shell barrels (the Terminal) and the Wilkesbarre Pier (the Pier).