Summary
Take-Two Interactive Software, Inc. (TTWO) filed an 8-K on March 22, 2007, detailing amendments to its corporate bylaws, effective March 16, 2007. The primary changes concern the procedures for calling special meetings of the Board of Directors and the methods by which notice can be delivered to directors. These amendments are administrative in nature and do not appear to represent a significant shift in the company's strategic direction or financial performance at this time. Investors should view these changes as a modernization of governance procedures.
Key Highlights
- 1Amendments to Take-Two's Bylaws were made effective on March 16, 2007.
- 2The process for calling special meetings of the Board of Directors has been updated.
- 3Special meetings can now be called by the president with 'reasonable notice' through various electronic and physical transmission methods.
- 4Previously, special meetings required 'ten day’s notice' primarily via mail or telegram.
- 5The methods for providing notice to directors have been expanded to include any manner permissible under Delaware General Corporation Law.
- 6This broadens the accepted forms of communication beyond mail and telegram.
- 7An amendment to Article IV, Section 1 of the Bylaws reflects these broader notice provisions.