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<SEC-DOCUMENT>0001157523-10-005019.txt : 20100812
<SEC-HEADER>0001157523-10-005019.hdr.sgml : 20100812
<ACCEPTANCE-DATETIME>20100812142307
ACCESSION NUMBER:		0001157523-10-005019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100809
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100812
DATE AS OF CHANGE:		20100812

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:		101010702

	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>a6394697.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 10pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><br><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 25%">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Securities
      Exchange Act of 1934</b></font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of report (Date of earliest event reported): </font><u><font style="font-size: 10pt; font-family: Times New Roman">August
      9, 2010</font></u><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>INVESTORS
      TITLE COMPANY</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in Charter)</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; width: 30%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            North Carolina
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; width: 30%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0-11774
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; width: 30%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            56-1110199
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; width: 70%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            121 North Columbia Street, Chapel Hill, North Carolina
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; width: 30%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            27514
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 70%; padding-left: 0.0px" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: &#160;</font><u>(919) 968-2200</u>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <br>
      <br>

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      <b>Item 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry into a Material Definitive Agreement.</b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On August 9, 2010, Investors Title Company (the &#8220;Company&#8221;)
      entered into an Amended and Restated Rights Agreement with
      First-Citizens Bank &amp; Trust Company (d/b/a First Shareholder Services),
      as rights agent (&#8220;First-Citizens&#8221; or the &#8220;Rights Agent&#8221;), that effects
      certain amendments to the Rights Agreement dated as of November 12, 2002
      between the Company and Central Carolina Bank, a division of National
      Bank of Commerce, relating to the Company&#8217;s Rights to Purchase Series A
      Junior Participating Preferred Stock.&#160;&#160;In addition to appointing
      First-Citizens as the new Rights Agent, the amendments add a dispute
      resolution mechanism for resolving any disputes between the Company and
      the Rights Agent and make certain conforming, technical and updating
      revisions, including a broadening of the definition of &#8220;beneficial
      ownership&#8221; to include positions in synthetic securities.&#160;&#160;
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The foregoing summary of the amendments effected by the
      Amended and Restated Rights Agreement is a general description only and
      is qualified in its entirety by reference to the full text of the
      Amended and Restated Rights Agreement, which is attached as Exhibit 10.1
      hereto and is incorporated herein by reference.
    </p>
    <p style="white-space: nowrap">
      <b>Item 3.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Material Modifications to Rights of Security
      Holders.</b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information set forth above under &#8220;Item 1.01.&#160;&#160;Entry into
      a Material Definitive Agreement&#8221; is incorporated into this Item 3.03 by
      reference.
    </p>
    <p style="white-space: nowrap">
      <b>Item 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amendments to Articles of Incorporation or Bylaws;
      Change in Fiscal Year.</b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On August 9, 2010, the Company adopted Amended and Restated
      By-Laws that (i) amend Section 9 of Article III to clarify that
      directors are to be indemnified with respect to activities in their
      capacities as officers, employees or agents of the Company and (ii) add
      a new section 10 of Article II to require advance notice of shareholder
      nominations and proposals.&#160;&#160;The Amended and Restated By-laws of the
      Company are attached as Exhibit 3.1 hereto and are incorporated herein
      by reference.
    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</b>
    </p>
    <p style="text-align: justify; white-space: nowrap">
      (d)&#160;&#160;&#160;&#160;Exhibits.
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 12%; padding-left: 0.0px" valign="top">
          Exhibit
        </td>
        <td style="width: 88%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 12%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Number</u>
          </p>
        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; width: 12%; padding-left: 0.0px" valign="top">
          3.1
        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          Amended and Restated By-Laws of the Company
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; width: 12%; padding-left: 0.0px" valign="top">
          10.1
        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          Amended and Restated Rights Agreement dated as of August 9, 2010 by
          and between the Company and First-Citizens Bank &amp; Trust Company
          (d/b/a First Shareholder Services), as Rights Agent (incorporated
          herein by reference to Exhibit 10.1 to the Company&#8217;s Registration
          Statement on Form 8-A/A (Amendment No. 1) filed on August 12, 2010)
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; text-align: center; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>INVESTORS TITLE COMPANY</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 16%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 16%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; width: 5%; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 45%; padding-left: 0.0px" valign="top">
          August 12, 2010
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 4%; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; width: 30%; padding-left: 30.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 16%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; text-align: center; font-family: Times New Roman">
          3
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>SECURITIES AND EXCHANGE COMMISSION</b><br><b>Washington, DC</b>
    </p>
    <p style="text-align: center">
      <b>EXHIBITS</b>
    </p>
    <p style="text-align: center">
      <b>CURRENT REPORT</b><br><b>ON</b><br><b>FORM 8-K</b>
    </p>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 30%; padding-left: 0.0px" valign="top">
          Date of Event Reported:
        </td>
        <td style="text-align: left; width: 40%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; width: 30%; padding-left: 0.0px" valign="top">
          Commission File No:
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 30%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            August 9, 2010
          </p>
        </td>
        <td style="width: 40%">

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; width: 30%; padding-left: 0.0px" valign="top">
          0-11774
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 14pt"><b>INVESTORS TITLE COMPANY</b></font>
    </p>
    <p style="text-align: center">
      <br>
      EXHIBIT&#160;INDEX
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 14%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; width: 14%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3.1
          </p>
        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Amended and Restated By-Laws of the Company
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; width: 14%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            10.1
          </p>
        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Amended and Restated Rights Agreement dated as of August 9, 2010
            by and between the Company and First-Citizens Bank &amp; Trust Company
            (d/b/a First Shareholder Services), as Rights Agent (incorporated
            herein by reference to Exhibit 10.1 to the Company&#8217;s Registration
            Statement on Form 8-A/A (Amendment No. 1) filed on August 12, 2010)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a6394697_ex31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 3.1</b>
    </p>
    <p style="text-align: right">
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>BY-LAWS</b></font><br><font style="font-size: 14pt"><b>OF</b></font><br><font style="font-size: 14pt"><b>INVESTORS
      TITLE COMPANY</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 14pt"><b>RESTATED AND AMENDED THROUGH AUGUST 9,
      2010</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <b>ARTICLE I.</b>
    </p>
    <p style="text-align: center">
      <b>OFFICES:</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-align: center">
      <b>ARTICLE II.</b>
    </p>
    <p style="text-align: center">
      <b>MEETING OF SHAREHOLDERS:</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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 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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      Section 5.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 6.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 7.&#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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          2
        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 8.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 9.&#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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Advance
      Notice of Shareholder Nominations and Proposals</u>.&#160;&#160;
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)&#160;&#160;At any meeting of the shareholders, no nomination for
      election to the Board of Directors or other business shall be brought
      before the meeting, or considered or acted upon at the meeting, unless
      such nomination, or the proposal for such other business, as the case
      may be, either (i) was specifically set forth in the notice of meeting
      given by the Corporation or by the other person or persons duly calling
      the meeting (or was referred to in such notice of meeting and
      specifically set forth in an accompanying proxy statement, information
      statement or other document), or (ii) is otherwise made by or at the
      direction of the Board of Directors or a duly authorized committee
      thereof, or (iii) is made by or on behalf of a shareholder of record
      entitled to vote at the meeting who has complied with the requirements
      of this Section with respect to such nomination or proposal.&#160;&#160;
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;For nominations or other business to be properly brought
      before a meeting by a shareholder in compliance with the requirements of
      this Section, the shareholder must have given timely notice in writing
      to the Secretary of the Corporation of such shareholder&#8217;s intent to make
      a nomination or to bring any other business before the meeting, which
      notice shall include the applicable information required by subsection
      (c) below.&#160;&#160;In the case of an annual meeting, such notice, to be timely,
      shall be delivered to the Secretary at the principal executive offices
      of the Corporation not later than the close of business on the 90<sup>th</sup>
      day nor earlier than the close of business on the 120<sup>th</sup> day
      prior to the first anniversary of the preceding year&#8217;s annual meeting; <i>provided,
      however</i>, that in the event that the actual date of the annual
      meeting as to which the notice is provided is more than 30 days before
      or more than 60 days after such anniversary date, notice by the
      shareholder must be so delivered not earlier than the close of business
      on the 120<sup>th</sup> day prior to such annual meeting and not later
      than the close of business on the later of the 90<sup>th</sup> day prior
      to such annual meeting or the tenth day following the day on which
      public announcement of the date of such meeting is first made by the
      Corporation.&#160;&#160;In the case of a special meeting at which directors are to
      be elected, the shareholder may nominate a person or persons for
      election as director if the shareholder&#8217;s notice is so delivered to the
      Secretary of the Corporation not earlier than the earlier of the date on
      which a public announcement of the date of such meeting is first made by
      the Corporation or the date on which notice of the special meeting is
      first sent to shareholders, and not later than the close of business on
      the 15th day following the earlier of such dates of first public
      announcement or first sending of notice of the meeting unless the date
      of such special meeting is more than 105 days after the earlier of such
      dates, in which case such notice may be delivered no later than the 90<sup>th</sup>
      day preceding the date of such special meeting.&#160;&#160;In the case of a
      special meeting at which directors are not to be elected, the only
      business that may be conducted at such a meeting is that within the
      purpose or purposes described in the meeting notice, and consequently a
      shareholder shall not have the right to make a proposal pursuant to
      clause (iii) of subsection (a) above.&#160;&#160;In no event shall any adjournment
      or postponement of any meeting of shareholders or the announcement
      thereof commence a new time period for the giving of a shareholder&#8217;s
      notice as described above.
    </p>
    <p style="text-align: justify">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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          3
        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)&#160;&#160;The notice by a shareholder pursuant to subsection (b)
      above shall set forth the following information, as applicable:
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;the name and address of the shareholder and any
      Shareholder Associated Person (as defined in subsection (d) below) of
      such shareholder;
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(ii)&#160;&#160;a representation that the shareholder intends to appear
      in person or by proxy at the meeting to make the nomination or proposal
      specified in the notice;
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(iii)&#160;&#160;as to each of the shareholder and all Shareholder
      Associated Persons, if any, of such shareholder: (A) the class or series
      and number of shares of the Corporation which are directly or indirectly
      owned beneficially and of record by such shareholder or Shareholder
      Associated Person; (B) a description and the amounts of any options,
      warrants, convertible securities, stock appreciation rights or other
      rights with an exercise or conversion privilege or a settlement payment
      or mechanism at a price related to that of any class or series of shares
      of the Corporation or with a value derived in whole or in part from the
      price or value, or volatility of prices or values, of shares of any
      class or series of the Corporation, whether or not such instrument or
      right shall be subject to settlement in the underlying shares of the
      Corporation or otherwise and whether or not the shareholder or
      Shareholder Associated Person may have entered into any hedge or other
      transaction to mitigate the economic effect of such rights, directly or
      indirectly owned beneficially by such shareholder or Shareholder
      Associated Person, and any other direct or indirect opportunity of such
      shareholder or Shareholder Associated Person, through a derivative
      instrument, swap, or other transaction, series of transactions, or
      arrangement, to profit or share in any profit derived from any increase
      or decrease in the price or value of the shares of the Corporation
      (&#8220;Derivative Rights&#8221;); (C) any rights to dividends on the shares of any
      class or series of the Corporation owned beneficially by such
      shareholder or Shareholder Associated Person that are separated or
      separable from the underlying shares of the Corporation; (D) any proxy,
      contract, arrangement, understanding, or relationship pursuant to which
      such shareholder or Shareholder Associated Person has a right to vote
      any shares or any other security of the Corporation; (E) any short
      interest of such shareholder or Shareholder Associated Person in any
      shares or other security of the Corporation (for purposes of these
      Bylaws, a person shall be deemed to have a short interest in a security
      if such person directly or indirectly, through any contract,
      arrangement, understanding, relationship or otherwise, has the
      opportunity to profit or share in any profit derived from any decrease
      in the value of the subject security); (F) any proportionate interest in
      shares of the Corporation or Derivative Rights held, directly or
      indirectly, by a general or limited partnership in which
      such&#160;&#160;shareholder or Shareholder Associated Person is a general partner
      or, directly or indirectly, beneficially owns an interest in a general
      partner; and (G) any performance-related fees that such shareholder or
      Shareholder Associated Person is entitled to receive, either directly or
      indirectly, based on any increase or decrease in the value of shares of
      the Corporation or Derivative Rights;
    </p>
    <p style="text-align: justify; margin-left: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          4
        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(iv)&#160;&#160;the name and address of each person, if any, intended to
      be nominated by or on behalf of such shareholder for election to the
      Board of Directors, and a description in reasonable detail, including
      the text of any proposed resolution for its adoption, of any proposal or
      other business intended to be brought before the meeting by or on behalf
      of such shareholder;
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(v)&#160;&#160;with respect to notice of an intent to make a nomination,
      a description of all arrangements or understandings between or among any
      of the shareholder, any Shareholder Associated Person, each nominee, and
      any other person or persons (naming such person or persons) pursuant to
      which the nomination or nominations are to be made by the shareholder;
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(vi)&#160;&#160;with respect to notice of an intent to make a
      nomination: (A) all information regarding each nominee that would be
      required to be obtained or disclosed in solicitations of proxies for
      election of directors in an election contest pursuant to Regulation 14A
      under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
      Act&#8221;), including without limitation such person&#8217;s written consent to
      being named as a nominee and to serving as a director, if elected; (B) a
      description of all direct and indirect compensation and other material
      monetary agreements, arrangements and undertakings during the past three
      years, and other material relationships, between such shareholder and
      any Shareholder Associated Person, if any, on the one hand, and each
      proposed nominee, and his or her respective affiliates and associates,
      or others acting in concert with such nominee on the other hand,
      including, without limitation all information that would be required to
      be disclosed pursuant to Rule 404 promulgated under Regulation S-K if
      the shareholder or Shareholder Associated Person were the &#8220;registrant&#8221;
      pursuant to Regulation S-K of the U.S. Securities and Exchange
      Commission (the &#8220;Commission&#8221;) and if the nominee were a director or
      executive officer of such registrant; and (C) an undertaking by each
      proposed nominee to promptly furnish such information as may reasonably
      be requested by the Corporation to determine the eligibility of such
      proposed nominee to serve as an independent director of the Corporation,
      or that could be material to a reasonable shareholder&#8217;s understanding of
      the independence, or lack thereof, or such nominee, and any other
      information of the type requested from and provided by persons nominated
      by the Board of Directors or a committee thereof ; and
    </p>
    <p style="text-align: justify; margin-left: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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          5
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        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(vii)&#160;&#160;with respect to notice of any proposal or business
      other than a nomination of a director, a description of any interest of
      the shareholder or any Shareholder Associated Person, if any, in the
      matter, including a description of all agreements, arrangements and
      understandings between or among any of the shareholder, any Shareholder
      Associated Person, if any, and any other person or persons (naming such
      person or persons) in connection with such proposal or other business.
    </p>
    <p style="text-align: justify">
      The foregoing information shall be true and complete as of the date the
      shareholder&#8217;s notice containing such information is given to the
      Corporation, and the shareholder shall, from time to time after the
      notice is first given to the Corporation to the end of the meeting to
      which it relates, promptly supplement such information by written notice
      to the Secretary of the Corporation in the event there are any changes
      in any such information necessary to make such information current,
      accurate and complete in all material respects, or to provide any
      further information undertaken to be provided.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)&#160;&#160;As used in this Section, &#8220;Shareholder Associated Person&#8221;
      shall mean, with respect to a shareholder, (A) any person controlling,
      directly or indirectly, or acting in concert with, such shareholder, (B)
      any beneficial owner of shares of stock of the Corporation owned of
      record or beneficially by such shareholder, including interests held by
      members of such shareholder&#8217;s immediate family sharing the same
      household, and (C) any person controlling, controlled by or under common
      control with another Shareholder Associated Person; and &#8220;Shareholder
      Associated Person&#8221; shall also include, without limitation, any person on
      whose behalf or at whose request such shareholder is making a nomination
      or proposal subject to this Section, even if such person does not
      control such shareholder, if such nomination or proposal is made
      pursuant to any contract, arrangement or understanding between such
      shareholder and such other person.&#160;&#160;As used in this Section, the term
      &#8220;person&#8221; includes an entity as well as an individual.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)&#160;&#160;Except as otherwise required by applicable law, the
      person duly presiding at any meeting of the shareholders shall have the
      power and duty to determine whether any nomination or proposal made by
      or on behalf of a shareholder is made in compliance with the
      requirements set forth in this Section and, if in accordance with the
      presiding officer&#8217;s determination any proposed nomination or proposal is
      not in compliance with this Section, to declare that such defective
      nomination or proposal is out of order and shall not be considered or
      acted upon.&#160;&#160;&#160;This Section has been adopted to provide shareholders with
      the reasonable opportunity to bring nominations or other business before
      meetings of the shareholders, consistent with the interests of the
      Corporation in promoting the orderly, deliberate and informed
      presentation, consideration and conduct of business at meetings of the
      shareholders of the Corporation, and shall be construed accordingly.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(f)&#160;&#160;&#160;Nothing in this Section shall impair, or be affected by,
      any right of any shareholder to request that a proposal be included in
      the Corporation&#8217;s notice of meeting and proxy statement, or to designate
      nominees for the Board of Directors, to the extent that such right is
      provided under the Exchange Act and the rules and regulations of the
      Commission thereunder, including without limitation Rule 14a-8 or any
      other rules then applicable; but nothing in this Section is intended to
      in any way enlarge any such right of a shareholder thereunder or to in
      any way limit the Corporation&#8217;s right, if any, thereunder to exclude any
      such proposal or nomination from its notice of meeting or proxy
      statement, it being intended that the provisions of this Section operate
      independently of the operation of the Exchange Act and the rules and
      regulations thereunder.&#160;&#160;
    </p>
    <p style="text-align: justify">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          6
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(g)&#160;&#160;Nothing in this Section shall confer upon any shareholder
      the right to bring before any meeting of shareholders any proposal or
      other matter that, under applicable law, may be brought before such
      meeting only by action of the Board of Directors, or that otherwise may
      not be properly brought before a meeting of shareholders.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(h)&#160;&#160;Nothing in this Section shall affect any right of any
      shareholder to make recommendations to the Board of Directors or any
      committee thereof as to nominations for directors or any other matter in
      accordance with policies and procedures therefor from time to time
      adopted by the Board of Directors or any committee thereof.
    </p>
    <p style="text-align: center">
      <b>ARTICLE III.</b>
    </p>
    <p style="text-align: center">
      <b>DIRECTORS</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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 (80%);&#160;&#160;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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          7
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      Section 5.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 6.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 7.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 8.&#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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification</u>:&#160;&#160;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 as an officer, employee or agent of the Corporation
      or, 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 cost 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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      To the fullest extent from time to time permitted by law, the
      Corporation shall 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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          8
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; text-indent: 30.0px">
      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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      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.
    </p>
    <p style="text-align: center">
      <b>ARTICLE IV.</b>
    </p>
    <p style="text-align: center">
      <b>MEETING OF DIRECTORS</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          9
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 5.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 6.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 7.&#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.
    </p>
    <p style="text-align: center">
      <b>ARTICLE V.</b>
    </p>
    <p style="text-align: center">
      <b>OFFICERS</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          10
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      Section 4.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 5.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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 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.
    </p>
    <p style="text-indent: 30.0px">
      Section 6.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 7.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 8.&#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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          11
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      Section 9.&#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 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.
    </p>
    <p style="text-indent: 30.0px">
      Section 10.&#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.
    </p>
    <p style="text-align: center">
      <b>ARTICLE VI.</b>
    </p>
    <p style="text-align: center">
      <b>CONTRACTS, LOANS AND DEPOSITS</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          12
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>ARTICLE VII.</b>
    </p>
    <p style="text-align: center">
      <b>SHARES AND THEIR TRANSFER</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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. 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 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.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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.
    </p>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          13
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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 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.
    </p>
    <p style="text-align: center">
      <b>ARTICLE VIII.</b>
    </p>
    <p style="text-align: center">
      <b>GENERAL PROVISIONS</b>
    </p>
    <p style="text-indent: 30.0px">
      Section 1.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 2.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 3.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 4.&#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.
    </p>
    <p style="text-indent: 30.0px">
      Section 5.&#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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-size: 8pt; text-align: center; font-family: Times New Roman">
          14
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px">
      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.
    </p>
    <p style="text-indent: 30.0px">
      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 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.
    </p>
    <p style="text-align: center; text-indent: 30.0px">
      <br>
      15
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