Document:

EX-4.2

 Exhibit 4.2 

TABLE OF CONTENT 

ACASTI PHARMA INC. – BY-LAW NO. 1 

GENERAL BY-LAW RELATING TO THE BUSINESS OF THE COMPANY 
  

									
	 1.
	  	INTERPRETATION	  	 	3	  
			
	 2.
	  	ORGANIZATION OF THE COMPANY	  	 	3	  
		  	 2.1
	  	Administrative Decisions	  	 	3	  
		  	 2.2
	  	Company Representation	  	 	3	  
			
	 3.
	  	MEETINGS OF THE SHAREHOLDERS	  	 	4	  
		  	 3.1
	  	Annual Meeting	  	 	4	  
		  	 3.2
	  	Place of Meeting	  	 	4	  
		  	 3.3
	  	Notice of meeting	  	 	4	  
		  	 3.4
	  	Waiver of notice	  	 	4	  
		  	 3.5
	  	Meeting without notice	  	 	4	  
		  	 3.6
	  	Quorum	  	 	5	  
		  	 3.7
	  	Right to Vote	  	 	5	  
		  	 3.8
	  	Proxy	  	 	5	  
		  	 3.9
	  	Filing of proxies	  	 	5	  
		  	 3.10
	  	Majority	  	 	6	  
		  	 3.11
	  	Vote by a show of hands	  	 	6	  
		  	 3.12
	  	Resolution in lieu of meeting	  	 	6	  
		  	 3.13
	  	Sole Shareholder	  	 	6	  
			
	 4.
	  	BOARD OF DIRECTORS	  	 	6	  
		  	 4.1
	  	Composition	  	 	6	  
		  	 4.2
	  	Quorum	  	 	6	  
		  	 4.3
	  	Election and Term of Office	  	 	6	  
		  	 4.4
	  	Removal	  	 	7	  
		  	 4.5
	  	Vacancy	  	 	7	  
		  	 4.6
	  	Powers of the Board	  	 	7	  
		  	 4.7
	  	Convocation of meetings	  	 	7	  
		  	 4.8
	  	Notice of meeting	  	 	7	  
		  	 4.9
	  	Waiver of notice	  	 	7	  
		  	 4.10
	  	Participation by telephone	  	 	8	  
		  	 4.11
	  	Resolution In lieu of meeting	  	 	8	  
		  	 4.12
	  	Voting	  	 	8	  
		  	 4.13
	  	Sole Director	  	 	8	  
		  	 4.14
	  	Remuneration and Expenses	  	 	8	  
			
	 5.
	  	OFFICERS	  	 	8	  
		  	 5.1
	  	Appointment	  	 	8	  
		  	 5.2
	  	Powers	  	 	8	  
		  	 5.3
	  	Other offices	  	 	9	  
		  	 5.4
	  	Cumulative duties	  	 	9	  

									
		  	 5.5
	  	Term of Office	  	 	9	  
		  	 5.6
	  	Resignation and Discharge	  	 	9	  
		  	 5.7
	  	Delegation of an Officers Power	  	 	9	  
		  	 5.8
	  	Vacancy	  	 	9	  
		  	 5.9
	  	Remuneration	  	 	9	  
			
	 6.
	  	LIABILITY OF DIRECTORS, OFFICERS AND OTHER REPRESENTATIVES	  	 	9	  
		  	 6.1
	  	Limitation of liability	  	 	9	  
		  	 6.2
	  	Indemnity	  	 	10	  
			
	 7.
	  	CAPITAL STOCK	  	 	10	  
		  	 7.1
	  	Issuance of shares	  	 	10	  
		  	 7.2
	  	Share Certificates	  	 	10	  
			
	 8.
	  	ADOPTION, ABROGATION AND AMENDMENT	  	 	10	  

 BY-LAW NO. 1 

GENERAL BY-LAW RELATING TO THE BUSINESS OF THE COMPANY 
  

	1.	INTERPRETATION 

 Unless otherwise provided in the present by-law, the following must be interpreted in
accordance with the Quebec Companies Act (R.S.Q., c. c-38) including any subsequent amendment thereto and any law that may be substituted therefore, hereinafter the “Act”. 

In the present by-law, the term “Articles” refers to the articles of incorporation of the Company and to all subsequent amendments thereto filed
with the Inspector general of financial institutions. 
 The words and expressions defined in the Act have the same meaning for the purposes of this by-law.

 Words importing the singular number include plural and vice-versa, and words importing gender is deemed to include the masculine and the feminine. 

Words referring to persons are deemed to include individuals, incorporated or non-incorporated companies, companies, corporations, trusts as wells as
non-incorporated organizations. 
 Each time a provision of this by-law or of any other by-law of the Company is in conflict with or contradicts the
provisions of a “Unanimous Shareholders Agreement” as described in article 123.91 of the Act, the provisions of the “Unanimous Shareholders Agreement” shall prevail. 

 

	2.	ORGANIZATION OF THE COMPANY 

  

	2.1	Administrative Decisions 

 The Board of Directors establishes, by means of a resolution:

  

	 	(a)	The address of the head office of the Company within the boundaries of the judicial district indicated in its articles. 

  

	 	(b)	The form and content of the seal of the Company. 

  

	 	(c)	The date of the end of each fiscal year of the Company. 

  

	2.2	Company Representation 

 Any director or other person designated by the Board of
Directors shall be authorized and empowered to: 
  

	 	(a)	represent the Company for any writ of seizure by garnishment before or after judgment that may be served upon it; 

	 	(b)	prepare all affidavits which may be necessary in connection with any apposition or any other judicial proceeding; 

  

	 	(c)	make any petition for liquidation, for winding-up or receivership orders against any debtor of the Company; 

  

	 	(d)	attend and vote at all meetings of creditors and grant proxies in connection therewith; 

  

	 	(e)	answer for the Company to any examination upon articulated facts and any proceeding that might be necessary in the context of litigation, to which the Company is a party. The Board of Directors may appoint by resolution
any person to represent the Company at any time in connection with any other matter. 

  

	3.	MEETINGS OF THE SHAREHOLDERS 

  

	3.1	Annual Meeting 

 At the end of each fiscal year, within the delays prescribed by the
Act, an annual general meeting of the shareholders of the Company shall be held on such date and at such time as may be fixed by the Board of Directors, to receive and consider the financial statements, to elect directors, and, as the case may be,
the report of the auditor as well as to the appointment or renewal of the mandate of the latter. 
  

	3.2	Place of Meeting 

 The annual meeting of the shareholders shall be held at the head
office of the Company or at any other place which may be determined by the Board of Directors. 
  

	3.3	Notice of meeting 

 Notice of the date, time and place of the meeting and the nature of
any special business to be considered at such meeting shall be delivered to each shareholders entitled to vote at the meeting, to each director and to the auditor of the Company. Said notice shall be sent not less than ten (10) days prior to
the date fixed for the meeting. 
  

	3.4	Waiver of notice 

 A shareholder and any other person permitted to assist at such
meeting, may waive the notice thereof or consent to its being held; the attendance by any person at such meeting shall be deemed a waiver on his part to notice thereof, unless such person attends the meeting for the purpose of objecting to the
proceedings on the grounds that the meeting was not validly called. 
  

	3.5	Meeting without notice 

 A meeting of the shareholders may be held validly at any time
and any place permitted by the Act without the notice: 

	 	(a)	if all the shareholders entitled to vote attend or are represented by proxy or if all persons who do not attend and are not represented by proxy have waived notice of the meeting in writing or have consented to the
holding of the meeting. 

  

	 	(b)	if the auditor and all directors are present or have waived notice of meeting in writing or have consented to the holding of the meeting. 

All business of the Company that may be transacted at a shareholders meeting may be transacted at such a meeting. If the meeting is held
outside of the province of Quebec, the shareholders who are not present or who are not represented by proxy and who have waived notice of the meeting or have consented to the holding thereof, are deemed to have consented to the holding of the
meeting in such place. 
  

	3.6	Quorum 

 During any meeting of the shareholders, the attendance, in person or by proxy,
of the shareholders representing not less than ten percent (10%) of the shares of the share capital of the Company shall constitute a quorum. 
  

	3.7	Right to Vote 

 Subject to the Articles of the Company, each shareholder entitled to
vote at a meeting of the shareholders and who is in attendance, in person or by proxy, has the right to one vote per voting share that is registered in his name in the securities’ register of the Company. 

 

	3.8	Proxy 

 Any shareholder entitled to vote at a meeting of the shareholders may appoint a
proxyholder, who need not be a shareholder, to attend the meeting and to act thereat within the limits set out in the proxy. The instrument in writing appointing a proxyholder shall be signed by the shareholder or by his personal representative, so
authorized in writing and shall be in conformity with the Act. 
  

	3.9	Filing of proxies 

 The Board of Directors, in the notice of a shareholders meeting, may
specify a deadline for the filing of proxies to be used during the meeting, which, excluding any non-juridical days or holidays, may not precede by more than forty-eight (48) hours the date of the meeting. 

A proxy is only valid for the purposes of the meeting if, prior to the date set out in the preceding paragraph, the proxy has been filed with
the Company or its designated representative named in the notice or, if no date was specified in the notice, in the hands of the Secretary of the Company or the President of the meeting prior to the time planned for the vote. 

	3.10	Majority 

 Subject to the provisions of the Act, the Articles, of a Unanimous
Shareholders Agreement or any other by-law of the Company, any matter submitted to a meeting of shareholders will be decided by a majority of the votes cast. 

In the event of a tie, neither the chairman of the meeting nor any directors or officer shall have a casting vote. 

 

	3.11	Vote by a show of hands 

 During a meeting of the shareholders, the vote shall be taken
by a show of hands, unless a shareholder or proxyholder having the right to vote at such meeting requests a vote by secret ballot and that this proposal is approved by the majority of votes. 

 

	3.12	Resolution in lieu of meeting 

 Unless otherwise provided for in the Act, a resolution
signed by all the shareholders entitled to vote thereon, shall have the same effect and be as valid as if it had been passed unanimously at a shareholders meeting. 
  

	3.13	Sole Shareholder 

 If the Company has a single shareholder or a sole holder of shares of
a class or series, the shareholder, whether in person or by proxy, constitutes a meeting. 
  

	4.	BOARD OF DIRECTORS 

  

	4.1	Composition 

 Pursuant to article 123.73 of the Act, the Board of Directors is composed
of directors who, must possess the qualities required by them by meeting of the shareholders, as the case may be. 
 The number of directors
shall be determined annually by the shareholders, within the limits imposed by the Articles of the Company. 
  

	4.2	Quorum 

 A majority of the directors in office or the minimal number of directors
prescribed for in the Articles, shall constitute a quorum for a meeting of the Board of Directors, subject to a resolution to the contrary adopted by the shareholders of the Company. 

 

	4.3	Election and Term of Office 

 The directors shall be elected by the shareholders at the
first meeting of the shareholders and thereafter at each annual meeting of the shareholders. All directors then in office must then resign but remain eligible for re-election. If the election of directors is not held within the prescribed time, the
then elected directors shall remain in office until the following annual meeting or the election of their successors. 

	4.4	Removal 

 Subject to the Act, any director may be removed from office by way an ordinary
resolution of the shareholders passed at a special meeting called for such purpose. 
  

	4.5	Vacancy 

 A vacancy created on the Board of Directors due to a death, a resignation or if
a director is no longer qualified to fulfill his duties, excluding a vacancy resulting from the increase of the number of directors on the board, may be filled by the remaining directors provided a quorum exists, or otherwise byway of a shareholders
meeting. 
 The directors may continue to act notwithstanding one or more vacancies, provided a quorum exists. 

 

	4.6	Powers of the Board 

 Subject to a Unanimous Shareholders Agreement, the directors shall
supervise the business and the affairs of the Company. Subject to article 4.10 of this by-law, the hoard of directors shall exercise its powers by way of resolutions adopted at a meeting where a quorum existed or by written resolution signed by all
directors having the right to vote on such resolutions at a meeting of the board of directors. 
  

	4.7	Convocation of meetings 

 Meetings of the Board of Directors may be called by any
director of the Company. 
  

	4.8	Notice of meeting 

 A Notice of a meeting setting out the date, time and place of thereof
as well as its object and the business to be considered thereat shall be sent to each director, by mail, delivered in person or by telegraph, at least ten (10) days prior to the date fixed for the meeting. 

 

	4.9	Waiver of notice 

 A director may at any time and in any manner waive his right to
receive notice of a meeting of the Board of Directors or otherwise consent to such a meeting. The attendance of a director at the meeting, in itself, shall constitute a waiver, except where he indicates that he is attending the meeting for the
express purpose of objecting to the proceedings on the grounds that the meeting has not been validly called. 

	4.10	Participation by telephone 

 A Director may, if all directors are in agreement.
participate in a board meeting using means permitting all participants to communicate orally amongst themselves A director participating in the meeting by such means shall be deemed to have attended the meeting. 

 

	4.11	Resolution In lieu of meeting 

 A written resolution, signed by all the directors
entitled to vote on that resolution at a meeting of the directors, shall be valid and shall have the same effect as if it had been adopted at a meeting of the Board of Directors duly called and held. 

 

	4.12	Voting 

 Each director shall be entitled to one vote. All matters shall be decided by a
majority of the votes cast and, in the event of a tie, the president shall not have a second or casting vote. 
  

	4.13	Sole Director 

 If the Company has a sole director, said director constitutes the Board
of Directors. 
  

	4.14	Remuneration and Expenses 

 Subject to a Unanimous Shareholders Agreement, the
remuneration to be paid to the directors for their services shall be such as the Board of Directors shall determine from time to time. Directors shall be reimbursed for reasonable and necessary expenses incurred by them in the exercise of their
duties. No provision hereof shall prevent a director from occupying an office or position with the Company and from receiving remuneration as a result thereof. 
  

	5.	OFFICERS 

  

	5.1	Appointment 

 Subject to the provisions of the Articles, or of any Unanimous Shareholders
Agreement, the Board of Directors may annually or as necessary, appoint a person to the office of President, one or more Vice-Presidents, a Secretary, one or more assistant Secretaries, a Treasurer and one or more assistant Treasurers. None of these
officers need necessarily be a director of the Company. Where the same person holds the offices of Secretary and Treasurer, that person may be designated as the Secretary-Treasurer. 

 

	5.2	Powers 

 Subject to the Act, to the Articles, to the By-laws and to any resolution of the
Board of Directors on the subject, the officers have the powers and assume all responsibility which normally relate to their office. 

	5.3	Other offices 

 The Board of Directors may create such other offices as it may deem
necessary and name such officers, employees or mandataries to serve as such, as may be deemed appropriate thereon. The powers of these offices shall be limited to those powers granted to them by resolution. 

 

	5.4	Cumulative duties 

 The same person may hold two or more offices within the Company. 

 

	5.5	Term of Office 

 The term of office of the officers and of the representatives of the
Corporation shall begin with their acceptance of the office and shall continue until their successors or their replacements have been appointed. 
  

	5.6	Resignation and Discharge 

 Any officer may resign his office at any time by delivering
his resignation in writing to the Board of Directors of the Company. Any Officer may be removed from office at any time with or without reason, by resolution adopted by a majority of the directors, subject at all times, to the provisions of a
contract which may bind him to the company. 
  

	5.7	Delegation of an Officers Power 

 In the case of an officer’s absence, incapacity or
a refusal to act, or far any other reason which the Board deems sufficient, the latter may delegate, for whatever time necessary, all or a portion of the powers of such officer to another officer or director. 

 

	5.8	Vacancy 

 Any vacancy occurring in the office of any officer may be filled by the Board
of Directors. 
  

	5.9	Remuneration 

 Subject to a Unanimous Shareholders Agreement, the officers and other
employees of the Company will be remunerated for their services, such remuneration to be determined from time to time by the Board of Directors. 
  

	6.	LIABILITY OF DIRECTORS, OFFICERS AND OTHER REPRESENTATIVES 

  

	6.1	Limitation of liability 

 Subject to the limits permitted by the Act, the Company shall
indemnify a director or officer, a former director or officer of the Company or any other person acting or having acted, upon request of the Company, as director or officer of the legal person of which the Company is or was a shareholder or
creditor, as well as legal heirs and representatives 

 
of such person, against all costs, charges and expenses, including an amount paid to settle an action or satisfy e judgement, reasonably incurred in an action or any civil, criminal or
administrative proceeding in which the individual was a party due to the fact that he is or was a director or officer of the Company, if such person acted with integrity and good faith in the best interests of the Company and, in the case of a
criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that his conduct was in conformity with the Act. 

 

	6.2	Indemnity 

 Without limiting the generality of article 6.1, the directors of the Company
are hereby authorized, without further approval or confirmation from the shareholders, to cause the Company to indemnify any director or other person whose liability is or will be engaged for the benefit of the Company and to guarantee by hypothec
or otherwise, the reimbursement of any loss that this director may suffer from such liability. 
  

	7.	CAPITAL STOCK 

  

	7.1	Issuance of shares 

 Subject to the Articles of the Company, the By-Laws or a Unanimous
Shareholders Agreement, the shares of the share capital of the Company or options for the purchase of same, may be issued at such periods, to such persons and for such consideration as may be determined by resolution of the Board of Directors. 

 

	7.2	Share Certificates 

 The share certificates, the form of which is approved by resolution
of the Board of Directors, must be signed by at least one director or officer of the Company, or as may be otherwise determined by the Board of Directors. 
  

	8.	ADOPTION, ABROGATION AND AMENDMENT 

 The Board of Directors may, from time to time,
adopt or enact new By-Laws, which must not be contrary to the Act or the Articles of the Company. The Board may adopt, abrogate, amend or re-enact other By-Laws of the Company.EX-4.3

 Exhibit 4.3 

ADVANCE NOTICE BY-LAW 

BY-LAW NO. 2013-1 
 A
BY-LAW RELATING GENERALLY TO THE ADVANCE 
 NOTICE REQUIREMENTS FOR THE NOMINATION OF 

DIRECTORS OF ACASTI PHARMA INC. 

(the “Corporation”) 

INTRODUCTION 
 The purpose of this advance notice by-law
(the “Advance Notice By-Law”) is to establish the conditions and framework under which holders of record of common shares of the Corporation may exercise their right to submit director nominations by fixing a deadline by which such
nominations must be submitted by a shareholder to the Corporation prior to any annual or special meeting of shareholders, and sets forth the information that a shareholder must include in the notice to the Corporation for the notice to be in proper
form. 
 It is the position of the Corporation that this Advance Notice By-Law is beneficial to shareholders and other stakeholders of the Corporation. 

NOMINATIONS OF DIRECTORS 
  

	 	1.	Subject only to the Quebec Business Corporations Act (the “Act”) and the articles, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the
Corporation. Nominations of persons for election to the board of directors of the Corporation (the “Board”) may be made at any annual meeting of shareholders or at any special meeting of shareholders if one of the purposes for which the
special meeting was called was the election of directors. Such nominations may be made in the following manner: 

 a. by or at
the direction of the Board, including pursuant to a notice of meeting; 
 b. by or at the direction or request of one or more shareholders
of the Corporation pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of meeting of the shareholders of the Corporation made in accordance with the provisions of the Act; or 

 c. by any person (a “Nominating Shareholder”): (A) who, at the close of business
on the date of the giving of the notice provided below in this Advance Notice By-Law and on the record date for notice of such meeting, is entered in the securities register of the Corporation as a holder of one or more shares carrying the right to
vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (B) who complies with the notice procedures set forth below in this Advance Notice By-Law. 

 

	 	2.	In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the Corporate
Secretary of the Corporation at the principal executive offices of the Corporation. 

  

	 	3.	To be timely, a Nominating Shareholder’s notice to the Corporate Secretary of the Corporation must be made: 

a. in the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of
shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement (the “Notice Date”) of the date of the
annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the 10th day following the Notice Date; and 

b. in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors
(whether or not called for other purposes), not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting of shareholders was made. 

c. In no event shall any adjournment or postponement of a meeting of shareholders or the announcement thereof commence a new time period for
the giving of a Nominating Shareholder’s notice as described above. 
  

	 	4.	To be in proper written form, a Nominating Shareholder’s notice to the Corporate Secretary of the Corporation must set forth: 

a. as to each person whom the Nominating Shareholder proposes to nominate for election as a director: (A) the name, age, business address
and residential address of the person; (B) the principal occupation or employment of the person; (C) the class or series and number of shares in 

 
the capital of the Corporation which are controlled or which are owned beneficially or of record by the person as of the record date for the meeting of shareholders (if such date shall then have
been made publicly available and shall have occurred) and as of the date of such notice; and (D) any other information relating to the person that would be required to be disclosed in a dissident’s proxy circular in connection with
solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below); and 
 b. as to
the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding or relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the Corporation and any other information relating to such
Nominating Shareholder that would be required to be made in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below). 

The Corporation may require any proposed director nominee to furnish such other information as may reasonably be required by the Corporation to
determine the eligibility of such proposed director nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder of the Corporation’s understanding of the independence, or lack thereof, of
such proposed director nominee. 
  

	 	5.	No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Advance Notice By-Law; provided, however, that nothing in this Advance Notice By-Law
shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of the Corporation of any matter in respect of which it would have been entitled to submit a proposal pursuant to the
provisions of the Act. The chairman of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance
with such foregoing provisions, to declare that such defective nomination shall be disregarded. 

  

	 	6.	For purposes of this Advance Notice By-Law: 

 a. “public announcement” shall mean
disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com; and 

 b. “Applicable Securities Laws” means the applicable securities legislation of each
relevant province of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the
securities commission and similar regulatory authority of each province of Canada. 
  

	 	7.	Notwithstanding any other provision of this Advance Notice By-Law, notice given to the Corporate Secretary of the Corporation may only be given by personal delivery, facsimile transmission or by email (at such email
address as stipulated from time to time by the Corporate Secretary of the Corporation for purposes of this notice), and shall be deemed to have been given and made only at the time it is served by personal delivery, email (at the aforesaid address)
or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary of the Corporation at the address of the principal executive offices of the Corporation; provided that if
such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Montreal time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on
the subsequent day that is a business day. 

 Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in
this Advance Notice By-Law. 
 Adopted by the Board May 9, 2013. 

********

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