HIGHLANDS BANKSHARES, INC. (OTCMKTS:HLND) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

HIGHLANDS BANKSHARES, INC. (OTCMKTS:HLND) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03.Amendment to Articles of Incorporation or Bylaws.

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On March 23, 2018, the Board of Directors of Highlands Bankshares, Inc. (the “Company”) amended the Company’s Bylaws, effective immediately, to remove Section 6.3. Section 6.3 had required reimbursement by a shareholder of the Company to the Company and/or to the Company’s officers or directors of litigation costs and expenses, including attorneys’ fees, in (i) any derivative proceeding in which the court does not determine that such proceeding resulted in a substantial benefit to the Company, (ii) certain proceedings relating to inspection of records in which the court does not determine that the Company refused inspection without a reasonable basis for doubt about the right of the shareholder to inspect the records demanded and (iii) in any other proceeding if the claiming party does not obtain judgment that the court determines resulted in a substantial benefit to the Company or its shareholders.

A copy of the Company’s bylaws, as amended and restated March 23, 2018, is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

(c)

Exhibits.The following exhibits are being filed or furnished with this Report:


HIGHLANDS BANKSHARES INC /VA/ Exhibit
EX-3.1 2 bylaws.htm EXHIBIT 3.1 Exhibit Exhibit 3.1  BY-LAWS OF HIGHLANDS BANKSHARES,…
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About HIGHLANDS BANKSHARES, INC. (OTCMKTS:HLND)

Highlands Bankshares, Inc. is a bank holding company. The Company conducts its business operations through its bank subsidiary, Highlands Union Bank (the Bank). The Bank operates a commercial banking business, which offers general retail and commercial banking services to individuals, businesses and local government unit customers. The Bank’s products and services include accepting deposits in the form of checking accounts, money market deposit accounts, interest-bearing demand deposit accounts, savings accounts and time deposits; making residential one- to four-family loans, owner occupied and non-owner occupied commercial real estate loans, second mortgages and equity lines, consumer loans, commercial and industrial loans, credit cards and agricultural loans; offering letters of credit; providing other consumer financial services, such as automatic funds transfer, collections, safe deposit, travelers checks and savings bond sales, and providing other miscellaneous services.

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