JPMorgan Tweaks Bylaws, Just in Case There's a Nuclear DisasterBy
JPMorgan Chase & Co.’s board just approved a series of tweaks to its bylaws including one that pops out -- a new section defining what constitutes a quorum in the event of a “nuclear or atomic disaster.”
That scenario is listed among emergencies that might make it hard to hold a normal meeting. The clause can take effect if the U.S. is attacked or in a variety of other situations involving chemical or biological weapons, natural disasters or “acts of God.”
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.” One person is enough 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.”
JPMorgan is the largest U.S. bank.