MacKenzie Realty Capital Makes Significant Changes to Charter and Bylaws

MacKenzie Realty Capital, Inc. (NASDAQ: MKZR) has recently made notable amendments to its Articles of Amendment and Restatement as well as approved a Third Amended and Restated Bylaws. The changes were discussed and ratified during the 2024 Special Meeting of Stockholders held on January 6, 2025.

Following the shareholders’ endorsement and the Board of Directors’ recommendation, the company filed its Second A&R Charter with the State Department of Assessments and Taxation of Maryland, marking its effectiveness from January 10, 2025. A comprehensive summary of the adjustments made through the Second A&R Charter is documented in the definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission in association with the Special Meeting.

Subsequently, on January 8, 2025, MacKenzie Realty Capital’s Board of Directors gave the green light to a Third Amended and Restated Bylaws, effective the same day. The alterations encompass various facets to stay in line with the latest provisions. A detailed review and textual comparison were provided in the official documents.

The primary changes incorporated in the Third A&R Bylaws pertain to adapting to provisions of the Maryland General Corporation Law (MGCL), aligning with recent trends in public company governance, enhancing corporate procedures’ clarity, and ensuring compliance with evolving standards.

Among the significant changes impacting MacKenzie Realty Capital’s operations are adjustments in the Meetings of Stockholders protocol. Notable modifications include the removal of certain timing constraints for annual meetings, revised requirements for calling special meetings, and adjusted quorum thresholds for voting matters.

Furthermore, the restructured Bylaws have addressed director-related aspects, such as the number of directors required, qualifications for directorship, and protocol for filling vacant positions. These changes are intended to streamline decision-making processes and ensure alignment with regulatory frameworks.

In addition, the Third A&R Bylaws have introduced exclusive forums for specific litigation matters, augmenting the legal safeguards for the company and its stakeholders in potential legal disputes.

The resolutions presented during the Special Meeting of January 6, 2025, focusing on Charter amendments, witnessed strong support from the shareholders. Proposal 1.A, Proposal 1.B, and Proposal 1.C all received overwhelming approval, with each garnering significant backing from the attending shareholders.

MacKenzie Realty Capital’s strategic move to refine its operational framework through the implementation of updated Charter provisions and Bylaws underscores its commitment to maintaining compliance, clarity, and efficiency in its corporate governance structure.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MacKenzie Realty Capital’s 8K filing here.

About MacKenzie Realty Capital

MacKenzie Realty Capital Inc is a REIT which focused on investing in multifamily housing and office real estate properties located principally in the United States. MacKenzie Realty Capital Inc is based in ORINDA, Calif.