South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) implemented by-laws to include advance notice provisions. The purpose of the by-law amendment is to provide advance notice to the Company in regards to board of directors nominations made by shareholders. The shareholders also must set forth information that must be included in the notice in proper written form.
As quoted in the press release:
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
South American Silver Corp. Executive Chairman, Ralph Fitch, said:
The advance notice by-law provides a clear process for shareholders to follow to nominate directors and sets out a reasonable time frame for nominee submissions along with requirements for accompanying information. The purpose is to ensure that shareholders are well-informed about director nominees and that shareholders are able to vote in an informed manner after having been afforded reasonable time for appropriate deliberation.