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<SEC-DOCUMENT>0001171843-07-000684.txt : 20071113
<SEC-HEADER>0001171843-07-000684.hdr.sgml : 20071112
<ACCEPTANCE-DATETIME>20071113122403
ACCESSION NUMBER:		0001171843-07-000684
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071112
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071113
DATE AS OF CHANGE:		20071113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		071236218

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_111207.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>

  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: NASDAQ-->
    <!--Document Created using EDGARizer 4.0.1.0-->
    <!--Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
    <!--All rights reserved EDGARfilings.com-->
  </head>
  <body bgcolor="#ffffff">
  <div id="lockwidth" style="width: 640px">
    <div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#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: Arial Narrow;"><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: 10pt; FONT-FAMILY: Arial Narrow;"><strong>WASHINGTON,
        D.C.&#160;&#160;20549</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: Arial Narrow;">___________________________</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: Arial Narrow;"><strong><font style="DISPLAY: inline; FONT-SIZE: 12pt;">FORM
        8-K</font></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: Arial Narrow;"><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: Arial Narrow;"><strong>Pursuant
        to Section 13 or 15(d) of the</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: Arial Narrow;"><strong>Securities
        Exchange Act of 1934</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 42.85pt;"></font>Date
        of report (Date of earliest
        event reported):<strong>&#160;</strong><u>November 12, 2007</u></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: 12pt; FONT-FAMILY: Arial Narrow;"><strong><u>INVESTORS
        TITLE COMPANY</u></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: Arial Narrow;">(Exact
        Name
        of Registrant as Specified in Charter)</font></div>
      <div><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="33%">
                <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: arial narrow;">&#160;&#160;&#160;&#160;&#160;&#160;<u>North
                  Carolina</u></font></div>
              </td>
              <td align="justify" valign="top" width="34%">
                <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: arial narrow;"><u>0-11774</u></font></div>
              </td>
              <td align="justify" valign="top" width="33%">
                <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: arial narrow;"><u>56-1110199</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" 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: arial narrow;">(State
                  or Other Jurisdiction</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: arial narrow;">&#160;&#160;&#160;&#160;&#160;&#160;of
                  Incorporation)</font></div>
              </td>
              <td align="justify" 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: arial narrow;">(Commission
                  File Number)</font></div>
              </td>
              <td align="justify" 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: arial narrow;">(IRS
                  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">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td valign="top" width="50%">
                  <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: arial narrow;"><u>121
                    North Columbia Street, Chapel Hill, North Carolina</u></font></div>
                </td>
                <td valign="top" width="50%">
                  <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: arial narrow;"><u>27514</u></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="50%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial narrow;">(Address
                    of Principal Executive Offices)</font></div>
                </td>
                <td valign="top" width="50%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial narrow;">(Zip
                    Code)</font></div>
                </td>
              </tr>

          </table>
        </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: 10pt; FONT-FAMILY: Arial Narrow;">Registrant's
        telephone number, including area code:&#160;&#160;<u>(919)
        968-2200</u></font><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">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:</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: Arial Narrow;">[
        ] &#160;
Written communications pursuant to Rule 425 under the Securities Act (17
        CFR
        230.425)</font><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: Arial Narrow;">[
        ]&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR 240.14a-12)</font><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: Arial Narrow;">[
        ]&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b)
        under the Exchange Act (17 CFR 240.14d-2(b))</font></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: Arial Narrow;">[
        ]&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c)
        under the Exchange Act (17 CFR 240.13e-4(c))</font></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;">&#160;</font>
        <div>
          <hr style="COLOR: black" align="left" noshade size="2" width="100%">
        </div>
      </div>
      <div>&#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: Arial Narrow;"><strong>Item
        5.03.</strong></font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><strong>Amendments
        to Articles of Incorporation or Bylaws; Change in Fiscal Year
        End.</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>On
        November 12, 2007, the Board of
        Directors of Investors Title Company (the &#8220;Company&#8221;) voted to amend Sections 1,
        2 and 4 of Article VII of the Amended and Restated By-laws of the Company
        to
        expressly allow for the issuance and transfer of uncertificated shares of
        the
        Company&#8217;s capital stock.&#160;&#160;The amendments were adopted in response to
        Rule 4350(l) of The Nasdaq Stock Market, LLC (&#8220;Nasdaq&#8221;), which requires all
        Nasdaq listed companies to be eligible for the Direct Registration
        System.&#160;&#160;The Amended and Restated By-laws of the Company are attached
        as Exhibit 3.1 hereto and are incorporated herein by reference.</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: Arial Narrow;"><strong>Item
        9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and
        Exhibits.</strong></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: Arial Narrow;">(d)&#160;&#160;&#160;&#160;Exhibits.</font></div>
      <div>&#160;</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: Arial Narrow;">Exhibit</font></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><u>Number</u></font></div>
              </td>
              <td valign="bottom">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><u>Exhibit
                  Description</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: Arial Narrow;">3.1</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">Amended
                  and Restated By-Laws of Investors Title
                  Company</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <hr style="COLOR: black" align="left" noshade size="2" width="100%">
      </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: Arial Narrow;"><strong>SIGNATURE</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">Pursuant
        to
        the requirements of the Securities Exchange Act of 1934, the registrant has
        duly
        caused this report to be signed on its behalf by the undersigned hereunto
        duly
        authorized.</font></div>
      <div><br></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: Arial Narrow;"><strong><font id="TAB1" style="MARGIN-LEFT: 216pt;"></font>INVESTORS
        TITLE
        COMPANY</strong></font></div>
      <div><br></div>
      <div><br></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: Arial Narrow;">Date:&#160;&#160;November
        13,
        2007&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>
        /s/&#160;&#160;James A. Fine, Jr.</u></font></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 243pt;"></font>James
        A. Fine, Jr.</font></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 243pt;"></font>President,
        Treasurer and</font></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 243pt;"></font>Chief
        Financial
        Officer</font></div>
    </div>
  </div></body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>2
<FILENAME>exh_31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<html>

  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: NASDAQ-->
    <!--Document Created using EDGARizer 4.0.1.0-->
    <!--Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
    <!--All rights reserved EDGARfilings.com-->
  </head>
  <body bgcolor="#ffffff">
  <div id="lockwidth" style="width: 640px">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><strong>Exhibit
      3.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#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: Arial Narrow;"><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: 10pt; FONT-FAMILY: Arial Narrow;"><strong>Washington,
      DC</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: Arial Narrow;"><strong>EXHIBITS</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: Arial Narrow;"><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: Arial Narrow;"><strong>ON</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: Arial Narrow;"><strong>FORM
      8-K</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="50%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial narrow;">Date
                  of Event Reported:</font></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: arial narrow;">November
                  12, 2007</font></div>
              </td>
              <td align="left" valign="top" width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial narrow;">Commission
                  File No:</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: arial narrow;">0-11774</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div align="left">&#160;</div>
    </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: Arial Narrow;"><strong>INVESTORS
      TITLE COMPANY</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: Arial Narrow;">EXHIBIT
      INDEX</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: Arial Narrow;"><u>Exhibit
      No.</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exhibit
      Description</u></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: Arial Narrow;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amended
      and Restated By-Laws of Investors Title Company</font></div>
    <div><br></div>
    <div>
      <div>&#160;</div>
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</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">&#160;</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: 12pt; FONT-FAMILY: Arial Narrow;"><strong>BY-LAWS</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: Arial Narrow;"><strong>OF</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: Arial Narrow;"><strong>INVESTORS
      TITLE COMPANY</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: 12pt; FONT-FAMILY: Arial Narrow;"><strong>RESTATED
      AND AMENDED THROUGH NOVEMBER 12, 2007</strong></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: Arial Narrow;"><strong>ARTICLE
      I.</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: Arial Narrow;"><strong>OFFICES:</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Principal
      Office:</u>&#160;&#160;&#160;&#160;The principal office of the Corporation shall
      be located at 121 North Columbia Street, Chapel Hill, North
      Carolina.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registered
      Office</u>:&#160;&#160;&#160;&#160;The registered office of the Corporation
      required by law to be maintained in the State of North Carolina may be, but
      need
      not be, identical with the principal office.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other
      Offices</u>:&#160;&#160;&#160;&#160;The Corporation may have offices at such
      other places, either within or without the State of North Carolina, as the
      Board
      of Directors may from time to time determine, or as the affairs of the
      Corporation may require.</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: Arial Narrow;"><strong>ARTICLE
      II.</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: Arial Narrow;"><strong>MEETING
      OF SHAREHOLDERS:</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Place
      of Meetings</u>:&#160;&#160;&#160;&#160;All meetings of shareholders shall be
      held at the principal office of the Corporation, or at such other place, either
      within or without the State of North Carolina, as shall be designated in the
      notice of the meeting or agreed upon by a majority of the shareholders entitled
      to vote thereat.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual
      Meetings</u>:&#160;&#160;&#160;&#160;The annual meeting of shareholders shall be
      held on the third Wednesday in May of each year, if not a legal holiday, but
      if
      a legal holiday, then on the next day following not a legal holiday, for the
      purpose of electing directors of the Corporation and for the transaction of
      such
      other business as may be properly brought before the meeting.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Substitute
      Annual Meeting</u>:&#160;&#160;&#160;&#160;If the annual meeting shall not be
      held on the day designated by these by-laws, then a substitute annual meeting
      may be called in accordance with the provisions of Section 4 of this
      Article.&#160;&#160;A meeting so called shall be designated and treated for all
      purposes as the annual meeting.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Special
      Meetings</u>:&#160;&#160;&#160;&#160;&#160;Special meetings of the shareholders
      may be called by any of the following:&#160;&#160;(a) by the Chairman of the
      Board of Directors; (b)&#160;&#160;by the President of the
      Corporation;&#160;&#160;(c)&#160;&#160;by the Board of Directors </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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      </div>
    </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: Arial Narrow;">upon
      the
      affirmative vote of at least seventy-five percent (75%) of the entire Board
      of
      Directors; or (d)&#160;&#160;by the shareholders upon written request of those
      persons holding of record not less than eighty percent (80%) of the total voting
      power of the shares entitled to vote thereon.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 4.5pt;"></font>Section
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice
      of Meetings</u>:&#160;&#160;&#160;&#160;Written or printed notice stating the
      time and place of the meeting shall be delivered no fewer than 10 nor more
      than
      60 days before the date thereof, either personally or by mail, by or at the
      direction of the President or the other person calling the meeting, to each
      shareholder of record entitled to vote at such meeting and to each nonvoting
      shareholder entitled to notice of the meeting.&#160;&#160;If the corporation is
      required by law to give notice of proposed action to nonvoting shareholders
      and
      the action is to be taken without a meeting pursuant to Section 9 of this
      Article, written notice of such proposed action shall be delivered to such
      shareholders not less than 10 days before such action is taken.</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: Arial Narrow;">If
      notice is
      mailed, such notice shall be effective when deposited in the United States
      mail
      with postage thereon prepaid and correctly addressed to the shareholder's
      address shown in the corporation's current record 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: Arial Narrow;">In
      the case
      of an annual or substitute annual meeting, the notice of meeting need not
      specifically state the business to be transacted thereat unless it is a matter
      with respect to which specific notice to the shareholders is expressly required
      by the provisions of the North Carolina Business Corporation Act.&#160;&#160;In
      the case of a special meeting, the notice of meeting shall specifically state
      the purpose or purposes for which the meeting is called.</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: Arial Narrow;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When
      a meeting is adjourned for more than 120 days after the date fixed for the
      original meeting or if a new record date for the adjourned meeting is fixed,
      notice of the adjourned meeting shall be given as in the case of an original
      meeting.&#160;&#160;When a meeting is adjourned for 120 days or less and no new
      record date for the adjourned meeting is fixed, it is not necessary to give
      notice of the adjourned meeting other than by announcement at the meeting at
      which the adjournment is taken.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting
      Lists</u>:&#160;&#160;&#160;&#160;At least ten days before each meeting of
      shareholders, the Secretary of the Corporation shall prepare an alphabetical
      list of the shareholders entitled to vote at such meetings, with the address
      of
      and number of shares held by each, which list shall be kept on file at the
      registered office of the Corporation for a period of ten days prior to such
      meeting, and shall be subject to inspection by any shareholder at any time
      during the usual business hours.&#160;&#160;This list shall also be provided and
      kept open at the time and place of the meeting and shall be subject to
      inspection by any shareholder during the whole time of the meeting.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Quorum</u>:&#160;&#160;&#160;&#160;The
      holders of a majority of the shares entitled to vote, represented in person
      or
      by proxy, shall constitute a quorum at meetings of shareholders.&#160;&#160;If
      there is no quorum at the opening of a meeting of shareholders, such meeting
      may
      be adjourned from time to time by the vote of a majority of the shares voting
      on
      the motion to adjourn; and, at any adjourned meeting at which a quorum is
      present, any business may be transacted which might have been transacted at
      the
      original meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      </div>
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        <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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
      shareholders at a meeting at which
      a quorum is present may continue to do business until adjournment,
      notwithstanding the withdrawal of enough shareholders to leave less than a
      quorum.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting
      of Shares</u>:&#160;&#160;&#160;&#160;Each outstanding share having voting
      rights shall be entitled to one vote on each matter submitted to a vote at
      a
      meeting of shareholders.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Except
      in the election of directors,
      the vote of a majority of the shares voted on any matter at a meeting of
      shareholders at which a quorum is present shall be the act of the shareholders
      on that matter, unless the vote of a greater number is required by law or by
      the
      charter or by-laws of this Corporation.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Voting
      on all matters shall be by voice
      or by a show of hands unless the holders of one-tenth of the shares represented
      at the meeting shall, prior to the voting on any matter, demand a ballot vote
      on
      that particular matter.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Informal
      Action by Shareholders</u>:&#160;&#160;&#160;&#160;Any action which may be taken
      at a meeting of the shareholders may be taken without a meeting if a consent
      in
      writing, setting forth the action so taken, shall be signed by all of the
      persons who would be entitled to vote upon such action at a meeting, and filed
      with the Secretary of the Corporation to be kept in the Corporate Minute
      Book.</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: Arial Narrow;"><strong>ARTICLE
      III.</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: Arial Narrow;"><strong>DIRECTORS</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General
      Powers</u>:&#160;&#160;&#160;&#160;The business and affairs of the Corporation
      shall be managed by the Board of Directors or by such Executive Committees
      as
      the Board may establish pursuant to these by-laws.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Number,
      Term and Qualifications</u>:&#160;&#160;&#160;&#160;The number of Directors of
      the Corporation shall not be less than nine nor more than twelve, as determined
      from time to time by the shareholders.&#160;&#160;The Board shall be divided
      into three classes, having staggered terms of three years each.&#160;&#160;Each
      director shall hold office until his death, resignation, retirement, removal,
      disqualification, or his successor is elected and
      qualified.&#160;&#160;Directors need not be residents of the State of North
      Carolina or shareholders of the Corporation.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election
      of Directors</u>:&#160;&#160;&#160;&#160;Except as provided in Section 6 of this
      Article, the directors shall be elected at the annual meeting of shareholders;
      and those persons who receive the highest number of votes shall be deemed to
      have been elected.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Removal</u>:&#160;&#160;&#160;&#160;Neither
      the entire Board of Directors nor any&#160;&#160;individual director of the
      corporation shall be removed from office, with or without cause, unless a
      meeting of the shareholders of the corporation is held to act thereon and there
      is obtained the approval of a percentage of all votes entitled to be cast
      thereon of at least eighty percent </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">7</font></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">&#160;</div>
      </div>
    </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: Arial Narrow;">(80%);
      provided, however, that if any such removal shall have been recommended to
      the
      shareholders of the corporation by a resolution of the Board of Directors
      adopted by the affirmative vote of seventy-five percent (75%) of the entire
      Board of Directors, then such removal may be effected if a meeting of the
      shareholders of the corporation is held to act thereon and there is obtained
      the
      approval of a percentage of all votes entitled to be cast thereon equal to
      a
      majority of all votes entitled to be cast thereon;&#160;&#160;provided, further,
      that any such removal may be effected without a meeting or vote of the
      shareholders of the corporation if a resolution determining that cause exists
      for such removal shall be adopted by the affirmative vote of seventy-five
      percent (75%) of the entire Board of Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Vacancies</u>:&#160;&#160;&#160;&#160;A
      vacancy occurring in the Board of Directors may be filled by a majority of
      the
      remaining directors, though less than a quorum, or by the sole remaining
      director; but a vacancy created by an increase in the authorized number of
      directors shall be filled only by election at an annual meeting or at a special
      meeting of shareholders called for that purpose.&#160;&#160;The shareholders may
      elect a director at any time to fill any vacancy not filled by the
      directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Chairman</u>:&#160;&#160;&#160;&#160;There
      may be a Chairman of the Board of Directors elected by the directors from their
      number at any meeting of the Board.&#160;&#160;The Chairman shall preside at all
      meetings of the Board of Directors and perform such other duties as may be
      directed by the Board.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation</u>:&#160;&#160;&#160;&#160;The
      Board of Directors may compensate directors for their services.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Executive
      Committee</u>:&#160;&#160;&#160;&#160;The Board of Directors may, by resolution
      adopted by a majority of the number of directors fixed by these by-laws,
      designate two or more directors to constitute an Executive Committee, which
      committee, to the extent provided in such resolution, shall have and may
      exercise all of the authority of the Board of Directors in the management of
      the
      Corporation.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
      9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification</u>:
      Any person who at any time serves or has served as a director of the
      corporation, or who, while serving as a director of the corporation, serves
      or
      has served, at the request of the corporation, as a director, officer, partner,
      trustee, employee or agent of another corporation, partnership, joint venture,
      trust or other enterprise, or as a trustee or administrator under an employee
      benefit plan, shall have a right to be indemnified by the corporation to the
      fullest extent permitted by law against (a) all expenses, including but not
      limited to attorneys&#8217; fees, the costs of any investigation, experts and similar
      expenses incurred by him in connection with any threatened, pending, or
      completed civil, criminal, administrative, investigative, or arbitrative action,
      suit or proceeding (and any appeal therein), whether or not brought by or on
      behalf of the corporation, seeking to hold him liable by reason of the fact
      that
      he is or was acting in such capacity, and (b) all payments made by him in
      satisfaction of any judgment, money decree, fine (including an excise tax
      assessed with respect to an employee benefit plan), penalty, or settlement
      for
      which he may have become liable in any such action, suit or
      proceeding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">8</font></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">&#160;</div></div>
    </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: Arial Narrow;">The
      Board of
      Directors of the corporation shall take all such action as may be necessary
      and
      appropriate to authorize the corporation to pay the indemnification required
      by
      this bylaw.</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: Arial Narrow;">To
      the
      fullest extent from time to time permitted by law, the Company agrees to pay
      as
      incurred all the expenses, including but not limited to attorneys&#8217; fees and
      expenses of any person indemnified hereunder, incurred in defending any action,
      proceeding, suit or investigation and in advance of the final disposition of
      such action, proceeding, suit or investigation.</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: Arial Narrow;">Any
      person
      who at any time after the adoption of this bylaw serves or has served in the
      aforesaid capacity for or on behalf of the corporation shall be deemed to be
      doing or to have done so in reliance upon, and as consideration for, the right
      of indemnification provided herein.&#160;&#160;Such right shall inure to the
      benefit of the legal representatives of any such person and shall not be
      exclusive of any other rights to which such person may be entitled apart from
      the provision of this bylaw.</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: Arial Narrow;"><strong>ARTICLE
      IV.</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: Arial Narrow;"><strong>MEETING
      OF DIRECTORS</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Regular
      Meetings</u>:&#160;&#160;&#160;&#160;A regular meeting of the Board of Directors
      shall be held immediately after, and at the same place as, the annual meeting
      of
      shareholders.&#160;&#160;In addition, the Board of Directors may provide, by
      resolution, the time and place, either within or without the State of North
      Carolina, for the holding of additional regular meetings.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Special
      Meetings</u>:&#160;&#160;&#160;&#160;Special Meetings of the Board of Directors
      may be called by or at the request of the President or any two
      directors.&#160;&#160;Such meetings may be held either within or without the
      State of North Carolina.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice
      of Meetings</u>:&#160;&#160;&#160;&#160;Regular meetings of the Board of
      Directors may be held without notice.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
      person or persons calling a special
      meeting of the Board of Directors shall, at least two days before the meeting,
      give notice thereof by the usual means of communication.&#160;&#160;Such notice
      need not specify the purpose for which the meeting is called.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Attendance
      by a director at a meeting
      shall constitute a waiver of notice of such meeting, except where a director
      attends a meeting for the express purpose of objecting to the transaction of
      any
      business because the meeting is not lawfully called.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Quorum</u>:&#160;&#160;&#160;&#160;A
      majority of the directors fixed by these by-laws shall constitute a quorum
      for
      the transaction of business at any meeting of the Board of
      Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Manner
      of Acting</u>:&#160;&#160;&#160;&#160;Except as otherwise provided in this
      section, the act of the majority of the directors present at a meeting at which
      a quorum is present shall be the act of the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">9</font></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">&#160;</div></div>
    </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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
      vote of a majority of the number of
      directors fixed by these by-laws shall be required to adopt a resolution
      constituting an executive committee.&#160;&#160;The vote of a majority of the
      directors then holding office shall be required to adopt, amend or repeal a
      by-law, or to adopt a resolution dissolving the corporation without action
      by
      the shareholders.&#160;&#160;Vacancies in the Board of Directors may be filled
      as provided in Article III, Section 6 of these by-laws.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Informal
      Action by Directors</u>:&#160;&#160;&#160;&#160;Action taken by a majority of
      the directors without a meeting is nevertheless Board action if written consent
      to the action in question is signed by all the directors and filed with the
      minutes of the proceedings.</font></div>
    <div><br></div>
    <div><br></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Bonds</u>:&#160;&#160;&#160;&#160;The
      Board of Directors may by resolution require any or all officers, agents and
      employees of the Corporation to give bond to the Corporation, with sufficient
      sureties, conditioned on the faithful performance of the duties of their
      respective offices or positions, and to comply with such other conditions as
      may
      from time to time be required by the Board of Directors.</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: Arial Narrow;"><strong>ARTICLE
      V.</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: Arial Narrow;"><strong>OFFICERS</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Number</u>:&#160;&#160;&#160;&#160;The
      officers of the Corporation shall consist of a President, a Secretary, a
      Treasurer, and such Vice-Presidents, Assistant Secretaries, Assistant Treasurers
      and other officers as the Board of Directors may from time to time
      elect.&#160;&#160;Any two or more offices may be held by the same person, except
      the offices of President and Secretary.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election
      and Term</u>:&#160;&#160;&#160;&#160;The officers of the Corporation shall be
      elected by the Board of Directors.&#160;&#160;Such elections may be held at any
      regular or special meeting of the Board.&#160;&#160;Each officer shall hold
      office until his death, resignation, retirement, removal, disqualification,
      or
      his successor is elected and qualified.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Removal</u>:&#160;&#160;&#160;&#160;Any
      officer or agent elected or appointed by the Board of Directors may be removed
      by the Board with or without cause; but such removal shall be without prejudice
      to the contract rights, if any, of the person so removed.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation</u>:&#160;&#160;&#160;&#160;The
      compensation of all officers of the Corporation shall be fixed 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: Arial Narrow;">Section
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Chief
      Executive Officer</u>:&#160;&#160;The Chief Executive Officer shall be the
      principal executive and administrative officer of the Corporation and, subject
      to the control of the Board of Directors, shall supervise and control the
      management of the Corporation in accordance with these by-laws.</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: Arial Narrow;">He
      shall,
      when present, preside at all meetings of shareholders.&#160;&#160;At the request
      of the Chairman of the Board, or in case of his absence or inability to act,
      the
      Chief Executive Officer may act in his place.&#160;&#160;He shall sign, with any
      other proper </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">10</font></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">&#160;</div>
      </div>
    </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: Arial Narrow;">officer,
      any
      deeds, mortgages, bonds, contracts, or other instruments which may be lawfully
      executed on behalf of the Corporation, except where required or permitted by
      law
      to be otherwise signed and executed and except where the signing and execution
      thereof shall be delegated by the Board of Directors to some other officer
      or
      agent.&#160;&#160;The Chief Executive Officer shall perform all duties incident
      to his office and such other duties as may be prescribed by the Board of
      Directors from time to time.</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: Arial Narrow;">Section
      6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>President</u>:&#160;&#160;&#160;&#160;The
      President shall be a principal administrative officer of the Corporation and,
      subject to the control of the Chief Executive Officer, shall assist the Chief
      Executive Officer in supervising and controlling the management of the
      Corporation in accordance with these by-laws.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>At
      the request of the Chief Executive
      Officer, or in case of his absence or inability to act, the President may act
      in
      his place.&#160;&#160;Furthermore, at the request of the Chairman of the Board,
      or in case of the absence or inability to act of both the Chairman of the Board
      and the Chief Executive Officer, the President may act in the Chairman's
      place.&#160;&#160;He shall sign, with any other proper officer, certificates for
      shares of the Corporation and any deeds, mortgages, bonds, contracts, or other
      instruments which may be lawfully executed on behalf of the Corporation, except
      where required or permitted by law to be otherwise signed and executed and
      except where the signing and execution thereof shall be delegated by the Board
      of Directors to some other officer or agent.&#160;&#160;The President shall
      perform all duties incident to his office and such other duties as may be
      prescribed by the Board of Directors from time to time.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Vice-Presidents</u>:&#160;&#160;&#160;&#160;The
      Vice-Presidents in the order of their election, unless otherwise determined
      by
      the Board of Directors, shall, in the absence or disability of the President,
      perform the duties and exercise the powers of that office, subject to the
      restrictions applicable to such office.&#160;&#160;In addition, they shall
      perform such other duties and have such other powers as the Board of Directors
      shall prescribe.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
      8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Secretary</u>:&#160;&#160;&#160;&#160;The
      Secretary shall keep accurate records of the acts and proceedings of all
      meetings of shareholders and directors.&#160;&#160;He shall give all notices
      required by law and by these by-laws.&#160;&#160;He shall have general charge of
      the corporate books and records and of the corporate seal, and he shall affix
      the corporate seal to any lawfully executed instrument requiring
      it.&#160;&#160;He shall have general charge of the stock transfer books of the
      Corporation and shall keep, at the registered or principal office of the
      Corporation, a record of shareholders showing the name and address of each
      shareholder and the number and class of the shares held by each.&#160;&#160;He
      shall sign such instruments as may require his signature, and, in general,
      shall
      perform all duties incident to the office of Secretary and such other duties
      as
      may be assigned to him from time to time by the President or by the Board of
      Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treasurer</u>:&#160;&#160;&#160;&#160;The
      Treasurer shall have custody of all funds and securities belonging to the
      Corporation and shall receive, deposit or disburse the same under the direction
      of the Board of Directors.&#160;&#160;He shall keep full and accurate accounts
      of the finances of the Corporation in books especially provided for that
      purpose; and he shall cause a true statement of its assets and liabilities
      as of
      the close of each fiscal year and of the results of its operations and of
      changes in surplus for such fiscal year, all in reasonable detail, including
      particulars as to convertible securities then outstanding, to be made and filed
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">11</font></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">&#160;</div>
      </div>
    </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: Arial Narrow;">at
      the
      registered or principal office of the Corporation within four months after
      the
      end of such fiscal year.&#160;&#160;The statement so filed shall be kept
      available for inspection by any shareholder for a period of ten years; and
      the
      Treasurer shall mail or otherwise deliver a copy of the latest such statement
      to
      any shareholder upon his written request thereof.&#160;&#160;The Treasurer
      shall, in general perform all duties incident to his office and such other
      duties as may be assigned to him from time to time by the President or by the
      Board of Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assistant
      Secretaries and Treasurers</u>:&#160;&#160;&#160;&#160;The Assistant Secretaries
      and Assistant Treasurers shall, in the absence or disability of the Secretary
      or
      the Treasurer, respectively, perform the duties and exercise the powers of
      those
      offices, and they shall, in general, perform such other duties as shall be
      assigned to them by the Secretary or the Treasurer, respectively, or by the
      President or the Board of Directors.</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: Arial Narrow;"><strong>ARTICLE
      VI.</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: Arial Narrow;"><strong>CONTRACTS,
      LOANS AND DEPOSITS</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Contracts</u>:&#160;&#160;&#160;&#160;The
      Board of Directors may authorize any officer or officers, agent or agents,
      to
      enter into any contract or execute and deliver any instrument on behalf of
      the
      Corporation, and such authority may be general or confined to specific
      instances.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Loans</u>:&#160;&#160;&#160;&#160;No
      loans to or from the Corporation shall be contracted on behalf of the
      Corporation and no evidences of indebtedness shall be issued in its name unless
      authorized by a resolution of the Board of Directors.&#160;&#160;Such authority
      may be general or confined to specific instances.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Checks
      and Drafts</u>:&#160;&#160;&#160;&#160;All checks, drafts or other orders for
      the payment of money issued in the name of the Corporation shall be signed
      by
      such officer or officers, agent or agents of the Corporation and in such manner
      as shall from time to time be determined by resolution of the Board of
      Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Deposits</u>:&#160;&#160;&#160;&#160;All
      funds of the Corporation not otherwise employed shall be deposited from time
      to
      time to the credit of the Corporation in such depositories as the Board of
      Directors shall direct.</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: Arial Narrow;"><strong>ARTICLE
      VII.</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: Arial Narrow;"><strong>SHARES
      AND THEIR TRANSFER</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certificates
      for Shares; Uncertificated Shares</u>:&#160;&#160;&#160;&#160;Shares of the
      capital stock of the Corporation may be certificated or uncertificated, as
      provided under the North Carolina Business Corporation
      Act.&#160;&#160;Certificates representing shares of the Corporation shall be
      issued in such form as the Board of Directors shall determine and shall be
      signed by the President or any Vice-President and the Secretary, Assistant
      Secretary, Treasurer or Assistant Treasurer.&#160;&#160;At a minimum, each
      certificate shall set forth the name of the Corporation, that the Corporation
      is
      organized under the laws of the State of North</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">12</font></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">&#160;</div>
      </div>
    </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: Arial Narrow;">Carolina,
      the name of the shareholder and the number and class (and the designation of
      the
      series, if any) of the shares represented.&#160;&#160;Such certificates shall be
      consecutively numbered or otherwise identified; and the name and address of
      the
      persons, corporations, firms or organizations to whom they are issued, with
      the
      number of shares and date of issue, shall be entered on the stock transfer
      books
      of the Corporation.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Within
      a reasonable time after the
      issue or transfer of shares without certificates, the Corporation shall send
      the
      shareholder a written statement that shall set forth the name of the
      Corporation, that the Corporation is organized under the laws of the State
      of
      North Carolina, the name of the shareholder and the number and class (and the
      designation of the series, if any) of the shares represented.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer
      of Shares</u>:&#160;&#160;&#160;&#160;Transfers of certificated shares shall be
      made on the stock transfer books of the Corporation only upon surrender of
      the
      certificates for the shares sought to be transferred by the record holder
      thereof or by his duly authorized agent, transferee or legal
      representative.&#160;&#160;All certificates surrendered for transfer shall be
      cancelled before new certificates or uncertificated shares for the transferred
      shares shall be issued.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Upon
      the receipt of proper transfer
      instructions from the registered owner of uncertificated shares, such
      uncertificated shares shall be cancelled, new equivalent uncertificated shares
      or certificated shares shall be issued to the shareholder entitled thereto
      and
      the transaction shall be recorded upon the stock transfer books 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: Arial Narrow;">Section
      3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;"><u>Fixing
      Record Date</u>.&#160;&#160;For the purpose of determining the shareholders
      entitled to notice of a meeting of shareholders, to demand a special meeting,
      to
      vote, to take any other action, or to receive a dividend with respect to their
      shares, the Board of Directors may fix in advance a date as the record date
      for
      any such determination of shareholders.&#160;&#160;Such record date fixed by the
      Board of Directors under this Section shall not be more than 70 days before
      the
      meeting or action requiring a 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: Arial Narrow;">If
      no record
      date is fixed for the determination of shareholders entitled to notice of or
      to
      vote at a meeting of shareholders, or shareholders entitled to a dividend,
      the
      close of the business day before the first notice is delivered to shareholders
      or the date on which the Board of Directors authorizes the dividend, as the
      case
      may be, shall be the record date for such 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: Arial Narrow;">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 the Board of Directors fixes a new record date,
      which
      it must do if the meeting is adjourned to a date more than 120 days after the
      date fixed for 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: Arial Narrow;">Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lost
      Certificates</u>:&#160;&#160;&#160;&#160;The Board of Directors may authorize
      the issuance of a new share certificate or uncertificated shares in place of
      a
      certificate claimed to have been lost or destroyed, upon receipt of an affidavit
      of such fact from the person claiming the loss or destruction.&#160;&#160;When
      authorizing such issuance of a new certificate or uncertificated</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </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: Arial Narrow;">shares,
      the
      Board may require the claimant to give the Corporation a bond in such sum as
      it
      may direct to indemnify the Corporation against loss from any claim with respect
      to the certificate claimed to have been lost or destroyed; or the Board may,
      by
      resolution reciting that the circumstances justify such action, authorize the
      issuance of the new certificate or uncertificated shares without requiring
      such
      a bond.</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: Arial Narrow;"><strong>ARTICLE
      VIII.</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: Arial Narrow;"><strong>GENERAL
      PROVISIONS</strong></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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividends</u>:&#160;&#160;&#160;&#160;The
      Board of Directors may from time to time declare, and the Corporation may pay,
      dividends on its outstanding shares in the manner and upon the terms and
      conditions provided by law and by its charter.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Seal</u>:&#160;&#160;&#160;&#160;The
      corporate seal of the Corporation shall consist of two concentric circles
      between which is the name of the Corporation and in the center of which is
      inscribed SEAL; and such seal, as impressed on the margin hereof, is hereby
      adopted as the corporate seal of the Corporation.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver
      of Notice</u>:&#160;&#160;&#160;&#160;Whenever any notice is required to be
      given to any shareholder or director under the provisions of the North Carolina
      Business Corporation Act or under the provisions of the charter or by-laws
      of
      this Corporation, a waiver thereof in writing signed by the person or persons
      entitled to such notice, whether before or after the time stated therein, shall
      be equivalent to the giving of such notice.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fiscal
      Year</u>:&#160;&#160;&#160;&#160;Unless otherwise ordered by the Board of
      Directors, the fiscal year of the Corporation shall be from January 1 to
      December 31.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Section
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments</u>:&#160;&#160;&#160;&#160;Except
      as otherwise provided herein, these by-laws may be amended or repealed and
      new
      by-laws may be adopted by the affirmative vote of a majority of the directors
      then holding office at any regular or special meeting of the Board of
      Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
      Board of Directors shall have no
      power to adopt a by-law:&#160;&#160;(1)&#160;&#160;requiring more than a
      majority of the voting shares for a quorum at a meeting of shareholders or
      more
      than a majority of the votes cast to constitute action by the shareholders,
      except where higher percentages are required by
      law;&#160;&#160;(2)&#160;&#160;providing for the management of the Corporation
      otherwise than by the Board of Directors or its Executive
      Committees;&#160;&#160;(3)&#160;&#160;increasing or decreasing the number of
      directors;&#160;&#160;(4)&#160;&#160;classifying and staggering the election of
      directors.&#160;&#160;No by-law adopted or amended by the shareholders shall be
      altered or repealed by the Board of Directors.</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: Arial Narrow;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>No
      provision of the by-laws may be
      amended, altered or repealed by the shareholders of the corporation unless
      a
      meeting of the shareholders is held to act thereon and there is obtained the
      approval of a percentage of all the votes entitled to be cast on at least eighty
      percent (80%);&#160;&#160;provided, however, that the approval of the majority
      of all the votes entitled to be cast shall </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Narrow;">14</font></div>
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    </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: Arial Narrow;">be
      sufficient to approve any such amendment, alteration or repeal that has been
      favorably recommended to the shareholders by resolution adopted by the
      affirmative vote of at least seventy-five percent (75%) of the entire Board
      of
      Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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