JPMorgan Updates By-laws In Case Of "Nuclear Disaster" Or World War III

In the most bizarre news of the day, Bloomberg's Hugh Son noticed that in a late Thursday filing, the board of JPMorgan approved a series of revisions to the bank's by-laws, including a particularly notable one: a new section defining what constitutes a quorum in an emergency resulting from "an attack on the United States" or a “nuclear or atomic disaster.” That scenario is listed among emergencies that - understandably - might make it hard to hold a normal meeting for board members of America's largest bank.

The clause can be activated not just in case of a nuclear disaster or World War III, but also in a variety of situations including "without limitation apparent terrorist activity or the imminent threat of such activity, chemical and biological attacks, natural disasters, or other hazards or causes commonly known as acts of God."

In short, JPMorgan's Board has decided it is time to seriously consider a TEOTWAWKI scenario.

As Son notes, in such an event, any member of the board or the firm’s operating committee can call a meeting using “any available means of communication.” And, just in case everyone else on the Board happens to die, one person will be sufficient to constitute a quorum. Vacancies can be filled by a majority vote of available directors. And if none are around, then designated officers can stand in. No officer, director or employee can be held liable in such a situation, except for “willful misconduct.”

The revised Emergency By-Laws are reposted below (highlights ours):

ARTICLE XI

 

Emergency By-laws

 

Section 11.01. Emergency By-laws. This Article XI shall be operative during any emergency resulting from an attack on the United States or on a locality in which the Corporation conducts its business or customarily holds meetings of its Board or its stockholders, or during any nuclear or atomic disaster, or during the existence of any catastrophe or other similar emergency condition (including without limitation apparent terrorist activity or the imminent threat of such activity, chemical and biological attacks, natural disasters, or other hazards or causes commonly known as acts of God), as a result of which a quorum of the Board or the Executive Committee thereof cannot readily be convened for action (an “Emergency”), notwithstanding any different or conflicting provisions in the preceding Articles of these By-laws, the Certificate of Incorporation or the General Corporation Law. To the extent not inconsistent with the provisions of this Article XI, the By-laws provided in the other Articles of these By-laws and the provisions of the Certificate of Incorporation shall remain in effect during such Emergency and upon termination of such Emergency, the provisions of this Article XI shall cease to be operative.

 

Section 11.02. Meetings. During any Emergency, a meeting of the Board, or any committee thereof, may be called by the Chairman or any other member of the Board or the Chief Executive Officer, or any member of the Corporation’s Operating Committee (each, a “Designated Officer” and collectively, the “Designated Officers”), or the Secretary. Notice of the time and place of any meeting of the Board or any committee thereof during an Emergency shall be given by any available means of communication by the individual calling the meeting to such of the directors and/or Designated Officers who shall be deemed to be directors of the Corporation for purposes of obtaining a quorum during an Emergency if a quorum of directors cannot otherwise be obtained during such Emergency, in each case, as it may be feasible to reach. Such notice shall be given at such time in advance of the meeting as, in the judgment of the individual calling the meeting, circumstances permit.

 

Section 11.03. Quorum. At any meeting of the Board, or any committee thereof, called in accordance with Section 11.02 above, the presence of one director shall constitute a quorum for the transaction of business. Vacancies on the Board, or any committee thereof, may be filled by a majority vote of the directors in attendance at the meeting. In the event that no directors are able to attend the meeting of the Board, then the Designated Officers in attendance shall serve as directors for the meeting, without any additional quorum requirement and will have full powers to act as directors of the Corporation for such meeting.

 

Section 11.04. Amendments. At any meeting called in accordance with Section 11.02 above, the Board or a committee of the Board, as the case may be, may modify, amend or add to the provisions of this Article XI so as to make any provision that may be practical or necessary for the circumstances of the Emergency.

 

Section 11.05. Management Contingency Plan. During an Emergency, the Corporation shall be managed by the Operating Committee under the direction of the Chief Executive Officer. In the absence of the Chief Executive Officer or his or her successor, the Operating Committee shall act under the direction of the Operating Committee member with the longest tenure with the Corporation.

 

Section 11.06. Liability. No officer, director or employee of the Corporation acting in accordance with the provisions of this Article XI shall be liable except for willful misconduct.

 

Section 11.07. Repeal or Change. The provisions of this Article XI shall be subject to repeal or change by further action of the Board or by action of the stockholders, but no such repeal or change shall modify the provisions of Section 11.06 of this Article XI with regard to action taken prior to the time of such repeal or change.

 

Section 11.08. Termination of Emergency. The provisions of this Article XI shall cease to be operative upon the termination of the Emergency as determined by a quorum of the Board or the Executive Committee thereof in accordance with Sections 2.06 and 3.01, respectively, of these By-laws.

Comments

Faeriedust Oct 6, 2017 8:51 AM Permalink

LOL.  Such "emergency" clauses are usually used for internal corporate power plays.  Can't you just hear the wannabe Duke of JP Morgan?  "It was an emergency.  Media had proclaimed a terrorist attack (never mind that we found out within an hour that it was a false alarm).  We took emergency actions.  So sorry  you'all couldn't be reached at 30 seconds' notice.  It was all according to the by-laws!"  Thus relieving the Board of Directors and installing a new CEO with seven years of court action to undo the situation by which time said CEO has looted the entire company and made off to the Caymans.  Seriously, what would we think of a U.S. President who came up with an "Emergency Powers Act" which allowed for total suspension of all Constitutional provisions?  What do we think, any time we consider a President likely to pull the existing "war powers" out and dust them off?  Corporations act the same way, only most of us ignore them . . . at our peril, given the importance of certain "private" institutions like the major banks, utilities, and tech companies.

SilvaDolla Oct 6, 2017 3:06 AM Permalink

Big fucking deal. Verizon added this clause to everyone’s device insurance policy over a year ago. They’ve been planning it for a long Fucking time...it’s just a matter of when.

According to Bethesda’s Fallout series, the world went nuclear on Oct. 23rd.

So long, guys. It’s been fun.

Or we’ll kick the can down the road a bit more and BTFD. Either way.

Victor999 Oct 6, 2017 2:47 AM Permalink

Also on Thursday:"During a dinner with military leaders tonight, President Trump gave an ominous warning seemingly out of the blue: "You guys know what this represents? Maybe it's the calm before the storm," he said: "It could be the calm... before... the storm." A reporter quickly asked what the storm might be -"Is it Iran, ISIS, what's the storm?" to which he replied... "...you'll find out."" Couldn't be a connection between the two.....could there?

pizdowitz Oct 6, 2017 2:03 AM Permalink

The good news from that narration is that the shit will hit the fan, perhaps soon. The bad news is that the JPM expects to survive, probably just long enough to wipe out all their derivatives clean.Who ever birthed that garbage must be a truly sick schizo.Jamie, how about them bitcoins? Still  not good?

virtualInsanity Oct 6, 2017 12:40 AM Permalink

Looks like a Continuity-of-Government(COG)-like attempt at surviving a nuclear war. But it's actually an excuse to relieve themselves of all the algo-trade-machine-crimes and trillions in derivatives that cannot ever be paid back through a quick and fake board meeting. Let's be honest, if a nuclear war happens, the banking community would welcome it because that "war" is supposed to wipe out all the debt that can never be paid back...ALL OF IT. I'd love to be a fly on the wall in those meetings.

TheAntiProgressive Oct 6, 2017 12:05 AM Permalink

Ahhh the old bylaws.  That is what we should all see, the bylaws of the FED.  All those neet little foundational documents.  I complete list of all sharholders wouldn't be bad either.  Don't the American people have a right to know?

matermaker Oct 6, 2017 12:00 AM Permalink

We will be the ones who set off the EMP.  They are just hedging against NORK getting one or two off before everything goes more black than it is.  It's a damn good opton, as things set.  Soviet era conventional artillery won't work.  You could probably do it and pinpoint it with lancers.  I still say there is a reason almost every carrier is in port or in the Carribean other than the Reagan.  Certainly could do it with subs in under a half hour.   can anyone guess where the USS Colorado is?  ...or the X-B37?  Elon didn't fuck that one up when it re-launched about a month ago.https://youtu.be/wH8F8K5DkzM

DirtySanchez Oct 5, 2017 11:09 PM Permalink

Planet is long overdue for a massive meteor/asteroid strike.

Couple million years without human life, especially the trouble maker dual citizens of the middle east, and earth will be good to go again, with whatever evolves.

exartizo Oct 5, 2017 11:09 PM Permalink

For those who may not understand:

TEOTWAWKI = "The end of the world as we know it"

yeah.

no.

not related to any poor American Indian tribes.

Dill-Temko Oct 5, 2017 11:06 PM Permalink

Where's the section where Jamie takes out 3.5 billion in life insurance on Evelyn's minions? When you see that you know the end is within 6 months, on a major kabbalistic date, one that celebrates genocide, and treachery.

Father ¢hristmas Oct 5, 2017 11:03 PM Permalink

Fun Fact: My brother in law in Homeland Security told me back in '09 that the gubmint tracks everyone who purchases or checks out "Behold A Pale Horse".And I was a Bill Cooper fan ever since.And where the fuck is Paul Craig Roberts's Eddie Murphy in white man's make-up on Saturday Night Live looking ass?!?We need some commentary on this bullshit going on, Paul.

shimmy Oct 5, 2017 10:59 PM Permalink

So guessing this may tie into pumpkin's calm before the storm remark. Very curious about what is going to happen. I'm hoping it is natural disaster related and not just some human caused war mongering bullshit. 

Implied Violins Placerville Oct 5, 2017 11:32 PM Permalink

I keep wondering if it's something that is coming that the elite know about but are powerless to stop, like this:

https://www.sott.net/article/363452-House-sized-asteroid-will-come-damn…

It would make sense of the Korean nuke bullshit. If one hit they could just say it was Crazy Kim instead of something that would freak the hell out of everyone on the planet (while they wait it out in their hidey-holes).

In reply to by Placerville

BobEore HRH Feant2 Oct 6, 2017 12:09 AM Permalink

Meaningless

when placed beside the fact that

"It was the night of 3 October 1965, in Havana, in what was then called the Chaplin Theatre (now known as the Carlos Marx Theatre): the very first Central Committee of the Communist Party was established and it established its official media, the newspaper, the Granma, the culmination of a defining stage in consolidating the Revolution."

Unlike Korea of the postwar period, Cuba was an economically vibrant state, one of the top four economies of the western hemisphere (along with USA Canada Argentina)even tho tiny by comparison with the others.

A strong middle class, wealthy agricultural sector, free press and diverse political expression...

all wiped away via a CFR operated putsch pitched by the NYT as a "revolution" against tyranny.

And that is how Communism will come the the former USA. A cabal of traitors with their chosen Castro, no matter the tag - left/right, "populist" or otherwise - a fascist dictatorship run by the usual suspects(Sraeli gangsters now own the bulk of Cubans' infrastructure and natural resources)

the press reduced to a "Granma" like organ of the gangster state - a pogrom against the middle class and free peasantry who resist - just like the campaign in the Sierras against the Cuban resistance, aided by Merikan weapons and advisors -

the end of gun sales, and the elimination of constitutional protections.

One Hundred Years since the original Red October of 1917 - brought to you by Wall St.

"

"You guys know what this represents? Maybe it's the calm before the storm... you'll find out."

he he he...
We almost ready now... forward comrades!

In reply to by HRH Feant2

LindseyNarrate… Oct 5, 2017 10:56 PM Permalink

What-the-fuck other nasty-shit, like 9/11, Gulf-of-Tonkin, (((OKC))), etc., are (((the cabal))) planning, VERY, VERY FUCKING SOON, this time? Man...this really looks like we are in "that" time, now, Folks, that people have been screaming-from-the-roof-tops about on talk-radio for decades--you know the "black-helicopter" types, WHO ALL PROVED TO BE 100% RIGHT. Lindsey

SilverDoctors LindseyNarrate… Oct 7, 2017 10:48 AM Permalink

what they're planning is a false flag event to get rid of Trump once and for all, and to bring back their messiah, Barack Hussein Obama while bringing America to her knees.   Personally I'm guessing a nuclear bomb or EMP false flag blamed on "rocket man", which will kick off WW3, and also allow the Deep State to blame Trump for "Provoking rocket man with his tweets". "It is during this time that Barack Hussein Obama will rise back to power and as I have told you before he will become the final anti-Christ. If you look closely at some of your media sources who report  at least some truth you can see that he has never really gone away and that he is planning hisreturn. He is working his evil plan behind the scenes to remove Donald Trump as the president of America and he will succeed after the false flag event that they have planned.After this takes place life as you know it will not exist and events will happen so fast that you will not be able to believe it, but I am telling you now that it is so. The economy will be the first thing to fall after this "false flag kickoff event" and then war will hit all of the world. Civil war will ensue in America as well as natural disasters and invasions from all sides.America will be destroyed for she is Babylon the great."http://holyspiritwind.blogspot.com/2017/08/barack-obama-will-be-worshipped-as-god.html

In reply to by LindseyNarrate…