Election of the Board of Directors of the Communications Satellite Corporation: Hearing, Ninety-first Congress, First Session on S.17 ... January 29, 1969U.S. Government Printing Office, 1969 - 15 pages Committee Serial No. 91-1. Considers S. 17, to amend the Communications Satellite Act of 1967, to increase the percentage of the COMSAT Board of Directors elected by public stockholders, and to decrease the percentage of the Board elected by common carrier corporations. |
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12 members 1962 with respect 25 per centum 90th Congress AESS amend the Communications annual meeting articles of incorporation Board of Directors Business Corporation Act carrier directors carrier representation carrier shareholdings carrier stockholders Chairman Columbia Business Corporation COMMITTEE ON COMMERCE common stock communications common car communications common carriers Communications Satellite Act Communications Satellite Corporation Comsat Board Comsat stock CONG CONGRESS LIBRARY CONGRESS THE LIBRARY corporation issued District of Columbia elected annually enactment entitled to elect Federal Communications Commission formula holders HYDE indirectly by communications issued and outstanding LIBRA LIBRARY OF CONGRE LIBRARY OF CONGRESS national emergency number of carrier number of directors number of members number of shares quorum reduced relative shareholdings RESS THE LIBRARY riers sale of Comsat Sam Harris Section 303 Senator Anderson Senator CANNON Senator COTTON Senator HANSEN Senator PASTORE Series II stockholders total number U.S. Senate voting capital stock voting stock WARREN G
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Page 2 - ... qualified, except that the first three members of the board so appointed shall continue in office for terms of one, two, and three years, respectively, and any member so appointed to fill a vacancy shall be appointed only for the unexpired term of the director whom he succeeds.
Page 4 - The Department has been advised by the Bureau of the Budget that there Is no objection from the standpoint of the Administration's program to the submission of this report to your Committee. Sincerely yours, ROY T. ENGLEBT. Acting General Coun-sel. Senator PASTORE. The first witness is the Chairman of the Federal Communications Commission...
Page 2 - Be it enacted by the Senate and House of Representatives of tlie United States of America in Congress assembled, That the Selective Service Act of 1948 (6!?
Page 14 - HR 4214 and S. 17, companion bills to amend the Communications Satellite Act of 1962. The major objective of these bills is to assure that the composition of the Board of Directors of Comsat will reflect as fully as possible the relative holdings of stock by stockholders who are communications common carriers and stockholders who are not communications common carriers. This is an objective in which the Congress, the Executive Branch, the Federal Communications Commission and all the Directors of...
Page 2 - SEC. 303. (a) The corporation shall have a board of directors consisting of individuals who are citizens of the United States, of whom one shall be elected annually by the board to serve as chairman. Three members of the board shall be appointed by the President of the United States, by and with the advice and consent of the Senate, effective the date on which the other members are elected, and for terms of three years or until their successors have been appointed and qualified...
Page 11 - ... so appointed to fill a vacancy shall be appointed only for the unexpired term of the director whom he succeeds. Six members of the board shall be elected annually by those stockholders who are communications common carriers and six shall be elected annually by the other stockholders of the corporation.
Page 12 - ... national emergency. In the event of such an emergency and the unavailability of a majority of the Directors, such a provision would take precedence over Section 36 of the District of Columbia Business Corporation Act which requires that a majority of the directors of a corporation be present to constitute a quorum for the transaction of business. Many states already have adopted, as part of their business codes, emergency provisions granting authority similar to that proposed in S.
Page 3 - Sic. 2. As promptly as the board of directors of the Communications Satellite Corporation shall determine to be practical after this Act takes effect, a meeting of the stockholders of the corporation shall be called for the purpose of electing twelve members of the board in accordance with section 1 of this Act. The members of the board elected at such meeting shall serve until the next annual meeting of stockholders or until their successors have been elected and qualified.
Page 5 - ... entitled. Implicit in the Communications Satellite Act is the assumption that communications common carriers would at all times exercise their right to own 50% of the outstanding voting stock of ComSat. However, as of December of 1968 the carriers had reduced their aggregate holdings to approximarely 38% of the total voting stock. As the Act stands now the carriers are still entitled to elect 50% of the elective board of directors of the Corporation. The fact that this 50% ownership expectation...
Page 5 - Communications Satellite Act which changes the number of directors to be elected by each group of stockholders of ComSat as the proportion of outstanding stock held by carriers falls below 50%. As you know, this formula is almost identical to one proposed for consideration in the original bill (HR 11040) considered by the House in 1962. The only difference is that HR 11040 did not require the complete elimination of carrier representation when their aggregate holdings fell below 8%. In the course...