26 Brown as the second successor voting trustee. It also stated that, if Peter Brown became the sole voting trustee, the remaining parties would continue to have the voting trust and would deposit their Bengals shares with the second successor voting trustee.4 F. NFL Constitution and Bylaws Relating to a Sale of an Interest in an NFL Team The NFL's constitution and bylaws (as in effect in 1983) required anyone wanting to sell an interest in an NFL team to apply in writing to the NFL Commissioner, and required the Commissioner to submit the application to NFL members for approval. Approval required a vote of three-quarters, or 20, whichever is more, NFL members. Approval was not required for transfers to members of the immediate family of the owner of the interest by gift or upon the death of the owner of the interest. No written request was submitted to the NFL to approve the 1983 transfer of 117 shares of Bengals stock from Paul Brown to Sawyer. The Bengals informed the NFL sometime before September 1983 that Sawyer had bought Paul Brown's 117 shares. The Commissioner did not ask the other NFL owners to approve the 4 On May 7, 1990, Paul, Mike, and Peter Brown, Sawyer, William J. Williams, Louis Nippert, Harriette Downey, Samuel L. Barr, Jr., West Shell, Jr., and John Downey agreed to irrevocably extend the 1980 voting trust for 10 years. The agreement named Paul Brown voting trustee, Mike Brown successor voting trustee, and Peter Brown second successor voting trustee.Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Next
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