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<SEC-DOCUMENT>0001140361-07-022225.txt : 20071116
<SEC-HEADER>0001140361-07-022225.hdr.sgml : 20071116
<ACCEPTANCE-DATETIME>20071115200647
ACCESSION NUMBER:		0001140361-07-022225
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071115
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071116
DATE AS OF CHANGE:		20071115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAILY JOURNAL CORP
		CENTRAL INDEX KEY:			0000783412
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				954133299
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14665
		FILM NUMBER:		071251253

	BUSINESS ADDRESS:	
		STREET 1:		915 EAST FIRST STREET
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90012
		BUSINESS PHONE:		2132295300

	MAIL ADDRESS:	
		STREET 1:		355 SOUTH GRAND AVENUE 34TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071-1560

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DAILY JOURNAL CO
		DATE OF NAME CHANGE:	19870427
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>DAILY JOURNAL 8-K 11-15-2007
<TEXT>
<html>

  <head>
    <title>form8k.htm</title>
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      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PURSUANT
      TO SECTION 13 OR 15(d)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>OF
      THE SECURITIES AND EXCHANGE ACT OF 1934</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
      of
      Report (Date of Earliest Event Reported): <strong>November 15,
      2007</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman;"><strong>DAILY
      JOURNAL CORPORATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
      Name of Registrant as Specified in its Charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
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    <div><br>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>SOUTH
                CAROLINA</strong></font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>0-14665</strong></font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>95-4133299</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                or Other Jurisdiction of Incorporation)</font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Commission
                File No.)</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
                Employer Identification No.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>915
      East First Street</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Los
      Angeles, CA&#160;&#160;90012-4050</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Address
      of Principal Executive Offices and Zip Code)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Registrant&#8217;s
      telephone number, including area code: <strong>(213)
      229-5300</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Not
      applicable</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Former
      name or former address, if changed from last report)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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 (See General Instructions A.2. below):</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Soliciting
                material pursuant to Rule 14a&#8211;12 under the Exchange Act&#160;&#160;(17 CFR
                240.14a&#8211;12)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                communication pursuant to Rule 14d&#8211;2(b) under the Exchange Act (17 CFR
                240.14d&#8211;2(b))</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pre-commencement
                communications pursuant to Rule 13e&#8211;4(c) under the Exchange Act (17 CFR
                240.13e&#8211;4(c))</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
    </div>
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        <div id="FTR">
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                5.03</strong></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Effective
      October 31, 2007, the Board of Directors of Daily Journal Corporation (the
      &#8220;Company&#8221;) amended and restated the Company&#8217;s bylaws (the &#8220;Bylaws&#8221;) to permit
      the Company to issue uncertificated shares.&#160;&#160;Previously, the Bylaws
      required that all shares of capital stock be represented by
      certificates.&#160;&#160;The Bylaws were amended and restated in order for the
      Company to become eligible to participate in a Direct Registration Program
      as
      required by NASDAQ Rule 4350(l).&#160;&#160;The amendment and restatement
      affected only Article VIII, Section 4 of the Bylaws.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Bylaws, as amended, are filed as Exhibit 99.1.</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                9.01</strong></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Financial
                Statements and Exhibits.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(d)
      Exhibits</strong></font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 54pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
                and Restated Bylaws of Daily Journal
                Corporation.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Pursuant
      to the requirements of the
      Securities Exchange Act of 1934, as amended, the Registrant has duly caused
      this
      report to be signed on its behalf by the undersigned hereunto duly
      authorized.</font></div>
    <div>&#160;</div>
    <div align="left">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" colspan="2" valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>DAILY
                  JOURNAL CORPORATION</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="justify" valign="top" width="48%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                  Gerald L. Salzman</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Gerald
                L. Salzman</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Executive Officer</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Financial Officer</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Treasurer</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Dated:
                November 15, 2007</font></td>
            </tr>

        </table>
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      INDEX</strong></font></div>
    <div>&#160;</div>
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          <tr valign="top">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Exhibit
                No.</u></strong></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Description</u></strong></font></div>
            </td>
          </tr>

      </table>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;
                <a href="ex99_1.htm">99.1</a></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
                and Restated Bylaws of Daily Journal
                Corporation.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title>ex99_1.htm</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exhibit
      99.1</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AMENDED
      AND RESTATED BYLAWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">DAILY
      JOURNAL CORPORATION</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OFFICES</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Principal Offices</u>.&#160;&#160;The board of directors shall
      fix the location of the principal executive office of the corporation at any
      place within or outside the State of South Carolina.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Other Offices</u>.&#160;&#160;The board of directors may at any
      time establish branch or subordinate offices at any place or places where the
      corporation is qualified to do business.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      II</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">MEETINGS
      OF SHAREHOLDERS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Place Of Meetings</u>.&#160;&#160;Meetings of shareholders
      shall be held at any place within or outside the State of South Carolina
      designated by the board of directors.&#160;&#160;In the absence of any such
      designation, shareholders' meetings shall be held at the registered office
      of
      the corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Annual Meeting</u>.&#160;&#160;The annual meeting of
      shareholders shall be held each year on a date and at a time designated by
      the
      board of directors.&#160;&#160;At each annual meeting directors shall be
      elected, and any other proper business may be transacted.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      3.&#160;&#160;<u>Special Meeting</u>.&#160;&#160;A special meeting of the
      shareholders may be called at any time by a majority of the board of directors,
      or by the chairman or vice chairman of the board, or by the president, or by
      one
      or more shareholders holding shares in the aggregate entitled to cast not less
      than 10% of the votes on any issue proposed to be considered at that
      meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      a
      special meeting is called by any person or persons specified in the preceding
      paragraph, the request shall be in writing, shall be delivered by certified
      or
      registered mail to the president or the secretary of the corporation, and shall
      be in accordance with Section 33-7-102 of the South Carolina Business
      Corporation Act of 1988 (the "Business Corporation Act").&#160;&#160;The officer
      receiving the request shall cause notice to be promptly given to the
      shareholders entitled to vote, in accordance with the provisions of Sections
      4
      and 5 of this Article II, that a meeting will be held at the time requested
      by
      the person or persons calling the meeting, not less than ten (10) nor more
      than
      sixty (60) days after the receipt of the request.&#160;&#160;If the notice is
      not given within thirty (30) days after receipt of the request, the person
      or
      persons requesting the meeting may petition the circuit court of the county
      where the corporation's principal office (or, if none in the State of South
      Carolina, its registered office) is located, and the circuit court may order
      a
      meeting to be held on application of a person or persons who signed the
      request.&#160;&#160;Nothing contained in this paragraph of this Section 3 shall
      be construed as limiting, fixing or affecting the time when a meeting of
      shareholders called by action of the board of directors may be
      held.</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      4.&#160;&#160;<u>Notice Of Shareholders' Meetings</u>.&#160;&#160;All notices of
      meetings of shareholders shall be sent or otherwise given in accordance with
      Section 5 of this Article II not less than ten (10) nor more than sixty (60)
      days before the date of the meeting.&#160;&#160;The notice shall specify the
      place, date and hour of the meeting and, in the case of a special meeting,
      the
      purpose or purposes for which the meeting is called.&#160;&#160;The notice of
      any meeting at which directors are to be elected shall include the name of
      any
      nominee or nominees whom, at the time of the notice, management intends to
      present for election.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      5.&#160;&#160;<u>Manner Of Giving Notice </u>.&#160;&#160;Notice of any meeting
      of shareholders shall be in writing, unless oral notice is reasonable under
      the
      circumstances.&#160;&#160;Notice may be communicated in person; by telephone,
      telegraph, teletype, or other form of wire or wireless communication; or by
      mail
      or private carrier.&#160;&#160;If these forms of personal notice are
      impracticable, notice may be communicated by a newspaper of general circulation
      in the area where published; or by radio, television, or other form of public
      broadcast communication.&#160;&#160;Written notice shall be deemed effective
      when mailed, if mailed postpaid and correctly addressed to the shareholder's
      address shown in the corporation's current record of
      shareholders.&#160;&#160;Oral notice shall be deemed effective when
      communicated.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      any
      notice addressed to a shareholder at the address of that shareholder shown
      in
      the corporation's current record of shareholders is returned to the corporation
      by the United States Postal Service marked to indicate that the United States
      Postal Service is unable to deliver the notice to the shareholder at that
      address, all future notices or reports shall be deemed to have been duly given
      without further mailing if these shall be available to the shareholder on
      written demand of the shareholder at the principal executive office of the
      corporation for a period of one year from the date of the giving of the
      notice.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">An
      affidavit of the mailing, or other means of giving any notice of any
      shareholders meeting may be executed by the secretary, assistant secretary,
      or
      any transfer agent of the corporation giving the notice, and shall thereupon
      be
      filed and maintained in the minute book of the Corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      6.&#160;&#160;<u>Quorum and Voting Requirements</u>.&#160;&#160;A "voting group"
      shall mean all shares of one or more classes or series that under the Articles
      of Incorporation or the Business Corporation Act are entitled to vote and be
      counted together collectively on a matter at a meeting of
      shareholders.&#160;&#160;All shares entitled by the Articles of Incorporation or
      the Business Corporation Act to vote generally on the matter shall be considered
      for that purpose a single voting group.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Shares
      entitled to vote as a separate voting group may take action on a matter at
      a
      meeting only if quorum of those shares exists with respect to that
      matter.&#160;&#160;A majority of the votes entitled to be cast on the matter by
      the voting group constitute a quorum of that voting group for action on that
      matter.&#160;&#160;Once a share is represented for any purpose at a meeting, it
      is considered present for quorum purposes for the remainder of the meeting
      and
      for any adjournment of that meeting unless a new record date is or must be
      set
      for that adjourned meeting.&#160;&#160;If a quorum exists, action on a matter
      (other than the election of directors) by a voting group is approved if the
      votes cast within the voting group favoring the action exceed the votes cast
      opposing the action.</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      shareholders entitled to vote at any meeting of shareholders shall be determined
      in accordance with the provisions of Section 11 of this Article II, subject
      to
      the provisions of the Business Corporation Act.&#160;&#160;The shareholders vote
      may be by voice vote or by ballot; provided, however, that any election for
      directors must be by ballot if demanded by any shareholder before the voting
      has
      begun.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      7.&#160;&#160;<u>Adjourned Meeting; Notice</u>.&#160;&#160;Any shareholders'
      meeting, annual or special, whether or not a quorum is present, may be adjourned
      from time to time by the vote of the shareholders, and notice need not be given
      of the adjourned meeting if the new date, time and place are announced at the
      meeting before adjournment.&#160;&#160;If the adjourned meeting takes place more
      than one-hundred twenty (120) days after the date fixed for the original
      meeting, a new record date must be fixed.&#160;&#160;If a new record date is or
      must be fixed pursuant to the provisions of this Section 7 of this Article
      II or
      the Business Corporation Act, notice of any such adjourned meeting for which
      notice is required shall be given to each shareholder of record entitled to
      vote
      at the adjourned meeting in accordance with the provisions of Sections 4 and
      5
      of this Article II.&#160;&#160;At any adjourned meeting the corporation may
      transact any business which might have been transacted at the original
      meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      8.&#160;&#160;<u>Election of Directors</u>. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Directors
      shall be elected by a plurality of the votes cast by the shares entitled to
      vote
      in the election at which a quorum is present.&#160;&#160;The candidates
      receiving the highest number of votes, up to the number of directors to be
      elected, shall be elected.&#160;&#160;At a shareholders' meeting at which
      directors are to be elected, no shareholder shall be entitled to cumulate votes
      (<u>i.e.</u>, cast for any one or more candidates, a number of votes greater
      than the number of the shareholder's shares) unless the meeting notice or proxy
      statement accompanying the notice states conspicuously that cumulative voting
      is
      authorized, or a shareholder has either (1) given written notice of such
      intention to the president or other officer of the corporation not less than
      forty-eight (48) hours before the time fixed for the meeting, which notice
      shall
      be announced in such meeting before the voting or (2) announced his intention
      in
      such meeting before the voting for directors shall commence.&#160;&#160;If any
      shareholder has given such a notice, then every shareholder entitled to vote
      may
      cumulate votes for candidates in nomination and give one candidate a number
      of
      votes equal to the number of directors to be elected, multiplied by the number
      of votes to which that shareholder's shares are entitled, or distribute the
      shareholder's votes on the same principle among any or all of the candidates,
      as
      the shareholder thinks fit.&#160;&#160;If a shareholder intending to cumulate
      his votes gives notice at the meeting, the person presiding may, or if requested
      by any shareholder shall, recess the meeting for a period not to exceed two
      hours.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      9.&#160;&#160;<u>Waiver Of Notice Or Consent By
      Absent</u><u>Shareholders</u>.&#160;&#160;The transactions of any meeting of
      shareholders, either annual or special, however called and noticed, and wherever
      held, shall be as valid as though had at a meeting duly held after regular
      call
      and notice, if a quorum be present either in person or by proxy, and if, either
      before or after the meeting, each person entitled to vote, who was not present
      in person or by proxy, signs a written waiver of notice or a consent to a
      holding of the meeting, or an approval of the action taken as set forth in
      the
      minutes.&#160;&#160;The waiver of notice or consent need not specify either the
      business transacted or to be transacted or the purpose of any annual or special
      meeting of shareholders.&#160;&#160;All such waivers, consent or approvals shall
      be filed with the corporate records or made a part of the minutes of the
      meeting.</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Attendance
      by a person at a meeting shall also constitute a waiver of objection to lack
      of
      notice or defective notice of that meeting, except when the person objects,
      at
      the beginning of the meeting, to the transaction of any business because the
      meeting is not lawfully called or convened, and except that attendance at a
      meeting is not a waiver of any right to object to the consideration of matters
      not included in the notice of the meeting if that objection is expressly made
      at
      the meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      10.&#160;&#160;<u>Shareholder Action By Written Consent</u><u>Without A
      Meeting</u>.&#160;&#160;Any action which may be taken at any annual or special
      meeting of shareholders may be taken without a meeting and without prior notice,
      if one or more consents in writing, setting forth the action so taken, are
      signed by the holders of all of the outstanding shares of the corporation
      entitled to vote at a meeting to authorize or take that action, or by such
      holders' attorneys-in-fact or proxy holders.&#160;&#160;All such consents shall
      be filed with the secretary of the corporation and shall be maintained in the
      corporate records.&#160;&#160;Any shareholder giving a written consent, or the
      shareholder's proxy holders, or a transferee of the shares or a personal
      representative of the shareholder or their respective proxy holders, may revoke
      the consent by a writing received by the secretary of the corporation before
      written consents of the number of shares required to authorize the proposed
      action have been filed with the secretary.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      11.&#160;&#160;<u>Record Date For Shareholder Notice, Voting, And Giving
      Consents</u>.&#160;&#160;For purposes of determining the shareholders entitled
      to notice of any meeting, to vote, or to give consent to corporate action
      without a meeting, the board of directors may fix, in advance, a record date,
      which shall not be more than seventy (70) days before the date of any such
      meeting or any such action, and in this event only shareholders of record on
      the
      date so fixed are entitled to notice, to vote or to give consents, as the case
      may be, notwithstanding any transfer of any shares on the books of the
      corporation after the record date, except as otherwise provided in the Business
      Corporation Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      no
      record date is fixed for determination of shareholders entitled to notice of
      or
      to vote at a meeting of shareholders, or shareholders entitled to receive
      payment of a dividend, or other distribution, the date on which the resolution
      of the board of directors declaring such action or dividend or distribution
      is
      adopted, as the case may be, shall be the record date for determination of
      shareholders.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      a
      meeting of the shareholders is called by any person entitled to do so pursuant
      to the Business Corporation Act, and if the board of directors fails or refuses
      to fix a record date for the purpose of determining shareholders entitled to
      notice of or to vote at such meeting, then the persons calling such meeting
      may
      fix a record date in accordance with the first paragraph of this Section
      11.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">When
      a
      determination of shareholders entitled to vote at any meeting of shareholders
      has been made as provided in this section, such determination shall apply to
      any
      adjournment thereof, unless a new record date is fixed in accordance with the
      first paragraph of this Section 11 or is required to be so fixed by Section
      33-7-107 of the Business Corporation Act.</font></div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      12.&#160;&#160;<u>Proxies</u>.&#160;&#160;Every person entitled to vote for
      directors or on any other matter shall have the right to do so either in person
      or by one or more agents authorized by a written proxy signed by the person
      and
      filed with the secretary of the corporation.&#160;&#160;A proxy shall be deemed
      signed if the shareholder's name is placed on the proxy (whether by manual
      signature, typewriting, telegraphic transmission, or otherwise) by the
      shareholder or the shareholder's attorney in fact.&#160;&#160;A validly executed
      proxy which does not state that it is irrevocable shall continue in full force
      and effect unless (i) revoked by the person executing it, before the vote
      pursuant to that proxy, by a writing delivered to the corporation stating that
      the proxy is revoked, or by a subsequent proxy executed by, or attendance at
      the
      meeting, giving notice of revocation, and voting in person by, the person
      executing the proxy; or (ii) written notice of the death or incapacity of the
      maker of that proxy is received by the corporation before the vote pursuant
      to
      that proxy is counted.&#160;&#160;The revocability of a proxy that states on its
      face that it is irrevocable shall be governed by the provisions of Section
      33-7-220 of the Business Corporation Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      13. <u>Inspectors Of Election</u>.&#160;&#160;Before or during any meeting of
      shareholders, the board of directors or the chairman of the meeting may appoint
      any persons other than nominees for office to act as inspectors of election
      at
      the meeting or its adjournment.&#160;&#160;The number of inspectors shall be
      either one (1) or three (3).&#160;&#160;If any person appointed as inspector
      fails to appear or fails or refuses to act, the chairman of the meeting may
      appoint a person to fill that vacancy.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      inspector(s) shall:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)
      determine the number of shares outstanding and the voting power of each, the
      shares represented at the meeting, the existence of a quorum, and the
      authenticity, validity, and effect of proxies;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)
      receive votes, ballots, or consents;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)
      hear
      and determine all challenges and questions in any way arising in connection
      with
      the right to vote;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)
      count
      and tabulate all votes, ballots or consents;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(e)
      determine when the polls shall close;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(f)
      determine and announce the result; and</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(g)
      do
      any other acts that may be proper to conduct the election or vote with fairness
      to all shareholders.</font></div><br>
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        </div>
      </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      III</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">DIRECTORS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Powers</u>.&#160;&#160;Subject to the provisions of the
      Business Corporation Act and any limitations in the articles of incorporation
      and these bylaws relating to action required to be approved by the shareholders
      or by the outstanding shares, the business and affairs of the corporation shall
      be managed and all corporate powers shall be exercised by or under the direction
      of the board of directors.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Number Of Directors</u>.&#160;&#160;The authorized number of
      directors shall not be less than three (3) nor more than five (5), until changed
      by amendment of the articles of incorporation or these bylaws.&#160;&#160;The
      exact number of directors shall be fixed, within the limits specified, by
      resolution duly adopted by the Board of Directors.&#160;&#160;Until changed by
      resolution duly adopted by the Board of Directors, the exact number of directors
      shall be three (3).</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      3.&#160;&#160;<u>Election And Term Of Office Of Directors</u>.&#160;&#160;All
      nominations for the board of directors must be made in writing and received
      by
      the secretary of the corporation no less than 10 days prior to the date of
      the
      shareholders' meeting at which one or more directors are to be
      elected.&#160;&#160;Directors shall be elected at each annual meeting of the
      shareholders to hold office until the next annual meeting.&#160;&#160;Each
      director, including a director elected to fill a vacancy, shall hold office
      until the expiration of the term for which elected and until a successor has
      been elected and qualified or until earlier resignation, removal, death or
      incapacity.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      4.&#160;&#160;<u>Vacancies</u>.&#160;&#160;Vacancies in the board of directors
      may be filled by the shareholders or by a majority of the remaining directors,
      though less than a quorum, or by a sole remaining director.&#160;&#160;Each
      director so elected shall hold office until the next annual meeting of the
      shareholders and until a successor has been elected and qualified or until
      earlier resignation, removal, death or incapacity.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
      vacancy
      or vacancies in the board of directors shall be deemed to exist in the event
      of
      the death, resignation, or removal of any director, or if the board of directors
      by vote at a specially called meeting solely for such purpose removes a director
      for cause, or if the authorized number of directors is increased or if the
      shareholders fail, at any meeting of shareholders at which any director or
      directors are elected, to elect the number of directors to be voted for at
      that
      meeting.&#160;&#160;Cause for removal of a director under this section shall
      mean fraudulent or dishonest acts, or gross abuse of authority in discharge
      of
      duties to the corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      director may resign effective on giving written notice to the chairman or vice
      chairman of the board, the president, the secretary, or the board of directors,
      unless the notice specifies a later time for that resignation to become
      effective.&#160;&#160;If the resignation of a director is effective at a future
      time, the board of directors may elect a successor to take office when the
      resignation becomes effective.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">No
      reduction of the authorized number of directors shall have the effect of
      removing any director before that director's term of office
      expires.</font></div><br>
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      5.&#160;&#160;<u>Place Of Meetings And Meetings
      By</u><u>Telephone</u>.&#160;&#160;Regular meetings of the board of directors
      may be held at any place within or outside the State of South Carolina that
      has
      been designated from time to time by resolution of the board.&#160;&#160;In the
      absence of such a designation, regular meetings shall be held at the principal
      executive office of the corporation.&#160;&#160;Special meetings of the board
      shall be held at any place within or outside the State of South Carolina that
      has been designated in the notice of the meeting or, if not stated in the notice
      or there is no notice, at the principal executive office of the
      corporation.&#160;&#160;Any meeting, regular or special, may be held by
      conference telephone or similar communication equipment, so long as all
      directors participating in the meeting can hear one another, and all such
      directors shall be deemed to be present in person at the meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      6.&#160;&#160;<u>Annual Meeting</u>.&#160;&#160;Immediately following each
      annual meeting of shareholders, the board of directors shall hold a regular
      meeting for the purpose of organization, any desired election of officers,
      and
      the transaction of other business.&#160;&#160;Notice of this meeting shall not
      be required.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      7.&#160;&#160;<u>Other Regular Meetings</u>.&#160;&#160;Other regular meetings
      of the board of directors shall be held without call at such time as shall
      from
      time to time be fixed by the board of directors.&#160;&#160;Such regular
      meetings may be held without notice.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      8.&#160;&#160;<u>Special Meetings; Notice</u>.&#160;&#160;Special meetings of
      the board of directors for any purpose or purposes may be called at any time
      by
      the chairman of the board or the president or any vice president or the
      secretary or any two directors.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Notice
      of
      the time and place of special meetings shall be delivered personally or by
      telephone to each director or sent by first-class mail or telegram, charges
      prepaid, addressed to each director at the director's address as it is shown
      on
      the records of the corporation.&#160;&#160;In case the notice is mailed, it
      shall be deposited in the United States mail at least four (4) days before
      the
      time of the holding of the meeting.&#160;&#160;In case the notice is delivered
      personally or by telephone or telegram, it shall be delivered personally or
      by
      telephone or to the telegraph company at least forty-eight (48) hours before
      the
      time of the holding of the meeting.&#160;&#160;Any oral notice given personally
      or by telephone may be communicated either to the director or to a person at
      the
      office of the director who the person giving the notice has reason to believe
      will promptly communicate it to the director.&#160;&#160;The notice need not
      specify the purpose of the meeting nor the place if the meeting is to be held
      at
      the principal executive office of the corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      9.&#160;&#160;<u>Quorum</u>.&#160;&#160;A majority of the authorized number of
      directors shall constitute a quorum for the transaction of business, except
      to
      adjourn as provided in Section 11 of this Article III.&#160;&#160;Every act or
      decision done or made by a majority of the directors present at a meeting duly
      held at which a quorum is present shall be regarded as the act of the board
      of
      directors.&#160;&#160;A meeting at which a quorum is initially present may
      continue to transact business notwithstanding the withdrawal of directors,
      if
      any action taken is approved by at least a majority of the required quorum
      for
      that meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      10.&#160;&#160;<u>Waiver Of Notice</u>.&#160;&#160;The transactions of any
      meeting of the board of directors, however called and noticed or wherever held,
      shall be as valid as though had at a meeting duly held after regular call and
      notice if a quorum is present and if, either before or after the meeting, each
      of the directors not present signs a written waiver of notice.&#160;&#160;The
      waiver of notice or consent need not specify the purpose of the
      meeting.&#160;&#160;All such waivers, consents, and approvals shall be filed
      with the corporate records or made a part of the minutes of the
      meeting.&#160;&#160;Notice of a meeting shall also be deemed given to any
      director who attends the meeting without protesting, before or at its
      commencement, the lack of notice to that director.</font></div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      11.&#160;&#160;<u>Adjournment</u>.&#160;&#160;A majority of the directors
      present, whether or not constituting a quorum, may adjourn any meeting to
      another time and place.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      12.&#160;&#160;<u>Notice Of Adjournment</u>.&#160;&#160;Notice of the time and
      place of holding an adjourned meeting need not be given unless the meeting
      is
      adjourned for more than forty-eight (48) hours, in which case notice of the
      time
      and place shall be given before the time of the adjourned meeting, in the manner
      specified in Section 8 of this Article III, to the directors who were not
      present at the time of the adjournment.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      13.&#160;&#160;<u>Action Without Meeting</u>.&#160;&#160;Any action required or
      permitted to be taken by the board of directors may be taken without a meeting,
      if all members of the board shall individually or collectively consent in
      writing to that action.&#160;&#160;Such action by written consent shall have the
      same force and effect as an unanimous vote of the board of
      directors.&#160;&#160;Such written consent or consents shall be filed with the
      minutes of the proceedings of the board.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      14.&#160;&#160;<u>Fees And Compensation Of Directors</u>.&#160;&#160;Directors
      and members of committees may receive such compensation, if any, for their
      services, and such reimbursement of expenses, as may be fixed or determined
      by
      resolution of the board of directors.&#160;&#160;This Section 14 shall not be
      construed to preclude any director from serving the corporation in any other
      capacity as an officer, agent, employee, or otherwise, and receiving
      compensation for those services.</font></div><br>
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        </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      IV</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">COMMITTEES</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Committees Of Directors</u>.&#160;&#160;The board of directors
      may, by resolution adopted by a majority of the authorized number of directors,
      designate one or more committees each consisting of two or more directors,
      to
      serve at the pleasure of the board.&#160;&#160;The board may designate one or
      more directors as alternate members of any committee, who may replace any absent
      member at any meeting of the committee.&#160;&#160;Any committee, to the extent
      provided in the resolution of the board, shall have all the authority of the
      board, except with respect to the authority of the board of directors
      to:</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">authorize
                distributions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">approve
                or propose to shareholders action that is required to be approved
                by
                shareholders;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">fill
                vacancies on the board of directors or on any of its
                committees;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(4)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">amend
                the Articles of Incorporation;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(5)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">adopt,
                amend, or repeal Bylaws;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(6)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">approve
                a plan of merger not requiring shareholder
                approval;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(7)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">authorize
                or approve reacquisition of shares, except according to a formula
                or
                method prescribed by the board of directors;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(8)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">authorize
                or approve the issuance or sale or contract for sale of shares, or
                determine the designation and relative rights, preferences, and
                limitations of a class or series of shares, except that the board
                of
                directors may authorize a committee (or a senior executive officer
                of the
                corporation) to do so within limits specifically prescribed by the
                board
                of directors.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Meetings And Action Of Committees</u>.&#160;&#160;Meetings and
      action of committees shall be governed by, and held and taken in accordance
      with, the provisions of Article III of these bylaws, Sections 5 (place of
      meetings), 7 (regular meetings), 8 (special meetings and notice), 9 (quorum),
      10
      (waiver of notice), 11 (adjournment), 12 (notice of adjournment), and 13 (action
      without meeting), with such changes in the context of those bylaws as are
      necessary to substitute the committee and its members for the board of directors
      and its members, except that the time of regular meetings of committees may
      be
      determined either by resolution of the board of directors or by resolution
      of
      the committee; special meetings of committees may also be called by resolution
      of the board of directors; and notice of special meetings of committees shall
      also be given to all alternate members, who shall have the right to attend
      all
      meetings of the committee.&#160;&#160;The board of directors may adopt rules for
      the government of any committee not inconsistent with the provisions of these
      bylaws or the Business Corporation Act.'</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      V</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OFFICERS</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Officers</u>.&#160;&#160;The officers of the corporation shall
      be a chairman of the board, a president, a secretary, and a chief financial
      officer.&#160;&#160;The corporation may also have, at the discretion of the
      board of directors, a vice chairman of the board, one or more vice presidents,
      a
      treasurer, one or more assistant secretaries, one or more assistant treasurers,
      and such other officers as may be appointed in accordance with the provisions
      of
      Section 3 of this Article V.&#160;&#160;If there is a treasurer, he shall be the
      chief financial officer unless some other person is so appointed by the board
      of
      directors.&#160;&#160;Any number of offices may be held by the same person, but
      no officer may act in more than one capacity where action by two or more
      officers is required.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Election Of Officers</u>.&#160;&#160;The officers of the
      corporation, except such officers as may be appointed in accordance with the
      provisions of Section 3 or Section 5 of this Article V, shall be chosen by
      the
      board of directors, and each shall serve at the pleasure of the board, subject
      to all rights, if any, of an officer under any contract of
      employment.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      3.&#160;&#160;<u>Subordinate Officers</u>.&#160;&#160;The board of directors may
      appoint, and may empower the chairman of the board or the president to appoint,
      such other officers as the business of the corporation may require, each of
      whom
      shall hold office for such period, have such authority and perform such duties
      as are provided in the bylaws or as the board of directors may from time to
      time
      determine.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      4.&#160;&#160;<u>Removal And Resignation Of Officers</u>.&#160;&#160;Subject to
      the rights, if any, of an officer under any contract of employment, any officer
      may be removed, either with or without cause, by the board of directors, or,
      except in case of an officer chosen by the board of directors, by any officer
      upon whom such power of removal may be conferred by the board of
      directors.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      officer may resign at any time by giving written notice to the
      corporation.&#160;&#160;Any resignation shall take effect at the date of the
      receipt of that notice or at any later time specified in that notice; and,
      unless otherwise specified in that notice, the acceptance of the resignation
      shall not be necessary to make it effective.&#160;&#160;Any resignation is
      without prejudice to the rights, if any, of the corporation under any contract
      to which the officer is a party.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      5.&#160;&#160;<u>Vacancies In Offices</u>.&#160;&#160;A vacancy in any office
      because of death, resignation, removal, disqualification or any other cause
      shall be filled in the manner prescribed in these bylaws for regular
      appointments to that office.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      6.&#160;&#160;<u>Chairman Of The Board</u>.&#160;&#160;The chairman of the board
      shall be the chief executive officer of the corporation unless the president
      is
      so designated and shall, subject to the control of the board of directors,
      have
      general supervision, direction, and control of the business and the officers
      of
      the corporation.&#160;&#160;He shall, if present, preside at meetings of the
      board of directors and shareholders and exercise and perform such other powers
      and duties as may be from time to time assigned to him by the board of directors
      or prescribed by the bylaws.&#160;&#160;If there is no president, the chairman
      of the board shall in addition be the chief operating officer of the corporation
      and shall have the powers and duties prescribed in Section 8 of this Article
      V.</font></div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      7.&#160;&#160;<u>Vice Chairman Of The Board</u>.&#160;&#160;In the absence or
      disability of the chairman of the board, the vice chairman of the board shall
      perform all the duties of the chairman of the board, and when so acting shall
      have all the powers of, and be subject to all the restrictions upon, the
      chairman of the board.&#160;&#160;The vice chairman of the board shall have such
      other powers and perform such other duties as from time to time may be
      prescribed for him by the board of directors or the bylaws.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      8.&#160;&#160;<u>President</u>.&#160;&#160;The president shall be the chief
      operating officer of the corporation and, subject to general supervision of
      the
      chairman of the board, shall have the general powers and duties of management
      usually vested in the office of president of a corporation, and shall have
      such
      other powers and duties as may be prescribed by the board of-directors or the
      bylaws.&#160;&#160;In the absence of the chairman of the board, or the vice
      chairman of the board, or if there be none, he shall preside at all meetings
      of
      the shareholders and at all meetings of the board of directors.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      9.&#160;&#160;<u>Vice Presidents</u>.&#160;&#160;In the absence or disability of
      the president, the vice presidents, if any, in order of their rank as fixed
      by
      the board of directors or, if not ranked, a vice president designated by the
      board of directors, shall perform all the duties of the president, and when
      so
      actin shall have all the powers of, and be subject to all the restrictions
      upon,
      the president.&#160;&#160;The vice presidents shall have such other powers and
      perform such other duties as from time to time may be prescribed for them
      respectively by the board of directors or the bylaws.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      10.&#160;&#160;<u>Secretary</u>.&#160;&#160;The secretary shall prepare and keep
      or cause to be kept, at the principal executive office or such other place
      as
      the board of directors may direct, a book of minutes of all meetings and actions
      of directors, committees of directors, and shareholders, with the time and
      place
      of holding, whether regular or special, and, if special, how authorized, the
      notice given, the names of those present at directors meetings or committee
      meetings, the number of shares present or represented at shareholders' meetings,
      and the proceedings.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      secretary shall keep, or cause to be kept, at the principal executive office
      or
      at the office of the corporation's transfer agent or registrar, as determined
      by
      resolution of the board of directors, a share register, or a duplicate share
      register, showing the names of all shareholders and their addresses, the number
      and classes of shares held by each, the number and date of certificates issued
      for the same, and the number and date of cancellation of every certificate
      surrendered for cancellation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      secretary shall give, or cause to be given, notice of all meetings of the
      shareholders and of the board of directors required by the bylaws or by law
      to
      be given.&#160;&#160;The secretary shall keep the seal of the corporation if one
      be adopted, in safe custody, shall be responsible for authenticating records
      of
      the corporation and shall have such other powers and perform such other duties
      as may be prescribed by the board of directors or by the bylaws.</font></div>
    <div>&#160;</div>
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      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      11.&#160;&#160;<u>Chief Financial Officer</u>.&#160;&#160;The chief financial
      officer shall keep and maintain, or cause to be kept and maintained, adequate
      and correct books and records of accounts of the properties and business
      transactions of the corporation, including accounts of its assets, liabilities,
      receipts, disbursements, gains, losses, capital, retained earnings, and
      shares.&#160;&#160;The books of account shall at all reasonable times be open to
      inspection by any director.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      chief
      financial officer shall deposit all moneys and other valuables in the name
      and
      to the credit of the corporation with such depositaries as may be designated
      by
      the board of directors.&#160;&#160;He shall disburse the funds of the
      corporation as may be ordered by the board of directors, shall render to the
      president and directors, whenever they request it, an account of all of his
      transactions as chief financial officer and of the financial condition of the
      corporation, and shall have other powers and perform such other duties as may
      be
      prescribed by the board of directors or the bylaws.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      VI</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">INDEMNIFICATION
      OF DIRECTORS, OFFICERS,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">EMPLOYEES
      AND OTHER AGENTS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      corporation shall, to the maximum extent permitted by the Business Corporation
      Act, indemnify each of its agents against expenses, judgments, fines,
      settlements an other amounts actually and reasonably incurred in connection
      with
      any proceeding arising by reason of the fact any such person is or was an agent
      of the corporation.&#160;&#160;For purposes of this Section, an "agent" of the
      corporation includes any person who is or was a director, officer, employee,
      or
      other agent of the corporation, or is or was serving at the request of the
      corporation as a director, officer, employee, or agent of another corporation,
      partnership, joint venture, trust, or other enterprise, or was a director,
      officer, employee or agent of a corporation which was a predecessor corporation
      of the corporation or of another enterprise at the request of such predecessor
      corporation.</font></div>
    <div>&#160;</div>
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      VII</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">RECORDS
      AND REPORTS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Maintenance And Inspection Of
      Share</u><u>Register</u>.&#160;&#160;The corporation shall keep at its principal
      executive office, or at the office of its transfer agent or registrar, if either
      be appointed and as determined by resolution of the board of directors, a record
      of its shareholders, giving the names and addresses of all shareholders and
      the
      number and class of shares held by each shareholder.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
      shareholder or shareholders of the corporation may, upon at least five (5)
      days'
      written demand in good faith under oath stating with reasonable particularity
      the purpose therefor and containing any other reasonable assurances that the
      information so obtained shall not be misused, for any proper purpose inspect
      and
      copy the record of shareholders' names and addresses and shareholdings during
      usual business hours.&#160;&#160;Any inspection and copying under this Section 1
      may be made in person or by an agent or attorney of the shareholder or holder
      of
      a voting trust certificate making the demand.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;&#160;<u>Maintenance And Inspection Of Bylaws</u>.&#160;&#160;The
      corporation shall keep at its principal executive office, the original or a
      copy
      of the bylaws as amended to date, which shall be open to inspection by the
      shareholders in accordance with Section 33-16-102 of the Business Corporation
      Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      3.&#160;&#160;<u>Maintenance And Inspection Of Other</u><u>Corporate
      Records</u>.&#160;&#160;The accounting books and records and minutes of
      proceedings of the shareholders and the board of directors and any committee
      or
      committees of the board of directors shall be kept at such place or places
      designated by the board of directors, or, in the absence of such designation,
      at
      the principal executive office of the corporation.&#160;&#160;The minutes shall
      be kept in written form and the accounting books and records shall be kept
      either in written form or in any other form capable of being converted into
      written form.&#160;&#160;The minutes of shareholders meetings and accounting
      books and records shall be open to inspection upon the written demand of any
      shareholder or holder of a voting trust certificate, upon at least five (5)
      days' written demand under oath stating the purpose therefor and containing
      any
      other reasonable assurances that the information so obtained shall not be
      misused, at any reasonable time during usual business hours, for a purpose
      reasonably related to the holder's interests as a shareholder or as the holder
      of a voting trust certificate.&#160;&#160;The inspection may be made in person
      or by an agent or attorney, and shall include the right to copy and make
      extracts.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      4.&#160;&#160;<u>Inspection By Directors</u>.&#160;&#160;Every director shall
      have the absolute right at any reasonable time to inspect all books, records,
      and documents of every kind and the physical properties of the corporation
      and
      each of its subsidiary corporations.&#160;&#160;This inspection by a director
      may be made in person or by an agent or attorney and the right of inspection
      includes the right to copy and make extracts of documents.</font></div><br>
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      </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      5.&#160;&#160;<u>Financial Statements</u>.&#160;&#160;A copy of any annual
      financial statement and any income statement of the corporation for each
      quarterly period of each fiscal year, and any accompanying balance sheet of
      the
      corporation as of the end of each such period, that has been prepared by the
      corporation shall be kept on file in the principal executive office of the
      corporation as set forth below and each such statement shall be exhibited at
      all
      reasonable times to any shareholder demanding an examination of any such
      statement or a copy shall be mailed to any such shareholder.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      later
      than one hundred twenty (120) days after the close of each fiscal year, the
      corporation shall mail to each shareholder of record a balance sheet showing
      in
      reasonable detail the financial condition of the corporation as of the close
      of
      its fiscal year, a profit and loss statement respecting its operation for the
      immediately preceding twelve (12) months and a statement of changes in
      shareholders' equity for the year.&#160;&#160;Such financial statements shall be
      filed at the principal place of business of the corporation and shall be kept
      for at least ten (10) years.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      corporation shall also, on the written request of any shareholder who was not
      mailed the statements, mail to such shareholder a copy of the last annual,
      semi-annual, or quarterly financial statements.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      financial statements referred to in this section shall be accompanied by the
      report, if any, of any independent accountants engaged by the corporation or
      the
      certificate of an authorized officer of the corporation that the financial
      statements were prepared without audit from the books and records of the
      corporation.</font></div><br>
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        </div>
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        </div>
      </div>
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      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      VIII</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">GENERAL
      CORPORATE MATTERS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Record Date For Purposes Other Than Notice</u><u>And
      Voting</u>.&#160;&#160;For purposes of determining the shareholders entitled to
      receive payment of any dividend or other distribution or allotment of any rights
      or entitled to exercise any rights in respect of any other lawful action (other
      than voting at meetings or action by shareholders by written consent without
      a
      meeting), the board of directors may fix, in advance, a record date, which
      shall
      not be more than seventy (70) days before any such action, and in that case
      only
      shareholders of record on the date so fixed are entitled to receive the
      dividend, distribution, or allotment of rights or to exercise the rights, as
      the
      case may be, notwithstanding any transfer of any shares on the books of the
      corporation after the record date so fixed, except as otherwise provided in
      the
      Business Corporation Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      the
      board of directors does not so fix a record date, the record date for
      determining shareholders for any such purpose shall be fixed as provided in
      Article II, Section 11 of these Bylaws.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Checks, Drafts, Evidences Of Indebtedness</u>.&#160;&#160;All
      checks, drafts, or other orders for payment of money, notes, or other evidences
      of indebtedness, issued in the name of or payable to the corporation, shall
      be
      signed or endorsed by such person or persons and in such manner as from time
      to
      time shall be determined by resolution of the board of directors.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      3.&#160;&#160;<u>Corporate Contracts And Instruments;
      How</u><u>Executed</u>.&#160;&#160;The board of directors, except as otherwise
      provided in these bylaws, may authorize any officer or officers, agent or
      agents, to enter into any contract or execute any instrument in the name of
      and
      on behalf of the corporation, and this authority may be general or confined
      to
      specific instances; and, unless so authorized or ratified by the board of
      directors or within the agency power of an officer, no officer, agent, or
      employee shall have any power or authority to bind the corporation by any
      contract or engagement or to pledge its credit or to render it liable for any
      purpose or for any amount.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      4.&#160;&#160;<u>Certificates For Shares</u>.&#160;&#160;The shares of the
      capital stock of the corporation may be certificated or uncertificated, as
      provided under the Business Corporation Act.&#160;&#160;A certificate or
      certificates for shares of the capital stock of the corporation may be issued
      to
      each shareholder when any of these shares are fully paid.&#160;&#160;Any such
      certificates shall be signed in the name of the corporation by the president
      or
      vice president and by the secretary or any assistant secretary, certifying
      the
      number of shares and the class or series of shares owned by the
      shareholder.&#160;&#160;Any or all of the signatures on any such certificate may
      be facsimile if the certificate is countersigned by a transfer agent or any
      assistant transfer agent, or registered by a registrar other than the
      corporation itself or an employee of the corporation.&#160;&#160;In case any
      officer, transfer agent, or registrar who has signed or whose facsimile
      signature has been placed on a certificate shall have ceased to be that officer
      before that certificate is issued, it may be issued by the corporation with
      the
      same effect as if that person were an officer at the date of
      issue.</font></div><br>
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        </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Within
      a
      reasonable time after the issuance or transfer of shares to a shareholder
      without certificates, the corporation shall send to the new registered owner
      thereof a written statement containing the information otherwise required to
      be
      included on a certificate by the Business Corporation Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      5.&#160;&#160;<u>Lost Certificates</u>.&#160;&#160;Except as provided in this
      Section 5, no new certificates for shares shall be issued to replace an old
      certificate unless the latter is surrendered to the corporation and cancelled
      at
      the same time.&#160;&#160;The board of directors may, in case any share
      certificate or certificate for any other security is lost, stolen, or destroyed,
      authorize the issuance of a replacement certificate on such terms and conditions
      as the board may require, including provision for indemnification of the
      corporation secured by a bond or other adequate security sufficient to protect
      the corporation against claim that may be made against it, including any expense
      or liability, on account of the alleged loss, theft, or
      destruction&#160;&#160;of the certificate or the issuance of the replacement
      certificate.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      6.&#160;&#160;<u>Representation Of Shares Of Other
      Corporations</u>.&#160;&#160;The chairman of the board, vice chairman of the
      board, the president, or any vice president, or any other person authorized
      by
      resolution of the board of directors or by any of the foregoing designated
      officers, is authorized to vote on behalf of the corporation any and all shares
      of any other corporation or corporations, foreign or domestic, standing in
      the
      name of the corporation.&#160;&#160;The authority granted to these officers to
      vote or represent on behalf of the corporation any and all shares held by the
      corporation in any other corporation or corporations may be exercised by any
      of
      these officers in person or by any person authorized to do so by a proxy duly
      executed by&#160;&#160;of these officers.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      7.&#160;&#160;<u>Construction And Definitions</u>.&#160;&#160;Unless the context
      requires otherwise, the general provisions, rules of construction, and
      definitions in the Business Corporation Act shall govern the construction of
      these bylaws.&#160;&#160;Without limiting the generality of this provision, the
      singular number includes the plural, the plural number includes the singular,
      and the term "person" includes both a corporation and a natural
      person.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
      IX</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AMENDMENTS</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      1.&#160;&#160;<u>Amendment By Shareholders</u>.&#160;&#160;New bylaws may be
      adopted or these bylaws may be amended or repealed by the vote or written
      consent of holders of a majority of the outstanding shares entitled to
      vote.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section
      2.&#160;&#160;<u>Amendment By Directors</u>.&#160;&#160;Subject to the rights of
      the shareholders as provided in Section 1 of this Article IX, to adopt, amend,
      or repeal bylaws, bylaws may be adopted, amended, or repealed by the board
      of
      directors, provided, however, that the board of directors may adopt a bylaw
      or
      amendment of a bylaw changing the authorized number of directors only for the
      purpose of fixing the exact number of directors within the limits specified
      in
      the articles of incorporation or in Section 2 of Article III of these
      bylaws.</font></div>
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