<SEC-DOCUMENT>0001174947-17-001686.txt : 20171122
<SEC-HEADER>0001174947-17-001686.hdr.sgml : 20171122
<ACCEPTANCE-DATETIME>20171122152450
ACCESSION NUMBER:		0001174947-17-001686
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171122
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
FILED AS OF DATE:		20171122
DATE AS OF CHANGE:		20171122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00422
		FILM NUMBER:		171219785

	BUSINESS ADDRESS:	
		STREET 1:		1500 RONSON RD
		STREET 2:		P O BOX 1500
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		1500 RONON ROAD
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>FORM 8-K</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report: November 22, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>MIDDLESEX WATER COMPANY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NEW JERSEY</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>0-422</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>22-1114430</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>1500 RONSON ROAD, P.O. BOX 1500, ISELIN,
NEW JERSEY 08830</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(732) 634-1500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant's telephone number, including area
code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 58.5pt">Item 5.03</TD><TD>AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At its Board of Directors Meeting, held November 21, 2017 the Board
approved amendments to Articles II, IV, V, VI, VII, XI, and XIII of the By-Laws of Middlesex Water Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibits (numbered in accordance with Item 601 of Regulation S-K).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit No.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 (ii)*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3ii.htm">Articles II, IV, V, VI, VII, XI, and XIII &nbsp;of the By-Laws of Middlesex Water Company, as amended effective November 21, 2017</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Filed herewith</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt">MIDDLESEX WATER COMPANY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>s/A. Bruce O&lsquo;Connor</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">A. Bruce O&rsquo;Connor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Vice President, Treasurer and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: November 22, 2017</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0; text-align: right">Exhibit 3(ii)</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RESOLVED, that Article II, IV, V, VI, VII, XI, and XIII of the By-Laws
be amended effective immediately as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE II</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>DIRECTORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. Except as otherwise provided in the
Restated Certificate of Incorporation of the Company, the Board of Directors shall consist of not less than five nor more than
twelve directors, the exact number of directors to be determined from time to time by resolution adopted by affirmative vote of
a majority of the entire Board of Directors. The directors of the Company shall be elected by the holders of shares of Common Stock
at the annual meeting of the Company as hereinafter provided in these By-Laws. Each holder of shares of Common Stock present in
person or by proxy shall be entitled to one vote for each share thereof standing in his name on the books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No person (other than a person nominated by
or on behalf of the Board of Directors) shall be eligible for election as a director at any annual or special meeting of stockholders
unless a written request that his or her name be placed in nomination is received from a stockholder of record by the Secretary
of the Company not less than 21 days prior to the date fixed for the meeting, together with the written consent of such person
to serve as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Directors shall be at least <B>twenty-one (21)</B>
years of age and, except as hereinafter provided, not more than <B>seventy (70)</B> years of age. A Director who reaches age 70
during his/her elected term shall be entitled to serve the balance of such term. Notwithstanding the foregoing, the Board of Directors,
upon recommendation of the <B>Corporate Governance &amp;</B> Nominating Committee or such other appropriate Committee, may re-nominate
such Director for election as a Director for an additional term or terms beyond the term during which such Director reached his/her
70<SUP>th</SUP> birthday. The Board of Directors shall have the right to designate an incumbent director who reaches the age of
70 years as &quot;director emeritus&quot; and a director so designated shall be permitted to attend meetings and receive compensation
as fixed by the Board of Directors but shall not be permitted to vote as a director or be counted as a director for purposes of
meeting the requirements of these By-Laws regarding the number of directors comprising the Company's Board of Directors. The maximum
age limitation of this paragraph shall not apply to any person who is a director of the Company as of May 23, 1984.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 2. The directors shall be divided into
three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as possible, of one-third of the
total number of directors constituting the entire Board of Directors. 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. If the number of directors
is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class
as nearly equal as possible, but in no case shall a decrease in the number of directors shorten the term of any incumbent director.
A director shall hold office until the annual meeting for the year in which his or her term expires and until his or her successor
shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from
office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The term of a director elected by stockholders
to fill a newly created directorship or other vacancy shall expire at the same time as the terms of the other directors of the
class for which the new directorship is created or in which the vacancy occurred. Any vacancy on the Board of Directors that results
from an increase in the number of directors and any other vacancy occurring in the Board of Directors may be filled by a majority
of the directors then in office, although less than a quorum, or by a sole remaining director. Any director so elected by the Board
of Directors shall, without regard to the class in which such vacancy occurred, hold office until the next succeeding annual meeting
of stockholders and until his successor shall be elected and shall qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, whenever the
holders of any one or more classes or series of preferred stock or preference stock issued by the Company shall have the right,
voting separately by class or series, to elect directors at an annual or special meeting of stockholders, the election, term of
office, filling of vacancies and other features of such directorships shall be governed by the applicable terms of the Restated
Certificate of Incorporation of the Company, as amended, and such directors so elected shall not be divided into classes unless
expressly provided by such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 3. Regular meetings of the Board of
Directors shall be held <B><STRIKE>once a month</STRIKE></B> at such time as the Board shall designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Special meetings of the Board may be called
by the President or by any three of the directors. Reasonable notice by mail or otherwise shall be given to each member of the
Board of every special meeting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A majority of the members of the Board shall
constitute a quorum for the transaction of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 4. The Board of Directors shall keep
a record of their meetings and proceedings in a book to be provided for that purpose. They shall make reasonable rules and regulations
consistent with these By-Laws for the guidance of the officers and management of the affairs of the Company. They may appoint a
Transfer Agent, Registrar, and such other agents as the business of the Company may require. They may fix the compensation of all
officers and employees. They may declare dividends from the surplus or net profits arising from the business of the Company whenever
they deem it expedient. They may authorize the appropriate officers to borrow money from time to time and pledge the securities
and property of the Company to secure the payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 5. The affirmative or negative vote
of a majority of all members of the Board of Directors present at a meeting shall decide all matters brought before the Board for
decision, except as otherwise provided in these By-Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where appropriate communication facilities are
reasonably available, any or all directors shall have the right to be present for such purposes and to participate in all or any
part of a meeting of the Board of Directors or a committee of the Board by means of conference telephone or any other means of
communication by which all persons participating in the meeting are able to hear each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any action required or permitted to be taken
pursuant to authorization voted at a meeting of the Board of Directors or any committee thereof, may be taken without a meeting
if, prior or subsequent to the action, all members of the Board of Directors or of such committee, as the case may be, consent
thereto in writing and the written consents are filed with the minutes of the proceedings of the Board of Directors or committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 6. The Board shall be constituted where
appropriate with a majority of individuals who qualify as independent directors, as determined by the Board in accordance with
securities law and guidelines. In the case where the Chairman of the Board and the President/Chief Executive Officer of the Company
are the same person, the Board may, consistent with applicable law and regulation, designate one of its independent directors as
Lead Director to be elected annually by a majority vote of the independent directors to serve for a term of one year, or until
such time as his/her successor shall be elected. The Lead Director shall have such specific duties and responsibilities as the
Board may determine from time to time, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In consultation with the independent directors:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Advise the Chairman as to an appropriate schedule of Board meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Review and provide the Chairman with input regarding the agendas for the Board meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Preside at all meetings at which the Chairman is not present including
executive sessions of the independent directors and apprise the Chairman of the issues considered;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Be available for consultation and direct communication with the Company&rsquo;s
shareholders and other members of the Board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Call meetings of the independent directors when necessary and appropriate;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Perform such other duties as the Board may from time to time delegate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE IV</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>OFFICERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. The officers of the Company shall
be a President, <B><STRIKE>Senior Vice President,</STRIKE></B> one or more Vice Presidents, Secretary, one or more Assistant Secretaries,
Treasurer, and one or more Assistant Treasurers. The Board of Directors may appoint a Chairman of the Board of Directors from among
its members. The same person may hold more than one office except that no person shall at the same time hold both offices of President
and Secretary. The Board of Directors may appoint such other officers from time to time as it may decide to be necessary or desirable
to transact the business of the Company and may fix the term of all officers so appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 2. The officers of the Company, other
than appointive officers, shall be elected annually by the Board of Directors, and they shall hold office for the term of one year
and until such time as their successors are elected and qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE V</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>DUTIES OF OFFICERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. In the event that the Board of Directors
shall appoint a Chairman of the Board of Directors as herein provided, he shall preside at all meetings of the Board of Directors
and shall have and exercise such powers and perform such duties as may be assigned and conferred upon him by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 2. The President, in the absence of
a Chairman of the Board of Directors, shall preside at the meetings of the Board of Directors and generally shall direct, supervise,
and conduct the business of the Company subject to the control of the Board of Directors and shall perform all the duties incident
to the Office of President.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 3. The <B><STRIKE>Senior Vice President
and the</STRIKE></B> Vice Presidents shall perform executive and administrative duties under the direction of the President or
pursuant to instructions of the Board. <B><STRIKE>The Senior Vice President shall perform all the duties of the President in his
absence or disability. Any o</STRIKE></B>One of the Vice Presidents shall perform all the duties of the President in the absence
or disability of <B><STRIKE>both</STRIKE></B> the President <B>where such role is designated by the Board. <STRIKE>and the Senior
Vice President.</STRIKE></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 4. The Secretary shall keep minutes
of all meetings of the stockholders and directors of the Company, shall give notice of the time and place of all such meetings,
shall be the custodian of the seal of the Company and of all the papers and records relating to the general business of the Company,
and under the direction of the President or pursuant to instructions of the Board of Directors shall perform all the duties incident
to the Office of Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>In the event one or more Assistant Secretaries
is named, t</B>he Assistant Secretary or Secretaries shall assist the Secretary in the performance of his duties, and shall exercise
and perform his powers and duties in his absence or disability, and shall also exercise such powers and duties as may be conferred
or required by the Board of Directors or by the President.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 5. The Treasurer shall be the custodian
of all moneys and securities belonging to the Company. He shall keep a record of accounts of the Company and shall submit a quarterly
report to the Board of Directors showing the financial condition of the Company, and perform all the duties incident to the Office
of Treasurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>In the event one or more Assistant Treasurers
is named, t</B>he Assistant Treasurer or Treasurers shall assist the Treasurer in the performance of his duties, and shall exercise
and perform his powers and duties in his absence or disability, and shall also exercise such powers and duties as may be conferred
or required by the Board of Directors or by the President.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE VI</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>INDEMNIFICATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. Any present or future director or
officer of the Company and any present or future director or officer of any other corporation serving as such at the request of
the Company because of the Company's interest in such other corporation, or the legal representative of any such director or officer,
shall be indemnified by the Company against reasonable costs, expenses, (exclusive of any amount paid or incurred in connection
with any action, suit, or proceeding to which any such director or officer or his legal representative may be a party by reason
of his being or having been such director or officer<B>)</B>; provided (1) said action, suit, or proceeding shall be prosecuted
against such director or officer or against his legal representative to final determination, and it shall not be finally adjudged
in said action, suit, or proceeding that he had been derelict in the performance of his duties as such director or officer; or
(2) said action, suit, or proceeding shall be settled or otherwise terminated as against such director or officer or his legal
representative without a final determination on the merits, and it shall be determined by the Board of Directors (or, at the option
of the Board of Directors, by a disinterested person or persons selected by the Board of Directors to determine the matter) that
said director or officer had not in any substantial way been derelict in the performance of his duties as charged in such action,
suit, or proceeding. The right of indemnification provided by this By-Law shall be in addition to and not in restriction or limitation
of any other privilege or power which the Company may have with respect to the indemnification or reimbursement of directors, officers,
or employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE VII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CAPITAL STOCK</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. Certificates of stock of the Company
shall be numbered consecutively in the order of issue. They shall be signed by the President or a Vice President and the Treasurer
or <B>an</B> Assistant Treasurer, <B>where such   Assistant Treasurer may be so named.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 2. Such certificates may, in addition
to the foregoing, be signed by a <B>T</B>ransfer <B>A</B>gent or an assistant Transfer Agent or by a <B>T</B>ransfer <B>C</B>lerk
on behalf of the Company, who shall have been duly appointed for the purpose by the Board of Directors. When such certificates
are signed by a <B>T</B>ransfer <B>A</B>gent or an assistant <B>T</B>ransfer <B>A</B>gent or by a <B>T</B>ransfer <B>C</B>lerk
on behalf of the Company, the signature of the President, Vice President, Treasurer, or Assistant Treasurer upon any such certificate
may be affixed by engraving, lithograving, or printing thereon a facsimile of such signature, in lieu of manual signature, and
such facsimile signature so engraved, lithographed, or printed thereon shall have the same force and effect as if such officer
had manually signed the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 3. In case any officer who has signed,
or whose facsimile signature has been affixed to, any such certificate shall cease to be such officer before such certificate shall
have been delivered by the Company, such certificate may nevertheless be issued and delivered as though the person who signed such
certificate, or whose facsimile signature has been affixed thereto, had not ceased to be such officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 4. Transfers of stock may be made at
any time by the holders thereof in person, or by their representatives, or by power of attorney duly executed, except when the
transfer books shall be closed; but no transfer shall be valid until entered in the proper form on the books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 5. Notwithstanding anything herein to
the contrary, the Company, or its Transfer Agent at the direction or authorization of the Company, may allow for the issuance of
Company securities that are not represented by physical certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE XI</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CHECKS, NOTES, AND CONTRACTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. All checks for the payment of funds
of the Company and all notes and drafts shall be signed by such officer or officers of the Company or such other person as the
directors may from time to time by resolution designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 2. Contracts and other obligations of
the Company, excepting those mentioned in Section 1 of this Article, shall be signed by the President or a Vice President and attested
to by the Secretary or Assistant Secretary, or Treasurer or Assistant Treasurer, <B>where such Assistant Secretary or Assistant
Treasurer may be so named, </B>and the corporate seal shall be thereto affixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 3. No contract between this Company
and any other company shall be affected or invalidated by the fact that a director or officer of this Company has a financial interest
in or is a director, officer, partner, or proprietor of such other company. No such contract shall be entered into unless authorized
by a majority of the directors present at a meeting and not affected personally by the contract as being in the best interest of
the Company. Bids shall be solicited, whenever practicable, before any such contract involving construction services shall be entered
into by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE XIII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>RECORD DATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SECTION 1. The Board of Directors may fix, in
advance, a date not exceeding fifty <B>(50)</B> days preceding the date of any meeting of stockholders, or the date for the payment
of any dividend, or the date for the allotment of rights, or the date when any change or conversion or exchange of capital stock
shall go into effect, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such
meeting, or entitled to receive payment of any such dividend, or any such allotment or rights, or to exercise the rights in respect
to any such change, conversion, or exchange of capital stock, and in such case only stockholders of record on the date so fixed
shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend, or allotment of rights
or exercise of such rights, as the case may be, and notwithstanding any transfer of any stock on the books of the Company after
any such record date fixed as aforesaid.</P>



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