NEVADA
|
98-0599151
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
4900
California Ave
.,
Tower
B-210,
Bakersfield
,
CA
|
93309
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Securities
registered under Section 12(b) of the Exchange Act:
|
NONE.
|
Securities
registered under Section 12(g) of the Exchange Act:
|
Common Stock, $0.00001 Par Value Per
Share
|
Large
accelerated filer
¨
|
Accelerated
filer
¨
|
Non-accelerated
filer
¨
|
Smaller
reporting company
þ
|
PAGE
|
||
PART
I
|
1
|
|
ITEM
1.
|
Business.
|
1
|
ITEM
1A.
|
Risk
Factors.
|
2
|
ITEM
1B.
|
Unresolved
Staff Comments.
|
4
|
ITEM
2.
|
Properties.
|
4
|
ITEM
3.
|
Legal
Proceedings.
|
5
|
ITEM
4.
|
Submission
of Matters to a Vote of Security Holders.
|
5
|
PART
II
|
5
|
|
ITEM
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
|
5
|
ITEM
6.
|
Selected
Financial Data.
|
6
|
ITEM
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations.
|
7
|
ITEM
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk.
|
9
|
ITEM
8.
|
Financial
Statements and Supplementary Data.
|
9
|
ITEM
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure.
|
18
|
ITEM
9A(T).
|
Controls
and Procedures.
|
18
|
ITEM
9B.
|
Other
Information.
|
18
|
PART
III
|
19
|
|
ITEM
10.
|
Directors,
Executive Officers and Corporate Governance.
|
19
|
ITEM
11.
|
Executive
Compensation.
|
20
|
ITEM
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
20
|
ITEM
13.
|
Certain
Relationships and Related Transactions, and Director
Independence.
|
21
|
ITEM
14.
|
Principal
Accounting Fees and Services.
|
22
|
PART
IV
|
|
|
ITEM
15.
|
Exhibits,
Financial Statement Schedules
|
22
|
SIGNATURES
|
23
|
Category
|
Planned
Expenditures Over
The Next 12 Months (US $)
|
|||
General
& Administrative
|
$ | 185,000 | ||
TOTAL
|
$ | 185,000 |
|
·
|
contains
a description of the nature and level of risk in the market for penny
stocks in both public offerings and secondary
trading;
|
|
·
|
contains
a description of the broker's or dealer's duties to the customer and of
the rights and remedies available to the customer with respect to a
violation to such duties or other requirements of securities
laws;
|
|
·
|
contains
a brief, clear, narrative description of a dealer market, including bid
and ask prices for penny stocks and the significance of the spread between
the bid and ask price;
|
|
·
|
contains
a toll-free telephone number for inquiries on disciplinary
actions;
|
|
·
|
defines
significant terms in the disclosure document or in the conduct of trading
in penny stocks; and
|
|
·
|
contains
such other information and is in such form, including language, type, size
and format, as the SEC shall require by rule or
regulation.
|
|
·
|
the
depth and liquidity of the markets for our common
stock;
|
|
·
|
investor
perception of Oreon and the industry in which we
participate;
|
|
·
|
general
economic and market conditions;
|
|
·
|
statements
or changes in opinions, ratings or earnings estimates made by brokerage
firms or industry analysts relating to the market in which we do business
or relating to us specifically, as has occurred in the
past;
|
|
·
|
quarterly
variations in our results of
operations;
|
|
·
|
general
market conditions or market conditions specific to technology industries;
and
|
|
·
|
domestic
and international macroeconomic
factors.
|
(a)
|
we
would not be able to pay our debts as they become due in the usual course
of business; or
|
(b)
|
our
total assets would be less than the sum of our total liabilities plus the
amount that would be needed, if we were to be dissolved at the time of
distribution, to satisfy the preferential rights upon dissolution of
stockholders who may have preferential rights and whose preferential
rights are superior to those receiving the distribution (except as
otherwise specifically allowed by our Articles of
Incorporation).
|
Summary
of Year End Results
|
||||||||||||
Year
Ended
October 31, 2009
|
Period
Ended
October 31, 2008
|
Percentage
Increase/Decrease
|
||||||||||
Revenue
|
$ | - | $ | - | - | |||||||
Expenses
|
$ | (32,763 | ) | $ | (1,121 | ) | 2,823 | % | ||||
Net
Loss
|
$ | (32,763 | ) | $ | (1,121 | ) | 2,823 | % |
Year
Ended
October 31
,
200
9
|
Period
Ended
October 31
,
200
8
|
Percentage
Increase/Decrease
|
||||||||||
Consulting
services
|
$ | 8,000 | $ | 250 | 3,100 | % | ||||||
General
& administrative
|
14,612 | 30 | 48,607 | % | ||||||||
Rent
|
3,000 | 250 | 1,100 | % | ||||||||
Legal
and accounting
|
7,151 | 589 | 1,114 | % | ||||||||
Interest
|
- | 2 | -100 | % | ||||||||
Total
Operating Expenses
|
$ | 32,763 | $ | 1,121 | 2,823 | % |
Working Capital
|
||||||||||||
At
October
31, 2009
|
At
October
31
, 200
8
|
Percentage
Increase/Decrease
|
||||||||||
Current
Assets
|
$ | - | $ | 100 | -100 | % | ||||||
Current
Liabilities
|
$ | (1,882 | ) | $ | (719 | ) | 162 | % | ||||
Working
Capital (Deficit)
|
$ | (1,882 | ) | $ | (619 | ) | 204 | % |
Cash Flows
|
||||||||
Year
Ended
October 31, 2009
|
Period
Ended
October 31, 2008
|
|||||||
Cash
Flows used in Operating Activities
|
$ | (24,881 | ) | $ | (619 | ) | ||
Cash
Flows from (used in) Investing Activities
|
$ | - | $ | - | ||||
Cash
Flows from (used in) Financing Activities
|
$ | 24,781 | $ | 719 | ||||
Net
Increase (Decrease) in Cash During Period
|
$ | (100 | ) | $ | 100 |
1.
|
Report
of Independent Registered Public Accounting Firm
|
2.
|
Balance
Sheets;
|
3.
|
Statements
of Operations;
|
4.
|
Statements
of Cash Flows;
|
5.
|
Statement
of Stockholders' Deficit;
|
6.
|
Notes
to Financial Statements.
|
/s/ LBB & Associates Ltd.,
LLP
|
LBB
& Associates Ltd., LLP
|
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Current
|
||||||||
Cash
|
$ | - | $ | 100 | ||||
Total
current assets
|
- | 100 | ||||||
Total
assets
|
$ | - | $ | 100 | ||||
LIABILITIES
|
||||||||
Current
|
||||||||
Accounts
payable
|
$ | 1,882 | $ | - | ||||
Due
to related parties
|
- | 719 | ||||||
Total
current liabilities
|
1,882 | 719 | ||||||
STOCKHOLDERS
'
DEFICIT
|
||||||||
Capital
stock
|
||||||||
Authorized:
|
||||||||
75,000,000
common voting stock, $0.00001 par value Issued and
outstanding:
|
||||||||
2,510,000
and 2,000,000 common shares outstanding at October 31, 2009 and
2008, respectively
|
25 | 20 | ||||||
Additional
paid-in-capital
|
31,977 | 482 | ||||||
Deficit
accumulated during the development stage
|
(33,884 | ) | (1,121 | ) | ||||
Total
stockholders' deficit
|
(1,882 | ) | (619 | ) | ||||
Total
liabilities and stockholders' deficit
|
$ | - | $ | 100 |
Year ended
October 31,
2009
|
October 16,
2008 (Inception)
to
October 31,
200
8
|
October 16,
2008 (Inception)
to
October 31,
2009
|
||||||||||
Expenses
|
||||||||||||
Consulting
services
|
$ | 8,000 | $ | 250 | $ | 8,250 | ||||||
General
& administrative
|
14,612 | 30 | 14,642 | |||||||||
Rent
|
3,000 | 250 | 3,250 | |||||||||
Legal
and accounting
|
7,151 | 589 | 7,740 | |||||||||
Loss
from operations
|
32,763 | 1,119 | 33,882 | |||||||||
Interest
|
- | 2 | 2 | |||||||||
Net
loss for the period
|
$ | 32,763 | $ | 1,121 | $ | 33,884 | ||||||
Basic
loss per share
|
$ | (0.01 | ) | $ | (0.00 | ) | ||||||
Weighted
average number of common shares outstanding
|
2,422,410 | 2,000,000 |
Year ended
October 31,
2009
|
October 16,
2008 (Inception)
to
October
3
1
,
2008
|
October 16,
2008 (Inception)
to
October
3
1
,
200
9
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
loss
|
$ | (32,763 | ) | $ | (1,121 | ) | $ | (33,884 | ) | |||
Adjustments
to reconcile net loss to net cash used in operating
activities
|
||||||||||||
Donated
consulting services and expenses
|
6,000 | 500 | 6,500 | |||||||||
Imputed
interest on shareholder advance
|
- | 2 | 2 | |||||||||
Changes
in operating assets and liabilities
|
||||||||||||
Accounts
payable
|
1,882 | - | 1,882 | |||||||||
Cash
used in operating activities
|
(24,881 | ) | (619 | ) | (25,500 | ) | ||||||
Financing
Activities
|
||||||||||||
(Payments
to) proceeds from related parties
|
(719 | ) | 719 | - | ||||||||
Proceeds
from the sale of common stock
|
25,500 | - | 25,500 | |||||||||
Cash
provided by financing activities
|
24,781 | 719 | 25,500 | |||||||||
Net
increase (decrease) in cash
|
(100 | ) | 100 | - | ||||||||
Cash,
beginning of the period
|
100 | - | - | |||||||||
Cash,
end of the period
|
$ | - | $ | 100 | $ | - | ||||||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||||
Cash
paid for interest
|
$ | — | $ | — | $ | — | ||||||
Cash
paid for income taxes
|
$ | — | $ | — | $ | — |
Common Stock
|
||||||||||||||||||||
Number
|
Amount
|
Additional
Paid-in
Capital
|
Deficit
Accumulated
during
exploration
stage
|
Total
|
||||||||||||||||
Capital
stock issued to founders:
|
2,000,000 | $ | 20 | $ | (20 | ) | $ | - | $ | - | ||||||||||
Contributed
rent and consulting services
|
- | - | 500 | - | 500 | |||||||||||||||
Imputed
interest
|
- | - | 2 | - | 2 | |||||||||||||||
Net
loss
|
- | - | - | (1,121 | ) | (1,121 | ) | |||||||||||||
Balance,
as at October 31, 2008
|
2,000,000 | 20 | 482 | (1,121 | ) | (619 | ) | |||||||||||||
Capital
stock issued for cash:
|
510,000 | 5 | 25,495 | - | 25,500 | |||||||||||||||
Contributed
rent and consulting services
|
- | - | 6,000 | - | 6,000 | |||||||||||||||
Net
loss
|
- | - | - | (32,763 | ) | (32,763 | ) | |||||||||||||
Balance,
as at October 31, 2009
|
2,510,000 | $ | 25 | $ | 31,977 | $ | (33,884 | ) | $ | (1,882 | ) |
2009
|
2008
|
|||||||
Net
operating loss carryforwards
|
$ | 11,000 | $ | 382 | ||||
Valuation
allowance
|
(11,000 | ) | (382 | ) | ||||
Net
deferred tax asset
|
$ | - | $ | - |
Name
|
Age
|
Position
|
||
Dzvenyslava
Protskiv
|
49
|
Director,
President, Principal Executive Officer, Treasurer, Principal
Financial Officer, Principal Accounting Officer and the sole member of the
Board of Directors.
|
||
Alvaro
Vollmers
|
36
|
Director,
President, Secretary and Treasurer
(1)
|
Title of Class
|
Name
and Address of
Beneficial Owner
|
Amount
and Nature of
Beneficial Ownership
|
Percentage
of
Common Stock
(
1
)
|
|||||
DIRECTORS
AND EXECUTIVE OFFICERS
|
||||||||
Common
Stock
|
Alvaro
Vollmers
Sole Director and Officer
|
0
Shares
|
0 | % | ||||
5%
STOCKHOLDERS
|
||||||||
Common
Stock
|
Dzvenyslava
Protskiv
|
2,000,000
Shares
|
80 | % |
(1)
|
Based
on 2,510,000 shares of our common stock issued and outstanding as of
February 12, 2010. Under Rule 13d-3, certain shares may be deemed to be
beneficially owned by more than one person (if, for example, persons share
the power to vote or the power to dispose of the shares). In addition,
shares are deemed to be beneficially owned by a person if the person has
the right to acquire the shares (for example, upon exercise of an option)
within 60 days of the date as of which the information is provided. In
computing the percentage ownership of any person, the amount of shares
outstanding is deemed to include the amount of shares beneficially owned
by such person (and only such person) by reason of these acquisition
rights. As a result, the percentage of outstanding shares of any person as
shown in this table does not necessarily reflect the person's actual
ownership or voting power with respect to the number of shares of common
stock actually outstanding on February 12,
2010.
|
|
·
|
any
of our directors or officers;
|
|
·
|
any
person proposed as a nominee for election as a
director;
|
|
·
|
any
person who beneficially owns, directly or indirectly, shares carrying more
than 10% of the voting rights attached to our outstanding shares of common
stock;
|
|
·
|
any
of our promoters; and
|
|
·
|
any
relative or spouse of any of the foregoing persons who has the same house
as such person.
|
Year Ended
October 31
,
200
9
|
Period
Ended
October 31
, 200
8
|
||||
Audit
Fees
|
$ | 2,800 |
$Nil
|
||
Audit
Related Fees
|
$Nil
|
$Nil
|
|||
Tax
Fees
|
$Nil
|
$Nil
|
|||
All
Other Fees
|
$Nil
|
$Nil
|
|||
Total
|
$ | 2,800 |
$Nil
|
Exhibit Number
|
Description of Exhibits
|
|
3.1
(a)
|
Articles
of Incorporation.
(1)
|
|
3.1(b)
|
Amendment 1 to Articles of
Incorporation
|
|
3.2
|
Bylaws, as amended.
|
|
31.1
|
Certification of Chief Executive Officer and Chief
Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
32.1
|
Certification of Chief Executive Officer and Chief
Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
(1)
|
Incorporated
by reference to the exhibits to our Registration Statement on Form S-1
filed by Registrant on December 12,
2008
|
OREON
RENTAL CORPORATION
|
||
Date:
|
By:
|
/s/ Alvaro Vollmers
|
ALVARO
VOLLMERS
|
||
President
|
OREON
RENTAL CORPORATION
|
||
Date:
|
By:
|
/s/ Alvaro Vollmers
|
ALVARO
VOLLMERS
|
||
President,
Secretary, Treasurer and Sole Director
|
||
(Principal
Executive Officer, Principal
Financial
Officer and Principal Accounting
Officer.)
|
I.
|
SHAREHOLDER’S
MEETING.
|
.01
Annual Meetings.
|
|
The
annual meeting of the shareholders of this Corporation, for the purpose of
election of Directors and for such other business as may come before it,
shall be held at the registered office of the Corporation, or such other
places, either within or without the State of Nevada, as may be designated
by the notice of the meeting, on the first week in October of each and
every year, at 1:00 p.m., commencing in 2009 but in case such day shall be
a legal holiday, the meeting shall be held at the same hour and place on
the next succeeding day not a holiday.
|
|
.02
Special Meeting.
|
|
Special
meetings of the shareholders of this Corporation may be called at any time
by the holders of ten percent (10%) of the voting shares of the
Corporation, or by the President, or by the Board of Directors or a
majority thereof. No business shall be transacted at any special meeting
of shareholders except as is specified in the notice calling for said
meeting. The Board of Directors may designate any place, either within or
without the State of Nevada, as the place of any special meeting called by
the president or the Board of Directors, and special meetings called at
the request of shareholders shall be held at such place in the State of
Nevada, as may be determined by the Board of Directors and placed in the
notice of such meeting.
|
|
.03
Notice of Meeting.
|
|
Written
notice of annual or special meetings of shareholders stating the place,
day, and hour of the meeting and, in the case of a special meeting, the
purpose or purposes for which the meeting is called shall be given by the
secretary or persons authorized to call the meeting to each shareholder of
record entitled to vote at the meeting. Such notice shall be given not
less than ten (10) nor more than fifty (50) days prior to the date of the
meeting, and such notice shall be deemed to be delivered when deposited in
the United States mail addressed to the shareholder at his/her address as
it appears on the stock transfer books of the
Corporation.
|
|
.04
Waiver of Notice.
|
|
Notice
of the time, place, and purpose of any meeting may be waived in writing
and will be waived by any shareholder by his/her attendance thereat in
person or by proxy. Any shareholder so waiving shall be bound by the
proceedings of any such meeting in all respects as if due notice thereof
had been given.
|
.05
Quorum and Adjourned Meetings.
|
|
A
majority of the outstanding shares of the Corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting
of shareholders. A majority of the shares represented at a meeting, even
if less than a quorum, may adjourn the meeting from time to time without
further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have
been transacted at the meeting as originally notified. The shareholders
present at a duly organized meeting may continue to transact business
until adjournment, notwithstanding the withdrawal of enough shareholders
to leave less than a quorum.
|
|
.06
Proxies.
|
|
At
all meetings of shareholders, a shareholder may vote by proxy executed in
writing by the shareholder or by his/her duly authorized attorney in fact.
Such proxy shall be filed with the secretary of the Corporation before or
at the time of the meeting. No proxy shall be valid after eleven (11)
months from the date of its execution, unless otherwise provided in the
proxy.
|
|
.07
Voting of Shares.
|
|
Except
as otherwise provided in the Articles of Incorporation or in these Bylaws,
every shareholder of record shall have the right at every shareholder’s
meeting to one (1) vote for every share standing in his/her name on the
books of the Corporation, and the affirmative vote of a majority of the
shares represented at a meeting and entitled to vote thereat shall be
necessary for the adoption of a motion or for the determination of all
questions and business which shall come before the
meeting.
|
|
II.
|
DIRECTORS.
|
.01
General Powers.
|
|
The
business and affairs of the Corporation shall be managed by its Board of
Directors.
|
|
.02
Number, Tenure and Qualifications.
|
|
The
number of Directors of the Corporation shall be not less than one nor more
than thirteen. Each Director shall hold office until the next annual
meeting of shareholders and until his/her successor shall have been
elected and qualified. Directors need not be residents of the State of
Nevada or shareholders of the Corporation.
|
|
.03
Election.
|
|
The
Directors shall be elected by the shareholders at their annual meeting
each year; and if, for any cause the Directors shall not have been elected
at an annual meeting, they may be elected at a special meeting of
shareholders called for that purpose in the manner provided by these
Bylaws.
|
.04
Vacancies.
|
|
In
case of any vacancy in the Board of Directors, the remaining Directors,
whether constituting a quorum or not, may elect a successor to hold office
for the unexpired portion of the terms of the Directors whose place shall
be vacant, and until his/her successor shall have been duly elected and
qualified. Further, the remaining Directors may fill any empty seats on
the Board of Directors even if the empty seats have never been
occupied.
|
|
.05
Resignation.
|
|
Any
Director may resign at any time by delivering written notice to the
secretary of the Corporation.
|
|
.06
Meetings.
|
|
At
any annual, special or regular meeting of the Board of Directors, any
business may be transacted, and the Board may exercise all of its powers.
Any such annual, special or regular meeting of the Board of Directors of
the Corporation may be held outside of the State of Nevada, and any member
or members of the Board of Directors of the Corporation may participate in
any such meeting by means of a conference telephone or similar
communications equipment by means of which all persons participating in
the meeting can hear each other at the same time; the participation by
such means shall constitute presence in person at such
meeting.
|
A.
Annual Meeting of Directors.
|
|
Annual
meetings of the Board of Directors shall be held immediately after the
annual shareholders’ meeting or at such time and place as may be
determined by the Directors. No notice of the annual meeting of the Board
of Directors shall be necessary.
|
|
B.
Special Meetings.
|
|
Special
meetings of the Directors shall be called at any time and place upon the
call of the president or any Director. Notice of the time and place of
each special meeting shall be given by the secretary, or the persons
calling the meeting, by mail, radio, telegram, or by personal
communication by telephone or otherwise at least one (1) day in advance of
the time of the meeting. The purpose of the meeting need not be given in
the notice. Notice of any special meeting may be waived in writing or by
telegram (either before or after such meeting) and will be waived by any
Director in attendance at such meeting.
|
|
C.
Regular Meetings of Directors.
|
|
Regular
meetings of the Board of Directors shall be held at such place and on such
day and hour as shall from time to time be fixed by resolution of the
Board of Directors. No notice of regular meetings of the Board of
Directors shall be necessary.
|
.07
Quorum and Voting.
|
|
A
majority of the Directors presently in office shall constitute a quorum
for all purposes, but a lesser number may adjourn any meeting, and the
meeting may be held as adjourned without further notice. At each meeting
of the Board at which a quorum is present, the act of a majority of the
Directors present at the meeting shall be the act of the Board of
Directors. The Directors present at a duly organized meeting may continue
to transact business until adjournment, notwithstanding the withdrawal of
enough Directors to leave less than a quorum.
|
|
.08
Compensation.
|
|
By
resolution of the Board of Directors, the Directors may be paid their
expenses, if any, of attendance at each meeting of the Board of Directors
and may be paid a fixed sum for attendance at each meeting of the Board of
Directors or a stated salary as Director. No such payment shall preclude
any Director from serving the Corporation in any other capacity and
receiving compensation therefor.
|
|
.09
Presumption of Assent.
|
|
A
Director of the Corporation who is present at a meeting of the Board of
Directors at which action on any corporate matter is taken shall be
presumed to have assented to the action taken unless his/her dissent shall
be entered in the minutes of the meeting or unless he/she shall file
his/her written dissent to such action with the person acting as the
secretary of the meeting before the adjournment thereof or shall forward
such dissent by registered mail to the secretary of the Corporation
immediately after the adjournment of the meeting. Such right to dissent
shall not apply to a Director who voted in favor of such
action.
|
|
.10
Executive and Other Committees.
|
|
The
Board of Directors, by resolution adopted by a majority of the full Board
of Directors, may designate from among its members an executive committee
and one of more other committees, each of which, to the extent provided in
such resolution, shall have and may exercise all the authority of the
Board of Directors, but no such committee shall have the authority of the
Board of Directors, in reference to amending the Articles of
Incorporation, adoption a plan of merger or consolidation, recommending to
the shareholders the sale, lease, exchange, or other disposition of all of
substantially all the property and assets of the dissolution of the
Corporation or a revocation thereof, designation of any such committee and
the delegation thereto of authority shall not operate to relieve any
member of the Board of Directors of any responsibility imposed by
law.
|
|
.11
Chairman of Board of Directors.
|
|
The
Board of Directors may, in its discretion, elect a chairman of the Board
of Directors from its members; and, if a chairman has been elected, he/she
shall, when present, preside at all meetings of the Board of Directors and
the shareholders and shall have such other powers as the Board may
prescribe.
|
.12
Removal.
|
|
Directors
may be removed from office with or without cause by a vote of shareholders
holding a majority of the shares entitled to vote at an election of
Directors.
|
|
III.
|
ACTIONS
BY WRITTEN CONSENT.
|
Any corporate action
required by the Articles of Incorporation, Bylaws, or the laws under which
this Corporation is formed, to be voted upon or approved at a duly called
meeting of the Directors or shareholders may be accomplished without a
meeting if a written memorandum of the respective Directors or
shareholders, setting forth the action so taken, shall be signed by a
majority of the Directors, or the shareholders holding not less than the
minimum number of votes that would be necessary to authorize or take such
action, as the case may be.
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|
IV.
|
OFFICERS.
|
.01
Officers Designated.
|
|
The
Officers of the Corporation shall be a president, one or more vice
presidents (the number thereof to be determined by the Board of
Directors), a secretary and a treasurer, each of whom shall be elected by
the Board of Directors. Such other Officers and assistant officers as may
be deemed necessary may be elected or appointed by the Board of Directors.
Any Officer may be held by the same person, except that in the event that
the Corporation shall have more than one director, the offices of
president and secretary shall be held by different
persons.
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|
.02
Election, Qualification and Term of Office.
|
|
Each
of the Officers shall be elected by the Board of Directors. None of said
Officers except the president need be a Director, but a vice president who
is not a Director cannot succeed to or fill the office of president. The
Officers shall be elected by the Board of Directors. Except as hereinafter
provide, each of said Officers shall hold office from the date of his/her
election until the next annual meeting of the Board of Directors and until
his/her successor shall have been duly elected and
qualified.
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|
.03
Powers and Duties.
|
|
The
powers and duties of the respective corporate Officers shall be as
follows:
|
1.
|
Keep
the minutes of the shareholder’s and of the Board of Directors meetings in
one or more books provided for that purpose;
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|
2.
|
See
that all notices are duly given in accordance with the provisions of these
Bylaws or as required by law;
|
|
3.
|
Be
custodian of the corporate records and of the seal of the Corporation and
affix the seal of the Corporation to all documents as may be
required;
|
|
4.
|
Keep
a register of the post office address of each shareholder which shall be
furnished to the secretary by such shareholder;
|
|
5.
|
Sign
with the president, or a vice president, certificates for shares of the
Corporation, the issuance of which shall have been authorized by
resolution of the Board of Directors;
|
|
6.
|
Have
general charge of the stock transfer books of the corporation;
and,
|
|
7.
|
In
general perform all duties incident to the office of secretary and such
other duties as from time to time may be assigned to him/her by the
president or by the Board of
Directors.
|
E.
Assistant Secretaries and Assistant Treasurers.
|
|
The
assistant secretaries, when authorized by the Board of Directors, may sign
with the president or a vice president certificates for shares of the
Corporation the issuance of which shall have been authorized by a
resolution of the Board of Directors. The assistant treasurers shall,
respectively, if required by the Board of Directors, give bonds for the
faithful discharge of their duties in such sums and with such sureties as
the Board of Directors shall determine. The assistant secretaries and
assistant treasurers, in general, shall perform such duties as shall be
assigned to them by the secretary or the treasurer, respectively, or by
the president or the Board of Directors.
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|
.04
Removal.
|
|
The
Board of Directors shall have the right to remove any Officer whenever in
its judgment the best interest of the Corporation will be served
thereby.
|
|
.05
Vacancies.
|
|
The
Board of Directors shall fill any office which becomes vacant with a
successor who shall hold office for the unexpired term and until his/her
successor shall have been duly elected and qualified.
|
|
.06
Salaries.
|
|
The
salaries of all Officers of the Corporation shall be fixed by the Board of
Directors.
|
|
V.
|
SHARE
CERTIFICATES
|
.01 Form and Execution of
Certificates.
|
|
Certificates
for shares of the Corporation shall be in such form as is consistent with
the provisions of the Corporation laws of the State of Nevada. They shall
be signed by the president and by the secretary, and the seal of the
Corporation shall be affixed thereto. Certificates may be issued for
fractional shares.
|
|
.02
Transfers.
|
|
Shares
may be transferred by delivery of the certificates therefor, accompanied
either by an assignment in writing on the back of the certificates or by a
written power of attorney to assign and transfer the same signed by the
record holder of the certificate. Except as otherwise specifically
provided in these Bylaws, no shares shall be transferred on the books of
the Corporation until the outstanding certificate therefor has been
surrendered to the
Corporation.
|
.03
Loss or Destruction of Certificates.
|
|
In
case of loss or destruction of any certificate of shares, another may be
issued in its place upon proof of such loss or destruction and upon the
giving of a satisfactory bond of indemnity to the Corporation. A new
certificate may be issued without requiring any bond, when in the judgment
of the Board of Directors it is proper to do so.
|
|
VI.
|
BOOKS
AND RECORDS.
|
.01
Books of Accounts, Minutes and Share Register.
|
|
The
Corporation shall keep complete books and records of accounts and minutes
of the proceedings of the Board of Directors and shareholders and shall
keep at its registered office, principal place of business, or at the
office of its transfer agent or registrar a share register giving the
names of the shareholders in alphabetical order and showing their
respective addresses and the number of shares held by
each.
|
|
.02
Copies of Resolutions.
|
|
Any
person dealing with the Corporation may rely upon a copy of any of the
records of the proceedings, resolutions, or votes of the Board of
Directors or shareholders, when certified by the president or
secretary.
|
|
VII.
|
CORPORATE
SEAL.
|
The
Corporation is not required to have a corporate seal.
|
|
VIII.
|
LOANS.
|
No
loans shall be made by the Corporation to its Officers or
Directors
|
|
IX.
|
INDEMNIFICATION
OF DIRECTORS AND OFFICERS.
|
.01
Indemnification.
|
|
The
Corporation shall indemnify any person who was or is a party or is
threatened to be made a party to any proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right
of the Corporation) by reason of the fact that such person is or was a
Director, Trustee, Officer, employee or agent of the Corporation, or is or
was serving at the request of the Corporation as a Director, Trustee,
Officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys’
fees), judgment, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such action, suit or
proceeding if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the
Corporation, and with respect to any criminal action or proceeding, had no
reasonable cause to believe such person’s conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the person did
not act in good faith and in a manner which such person reasonably
believed to be in or not opposed to the best interests of the Corporation,
and with respect to any criminal action proceeding, had reasonable cause
to believe that such person’s conduct was
unlawful.
|
.02
Derivative Action
|
|
The
Corporation shall indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Corporation to procure a judgment
in the Corporation’s favor by reason of the fact that such person is or
was a Director, Trustee, Officer, employee or agent of the Corporation, or
is or was serving at the request of the Corporation as a Director,
Trustee, Officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses (including
attorney’s fees) and amount paid in settlement actually and reasonably
incurred by such person in connection with the defense or settlement of
such action or suit if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best
interests of the Corporation, and, with respect to amounts paid in
settlement, the settlement of the suit or action was in the best interests
of the Corporation; provided, however, that no indemnification shall be
made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable for gross negligence or willful
misconduct in the performance of such person’s duty to the Corporation
unless and only to the extent that, the court in which such action or suit
was brought shall determine upon application that, despite circumstances
of the case, such person is fairly and reasonably entitled to indemnity
for such expenses as such court shall deem proper. The termination of any
action or suit by judgment or settlement shall not, of itself, create a
presumption that the person did not act in good faith and in a manner
which such person reasonably believed to be in or not opposed to the best
interests of the Corporation.
|
|
.03
Successful Defense.
|
|
To
the extent that a Director, Trustee, Officer, employee or Agent of the
Corporation has been successful on the merits or otherwise, in whole or in
part in defense of any action, suit or proceeding referred to in
Paragraphs .01 and .02 above, or in defense of any claim, issue or matter
therein, such person shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred by such person in
connection therewith.
|
|
.04
Authorization.
|
|
Any
indemnification under Paragraphs .01 and .02 above (unless ordered by a
court) shall be made by the Corporation only as authorized in the specific
case upon a determination that indemnification of the Director, Trustee,
Officer, employee or agent is proper in the circumstances because such
person has met the applicable standard of conduct set forth in Paragraphs
.01 and .02 above. Such determination shall be made (a) by the Board of
Directors of the Corporation by a majority vote of a quorum consisting of
Directors who were not parties to such action, suit or proceeding, or (b)
is such a quorum is not obtainable, by a majority vote of the Directors
who were not parties to such action, suit or proceeding, or (c) by
independent legal counsel (selected by one or more of the Directors,
whether or not a quorum and whether or not disinterested) in a written
opinion, or (d) by the Shareholders. Anyone making such a determination
under this Paragraph .04 may determine that a person has met the standards
therein set forth as to some claims, issues or matters but not as to
others, and may reasonably prorate amounts to be paid as
indemnification.
|
.05
Advances.
|
|
Expenses
incurred in defending civil or criminal action, suit or proceeding shall
be paid by the Corporation, at any time or from time to time in advance of
the final disposition of such action, suit or proceeding as authorized in
the manner provided in Paragraph .04 above upon receipt of an undertaking
by or on behalf of the Director, Trustee, Officer, employee or agent to
repay such amount unless it shall ultimately be by the Corporation is
authorized in this Section.
|
|
.06
Nonexclusivity.
|
|
The
indemnification provided in this Section shall not be deemed exclusive of
any other rights to which those indemnified may be entitled under any law,
bylaw, agreement, vote of shareholders or disinterested Directors or
otherwise, both as to action in such person’s official capacity and as to
action in another capacity while holding such office, and shall continue
as to a person who has ceased to be a Director, Trustee, Officer, employee
or agent and shall inure to the benefit of the heirs, executors, and
administrators of such a person.
|
|
.07
Insurance.
|
|
The
Corporation shall have the power to purchase and maintain insurance on
behalf of any person who is or was a Director, Trustee, Officer, employee
or agent of the Corporation, or is or was serving at the request of the
Corporation as a Director, Trustee, Officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise,
against any liability assessed against such person in any such capacity or
arising out of such person’s status as such, whether or not the
corporation would have the power to indemnify such person against such
liability.
|
|
.08
“Corporation” Defined.
|
|
For
purposes of this Section, references to the “Corporation” shall include,
in addition to the Corporation, an constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had the power and
authority to indemnify its Directors, Trustees, Officers, employees or
agents, so that any person who is or was a Director, Trustee, Officer,
employee or agent of such constituent corporation or of any entity a
majority of the voting stock of which is owned by such constituent
corporation or is or was serving at the request of such constituent
corporation as a Director, Trustee, Officer, employee or agent of the
corporation, partnership, joint venture, trust or other enterprise, shall
stand in the same position under the provisions of this Section with
respect to the resulting or surviving Corporation as such person would
have with respect to such constituent corporation if its separate
existence had continued.
|
X.
|
AMENDMENT
OF BYLAWS.
|
.01
By the Shareholders.
|
|
These
Bylaws may be amended, altered, or repealed at any regular or special
meeting of the shareholders if notice of the proposed alteration or
amendment is contained in the notice of the meeting.
|
|
.02
By the Board of Directors.
|
|
These
Bylaws may be amended, altered, or repealed by the affirmative vote of a
majority of the entire Board of Directors at any regular or special
meeting of the Board.
|
|
XI.
|
FISCAL
YEAR.
|
The
fiscal year of the Corporation shall be set by resolution of the Board of
Directors.
|
|
XII.
|
RULES
OF ORDER.
|
The
rules contained in the most recent edition of Robert’s Rules or Order,
Newly Revised, shall govern all meetings of shareholders and Directors
where those rules are not inconsistent with the Articles of Incorporation,
Bylaws, or special rules or order of the Corporation.
|
|
XIII.
|
REIMBURSEMENT
OF DISALLOWED EXPENSES.
|
If
any salary, payment, reimbursement, employee fringe benefit, expense
allowance payment, or other expense incurred by the Corporation for the
benefit of an employee is disallowed in whole or in part as a deductible
expense of the Corporation for Federal Income Tax purposes, the employee
shall reimburse the Corporation, upon notice and demand, to the full
extent of the disallowance. This legally enforceable obligation is in
accordance with the provisions of Revenue Ruling 69-115, 1969-1 C.B. 50,
and is for the purpose of entitling such employee to a business expense
deduction for the taxable year in which the repayment is made to the
Corporation. In this manner, the Corporation shall be protected from
having to bear the entire burden of disallowed expense
items.
|
/s/ Alvaro Vollmers
|
||
Alvaro
Vollmers
|
||
President, Secretary
and Treasurer
|
/s/ Alvaro Vollmers
|
|
Alvaro
Vollmers
|
|
President,
Secretary and
Treasurer
|
/s/ Alvaro
Vollmers
|
|
Alvaro
Vollmers
|
|
President,
Secretary and
Treasurer
|