Bab, Inc. – ‘10KSB’ for 11/30/06 – EX-3.2

On:  Wednesday, 2/28/07, at 3:10pm ET   ·   For:  11/30/06   ·   Accession #:  1157523-7-2165   ·   File #:  0-31555

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Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       Bab, Inc. 10-Ksb                                      41    215K 
 2: EX-3.1      Articles of Incorporation/Organization or By-Laws      2     12K 
 3: EX-3.2      Articles of Incorporation/Organization or By-Laws      8     42K 
 4: EX-21.1     Subsidiaries of the Registrant                         1      4K 
 5: EX-31.1     Certification per Sarbanes-Oxley Act (Section 302)     2±    10K 
 6: EX-31.2     Certification per Sarbanes-Oxley Act (Section 302)     2±     9K 
 7: EX-32.1     Certification per Sarbanes-Oxley Act (Section 906)     1      6K 
 8: EX-32.2     Certification per Sarbanes-Oxley Act (Section 906)     1      6K 

EX-3.2   —   Articles of Incorporation/Organization or By-Laws

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EXHIBIT 3.2 - Bylaws of BAB, Inc.                                               

BYLAWS
OF
 BAB, Inc.

 ARTICLE I
 OFFICES

Section 1.01 Registered Office. The registered office of BAB, Inc. (hereinafter 
called the "Corporation"), in the State of Delaware shall be at Corporation     
Trust Center, 1209 Orange Street, Wilmington, Delaware. The name of the         
registered agent in charge thereof shall be The Corporation Trust Company.      

Section 1.02 Other Offices. The Corporation may also have an office or offices  
at such other place or places either within or without the State of Delaware as 
the Board of Directors may from time to time determine or the business of the   
Corporation may require.                                                        

ARTICLE II
SEAL

Section 2.01 Corporate Seal. The Board may provide a corporate seal, which shall
be in the form of a circle and shall bear the full name of the Corporation and  
the word "Delaware" and figures representing the year of its incorporation. The 
use of the seal by the Corporation on a document is not necessary and the use or
nonuse of the corporate seal does not affect the validity, recordability or     
enforceability of a document or act.                                            

 ARTICLE III
STOCKHOLDERS

Section 3.1 Place of Meeting. Each meeting of the stockholders of the           
Corporation shall be held at such place either within or without the State of   
Delaware as shall be fixed by the Board of Directors and specified in the       
respective notices or waivers of notice of said meeting.                        

Section 3.2 Annual Meetings. The annual meeting of the stockholders for the     
election of directors and for the transaction of such other business as may     
properly come before the meeting shall be held at such place, date and hour as  
shall be designated in the notice thereof.                                      

Section 3.3 Special Meetings. A special meeting of the stockholders for any     
purpose may be called at any time by order of the Board of Directors, the       
Chairman of the Board or the President, unless otherwise prescribed by statute  
or by the Certificate of Incorporation.                                         

Section 3.4 Notice of Annual and Special Meetings. Written notice of the annual 
and any special meetings of stockholders, stating the place, date and hour of   
the meeting, and, for special meetings, the purpose or purposes for which the   
meeting is called, shall be given to each stockholder entitled to vote at such  
meeting, either personally or by mail, not less than ten (10), nor more than    
sixty (60) days before the date of the meeting.                                 

When a meeting is adjourned to another place, date or time, written notice need 
not be given of the adjourned meeting if the place, date and time thereof are   
announced at the meeting at which the adjournment is taken; provided, however,  
that if the date of any adjourned meeting is more than thirty (30) days after   
the date for which the meeting was originally noticed, or if a new record date  
is fixed for the adjourned meeting, written notice of the place, date, and time 
of the adjourned meeting shall be given in conformity herewith. At any adjourned
meeting, any business may be transacted which might have been transacted at the 
original meeting.                                                               

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Section 3.05 Quorum. At any meeting of the stockholders, the holders of a       
majority of all of the shares of the stock entitled to vote at the meeting,     
present in person or by proxy, shall constitute a quorum for all purposes,      
unless or except to the extent that the presence of a larger number may be      
required by law. Where a separate vote by a class or classes is required, a     
majority of the shares of such class or classes present in person or represented
by proxy shall constitute a quorum entitled to take action with respect to that 
vote on that matter.                                                            

If a quorum shall fail to attend any meeting, the chairman of the meeting or the
holders of a majority of the shares of stock entitled to vote who are present,  
in person or by proxy, may adjourn the meeting to another place, date, or time. 

Section 3.06 Organization. Such person as the Board of Directors may have       
designated or, in the absence of such a person, the chief executive officer of  
the Corporation or, in his or her absence, such person as may be chosen by the  
holders of a majority such person as of the shares entitled to vote who are     
present, in person or by proxy, shall call to order any meeting of the          
stockholders and act as chairman of the meeting. The secretary of the meeting   
shall be the secretary of the Corporation, or, in the absence of the secretary  
of the Corporation, such person as the chairman appoints.                       

Section 3.07 Conduct of Business. The chairman of any meeting of stockholders   
shall determine the order of business and the procedure at the meeting,         
including such regulation of the manner of voting and the conduct of discussion 
as seem to him or her in order. The date and time of the opening and closing of 
the polls for each matter upon which the stockholders will vote at the meeting  
shall be announced at the meeting.                                              

Section 3.08 Proxies and Voting. At any meeting of the stockholders, every      
stockholder entitled to vote may vote in person or by proxy authorized by an    
instrument in writing or by a transmission permitted by law filed in accordance 
with the procedure established for the meeting. Any copy, facsimile             
telecommunication or other reliable reproduction of the writing or transmission 
created pursuant to this paragraph may be substituted or used in lieu of the    
original writing or transmission for any and all purposes for which the original
writing or transmission could be used, provided that such copy, facsimile       
telecommunication or other reproduction shall be a complete reproduction of the 
entire original writing or transmission.                                        

All voting, including on the election of directors but excepting where otherwise
required by law, may be by a voice vote; provided, however, that upon demand    
therefore by a stockholder entitled to vote or by his or her proxy, a vote by   
written ballots shall be taken, each of which shall state the name of the       
stockholder or proxy voting and such other information as may be required under 
the procedure established for the meeting. The Corporation may, and to the      
extent required by law, shall, in advance of any meeting of stockholders,       
appoint one or more inspectors to act at the meeting and make a written report  
thereof. The Corporation may designate one or more persons as alternate         
inspectors to replace any inspector who fails to act. If no inspector or        
alternate is able to act at a meeting of stockholders, the person presiding at  
the meeting may, and to the extent required by law, shall, appoint one or more  
inspectors to act at the meeting. Each inspector, before entering upon the      
discharge of his duties, shall take and sign an oath faithfully to execute the  
duties of inspector with strict impartiality and according to the best of his   
ability. Every vote taken by ballots shall be counted by an inspector or        
inspectors appointed by the chairman of the meeting.                            

Section 3.09 Required Vote. When a quorum is present at any meeting, the vote of
the holders of a majority of the stock having voting power present in person or 
represented by proxy shall decide any question brought before such meeting,     
unless the question is one upon which, by express provision of statute or by the
Certificate of Incorporation or these Bylaws, a different vote is required, in  
which case such express provisions shall govern and control the decision of such
question.                                                                       

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Section 3.10 Consent of Stockholders in Lieu of Meeting. Any action required to 
be taken at any annual or special meeting of stockholders of the Corporation, or
any action which may be taken at any annual or special meeting of the           
stockholders, may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken,   
shall be signed by the holders of outstanding stock having not less than the    
minimum number of votes that would be necessary to authorize or take such action
at a meeting at which all shares entitled to vote thereon were present and voted
and shall be delivered to the Corporation by delivery to its registered office  
in Delaware, its principal place of business, or an officer or agent of the     
Corporation having custody of the book in which proceedings of meetings of      
stockholders are recorded. Delivery made to the Corporation's registered office 
shall be made by hand or by certified or registered mail, return receipt        
requested.                                                                      

Every written consent shall bear the date of signature of each stockholder who  
signs the consent and no written consent shall be effective to take the         
corporate action referred to therein unless, within sixty (60) days of the date 
of the earliest dated consent delivered to the Corporation, a written consent or
consents signed by a sufficient number of holders to take action are delivered  
to the Corporation in the manner prescribed in the first paragraph of this      
Section.                                                                        

ARTICLE IV
BOARD OF DIRECTORS

Section 4.01 Number and Term of Office. The number of directors who shall       
constitute the whole Board shall be four or such greater or lesser number as the
stockholders shall from time to time have designated, at either a regular or    
special meeting; provided that the Board may increase the number of members by  
one during any period between annual meetings of the stockholders at which      
directors are elected. Each director shall be elected for a term of one year and
until his or her successor is elected and qualified, except as otherwise        
provided herein or required by law.                                             

Any decrease in the authorized number of directors shall not become effective   
until the expiration of the term of the directors then in office unless, at the 
time of such decrease, there shall be vacancies on the board which are being    
eliminated by the decrease.                                                     

Section 4.02 Vacancies. If the office of any director becomes vacant by reason  
of death, resignation, disqualification, removal or other cause, a majority of  
the directors remaining in office, although less than a quorum, may elect a     
successor for the unexpired term and until his or her successor is elected and  
qualified.                                                                      

Section 4.03 Regular Meetings. Regular meetings of the Board of Directors shall 
be held at such place or places, on such date or dates, and at such time or     
times as shall have been established by the Board of Directors and publicized   
among all directors. A notice of each regular meeting shall not be required.    

Section 4.04 Special Meetings. Special meetings of the Board of Directors may be
called by one-third (1/3) of the directors then in office (rounded up to the    
nearest whole number) or by the chief executive officer and shall be held at    
such place, on such date, and at such time as they or he or she shall fix.      
Notice of the place, date, and time of each such special meeting shall be given 
each director by whom it is not waived by mailing written notice not less than  
five (5) days before the meeting or by telegraphing or telexing or by facsimile 
transmission of the same not less than forty-eight (48) hours before the        
meeting. Unless otherwise indicated in the notice thereof, any and all business 
may be transacted at a special meeting.                                         

Section 4.05 Quorum. At any meeting of the Board of Directors, a majority of the
total number of the directors in office at the time shall constitute a quorum   
for all purposes. If a quorum shall fail to attend any meeting, a majority of   
those present may adjourn the meeting to another place, date, or time, without  
further notice or waiver thereof.                                               

Section 4.06 Participation in Meetings By Conference Telephone. Members of the  
Board of Directors, or of any committee thereof, may participate in a meeting of
such Board or committee by means of conference telephone or similar             
communications equipment by means of which all persons participating in the     
meeting can hear each other and such participation shall constitute presence in 
person at such meeting.                                                         

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Section 4.07 Conduct of Business. At any meeting of the Board of Directors,     
business shall be transacted in such order and manner as the Board may from time
to time determine, and all matters shall be determined by the vote of a majority
of the directors present, except as otherwise provided herein or required by    
law.                                                                            

Section 4.08 Action by Consent. Any action required or permitted to be taken at 
any meeting of the Board of Directors or of any committee thereof may be taken  
without a meeting if a written consent thereto is signed by all members of the  
Board or of such committee, as the case may be, and such written consent is     
filed with the minutes of the proceedings of the Board of Directors of such     
committee.                                                                      

Section 4.09 Compensation of Directors. Each director, in consideration of his  
serving as such, shall be entitled to receive from the Corporation such         
compensation as the Board of Directors shall from time to time determine. The   
Board of Directors may likewise provide that the Corporation shall reimburse    
each director or member of a committee for any expenses incurred by him on      
account of his attendance at any such meeting. Nothing herein contained shall be
construed to preclude any director from serving the Corporation in any other    
capacity and receiving proper compensation therefor.                            

 ARTICLE V
COMMITTEES

Section 5.01 Committees of the Board of Directors. The Board of Directors may   
from time to time designate committees of the Board, with such lawfully         
delegable powers and duties as it thereby confers, to serve at the pleasure of  
the Board and shall, for those committees and any others provided for herein,   
elect a director or directors to serve as the member or members, designating, if
it desires, other directors as alternate members who may replace any absent or  
disqualified member at any meeting of the committee. In the absence or          
disqualification of any member of any committee and any alternate member in his 
or her place, the member or members of the committee present at the meeting and 
not disqualified from voting, whether or not he or she or they constitute a     
quorum, may by unanimous vote appoint another member of the Board of Directors  
to act at the meeting in the place of the absent or disqualified member.        

Section 5.02 Conduct of Business. Each committee may determine the procedural   
rules for meeting and conducting its business and shall act in accordance       
therewith, except as otherwise provided herein or required by law. Adequate     
provision shall be made for notice to members of all meetings; one-half (1/2) of
the members shall constitute a quorum unless the committee shall consist of one 
(1) or two (2) members, in which event one (1) member shall constitute a quorum;
and all matters shall be determined by a majority vote of the members present.  
Action may be taken by any committee without a meeting if all members thereof   
consent thereto in writing, and the writing or writings are filed with the      
minutes of the proceedings of such committee.                                   

ARTICLE VI
OFFICERS

Section 6.01 Generally. The officers of the Corporation shall consist of a      
President, one or more Vice Presidents, a Secretary, a Treasurer and such other 
officers as may from time to time be appointed by the Board of Directors.       
Officers shall be elected by the Board of Directors, which shall consider that  
subject at its first meeting after every annual meeting of stockholders. Each   
officer shall hold office until his or her successor is elected and qualified or
until his or her earlier resignation or removal. Any number of offices may be   
held by the same person.                                                        

Section 6.02 President. The President shall be the chief executive officer of   
the Corporation. Subject to the provisions of these Bylaws and to the direction 
of the Board of Directors, he or she shall have the responsibility for the      
general management and control of the business and affairs of the Corporation   
and shall perform all duties and have all powers which are commonly incident to 
the office of chief executive or which are delegated to him or her by the Board 
of Directors. He or she shall have power to sign all stock certificates,        
contracts and other instruments of the Corporation which are authorized and     
shall have general supervision and direction of all of the other officers,      
employees and agents of the Corporation.                                        

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Section 6.03 Vice President. Each Vice President shall have such powers and     
duties as may be delegated to him or her by the Board of Directors. One (1) Vice
President shall be designated by the Board to perform the duties and exercise   
the powers of the President in the event of the President's absence or          
disability.                                                                     

Section 6.04 Treasurer. The Treasurer shall have the responsibility for         
maintaining the financial records of the Corporation. He or she shall make such 
disbursements of the funds of the Corporation as are authorized and shall render
from time to time an account of all such transactions and of the financial      
condition of the Corporation. The Treasurer shall also perform such other duties
as the Board of Directors may from time to time prescribe.                      

Section 6.05 Secretary. The Secretary shall issue all authorized notices for,   
and shall keep minutes of, all meetings of the stockholders and the Board of    
Directors. He or she shall have charge of the corporate books and shall perform 
such other duties as the Board of Directors may from time to time prescribe.    

Section 6.06 Chairman of the Board. The Chairman of the Board, if elected, shall
preside at all meetings of the stockholders and of the Board of Directors and   
shall perform such other duties and have such responsibilities as the Board of  
Directors may from time to time determine.                                      

Section 6.07 Delegation of Authority. The Board of Directors may from time to   
time delegate the powers or duties of any officer to any other officers or      
agents, notwithstanding any provision hereof.                                   

Section 6.08 Removal. Any officer of the Corporation may be removed at any time,
with or without cause, by the Board of Directors.                               

Section 6.09 Action with Respect to Securities of Other Corporations. Unless    
otherwise directed by the Board of Directors, the President or any officer of   
the Corporation authorized by the President shall have power to vote and        
otherwise act on behalf of the Corporation, in person or by proxy, at any       
meeting of stockholders of or with respect to any action of stockholders of any 
other corporation in which this Corporation may hold securities and otherwise to
exercise any and all rights and powers which this Corporation may possess by    
reason of its ownership of securities in such other corporation.                

 ARTICLE VII
 STOCK

Section 7.01 Certificates of Stock. Each stockholder shall be entitled to a     
certificate signed by, or in the name of the Corporation by, the President or a 
Vice President, and by the Secretary or an Assistant Secretary, or the Treasurer
or an Assistant Treasurer, certifying the number of shares owned by him or her. 
Any or all of the signatures on the certificate may be by facsimile.            

Section 7.02 Transfers of Stock. Transfers of stock shall be made only upon the 
transfer books of the Corporation kept at an office of the Corporation or by    
transfer agents designated to transfer shares of the stock of the Corporation.  
Except where a certificate is issued in accordance with Section 7.04 of these   
Bylaws, an outstanding certificate for the number of shares involved shall be   
surrendered for cancellation before a new certificate is issued therefor.       

Section 7.03 Record Date. In order that the Corporation may determine the       
stockholders entitled to notice of or to vote at any meeting of stockholders, or
to receive payment of any dividend or other distribution or allotment of any    
rights or to exercise any rights in respect of any change, conversion or        
exchange of stock or for the purpose of any other lawful action, the Board of   
Directors may fix a record date, which record date shall not precede the date on
which the resolution fixing the record date is adopted and which record date    
shall not be more than sixty (60) nor less than ten (10) days before the date of
any meeting of stockholders, nor more than sixty (60) days prior to the time for
such other action as herein before described; provided, however, that if no     
record date for determining stockholders shall be at the close of business on   
the day next preceding the day on which notice is given or, if notice is waived,
at the close of business on the day next preceding the day on which the meeting 
is held, and, for determining stockholders entitled to receive payment of any   
dividend or other distribution or allotment of rights or to exercise any rights 
of change, conversion or exchange of stock or for any other purpose, the record 
date shall be at the close of business on the day on which the Board of         
Directors adopts a resolution relating thereto.                                 

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A determination of stockholders of record entitled to notice of or to vote at a 
meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned
meeting.                                                                        

In order that the Corporation may determine the stockholders entitled to consent
to corporate action in writing without a meeting, the Board of Directors may fix
a record date, which shall not precede the date upon which the resolution fixing
the record date is adopted by the Board of Directors, and which record date     
shall be not more than ten (10) days after the date upon which the resolution   
fixing the record date is adopted. If no record date has been fixed by the Board
of Directors and no prior action by the Board of Directors is required by the   
Delaware General Corporation Law, the record date shall be the first date on    
which a signed written consent setting forth the action taken or proposed to be 
taken is delivered to the Corporation in the manner prescribed by Section 3.10  
hereof. If no record date has been fixed by the Board of Directors and prior    
action by the Board of Directors is required by the Delaware General Corporation
Law with respect to the proposed action by written consent of the stockholders, 
the record date for determining stockholders entitled to consent to corporate   
action in writing shall be at the close of business on the day on which the     
Board of Directors adopts the resolution taking such prior action.              

Section 7.04 Lost, Stolen or Destroyed Certificates. In the event of the loss,  
theft or destruction of any certificate of stock, another may be issued in its  
place pursuant to such regulations as the Board of Directors may establish      
concerning proof of such loss, theft or destruction and concerning the giving of
a satisfactory bond or bonds of indemnity.                                      

Section 7.05 Regulations. The issue, transfer, conversion and registration of   
certificates of stock shall be governed by such other regulations as the Board  
of Directors may establish.                                                     

ARTICLE VIII
 NOTICES

Section 8.01 Notices. Except as otherwise specifically provided herein or       
required by law, all notices required to be given to any stockholder, director, 
officer, employee or agent shall be in writing and may in every instance be     
effectively given by hand delivery to the recipient thereof, by depositing such 
notice in the mails, postage paid, or by sending such notice by pre-paid        
telegram or mailgram. Any such notice shall be addressed to such stockholder,   
director, office, employee or agent at his or her last known address as the same
appears on the books of the Corporation. The time when such notice is received, 
if hand delivered, or dispatched, if delivered through the mails or by telegram 
or mailgram, shall be the time of the giving of the notice.                     

Section 8.02 Waivers. A written waiver of any notice, signed by a stockholder,  
director, officer, employee or agent, whether before or after the time of the   
event for which notice is to be given, shall be deemed equivalent to the notice 
required to be given to such stockholder, director, officer, employee or agent. 
Neither the business nor the purpose of any meeting need be specified in such a 
waiver.                                                                         

ARTICLE IX
 MISCELLANEOUS

Section 9.01 Facsimile Signatures. In addition to the provisions for use of     
facsimile signatures elsewhere specifically authorized in these Bylaws,         
facsimile signatures of any officer or officers of the Corporation may be used  
whenever and as authorized by the Board of Directors or a committee thereof.    

Section 9.02 Reliance upon Books, Reports and Records. Each director, each      
member of any committee designated by the Board of Directors, and each officer  
of the Corporation shall, in the performance of his or her duties, be fully     
protected in relying in good faith upon the books of account or other records of
the Corporation and upon such information, opinions, reports or statements      
presented to the Corporation by any of its officers or employees or committees  
of the Board of Directors so designated, or by any other person as to matters   
which such director or committee member reasonably believes are within such     
other person's professional or expert competence and who has been selected with 
reasonable care by or on behalf of the Corporation.                             

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Section 9.03 Fiscal Year. The fiscal year of the Corporation shall be as fixed  
by the Board of Directors.                                                      

Section 9.04 Time Periods. In applying any provision of these Bylaws which      
requires that an act be done or not be done a specified number of days prior to 
an event or that an act be done during a period of a specified number of days   
prior to an event, calendar days shall be used, the day of the doing of the act 
shall be excluded, and the day of the event shall be included.                  

 ARTICLE X
INDEMNIFICATION OF DIRECTORS AND OFFICER

Section 10.01 Right to Indemnification. Each person who was or is made a party  
or is threatened to be made a party to or is otherwise involved in any action,  
suit or proceeding, whether civil, criminal, administrative or investigative    
(hereinafter a "proceeding"), by reason of the fact that he or she is or was a  
director or an officer of the Corporation or is or was serving at the request of
the Corporation as a director, officer, employee or agent of another corporation
or of a partnership, joint venture, trust or other enterprise, including service
with respect to an employee benefit plan (hereinafter an "indemnitee"), whether 
the basis of such proceeding is alleged action in an official capacity as a     
director, officer, employee or agent or in any other capacity while serving as a
director, officer, employee or agent, shall be indemnified and held harmless by 
the Corporation to the fullest extent authorized by the Delaware General        
Corporation Law, as the same exists or may hereafter be amended (but, in the    
case of any such amendment, only to the extent that such amendment permits the  
Corporation to provide broader indemnification rights than such law permitted   
the Corporation to provide prior to such amendment), against all expense,       
liability and loss (including attorneys' fees, judgments, fines, ERISA excise   
taxes or penalties and amounts paid in settlement) reasonably incurred or       
suffered by such indemnitee in connection therewith; provided, however, that,   
except as provided in Section 10.03 hereof with respect to proceedings to       
enforce rights to indemnification, the Corporation shall indemnify any such     
indemnitee in connection with a proceeding (or part thereof) initiated by such  
indemnitee only if such proceeding (or part thereof) was authorized by the Board
of Directors of the Corporation.                                                

Section 10.02 Right to Advancement of Expenses. The right to indemnification    
conferred in Section 10.01 shall include the right to be paid by the Corporation
the expenses (including attorney's fees) incurred in defending any such         
proceeding in advance of its final disposition (hereinafter an "advancement of  
expenses"); provided, however, that, if the Delaware General Corporation Law    
requires, an advancement of expenses incurred by an indemnitee in his or her    
capacity as a director or officer (and not in any other capacity in which       
service was or is rendered by such indemnitee, including, without limitation,   
service to an employee benefit plan) shall be made only upon delivery to the    
Corporation of an undertaking (hereinafter an "undertaking"), by or on behalf of
such indemnitee, to repay all amounts so advanced if it shall ultimately be     
determined by final judicial decision from which there is not further right to  
appeal (hereinafter a "final adjudication") that such indemnitee is not entitled
to be indemnified for such expenses under this Section 10.02 or otherwise. The  
rights to indemnification and to the advancement of expenses conferred in       
Sections 10.01 and 10.02 hereof shall be contract rights and such rights shall  
continue as to an indemnitee who has ceased to be a director, officer, employee 
or agent and shall inure to the benefit of the indemnitee's heirs, executors and
administrators.                                                                 

Section 10.03 Right of Indemnitee to Bring Suit. If a claim under Sections 10.01
or 10.02 is not paid in full by the Corporation within sixty (60) days after a  
written claim has been received by the Corporation, except in the case of a     
claim for an advancement of expenses, in which case the applicable period shall 
be twenty (20) days, the indemnitee may at any time thereafter bring suit       
against the Corporation to recover the unpaid amount of the claim. If successful
in whole or in part in any such suit, or in a suit brought by the Corporation to
recover an advancement of expenses pursuant to the terms of an advancement of   
expenses pursuant to the terms of an undertaking, the indemnitee shall be       
entitled to be paid also to the expense of prosecuting or defending such suit.  
In (i) any suit brought by the indemnitee to enforce a right to indemnification 
hereunder (but not in a suit brought by the indemnitee to enforce a right to an 
advancement of expenses) it shall be a defense that, and (ii) in any suit       
brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the Corporation shall be entitled to recover such      
expenses upon a final adjudication that, the indemnitee has not met any         
applicable standard for indemnification set forth in the Delaware General       
Corporation Law. Neither the failure of the Corporation (including its Board of 
Directors, independent legal counsel, or its stockholders) to have made a       
determination prior to the commencement of such suit that indemnification of the

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indemnitee is proper in the circumstances because the indemnitee has met the    
applicable standard of conduct set forth in the Delaware General Corporation    
Law, nor an actual determination by the Corporation (including its Board of     
Directors, independent legal counsel, or its stockholders) that the indemnitee  
has not met such applicable standard of conduct, shall create a presumption that
the indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the indemnitee, be a defense to such suit. In any suit   
brought by the indemnitee to enforce a right to indemnification or to an        
advancement of expenses hereunder, or brought by the Corporation to recover an  
advancement of expenses pursuant to the terms of an undertaking, the burden of  
proving that the indemnitee is not entitled to be indemnified, or to such       
advancement of expenses, under this ARTICLE X or otherwise shall be on the      
Corporation.                                                                    

Section 10.04 Non-Exclusivity of Rights. The right to indemnification and to the
advancement of expenses conferred in this ARTICLE X shall not be exclusive of   
any other right which any person may have or hereafter acquire under any        
statute, the Corporation's Certificate of Incorporation, Bylaws, agreement, vote
of stockholder or disinterested directors or otherwise.                         

Section 10.05 Insurance. The Corporation may maintain insurance, at its expense,
to protect itself and any director, officer, employee or agent of the           
Corporation or another corporation, partnership, joint venture, trust or other  
enterprise against any expense, liability or loss, whether or not the           
Corporation would have the power to indemnify such person against such expense, 
liability or loss under the Delaware General Corporation Law.                   

Section 10.06 Indemnification of Employees and Agents of the Corporation. The   
Corporation may, to the extent authorized from time to time by the Board of     
Directors, grant rights to indemnification and to the advancement of expenses to
any employee or agent of the Corporation to the fullest extent of the provisions
of this Article with respect to the indemnification and advancement of expenses 
of directors and officers of the Corporation.                                   

ARTICLE XI
AMENDMENTS

These Bylaws may be amended or repealed by the Board of Directors at any meeting
or by the stockholders at any meeting.                                          

Approved and adopted by the Board of Directors of BAB, Inc. effective           
August 28, 2000.                                                                

/s/ Michael K. Murtaugh                                                         
Secretary                                                                       

-51-

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10KSB’ Filing		Date		First		Last			Other Filings
Filed on:		2/28/07							10QSB
For Period End:		11/30/06
		8/28/00		8
									List all Filings

15 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/12/24  Bab, Inc.                         10-Q        2/29/24   61:4.4M                                   RDG Filings/FA
 2/26/24  Bab, Inc.                         10-K       11/30/23   62:4.7M                                   RDG Filings/FA
10/12/23  Bab, Inc.                         10-Q        8/31/23   55:3.3M                                   RDG Filings/FA
 7/13/23  Bab, Inc.                         10-Q        5/31/23   55:3.3M                                   RDG Filings/FA
 4/13/23  Bab, Inc.                         10-Q        2/28/23   55:3M                                     RDG Filings/FA
 2/24/23  Bab, Inc.                         10-K       11/30/22   63:4.4M                                   RDG Filings/FA
10/13/22  Bab, Inc.                         10-Q        8/31/22   58:3.5M                                   RDG Filings/FA
 7/13/22  Bab, Inc.                         10-Q        5/31/22   54:3.1M                                   RDG Filings/FA
 4/13/22  Bab, Inc.                         10-Q        2/28/22   54:2.9M                                   RDG Filings/FA
 2/25/22  Bab, Inc.                         10-K       11/30/21   62:4.2M                                   RDG Filings/FA
10/14/21  Bab, Inc.                         10-Q        8/31/21   57:3.2M                                   RDG Filings/FA
 7/14/21  Bab, Inc.                         10-Q        5/31/21   56:2.8M                                   RDG Filings/FA
 4/14/21  Bab, Inc.                         10-Q        2/28/21   56:2.5M                                   RDG Filings/FA
 2/26/21  Bab, Inc.                         10-K       11/30/20   61:3.8M                                   RDG Filings/FA
10/14/20  Bab, Inc.                         10-Q        8/31/20   54:2.5M                                   RDG Filings/FA