<SEC-DOCUMENT>0001752724-25-051134.txt : 20250306
<SEC-HEADER>0001752724-25-051134.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306121321
ACCESSION NUMBER:		0001752724-25-051134
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306
EFFECTIVENESS DATE:		20250306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE SMALL-CAP TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		ORGANIZATION NAME:           	
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		25714301

	BUSINESS ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
		BUSINESS PHONE:		2125084500

	MAIL ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST, INC.
		DATE OF NAME CHANGE:	20180124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_811-04875_10253895_1224.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE VALUE TRUST, INC.</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLES OF AMENDMENT</font></b></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Royce Value Trust, Inc.,</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Maryland corporation (the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Corporation&#8221;),</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">does hereby certify</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">State
Department of Assessments and Taxation of the State of Maryland that:</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">FIRST</font></u></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">: &#160;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The charter</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of the
Corporation (the &#8220;Charter&#8221;)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">is hereby
amended by deleting Article II</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> of the
Charter </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in its entirety and inserting in lieu thereof the following:</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE II</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NAME</font></b></p>

<p style="margin:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The name of the corporation (the &#8220;Corporation&#8221;) is</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Royce Small-Cap Trust, Inc.</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECOND</font></u></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">: &#160;The
amendment to the Charter that is effected</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by
these Articles of Amendment</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">has</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">been</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approved</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">majority</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">entire</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">board</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">directors</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the
Corporation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">is</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">limited
to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">change</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">expressly</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">authorized by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2-605(a)(1)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Maryland General Corporation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Law to be made without action by the
stockholders of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">Corporation.</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">THIRD</font></u></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">:</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> &#160;These Articles of Amendment shall become effective as of 12:01 a.m.,
Eastern Time, on May 1, 2024.</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, the Corporation has caused these Articles of Amendment to be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">signed in its</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">name and on</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">its
behalf on this 11<sup>th</sup> day of April, 2024, by the President of the
Corporation who acknowledges that these Articles of Amendment are the act of
the Corporation and that, to the best of his knowledge, information, and
belief,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and under</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">penalties for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">perjury, the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">matters
and facts set forth herein are true in all material respects.</font></p>

<p style="margin:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:6.75pt;margin-right:6.75pt;width:489.099976pt;">
 <tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">ATTEST: </font></b></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">By:&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;">/s/ John E. Denneen</font></u></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; John E. Denneen</font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Secretary </font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">ROYCE VALUE TRUST, INC. </font></b></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">By: </font><u><font face="Times New Roman" style="font-size:12.0pt;">/s/&#160; Christopher D.
  Clark</font></u></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name: Christopher
  D. Clark </font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title: President &#160;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_811-04875_21292382_1224.htm
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDED AND RESTATED</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BYLAWS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OF</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE VALUE TRUST, INC.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A Maryland Corporation</font></b></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;I</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
MEETINGS OF STOCKHOLDERS</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Place</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. All meetings of stockholders of Royce Value Trust,
Inc. (the &#8220;Corporation&#8221;</font><sup><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">1</font></sup><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">)
shall be held at the principal executive office of the Corporation or at such
other place as shall be set in accordance with these Amended and Restated
Bylaws (these &#8220;Bylaws&#8221;) and stated in the notice of the meeting. The Board of
directors may determine that a meeting not be held at any place, but instead
may be held partially or solely by means of remote communication. In accordance
with these Bylaws and subject to any guidelines and procedures adopted by the
Board of Directors, stockholders and proxy holders may participate in any
meeting of stockholders held by means of remote communication and may vote at
such a meeting as permitted by Maryland law. Participation in a meeting by
these means constitutes presence in person at the meeting. </font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Annual Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. An annual meeting of the stockholders for
the election of directors and the transaction of any business within the powers
of the Corporation shall be held on a date and at the time set by the Board of
Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">General</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The President or the Board of Directors may call a
special meeting of the stockholders. Subject to Section&nbsp;3(b) of this
Article&nbsp;I, a special meeting of stockholders shall also be called by the
Secretary of the Corporation upon the written request of the stockholders
entitled to cast not less than a majority of all the votes entitled to be cast
at such meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Stockholder Requested Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. </font><font color=red><strike><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)</font></strike></font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)&nbsp;Any
stockholder of record seeking to have stockholders request a special meeting
shall, by sending written notice to the Secretary (the &#8220;Record Date Request
Notice&#8221;) by registered mail, return receipt requested, request the Board of
Directors to fix a record date to determine the stockholders entitled to
request a special meeting (the &#8220;Request Record Date&#8221;). The Record Date Request
Notice shall set forth the purpose of the meeting and the matters proposed to
be acted on at it, shall be signed by one or more stockholders of record as of
the date of signature (or their agents duly authorized in writing), shall bear
the date of signature of each such stockholder (or such agent) and shall set
forth all </font></h3>

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<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">1</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">For reference, the name of the Corporation will
change to Royce Small-Cap Trust, Inc. effective May 1, 2024.&#160; Articles of
Amendment to the Corporation&#8217;s charter reflecting the change of name are on
file with the Maryland State Department of Assessments of Taxation. </font></p><font lang=EN-US>

</font></div>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">information relating to each such stockholder
that must be disclosed in solicitations of proxies for election of directors in
an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation&nbsp;14A (or any
successor provision) under the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;). Upon receiving the Record Date Request Notice, the Board of
Directors may fix a Request Record Date. The Request Record Date shall not precede
and shall not be more than ten&nbsp;(10) days after the close of business on
the date on which the resolution fixing the Request Record Date is adopted by
the Board of Directors. If the Board of Directors, within ten&nbsp;(10) days
after the date on which a valid Record Date Request Notice is received, fails
to adopt a resolution fixing the Request Record Date and make a public
announcement of such Request Record Date, the Request Record Date shall be the
close of business on the tenth&nbsp;(10th) day after the first date on which
the Record Date Request Notice is received by the Secretary.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In order for any stockholder to request a special meeting, one or more
written requests for a special meeting signed by stockholders of record (or
their agents duly authorized in writing) as of the Request Record Date entitled
to cast not less than a majority (the &#8220;Special Meeting Percentage&#8221;) of all of
the votes entitled to be cast at such meeting (the &#8220;Special Meeting Request&#8221;)
shall be delivered to the Secretary. In addition, the Special Meeting Request
shall set forth the purpose of the meeting and the matters proposed to be acted
on at it (which shall be limited to the matters set forth in the Record Date
Request Notice received by the Secretary), shall bear the date of signature of
each such stockholder (or such agent) signing the Special Meeting Request,
shall set forth the name and address, as they appear in the Corporation&#8217;s
books, of each stockholder signing such request (or on whose behalf the Special
Meeting Request is signed), the class, series and number of all shares of stock
of the Corporation which are owned by each such stockholder, and the nominee
holder for, and number of, shares owned beneficially but not of record, shall
be sent to the Secretary by registered mail, return receipt requested, and
shall be received by the Secretary within sixty&nbsp;(60) days after the
Request Record Date. Any requesting stockholder may revoke his, her or its
request for a special meeting at any time by written revocation delivered to
the Secretary.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Secretary shall inform the requesting stockholders of the reasonably
estimated cost of preparing and mailing the notice of meeting (including the
Corporation&#8217;s proxy materials). The Secretary shall not be required to call a
special meeting upon stockholder request and such meeting shall not be held
unless, in addition to the documents required by subsection&nbsp;(2) of this
Section&nbsp;3(b), the Secretary receives payment of such reasonably estimated
cost prior to the mailing of any notice of the meeting.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Except as provided in the next sentence, any special meeting shall be
held at such place, date and time as may be designated by the President or the
Board of Directors, whoever has called the meeting. In the case of any special
meeting called by the Secretary upon the request of stockholders (a
&#8220;Stockholder Requested Meeting&#8221;), such meeting shall be held at such place,
date and time as may be designated by the Board of Directors; provided,
however, that the date of any Stockholder Requested Meeting shall be not more
than ninety (90) days after the record date for such meeting (the &#8220;Meeting
Record Date&#8221;); and provided further that if the Board of Directors fails to
designate, within ten&nbsp;(10) days after the date that a valid Special
Meeting Request is actually received by the Secretary (the &#8220;Delivery Date&#8221;), a
date and time for a Stockholder Requested Meeting, then such meeting shall be
held at 2:00 p.m. local time on the </font></h4>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ninetieth (90th)
day after the Meeting Record Date or, if such ninetieth&nbsp;(90th) day is not
a Business Day (as defined below), on the first preceding Business Day; and
provided further that in the event that the Board of Directors fails to
designate a place for a Stockholder Requested Meeting within ten&nbsp;(10) days
after the Delivery Date, then such meeting shall be held at the principal
executive office of the Corporation. In fixing a date for any special meeting,
the President or the Board of Directors may consider such factors as he, she or
it deems relevant within the good faith exercise of business judgment,
including, without limitation, the nature of the matters to be considered, the
facts and circumstances surrounding any request for meeting and any plan of the
Board of Directors to call an annual meeting or a special meeting. In the case
of any Stockholder Requested Meeting, if the Board of Directors fails to fix a
Meeting Record Date that is a date within thirty&nbsp;(30) days after the
Delivery Date, then the close of business on the thirtieth&nbsp;(30th) day
after the Delivery Date shall be the Meeting Record Date.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(5)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">If at any time as a result of written revocations of requests for the
special meeting, stockholders of record (or their agents duly authorized in
writing) as of the Request Record Date entitled to cast less than the Special
Meeting Percentage shall have delivered and not revoked requests for a special
meeting, the Secretary may refrain from mailing the notice of the meeting or,
if the notice of the meeting has been mailed, the Secretary may revoke the
notice of the meeting at any time before ten&nbsp;(10) days before the
commencement of the meeting if the Secretary has first sent to all other
requesting stockholders written notice of any revocation of a request for the
special meeting and written notice of the Secretary&#8217;s intention to revoke the
notice of the meeting. Any request for a special meeting received after a
revocation by the Secretary of a notice of a meeting shall be considered a
request for a new special meeting.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(6)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Board of Directors or the President may appoint independent
inspectors of elections to act as the agent of the Corporation for the purpose
of promptly performing a ministerial review of the validity of any purported
Special Meeting Request received by the Secretary. For the purpose of
permitting the inspectors to perform such review, no such purported request
shall be deemed to have been delivered to the Secretary until the earlier of
(i)&nbsp;five&nbsp;(5) Business Days after receipt by the Secretary of such
purported request and (ii)&nbsp;such date as the independent inspectors certify
to the Corporation that the valid requests received by the Secretary represent
at least a majority of the issued and outstanding shares of stock that would be
entitled to vote at such meeting. Nothing contained in this subsection&nbsp;(6)
shall in any way be construed to suggest or imply that the Corporation or any
stockholder shall not be entitled to contest the validity of any request,
whether during or after such five&nbsp;(5) Business Day period, or to take any
other action (including, without limitation, the commencement, prosecution or
defense of any litigation with respect thereto, and the seeking of injunctive
relief in such litigation).</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(7)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of these Bylaws, &#8220;Business Day&#8221; shall mean any day other
than a Saturday, a Sunday or a day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to close.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notice of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Not less than ten nor more than 90
days before each meeting of stockholders, the Secretary shall give to each
stockholder entitled to vote at such meeting and to each stockholder not
entitled to vote who is entitled to notice of the meeting notice in writing or
by electronic transmission stating the time and place of the meeting and, in
the case of a special meeting or as otherwise may be required by any statute,
the purpose for which the </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">meeting is called, either by
mail, by presenting it to such stockholder personally, by leaving it at the
stockholder&#8217;s residence or usual place of business or by any other means
permitted by Maryland law. If mailed, such notice shall be deemed to be given
when deposited in the United States mail addressed to the stockholder at the
stockholder&#8217;s address as it appears on the records of the Corporation, with
postage thereon prepaid. If transmitted electronically, such notice shall be
deemed to be given when transmitted to the stockholder by an electronic
transmission to any address or number of the stockholder at which the
stockholder receives electronic transmissions. The Corporation may give a
single notice to all stockholders who share an address, which single notice
shall be effective as to any stockholder at such address, unless a stockholder
objects to receiving such single notice or revokes a prior consent to receiving
such single notice. Failure to give notice of any meeting to one or more
stockholders, or any irregularity in such notice, shall not affect the validity
of any meeting fixed in accordance with this Article II or the validity of any
proceedings at any such meeting.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subject to Section&nbsp;12(a) of this Article&nbsp;II,
any business of the Corporation may be transacted at an annual meeting of
stockholders without being specifically designated in the notice, except such
business as is required by any statute to be stated in such notice. No business
shall be transacted at a special meeting of stockholders except as specifically
designated in the notice. The Corporation may postpone or cancel a meeting of
stockholders by making a public announcement (as defined in Section&nbsp;12(c)(3)
of this Article I) of such postponement or cancellation prior to the meeting.
Notice of the date, time and place to which the meeting is postponed shall be
given not less than ten days prior to such date and otherwise in the manner set
forth in this Section.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Quorum</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The presence in person or by proxy of stockholders
of the Corporation entitled to cast at least a majority of the votes entitled
to be cast shall constitute a quorum at each meeting of the stockholders,
except with respect to any such matter that, under applicable statutes or
regulatory requirements or the charter of the Corporation, requires approval by
a separate vote of one or more classes of stock, in which case the presence in
person or by proxy of the holders of shares entitled to cast a majority of the
votes entitled to be cast by each such class on such a matter shall constitute
a quorum. In the absence of a quorum, the chairman of the meeting without
notice other than by announcement at the meeting, may adjourn the meeting from
time to time as provided in Section 6 of this Article I until a quorum shall
attend. The stockholders present at any duly organized meeting may continue to
do business until adjournment, notwithstanding the withdrawal of enough
stockholders to leave less than a quorum. The lack of presence at any meeting
in person or by proxy of holders of the number of shares of stock of the
Corporation of the proportion that may be required by the Maryland General
Corporation Law (the &#8220;MGCL&#8221;), the Investment Company Act of 1940, as amended
(the &#8220;Investment Company Act&#8221;), or other applicable statute, the Corporation&#8217;s
charter (the &#8220;Charter&#8221;) or these Bylaws, for action upon any given matter shall
not prevent action at the meeting on any other matter or matters that may
properly come before the meeting, so long as there are present, in person or by
proxy, holders of the number of shares of stock of the Corporation required for
action upon the other matter or matters.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Adjournment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. At any meeting of the stockholders, the
chairman of the meeting may for any or no reason adjourn the meeting </font><i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">sine
die</font></i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> or from time to time to a date not more than one hundred twenty&nbsp;(120)
days after the original record date without notice other than announcement at
the meeting. At such adjourned meeting at which a quorum shall be present, any </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">business may be transacted which might have been
transacted at the meeting as originally notified. The stockholders present
either in person or by proxy, at a meeting which has been duly called and at
which a quorum has been established, may continue to transact business until
adjournment, notwithstanding the withdrawal from the meeting of enough
stockholders to leave fewer than required to establish a quorum.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Organization and Conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Every meeting of stockholders
shall be conducted by an individual appointed by the Board of Directors or by
the President to be chairman of the meeting or, in the absence of such
appointment, by the President. The Secretary or, in the Secretary&#8217;s absence, an
Assistant Secretary or, in the absence of both the Secretary and Assistant
Secretaries, an individual appointed by the Board of Directors or, in the
absence of such appointment, an individual appointed by the chairman of the
meeting shall act as secretary. In the event that the Secretary presides at a
meeting of the stockholders, an Assistant Secretary, or, in the absence of
Assistant Secretaries, an individual appointed by the Board of Directors or the
chairman of the meeting, shall record the minutes of the meeting. The order of
business and all other matters of procedure at any meeting of stockholders
shall be determined by the chairman of the meeting. The Board of Directors, and
the chairman of the meeting may prescribe such rules, regulations and procedures
and take such action as, in their discretion and without any action by the
stockholders, are appropriate for the proper conduct of the meeting, including,
without limitation, (a)&nbsp;restricting admission to the time set for the
commencement of the meeting; (b)&nbsp;limiting attendance at the meeting to
stockholders of record of the Corporation, their duly authorized proxies or
other such individuals as the chairman of the meeting may determine; (c)&nbsp;limiting
participation at the meeting on any matter to stockholders of record of the
Corporation entitled to vote on such matter, their duly authorized proxies or
other such individuals as the chairman of the meeting may determine; (d)&nbsp;limiting
the time allotted to questions or comments by participants; (e)&nbsp;maintaining
order and security at the meeting; (f)&nbsp;removing any stockholder or any
other individual who refuses to comply with meeting procedures, rules or
guidelines as set forth by the chairman of the meeting; and (g)&nbsp;recessing
or adjourning the meeting to a later date and time and place announced at the
meeting. Unless otherwise determined by the chairman of the meeting, meetings
of stockholders shall not be required to be held in accordance with the rules
of parliamentary procedure.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Voting; Proxies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A majority of the votes entitled to be
cast in the election of directors shall be required to elect a director. Each
share may be voted for as many individuals as there are directors to be elected
and for whose election the share is entitled to be voted. A majority of the
votes cast at a meeting of stockholders duly called and at which a quorum is
present shall be sufficient to approve any other matter which may properly come
before the meeting, unless a different vote is required by statute or by the
Charter. Unless otherwise provided by statute or in the Charter, each
outstanding share, regardless of class, shall be entitled to one vote on each
matter submitted to a vote at a meeting of stockholders.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each stockholder entitled to vote at any meeting of
stockholders may authorize another person or persons to act for him by a proxy
signed by the stockholder or his attorney-in-fact or a proxy in such other form
as may be permitted by the MGCL, including electronic transmission from the
stockholder or his authorized agent. A stockholder may authorize another person
or persons to act as proxy by telephone or by transmitting, or authorizing the
transmission of, a telegram, cablegram, datagram or other means of electronic
transmission to the person or persons authorized to act as proxy or to a proxy
solicitation firm, proxy support service organization or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other
person authorized by the person or persons who will act as proxy to receive the
transmission. No proxy shall be valid after the expiration of eleven&nbsp;(11)
months from the date thereof, unless otherwise provided in the proxy. Any
stockholder directly or indirectly soliciting proxies from other stockholders
may use any proxy card color other than white, which shall be reserved for
exclusive use of the Board of Directors. Every proxy shall be revocable at the
pleasure of the stockholder executing it, except in those cases in which the
proxy states that it is irrevocable and in which an irrevocable proxy is
permitted by law.</font></p>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fixing of Record Date for Determining Stockholders Entitled to
Notice and to Vote at Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to Article II, Section 3(b) of these
Bylaws, in advance, the Board of Directors may set a record date for the
purpose of determining stockholders entitled to notice of, and to vote at, any
meeting of the stockholders. The record date for a particular meeting shall be
not more than ninety&nbsp;(90) nor fewer than ten&nbsp;(10) days before the
date of the meeting. All persons who were holders of record of shares as of the
record date of a meeting, and no others, shall be entitled to vote at such
meeting and any adjournment thereof.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Inspectors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Board of Directors may, in advance of any
meeting of stockholders, appoint one&nbsp;(1) or more inspectors to act at the
meeting or at any adjournment of the meeting. If the inspectors shall not be so
appointed or if any of them shall fail to appear or act, the chairman of the
meeting may appoint inspectors. Each inspector, before entering upon the
discharge of his duties, shall, if required by the chairman of the meeting,
take and sign an oath to execute faithfully the duties of inspector of the
meeting with strict impartiality and according to the best of his ability. The
inspectors shall determine the number of shares outstanding and the voting
power of each share, the number of shares represented at the meeting, the
existence of a quorum and the validity and effect of proxies, and shall receive
votes, ballots or consents, hear and determine all challenges and questions
arising in connection with the right to vote, count and tabulate all votes,
ballots or consents, determine the result and do those acts as are proper to
conduct the election or vote with fairness to all stockholders. On request of
the chairman of the meeting or any stockholder entitled to vote at the meeting,
the inspectors shall make a report in writing of any challenge, request or
matter determined by them and shall execute a certificate of any fact found by
them. No director or candidate for the office of director shall act as
inspector of an election of directors. Inspectors need not be stockholders of
the Corporation.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Consent of Stockholders in Lieu of Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Except as
otherwise provided by statute or the Charter, any action required to be taken
at any annual or special meeting of stockholders, or any action that 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 the following
are filed with the records of stockholders&#8217; meetings: (a)&nbsp;a unanimous
written consent that sets forth the action and is signed by each stockholder
entitled to vote on the matter and (b)&nbsp;a written waiver of any right to
dissent signed by each stockholder entitled to notice of the meeting but not
entitled to vote at the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advance Notice of Stockholder Nominees for Director and Other
Stockholder Proposals</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Annual Meetings of Stockholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. </font><font color=red><strike><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)</font></strike></font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)&nbsp;Nominations
of individuals for election to the Board of Directors and the proposal of other
business to be considered by the </font></h3>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">stockholders may be
made at an annual meeting of stockholders (i)&nbsp;pursuant to the
Corporation&#8217;s notice of meeting, (ii)&nbsp;by or at the direction of the Board
of Directors or (iii)&nbsp;by any stockholder of the Corporation who was a
stockholder of record both at the time of giving of notice provided for in this
Section&nbsp;12(a) and at the time of the annual meeting, who is entitled to
vote at the meeting and who has complied with this Section&nbsp;12(a).</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For nominations or other business to be properly brought before an
annual meeting by a stockholder pursuant to clause (iii)&nbsp;of subsection&nbsp;(1)
of this Section&nbsp;12(a), the stockholder must have given timely notice
thereof in writing to the Secretary of the Corporation and such other business
must otherwise be a proper matter for action by the stockholders. To be timely,
a stockholder&#8217;s notice shall set forth all information required under this
Section&nbsp;12 and shall be delivered to the Secretary at the principal
executive office of the Corporation not less than ninety&nbsp;(90) days nor
more than one hundred twenty&nbsp;(120) days prior to the first anniversary of
the date of mailing of the notice for the preceding year&#8217;s annual meeting;
provided, however, that in the event that the date of the mailing of the notice
for the annual meeting is advanced or delayed by more than thirty&nbsp;(30)
days from the first anniversary of the date of mailing of the notice for the
preceding year&#8217;s annual meeting, notice by the stockholder to be timely must be
so delivered not earlier than the one hundred twentieth&nbsp;(120th) day prior
to the date of mailing of the notice for such annual meeting and not later than
the close of business on the later of the ninetieth&nbsp;(90th) day prior to
the date of mailing of the notice for such annual meeting or the tenth&nbsp;(10th)
day following the day on which public announcement of the date of mailing of
the notice for such meeting is first made. In no event shall the public
announcement of a postponement or adjournment of an annual meeting commence a
new time period for the giving of a stockholder&#8217;s notice as described above.
Such stockholder&#8217;s notice shall set forth (i)&nbsp;as to each individual whom
the stockholder proposes to nominate for election or reelection as a director,
(A)&nbsp;the name, age, business address and residence address of such
individual, (B)&nbsp;the class, series and number of any shares of stock of the
Corporation that are beneficially owned by such individual, (C)&nbsp;whether
such stockholder believes any such individual is, or is not, an &#8220;interested
person&#8221; of the Corporation (as defined in the Investment Company Act) and
information regarding such individual that is sufficient, in the discretion of
the Board of Directors or any committee thereof or any authorized officer of
the Corporation, to make such determination and (D)&nbsp;all other information
relating to such individual that is required to be disclosed in solicitations
of proxies for election of directors in an election contest (even if an
election contest is not involved), or is otherwise required, in each case
pursuant to Regulation&nbsp;14A (or any successor provision) under the Exchange
Act and the rules thereunder (including such individual&#8217;s written consent to
being named in the proxy statement as a nominee and to serving as a director if
elected); (ii)&nbsp;as to any other business that the stockholder proposes to
bring before the meeting, a description of the business desired to be brought
before the meeting, the reasons for proposing such business at the meeting and
any material interest in such business of such stockholder and any Stockholder
Associated Person (as defined below), individually or in the aggregate,
including any anticipated benefit to the stockholder and any Stockholder
Associated Person therefrom; (iii)&nbsp;as to the stockholder giving the notice
and any Stockholder Associated Person, the class, series and number of all
shares of stock of the Corporation which are owned by such stockholder and by
such Stockholder Associated Person, if any, and the nominee holder for, and
number of, shares owned beneficially but not of record by such stockholder and
by any such Stockholder Associated Person and (iv)&nbsp;as to the stockholder
giving the notice and any Stockholder Associated Person covered by clauses&nbsp;(ii)
or (iii) of subsection&nbsp;(2) of this Section&nbsp;12(a), the name </font></h4>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">and address of such stockholder, as they appear on the
Corporation&#8217;s stock ledger and current name and address, if different, and of
such Stockholder Associated Person.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything in this Section&nbsp;12(a) to the contrary, in
the event the Board of Directors increases or decreases the maximum or minimum
number of directors in accordance with Article&nbsp;II, Section&nbsp;2, and
there is no public announcement of such action at least one hundred&nbsp;(100)
days prior to the first anniversary of the date of mailing of the notice for
the preceding year&#8217;s annual meeting, a stockholder&#8217;s notice required by this
Section&nbsp;12(a) shall also be considered timely, but only with respect to
nominees for any new positions created by such increase, if it shall be
delivered to the Secretary at the principal executive office of the Corporation
not later than the close of business on the tenth&nbsp;(10th) day following the
day on which such public announcement is first made by the Corporation.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Section&nbsp;12, &#8220;Stockholder Associated Person&#8221; of
any stockholder shall mean (i)&nbsp;any person controlling, directly or
indirectly, or acting in concert with, such stockholder, (ii)&nbsp;any
beneficial owner of shares of stock of the Corporation owned of record or
beneficially by such stockholder and (iii)&nbsp;any person controlling,
controlled by or under common control with such Stockholder Associated Person.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings of Stockholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Only such business shall be
conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Corporation&#8217;s notice of meeting. Nominations
of individuals for election to the Board of Directors may be made at a special
meeting of stockholders at which directors are to be elected (i)&nbsp;pursuant
to the Corporation&#8217;s notice of meeting, (ii)&nbsp;by or at the direction of the
Board of Directors or (iii)&nbsp;provided that the Board of Directors has
determined that directors shall be elected at such special meeting, by any
stockholder of the Corporation who is a stockholder of record both at the time
of giving of notice provided for in this Section&nbsp;12 and at the time of the
special meeting, who is entitled to vote at the meeting and who complied with
the notice procedures set forth in this Section&nbsp;12. In the event the
Corporation calls a special meeting of stockholders for the purpose of electing
one or more individuals to the Board of Directors, any such stockholder may
nominate an individual or individuals (as the case may be) for election as a
director as specified in the Corporation&#8217;s notice of meeting, if the
stockholder&#8217;s notice required by subsection&nbsp;(2) of Section&nbsp;12(a) of
this Article I shall be delivered to the Secretary at the principal executive
office of the Corporation not earlier than the one hundred twentieth&nbsp;(120th)
day prior to such special meeting and not later than the close of business on
the later of the ninetieth&nbsp;(90th) day prior to such special meeting or the
tenth&nbsp;(10th) day following the day on which public announcement is first
made of the date of the special meeting and of the nominees proposed by the
Board of Directors to be elected at such meeting. In no event shall the public
announcement of a postponement or adjournment of a special meeting commence a
new time period for the giving of a stockholder&#8217;s notice as described above.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">General</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. </font><font color=red><strike><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)</font></strike></font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1)&nbsp;Upon
written request by the Secretary or the Board of Directors or any committee
thereof, any stockholder proposing a nominee for election as a director or any
proposal for other business at a meeting of stockholders shall provide, within
five&nbsp;(5) Business Days of delivery of such request (or such other period
as may be specified in such request), written verification, satisfactory, in
the discretion of the Board of Directors or any committee thereof or any
authorized officer of the Corporation, to demonstrate the accuracy of any
information </font></h3>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">submitted by the stockholder pursuant to
this Section&nbsp;12. If a stockholder fails to provide such written
verification within such period, the information as to which written
verification was requested may be deemed not to have been provided in
accordance with this Section&nbsp;12.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Only such individuals who are nominated in accordance with this Section&nbsp;12
shall be eligible for election as directors, and only such business shall be
conducted at a meeting of stockholders as shall have been brought before the
meeting in accordance with this Section&nbsp;12. The chairman of the meeting
shall have the power to determine whether a nomination or any other business
proposed to be brought before the meeting was made or proposed, as the case may
be, in accordance with this Section&nbsp;12.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Section&nbsp;12, (a)&nbsp;the &#8220;date of mailing of
the notice&#8221; shall mean the date of the proxy statement for the solicitation of
proxies for election of directors and (b)&nbsp;&#8220;public announcement&#8221; shall mean
disclosure (i)&nbsp;in a press release reported by the Dow Jones News Service,
Associated Press or comparable news service or (ii)&nbsp;in a document publicly
filed by the Corporation with the Securities and Exchange Commission pursuant
to the Exchange Act or the Investment Company Act.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing provisions of this Section&nbsp;12, a
stockholder shall also comply with all applicable requirements of state law,
the Exchange Act and the Investment Company Act and the rules and regulations
thereunder with respect to the matters set forth in this Section&nbsp;12.
Nothing in this Section&nbsp;12 shall be deemed to affect any right of a
stockholder to request inclusion of a proposal in, nor the right of the
Corporation to omit a proposal from, the Corporation&#8217;s proxy statement pursuant
to Rule&nbsp;14a-8 (or any successor provision) under the Exchange Act.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Maryland Control Share Acquisition Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Pursuant to a
resolution adopted by the Board of Directors in accordance with Section&nbsp;3-702(c)(4)
of the MGCL, the Corporation is subject to Title&nbsp;3, Subtitle&nbsp;7 of the
MGCL (the &#8220;Control Share Act&#8221;), which shall apply to any acquisition or
proposed acquisition of shares of stock of the Corporation to the extent
provided therein, subject to any limitations under the Investment Company Act
and the following sentence. The Control Share Act shall not apply to any
control shares (as defined in the Control Share Act) owned by a stockholder on
the date of the Corporation&#8217;s election to be subject to the Control Share Act.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;II</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
BOARD OF DIRECTORS</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">General Powers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Except as otherwise provided in the
Charter, the business and affairs of the Corporation shall be managed under the
direction of the Board of Directors. All powers of the Corporation may be
exercised by or under authority of the Board of Directors except as conferred
on or reserved to the stockholders by law, by the Charter or by these Bylaws.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Number, Classification, Election and Term of Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The number of directors shall be fixed from time to time by resolution of the
Board of Directors adopted by a majority of the directors then in office;
provided, however, that the number of directors shall in no </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">event
be fewer than three&nbsp;(3) nor, subject to the charter of the Corporation,
more than eleven&nbsp;(11). Pursuant to the Corporation&#8217;s election to be
subject to Section&nbsp;3-803 of the MGCL, the directors, excluding directors
elected separately by holders of preferred stock of the Corporation (the &#8220;Preferred
Stock Directors&#8221;), shall be divided into three classes, as nearly equal in
number as possible, with the term of office of the first class to expire at the
first subsequent annual meeting of stockholders, and the term of office of the
second class to expire at the second subsequent annual meeting of stockholders,
and the term of office of the third class to expire at the third subsequent
annual meeting of stockholders. At each annual meeting of stockholders,
successors to the class of directors whose term expires at that annual meeting
shall be elected for a three year term and the Preferred Stock Directors, if
any, shall be elected for a one year term, and each director elected shall hold
office until his successor is elected and qualifies, until his death or until
he shall have resigned or have been removed as provided in these Bylaws, or as
otherwise provided by statute or the Charter. Any vacancy on the Board of
Directors may be filled in accordance with Section&nbsp;5 of this Article&nbsp;II.
No reduction in the number of directors shall have the effect of removing any
director from office prior to the expiration of his term unless the director is
specifically removed pursuant to Section&nbsp;4 of this Article II at the time
of the decrease. A director need not be a stockholder of the Corporation, a
citizen of the United States or a resident of the State of Maryland.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Resignation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A director of the Corporation may resign at
any time by giving written notice of his resignation to the Board of Directors
or to the President or the Secretary of the Corporation. Any resignation shall
take effect immediately upon its receipt or at such later time specified in the
resignation. Unless the resignation states otherwise, acceptance of a
resignation shall not be necessary to make it effective.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Removal of Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any director of the Corporation may
be removed by the stockholders, with or without cause, by a vote of a majority
of the votes entitled to be cast for the election of directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the provisions of the Investment
Company Act, any vacancies in the Board of Directors, whether arising from
death, resignation, removal or any other cause except an increase in the number
of directors, shall be filled by a vote of the majority of the directors then
in office even though that majority is less than a quorum, provided that no
vacancy or vacancies shall be filled by action of the remaining directors if,
after the filling of the vacancy or vacancies, fewer than two-thirds of the directors
then holding office shall have been elected by the stockholders of the
Corporation. A majority of the entire Board in office at the time of the
increase may fill a vacancy that results from an increase in the number of
directors. In the event that at any time a vacancy exists in any office of a
director that may not be filled by the remaining directors, a special meeting
of the stockholders shall be held as promptly as possible and in any event
within sixty&nbsp;(60) days, for the purpose of filling the vacancy or
vacancies. Pursuant to the Corporation&#8217;s election to be subject to Section&nbsp;3-804(c)(3)
of the MGCL, any director elected by the Board of Directors to fill a vacancy
shall hold office for the remainder of the full term of the class of directors
in which the vacancy occurred and until a successor is elected and qualifies or
until his earlier death, resignation or removal.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Place of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Meetings of the Board of Directors may
be held at any place that the Board of Directors may from time to time
determine or that is specified in the notice of the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;">&nbsp;</h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Regular Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Regular meetings of the Board of
Directors may be held without notice at the time and place determined by the
Board of Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Special meetings of the Board of
Directors may be called by a majority of the directors of the Corporation or by
the President.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Annual Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The annual meeting of the Board of
Directors shall be held as soon as practicable after the meeting of
stockholders at which the directors were elected. No notice of such annual
meeting shall be necessary if held immediately after the adjournment, and at
the site, of the meeting of stockholders. If not so held, notice shall be given
as hereinafter provided for special meetings of the Board of Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notice of Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Notice of each special meeting
of the Board of Directors shall be given by the Secretary or the President as
hereinafter provided. Each notice shall state the time and place of the meeting
and shall be delivered to each director, either personally or by telephone or
other standard form of telecommunication, at least twenty-four&nbsp;(24) hours
before the time at which the meeting is to be held, or on such shorter notice
as the person or persons calling such meeting may deem necessary or appropriate
in the circumstances, or by first-class mail, postage prepaid, addressed to the
director at his residence or usual place of business, and mailed at least three&nbsp;(3)
days before the day on which the meeting is to be held.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Waiver of Notice of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Notice of any special
meeting need not be given to any director who shall, either before or after the
meeting, sign a written waiver of notice that is filed with the records of the
meeting or who shall attend the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Quorum and Voting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A majority of the members of the entire
Board of Directors shall be present in person at any meeting of the Board so as
to constitute a quorum for the transaction of business at the meeting, and,
except as otherwise expressly required by statute, the Charter, these Bylaws,
the Investment Company Act, or any other applicable statute, the act of a
majority of the directors present at any meeting at which a quorum is present
shall be the act of the Board. In the absence of a quorum at any meeting of the
Board, a majority of the directors present may adjourn the meeting to another
time and place, and notice of any adjourned meeting shall be given to the
directors who were not present at the time of the adjournment and, unless the
time and place were announced at the meeting at which the adjournment was
taken, to the other directors. At any adjourned meeting at which a quorum is
present, any business may be transacted that might have been transacted at the
meeting as originally called.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Organization</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The President or, in his absence or
inability to act, another director chosen by a majority of the directors
present shall act as chairman of the meeting and preside at the meeting. The
Secretary (or, in his absence or inability to act, any person appointed by the
chairman) shall act as secretary of the meeting and keep the minutes of the
meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Committees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Board of Directors may designate one&nbsp;(1)
or more committees of the Board of Directors, each consisting of one&nbsp;(1)
or more directors. To the extent provided in the resolution and permitted by
law, the committee or committees shall have and may exercise the powers of the
Board of Directors in the management of the business and affairs of the
Corporation. Any committee or committees shall have the name or names
determined from time </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">to time by resolution adopted by
the Board of Directors. Each committee shall keep regular minutes of its
meetings and provide those minutes to the Board of Directors when required. The
members of a committee present at any meeting, whether or not they constitute a
quorum, may appoint a director to act in the place of an absent member.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Written Consent of Directors in Lieu of a Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject
to the provisions of the Investment Company Act, any action required or
permitted to be taken at any meeting of the Board of Directors or of any
committee of the Board may be taken without a meeting if all members of the
Board or committee, as the case may be, consent thereto in writing, and the
writing or writings are filed with the minutes of the proceedings of the Board
or committee.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;16.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Telephone Conference</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Members of the Board of Directors or
any committee of the Board may participate in any Board or committee meeting by
means of a conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other at the same
time. Participation by such means shall constitute presence in person at the
meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;17.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Each director shall be entitled to receive
such compensation, if any, as may from time to time be fixed by the Board of
Directors, including a fee for each meeting of the Board or any committee
thereof, regular or special, he attends. Directors may also be reimbursed by
the Corporation for all reasonable expenses incurred in traveling to and from
the place of a Board or committee meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;18.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Reliance</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Each director and officer of the Corporation
shall, in the performance of his or her duties with respect to the Corporation,
be entitled to rely on any information, opinion, report or statement, including
any financial statement or other financial data, prepared or presented by an
officer or employee of the Corporation whom the director or officer reasonably
believes to be reliable and competent in the matters presented, by a lawyer,
certified public accountant or other person, as to a matter which the director
or officer reasonably believes to be within the person&#8217;s professional or expert
competence, or, with respect to a director, by a committee of the Board of
Directors on which the director does not serve, as to a matter within its
designated authority, if the director reasonably believes the committee to
merit confidence.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;19.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Ratification</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Board of Directors or the stockholders
may ratify and make binding on the Corporation any action or inaction by the
Corporation or its officers to the extent that the Board of Directors or the
stockholders could have originally authorized the matter. Moreover, any action
or inaction questioned in any stockholders&#8217; derivative proceeding or any other
proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a director, officer or stockholder,
non-disclosure, miscomputation, the application of improper principles or
practices of accounting or otherwise, may be ratified, before or after
judgment, by the Board of Directors or by the stockholders, and if so ratified,
shall have the same force and effect as if the questioned action or inaction
had been originally duly authorized, and such ratification shall be binding
upon the Corporation and its stockholders and shall constitute a bar to any
claim or execution of any judgment in respect of such questioned action or inaction.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;20.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Emergency Provisions</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Notwithstanding any other provision
in the charter or these Bylaws, this Section&nbsp;20 shall apply during the
existence of any catastrophe, or </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">other similar
emergency condition, as a result of which a quorum of the Board of Directors
under Article III of these Bylaws cannot readily be obtained (an &#8220;Emergency&#8221;).
During any Emergency, unless otherwise provided by the Board of Directors, (i)&nbsp;a
meeting of the Board of Directors or a committee thereof may be called by any
director or officer by any means feasible under the circumstances; (ii)&nbsp;notice
of any meeting of the Board of Directors during such an Emergency may be given
less than 24 hours prior to the meeting to as many directors and by such means
as may be feasible at the time, including publication, television or radio; and
(iii)&nbsp;the number of directors necessary to constitute a quorum shall be
one-third of the entire Board of Directors.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;III</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
OFFICERS, AGENTS AND EMPLOYEES</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Number and Qualifications</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The officers of the Corporation
shall be a President, a Secretary and a Treasurer, each of whom shall be
elected by the Board of Directors. The Board of Directors may elect or appoint
one&nbsp;(1) or more Vice Presidents and may also appoint any other officers,
agents and employees it deems necessary or proper. Any two&nbsp;(2) or more
offices may be held by the same person, except the office of President and Vice
President, but no officer shall execute, acknowledge or verify in more than one
capacity any instrument required by law to be executed, acknowledged or
verified in more than one capacity. Officers shall be elected by the Board of
Directors each year at its first meeting held after the annual meeting of
stockholders, each to hold office until the meeting of the Board following the
next annual meeting of the stockholders and until his successor shall have been
duly elected and shall have qualified, until his death or until he shall have
resigned or have been removed, as provided by these Bylaws. The Board of
Directors may from time to time elect such officers (including one or more
Assistant Vice Presidents, one or more Assistant Treasurers and one or more
Assistant Secretaries) and may appoint, or delegate to the President the power
to appoint, such agents as may be necessary or desirable for the business of
the Corporation. Such other officers and agents shall have such duties and
shall hold their offices for such terms as may be prescribed by the Board or by
the appointing authority.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Resignations</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any officer of the Corporation may resign at
any time by giving written notice of his resignation to the Board of Directors,
the President or the Secretary. Any resignation shall take effect immediately
upon its receipt or at such later time specified in the resignation. Unless
otherwise stated in the resignation, the acceptance of a resignation shall not
be necessary to make it effective.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Removal of Officer, Agent or Employee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any officer, agent
or employee of the Corporation may be removed by the Board of Directors, with
or without cause, at any time if the Board of Directors in its judgment finds
that the best interests of the Corporation will be served thereby, and the Board
may delegate the power of removal as to agents and employees not elected or
appointed by the Board of Directors. Removal shall be without prejudice to the
person&#8217;s contract rights, if any, but the appointment of any person as an
officer, agent or employee of the Corporation shall not of itself create
contract rights.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A vacancy in any office, whether arising from
death, resignation, removal or any other cause, may be filled for the unexpired
portion of the term of the </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">office that shall be
vacant, in the manner prescribed in these Bylaws for the regular election or
appointment to the office.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The compensation of the officers of the
Corporation shall be fixed by the Board of Directors, but this power may be
delegated to any officer with respect to other officers under his control.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Bonds or Other Security</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. If required by the Board, any
officer, agent or employee of the Corporation shall give a bond or other
security for the faithful performance of his duties, in an amount and with any
surety or sureties as the Board may require.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">President</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The President shall be the chief executive
officer of the Corporation and shall preside at all meetings of the
stockholders and of the Board of Directors. The President shall, subject to the
control of the Board of Directors, have general charge of the business and
affairs of the Corporation and may employ and discharge employees and agents of
the Corporation, except those elected or appointed by the Board, and he may
delegate these powers.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vice President</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Each Vice President shall have the powers
and perform the duties that the Board of Directors or the President may from
time to time prescribe.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Treasurer</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the provisions of any contract that
may be entered into with any custodian pursuant to authority granted by the
Board of Directors, the Treasurer shall have charge of all receipts and
disbursements of the Corporation and shall have or provide for the custody of
the Corporation&#8217;s funds and securities; he shall have full authority to receive
and give receipts for all money due and payable to the Corporation, and to
endorse checks, drafts and warrants, in its name and on its behalf, and to give
full discharge for the same; he shall deposit all funds of the Corporation,
except those that may be required for current use, in such banks or other
places of deposit as the Board of Directors may from time to time designate;
and he shall, in general, perform all duties incident to the office of
Treasurer and such other duties as may from time to time be assigned to him by
the Board of Directors or the President.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Secretary</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Secretary shall:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Keep or cause to be kept, in one or more books provided for the purpose,
the minutes of all meetings of the Board of Directors, the committees of the
Board and the stockholders;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">See that all notices are duly given in accordance with the provisions of
these Bylaws and as required by law;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Be custodian of the records and the seal of the Corporation and affix
and attest the seal to all stock certificates of the Corporation (unless the
seal of the Corporation on such certificates shall be a facsimile, as
hereinafter provided) and affix and attest the seal to all other documents to
be executed on behalf of the Corporation under its seal;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">See that the books, reports, statements, certificates and other
documents and records required by law to be kept and filed are properly kept
and filed; and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;">&nbsp;</h3>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In general, perform all the duties incident to the office of Secretary
and such other duties as from time to time may be assigned to him by the Board
of Directors or the President.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Delegation of Duties</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. In case of the absence of any
officer of the Corporation, or for any other reason that the Board of Directors
may deem sufficient, the Board may confer for the time being the powers or
duties, or any of them, of such officer upon any other officer or upon any
director.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;IV</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
STOCK</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Stock Certificates</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. To the extent provided by the Board of
Directors, each holder of stock of the Corporation shall be entitled to have a
certificate or certificates representing shares of stock of the Corporation
owned by him. Such certificates shall be in a form approved by the Board,
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 and sealed with the seal of the Corporation. Any or all of
the signatures or the seal on the certificate may be facsimiles. In case any
officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such
officer, transfer agent or registrar before the certificate is issued, it may
nevertheless be issued by the Corporation with the same effect as if the
officer, transfer agent or registrar was still in office at the date of issue.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Stock Ledger</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. There shall be maintained a stock ledger
containing the name and address of each stockholder and the number of shares of
stock of each class the stockholder holds. The stock ledger may be in written
form or any other form which can be converted within a reasonable time into
written form for visual inspection. The original or a duplicate of the stock
ledger shall be kept at the principal office of the Corporation, at the office
of the transfer agent for such shares or at any other office or agency specified
by the Board of Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Transfers of Shares</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Transfers of shares of stock of the
Corporation shall be made on the stock records of the Corporation only by the
registered holder of the shares, or by his attorney thereunto authorized by
power of attorney duly executed and filed with the Secretary or with a transfer
agent or transfer clerk, and on surrender of the certificate or certificates,
if issued, for the shares properly endorsed or accompanied by a duly executed
stock transfer power and the payment of all taxes thereon. Except as otherwise
provided by law, the Corporation shall be entitled to recognize the exclusive
right of a person in whose name any share or shares stand on the record of
stockholders as the owner of the share or shares for all purposes, including,
without limitation, the rights to receive dividends or other distributions and
to vote as the owner, and the Corporation shall not be bound to recognize any
equitable or legal claim to or interest in any such share or shares on the part
of any other person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Regulations</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Board of Directors may authorize the
issuance of uncertificated securities if permitted by law. If stock
certificates are issued, the Board of Directors may make any additional rules
and regulations, not inconsistent with these Bylaws, as it may deem expedient
concerning the issue, transfer and registration of certificates for shares of
stock of the </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Corporation. The Board may appoint, or
authorize any officer or officers to appoint, one or more transfer agents or
one or more transfer clerks and one or more registrars and may require all
certificates for shares of stock to bear the signature or signatures of any of
them.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Lost, Destroyed or Mutilated Certificates</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The holder of
any certificate representing shares of stock of the Corporation shall
immediately notify the Corporation of its loss, destruction or mutilation, and
the Corporation may issue a new certificate of stock in the place of any
certificate issued by it that has been alleged to have been lost or destroyed
or that shall have been mutilated. The Board may, in its absolute discretion,
require the owner (or his legal representative) of a lost, destroyed or
mutilated certificate to give to the Corporation a bond in a sum, limited or
unlimited, and form and with any surety or sureties, as the Board in its
absolute discretion shall determine, to indemnify the Corporation against any
claim that may be made against it on account of the alleged loss or destruction
of any such certificate or issuance of a new certificate. Anything herein to
the contrary notwithstanding, the Board of Directors may, in its absolute
discretion, refuse to issue any such new certificate, except pursuant to legal
proceedings under the MGCL.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fixing of Record Date for Dividends, Distributions, etc</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The Board may fix, in advance, a date not more than ninety&nbsp;(90) days
preceding the date fixed for the payment of any dividend or the making of any
distribution or the allotment of rights to subscribe for securities of the
Corporation, or for the delivery of evidences of rights or evidences of
interests arising out of any change, conversion or exchange of common stock or
other securities, as the record date for the determination of the stockholders
entitled to receive any such dividend, distribution, allotment, rights or
interests, and in such case only the stockholders of record at the time so
fixed shall be entitled to receive such dividend, distribution, allotment,
rights or interests.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Information to Stockholders and Others</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any stockholder of
the Corporation or his agent may, during the Corporation&#8217;s usual business
hours, inspect and copy the Corporation&#8217;s Bylaws, minutes of the proceedings of
its stockholders, annual statements of its affairs and voting trust agreements on
file at its principal office.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;V</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
INDEMNIFICATION AND INSURANCE</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnification of Directors and Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any person who
was or is a party or is threatened to be made a party in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that such person is a
current or former director or officer of the Corporation, or is or was serving
while a director or officer of the Corporation at the request of the
Corporation as a director, officer, partner, trustee, employee, agent or
fiduciary of another domestic or foreign corporation, partnership, joint
venture, trust, enterprise or employee benefit plan shall be indemnified by the
Corporation against judgments, penalties, fines, excise taxes, settlements and
reasonable expenses (including attorneys&#8217; fees) actually incurred by such
person in connection with such action, suit or proceeding to the fullest extent
permissible under the MGCL and the Investment Company Act, as those statutes
are now or hereafter in force, except that such indemnity shall not protect any
such person against any liability to the Corporation or any stockholder thereof
to which such person would </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">otherwise be subject by
reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of his office (&#8220;disabling
conduct&#8221;).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advances</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any current or former director or officer of the
Corporation claiming indemnification within the scope of this Article V shall
be entitled to advances from the Corporation for payment of the reasonable
expenses incurred by him in connection with proceedings to which he is a party
in the manner and to the fullest extent permissible under the MGCL and the
Investment Company Act, as those statutes are now or hereafter in force;
provided, however, that the person seeking indemnification shall provide to the
Corporation a written affirmation of his good faith belief that the standard of
conduct necessary for indemnification by the Corporation has been met and a
written undertaking to repay any such advance, if it should ultimately be
determined that the standard of conduct has not been met, and provided further
that at least one (1) of the following additional conditions is met: (a)&nbsp;the
person seeking indemnification shall provide a security in form and amount
acceptable to the Corporation for his undertaking; (b)&nbsp;the Corporation is
insured against losses arising by reason of the advance; or (c)&nbsp;a majority
of a quorum of directors of the Corporation who are neither &#8220;interested
persons&#8221; as defined in Section&nbsp;2(a)(19) of the Investment Company Act, nor
parties to the proceeding (&#8220;disinterested non-party directors&#8221;), or independent
legal counsel, in a written opinion, shall determine, based on a review of
facts readily-available to the Corporation at the time the advance is proposed
to be made, that there is reason to believe that the person seeking
indemnification will ultimately be found to be entitled to indemnification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Procedure</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. At the request of any current or former
director or officer, or any employee or agent whom the Corporation proposes to
indemnify, the Board of Directors shall determine, or cause to be determined,
in a manner consistent with the MGCL and the Investment Company Act, as those
statutes are now or hereafter in force, whether the standards required by this
Article&nbsp;V and Section&nbsp;2-418 of the MGCL have been met; provided,
however, that indemnification shall be made only following: (a)&nbsp;a final
decision on the merits by a court or other body before whom the proceeding was
brought that the person to be indemnified was not liable by reason of disabling
conduct or (b)&nbsp;in the absence of such a decision, a reasonable
determination, based upon a review of the facts, that the person to be
indemnified was not liable by reason of disabling conduct, by (i)&nbsp;the vote
of a majority of a quorum of disinterested non-party directors or (ii)&nbsp;an
independent legal counsel in a written opinion.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnification of Employees and Agents</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Employees and
agents who are not officers or directors of the Corporation may be indemnified,
and reasonable expenses may be advanced to such employees or agents, in
accordance with the procedures set forth in this Article V to the extent
permissible under the MGCL and the Investment Company Act, as those statutes
are now or hereafter in force, and to such further extent, consistent with the
foregoing, as may be provided by action of the Board of Directors or by
contract.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Other Rights</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The indemnification provided by this Article
V shall not be deemed exclusive of any other right, with respect to
indemnification or otherwise, to which those seeking such indemnification may
be entitled under any insurance or other agreement, vote of stockholders or
disinterested directors or otherwise, both as to action by a director or
officer of the Corporation in his capacity as such and as to action by such
person in another capacity while </font></h2>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">holding such office
or position, and shall continue as to a person who has ceased to be a director
or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Insurance</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Corporation shall have the power to
purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the Corporation, or who, while a
director, officer, employee or agent of the Corporation, is or was serving at
the request of the Corporation as a director, officer, partner, trustee,
employee, agent or fiduciary of another domestic or foreign corporation,
partnership, joint venture, trust, enterprise or employee benefit plan, against
any liability asserted against and incurred by him in any such capacity or
arising out of his status as such, whether or not the Corporation would have
the power to indemnify him against such liability.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;VI</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
SEAL</font></u></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The seal of the Corporation shall be circular in form
and shall bear the name of the Corporation, the year of its incorporation, the
words &#8220;Corporate Seal&#8221; and &#8220;Maryland&#8221; and any emblem or device approved by the
Board of Directors. The seal may be used by causing it or a facsimile to be
impressed or affixed or in any other manner reproduced, or by placing the word
&#8220;(Seal)&#8221; adjacent to the signature of the authorized officer of the
Corporation.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;VII</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
FISCAL YEAR</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fiscal Year</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Corporation&#8217;s fiscal year shall be fixed
by the Board of Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Accountant</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Corporation shall employ an independent public accountant or a
nationally-recognized firm of independent public accountants as its Accountant
to examine the accounts of the Corporation and to certify financial statements
of the Corporation. The Accountant&#8217;s certificates and reports shall be
addressed both to the Board of Directors and to the stockholders. The
employment of the Accountant shall be conditioned upon the right of the
Corporation to terminate the employment forthwith without any penalty by vote of
a majority of the outstanding voting securities at any stockholders&#8217; meeting
called for that purpose.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A majority of the members of the Board of Directors who are not
&#8220;interested persons&#8221; (as such term is defined in the Investment Company Act) of
the Corporation shall select the Accountant at any meeting held within thirty
(30) days before or after the beginning of the fiscal year of the Corporation
or before the annual stockholders&#8217; meeting in that year. Such selection shall
be submitted for ratification or rejection at the next succeeding annual
stockholders&#8217; meeting. If such meeting shall reject such selection, the
Accountant shall be selected by majority vote of the Corporation&#8217;s outstanding
voting securities, either at the meeting at which the rejection occurred or at
a subsequent meeting of stockholders called for that purpose.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;">&nbsp;</h3>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any vacancy occurring between annual meetings, due to the resignation of
the Accountant, may be filled by the vote of a majority of the members of the
Board of Directors who are not &#8220;interested persons&#8221; of the Corporation, as that
term is defined in the Investment Company Act, at a meeting called for the
purpose of voting on such action.</font></h3>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;VIII</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
CUSTODY OF SECURITIES</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Employment of a Custodian</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Corporation shall place and
at all times maintain in the Custodian (including any sub-custodian for the
Custodian) all funds, securities and similar investments owned by the
Corporation. The Custodian (and any sub-custodian) shall be an institution
conforming to the requirements of Section&nbsp;17(f) of the Investment Company
Act, and the rules of the Securities and Exchange Commission thereunder. The
Custodian shall be appointed from time to time by the Board of Directors, which
shall fix its remuneration.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subject to such rules, regulations and orders as the
Securities and Exchange Commission may adopt, the Corporation may direct the
Custodian to deposit all or any part of the securities owned by the Corporation
in a system for the central handling of securities established by a national
securities exchange or a national securities association registered with the
Securities and Exchange Commission, or otherwise in accordance with the
Investment Company Act, pursuant to which system all securities of any particular
class of any issuer deposited within the system are treated as fungible and may
be transferred or pledged by bookkeeping entry without physical delivery of
such securities, provided that all such deposits shall be subject to withdrawal
only upon the order of the Corporation or the Custodian.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-transform:uppercase;">Section&nbsp;2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Termination of Custodian Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Upon termination of
the Custodian Agreement or inability of the Custodian to continue to serve, the
Board of Directors shall promptly appoint a successor Custodian, but in the
event that no successor Custodian can be found who has the required qualifications
and is willing to serve, the Board of Directors shall call as promptly as
possible a special meeting of the stockholders to determine whether the
Corporation shall function without a Custodian or shall be liquidated. If so
directed by vote of the holders of a majority of the outstanding shares of
stock entitled to vote of the Corporation, the Custodian shall deliver and pay
over all property of the Corporation held by it as specified in such vote.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;IX</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
EXCLUSIVE FORUM FOR CERTAIN LITIGATION</font></u></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Unless the Corporation consents in writing to the
selection of an alternative forum, the Circuit Court for Baltimore City,
Maryland, or, if that Court does not have jurisdiction, the United States
District Court for the District of Maryland, Northern Division, shall be the
sole and exclusive forum for (a)&nbsp;any Internal Corporate Claim, as such
term is defined in Section&nbsp;1-101 of the MGCL, or any successor provision
thereof, (b)&nbsp;any derivative action or proceeding brought on behalf of the
Corporation, (c)&nbsp;any action asserting a claim of breach of any duty owed
by any director or officer or other employee of the Corporation to the
Corporation or to the stockholders of the Corporation, (d)&nbsp;any action
asserting a claim against the Corporation or any director or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">officer or other employee of the Corporation arising
pursuant to any provision of the MGCL or the Charter or these Bylaws or federal
law, including the Investment Company Act, or (e)&nbsp;any other action
asserting a claim against the Corporation or any director or officer or other
employee of the Corporation that is governed by the internal affairs doctrine.
None of the foregoing actions, claims or proceedings may be brought in any
court sitting outside the State of Maryland unless the Corporation consents in writing
to such court.</font></p>
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<p style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;X</font></b><b><u><font face="Times New Roman" style="font-size:12.0pt;"><br>
<br>
SEVERABILITY</font></u></b></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">The provisions of these Bylaws are severable, and if the Board of
Directors shall determine, with the advice of counsel, that any of such
provisions is in conflict with the Investment Company Act or with other
applicable binding laws and regulations, the conflicting provision shall be
deemed never to have constituted a part of these Bylaws; provided, however,
that such determination shall not affect any of the remaining provisions of
these Bylaws or render invalid or improper any action taken or omitted prior to
such determination.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;">Article&nbsp;XI</font></b><b><font face="Times New Roman" style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><u><font face="Times New Roman" style="font-size:12.0pt;">AMENDMENTS</font></u></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These Bylaws may be amended or repealed by the
affirmative vote of a majority of the Board of Directors at any regular or
special meeting of the Board of Directors, subject to the requirements of the
Investment Company Act.</font></p>

<p style="margin:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dated: April 19, 2024</font></p>










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<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>4
<FILENAME>NCEN_811-04875_35505811_1224.htm
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   <TITLE>royceclosedendroycesmall-cap.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<h2 style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face=georgia style="font-size:10.0pt;">Report
of Independent Registered Public Accounting Firm</font></b></h2>

<p style="margin:0in;text-align:justify;"><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;text-align:justify;"><font color=black face=georgia lang=EN-US style="font-size:10.0pt;">To</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">the</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">Board of Directors and</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;">
</font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">Stockholders of Royce Small-Cap Trust, Inc.:</font></p>

<p style="margin:0in;text-align:justify;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">In
planning and performing our audit of the financial statements of Royce Small-Cap
Trust, Inc. (the &#8220;Fund&#8221;)</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">as of and for
the year</font><b><font face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">ended December 31, 2024, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Fund&#8217;s internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal
control over financial reporting. &#160;Accordingly, we do not express an opinion on
the effectiveness of the Fund's internal control over financial reporting.</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">The
management of the Fund is responsible for establishing and maintaining effective
internal control over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. A company&#8217;s internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A company&#8217;s internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with</font><font face=georgia lang=EN-US style="font-size:12.0pt;"> </font><font face=georgia lang=EN-US style="font-size:10.0pt;">generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company&#8217;s assets that could have a
material effect on the financial statements.</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the company&#8217;s annual
or interim financial statements will not be prevented or detected on a timely
basis.&#160; </font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">Our
consideration of the Fund&#8217;s internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be material weaknesses under standards established by the PCAOB. However,
we noted no deficiencies in the Fund&#8217;s internal control over financial
reporting and its operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
2024.</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">This report is intended solely for the information
and use of the Board of Directors of Royce Small-Cap Trust, Inc.</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified parties.</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">/s/
PricewaterhouseCoopers LLP</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">New
York, New York</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">February
21, 2025</font></p>

<p style="margin:0in;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>




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