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<SEC-DOCUMENT>0000798287-07-000002.txt : 20070122
<SEC-HEADER>0000798287-07-000002.hdr.sgml : 20070122
<ACCEPTANCE-DATETIME>20070122163202
ACCESSION NUMBER:		0000798287-07-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070118
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070122
DATE AS OF CHANGE:		20070122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAM TRANSPORTATION SERVICES INC
		CENTRAL INDEX KEY:			0000798287
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				710633135
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15057
		FILM NUMBER:		07543711

	BUSINESS ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
		BUSINESS PHONE:		4793619111

	MAIL ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k012207.htm
<DESCRIPTION>FORM 8-K FILED ON JANUARY 22, 2007
<TEXT>
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  <head>
    <title>
      Form 8-K filed on January 22, 2007
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>________________________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of The Securities Exchange Act of
      1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of report (Date of earliest event reported): </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>January
      18, 2007</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>________________________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo.jpg" alt=""></div>
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      TRANSPORTATION SERVICES, INC.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
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      West Henri De Tonti, Tontitown, Arkansas 72770</u></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="85%">&#160;</td>
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="85%">&#160;</td>
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Item
      5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
      Year.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 18, 2007, the Board of Directors of P.A.M. Transportation Services,
      Inc.
      ("PTSI") amended PTSI's By-Laws, effective as of that date. The amendments
      deleted Article XII and amended several sections of Article II. A description
      of
      the changes effected by the amendments is set forth below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
                XII was deleted. Article XII required officers and other employees
                of PTSI
                to reimburse PTSI for payments such as salary, commission, bonus,
                interest, rent or entertainment expenses they receive that are disallowed
                by the Internal Revenue Service as a proper deduction for income
                tax
                purposes under Section 162 of the Internal Revenue Code. This provision
                was included in the By-Laws many years ago. The Board of Directors
                believes that this Article may interfere with PTSI's compensation
                plans
                and arrangements achieving their intended purposes, and that provisions
                such as Article XII are not usually included in By-Laws of public
                companies. Article XIII of the By-Laws, regarding By-Law amendments,
                was
                renumbered as Article XII.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                3 of Article II was amended to support and clarify the authority
                of the
                Board of Directors to fill vacancies resulting from increases in
                the size
                of the full Board of Directors, in addition to vacancies that may
                result
                from a director's resignation, removal, death or other
                causes.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7 of Article II was amended to update the methods PTSI can use to
                provide
                notice to directors of special meetings of the Board of Directors
                to
                include, in addition to personal delivery and mail, express mail,
                courier
                service, facsimile, electronic mail, other means of electronic
                transmission, and telephone, Section 7 of Article II was also amended
                to
                specify, for each method of notice, that delivery is adequate if
                given a
                specified number of days in advance of the
                meeting.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sections
                11 and 12 of Article II were amended to provide or clarify that notice
                of
                meetings of committees of the Board of Directors may be given or
                waived in
                the same manner as for special meetings of the Board of Directors.
                The
                amendments also specify, subject to any determination otherwise by
                the
                Board of Directors, which members of Board committees can call meetings
                of
                the committees.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      copy of
      PTSI's By-Laws, as amended and restated as of January 18, 2007, is attached
      to
      this report as Exhibit 3.2.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Item
      9.01 Financial Statements and Exhibits.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Exhibits. The following exhibits are furnished with this Report:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By-Laws,
      as amended and restated through January 18, 2007</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">P.A.M.
                TRANSPORTATION SERVICES, INC</font></div>
            </td>
            <td align="justify" valign="top" width="2%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="41%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                January 22, 2007</font></div>
            </td>
            <td align="left" valign="top" width="41%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Robert W. Weaver</font></div>
            </td>
            <td align="justify" valign="top" width="2%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Robert
                W. Weaver</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
                and Chief Executive Officer</font></div>
            </td>
            <td align="justify" valign="top" width="2%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="75%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                Description</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">&#160;</td>
            <td align="left" valign="top" width="75%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2</font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By-Laws,
                as amended and restated through January 18,
                2007</font></div>
            </td>
          </tr>

      </table>
    </div>
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<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<html>
  <head>
    <title>
      Exhibit 3.2
</title>
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      3.2</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AMENDED
      AND RESTATED BY-LAWS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OF</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>P.A.M.
      TRANSPORTATION SERVICES, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      I.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SHAREHOLDERS
      MEETINGS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. PLACE OF MEETING.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Board of Directors may designate any place within or without the State of
      Delaware as the place of meeting for any annual or for any special meeting
      called by the Board of Directors. A waiver of notice signed by all shareholders
      entitled to vote at a meeting may designate any place within or without the
      State of Delaware as the place for the holding of such meeting. If no
      designation is made, or if a special meeting be otherwise called, the place
      of
      meeting shall be the principal office of the Corporation in the State of
      Arkansas.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. ANNUAL MEETING.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      annual meeting of the shareholders of the Corporation shall be held on such
      date, at such time and at such place within or without the State of Delaware
      as
      may be designated by the Board of Directors, for the purpose of electing
      directors and for the transaction of such other business as may be properly
      brought before the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      3. SPECIAL MEETINGS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Special
      meetings of the shareholders, for any purpose or purposes, unless otherwise
      prescribed by statute or the Amended and Restated Certificate of Incorporation,
      may be called by the President, the Chief Executive Officer, or the Chairman
      of
      the Board of Directors, if any. The President or Secretary shall call a special
      meeting when: (1) requested in writing by any two or more of the Directors;
      or
      (2) requested in writing by shareholders owning at least seventy-five percent
      (75%) of the shares entitled to vote. Such written request shall state the
      purpose or purposes of the proposed meeting. No business shall be transacted
      and
      no corporate action shall be taken other than that stated in the notice of
      the
      meeting unless all of the shareholders are present in person or by proxy, in
      which case any and all business may be transacted at the meeting even though
      the
      business is transacted without notice. The provisions of this Section shall
      be
      amended, altered, changed or repealed only with the affirmative vote or consent
      of the holders of at least seventy-five percent (75%) of the outstanding shares
      of the stock of the Corporation entitled to elect Directors, in addition to
      any
      approval of the Board of Directors or any shareholder vote or consent required
      by law or any provision of the Amended and Restated Certificate of Incorporation
      or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      4. NOTICE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Except
      as otherwise required by statute or the Certificate of Incorporation, written
      notice of each meeting of the shareholders, whether annual or special, shall
      be
      served, either personally or by mail, upon each shareholder of record entitled
      to vote at such meeting, not less than ten (10) nor more than sixty (60) days
      before the meeting. If mailed, such notice shall be directed to a shareholder
      at
      his post office address last shown on the records of the Corporation. Notice
      of
      any special meeting of shareholders shall state the purpose or purposes for
      which the meeting is called. Notice of any meeting of shareholders shall not
      be
      required to be given to any shareholder who, in person or by his attorney
      thereunto authorized, either before or after such meeting, shall waive such
      notice. Attendance of a shareholder at a meeting, either in person or by proxy,
      shall itself constitute waiver of notice and waiver of any and all objections
      to
      the place and time of the meeting and manner in which it has been called or
      convened, except when a shareholder attends a meeting solely for the purpose
      of
      stating, at the beginning of the meeting, any such objections to the transaction
      of business. Notice of the time and place of any adjourned meeting need not
      be
      given otherwise than by the announcement at the meeting at which adjournment
      is
      taken.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      5. QUORUM.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      holders of a majority of the stock issued, outstanding and entitled to vote
      thereat, present in person or represented by proxy, shall constitute a quorum
      at
      all meetings of the shareholders and shall be requisite for the transaction
      of
      business, except as otherwise provided by law, by the Certificate of
      Incorporation, or by these By-Laws. If, however, such majority shall not be
      present or represented at any meeting of the shareholders, the shareholders
      entitled to vote thereat, present in person or by proxy, shall have the power
      to
      adjourn the meeting from time to time, without notice other than announcement
      at
      the meeting, until the requisite amount of voting stock shall be present. At
      such adjourned meeting at which a quorum shall be present in person or by proxy,
      any business may be transacted that might have been transacted at the meeting
      originally called.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      6. VOTING, PROXIES.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      At every
      meeting of the shareholders, any shareholder having the right to vote shall
      be
      entitled to vote in person or by proxy, but no proxy shall be voted after eleven
      months from its date, unless said proxy provides for a longer period. Each
      shareholder shall have one vote for each share of stock having voting power,
      registered in his name on the books of the Corporation. If a quorum is present,
      the affirmative vote of the majority of the shares represented at the meeting
      entitled to vote on the subject matter shall be the act of the shareholders,
      except as otherwise provided by law, by the Certificate of Incorporation or
      by
      these By-Laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      7. FIXING OF RECORD DATE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      For the
      purpose of determining shareholders entitled to notice of or to vote at any
      meeting of shareholders or any adjournment thereof, or shareholders entitled
      to
      receive payment of dividends, the Board of Directors may fix in advance a date
      as the record date for any such determination of shareholders, such date in
      any
      case to be not less than ten (10) nor more than sixty (60) days prior to the
      date on which the particular action, requiring such determination of
      shareholders, is to be taken. 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 receive payment of dividends, the date on which
      notice of the meeting is mailed, or on the date on which the resolution of
      the
      Board of Directors declaring such dividend is adopted, as the case may be,
      shall
      be the record date. 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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      8. INFORMAL ACTIONS BY SHAREHOLDERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Any
      action required to be taken at a meeting of the shareholders, or any other
      action which may be taken at a meeting of the shareholders, may be taken without
      a meeting if written consent, setting forth the action so taken, shall be signed
      by the shareholders of outstanding stock having not less than the minimum number
      of votes that would be necessary to authorize or take such action at a meeting
      of shareholders at which all shares entitled to vote thereon were present and
      voted. Prompt notice of the taking of any such corporate action without a
      meeting by less than unanimous written consent shall be given to those
      stockholders who have not consented in writing. Such consent shall have the
      same
      force and effect as a unanimous vote of the shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DIRECTORS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. GENERAL POWERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Except
      as may be otherwise provided by any legal agreement among shareholders, the
      property and business of the Corporation shall be managed by its Board of
      Directors. In addition to the powers and authority expressly conferred by these
      By-Laws, the Board of Directors may exercise all such powers of the Corporation
      and do all such lawful acts and things as are not by law, or by any legal
      agreement among shareholders, or by the Certificate of Incorporation or by
      these
      By-Laws directed or required to be exercised or done by the
      shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. NUMBER, TENURE, QUALIFICATIONS, REMOVAL.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Board of Directors shall consist of not less than three (3) nor more than
      fifteen (15) members, the precise number to be fixed by resolution of the
      shareholders or the Board of Directors from time to time. Each Director shall
      hold office until the annual meeting of shareholders held next after his
      election and until his successor has been duly elected and has qualified, or
      until his earlier resignation, removal from office, or death. Directors need
      not
      be shareholders. Any Director may be removed at any time, with or without cause,
      by the affirmative vote of the holders of seventy-five percent (75%) of the
      outstanding shares of the stock of the Corporation entitled to elect Directors,
      either at the annual meeting or at a special meeting called for that purpose.
      This Section shall be amended, altered, changed or repealed only with the
      affirmative vote or consent of the holders of at least seventy-five percent
      (75%) of the outstanding shares of stock of the Corporation entitled to elect
      Directors, in addition to any approval of the Board of Directors or any
      shareholder vote or consent required by law or any provision of the Amended
      and
      Restated Certificate of Incorporation of the Corporation or otherwise.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      3. VACANCIES AND ADDITIONAL DIRECTORSHIPS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Any
      newly created directorships resulting from any increase in the authorized number
      of Directors and any vacancies on the Board of Directors resulting from
      resignation, removal, death, or other cause, may be filled by the vote of the
      majority of the Directors then in office, though less than a quorum, and if
      not
      therefore filled by action of the Directors, may be filled by the shareholders
      at any meeting held during the existence of such vacancy; provided that whenever
      any Director shall have been elected by the holders of any class of stock of
      the
      Corporation voting separately as a class under the provisions of the Certificate
      of Incorporation, such Director may be removed and the vacancy filled only
      by
      the holders of that class of stock voting separately as a class. A Director
      elected in accordance with this Section shall hold office until the annual
      meeting of shareholders held next after his election and until his successor
      has
      been duly elected and qualified, or until his earlier resignation, removal
      or
      death. During any period when there is a vacancy on the Board of Directors,
      including any vacancy resulting from an increase in the authorized number of
      Directors, the remaining Directors shall continue to act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">S</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>ECTION
      4. PLACE OF MEETING.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Board of Directors may hold its meetings at such place or places within or
      without the State of Delaware as it may from time to time
      determine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      5. COMPENSATION.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Directors may be allowed such compensation for attendance at regular or special
      meetings of the Board of Directors and of any special meeting or standing
      committees thereof as may be from time to time determined by resolution of
      the
      Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      6. REGULAR MEETINGS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      A
      regular annual meeting of the Board of Directors shall be held without other
      notice than this By-Law immediately after, and at the same place as, the annual
      meeting of shareholders. The Board of Directors may provide, by resolution,
      the
      time and place within or without the State of Delaware, for the holding of
      additional regular meetings without other notice than such
      resolution.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      7. SPECIAL MEETINGS, NOTICE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Special
      meetings of the Board of Directors may be called at any time by the Chairman
      of
      the Board, the Chief Executive Officer, the President, or any two (2) or more
      members of the Board of Directors. The person or persons calling a special
      meeting of the Board of Directors may fix the time and place of the meeting.
      Notice of any special meeting shall be given to each Director personally or
      by
      telephone, or by mail, express mail, courier service, facsimile, electronic
      mail
      or other means of electronic transmission, addressed to each Director at the
      Director's usual place of business or residence, or the Director's address
      as it
      is shown on the records of the Corporation. If the notice is by mail, the notice
      shall be deemed adequately delivered when deposited in the United States mail
      at
      least four (4) days prior to the time set for the meeting. If the notice is
      by
      express mail or courier service, such notice shall be deemed adequately
      delivered when delivered to the express mail or courier service at least two
      (2)
      days prior to the time set for such meeting. If the notice is given personally
      or by telephone, or by facsimile, electronic mail or other means of electronic
      transmission, such notice will be deemed adequately delivered when the notice
      is
      transmitted at least one (1) day prior to the time set for the meeting. An
      oral
      notice given personally or by telephone may be communicated either to the
      Director or to a person at the office of the Director whom the person giving
      the
      notice has reason to believe will promptly communicate it to the Director.
      Any
      such special meeting shall be held at such time and place as shall be stated
      in
      the notice of the meeting. Unless otherwise indicated in the notice thereof,
      any
      and all business other than an amendment of these By-Laws may be transacted
      at
      any special meeting, and an amendment of these By-Laws may be acted upon if
      the
      notice of the meeting shall have stated that the amendment of these By-Laws
      is
      one of the purposes of the meeting. At any meeting at which every Director
      shall
      be present, even though without any notice, any business may be transacted,
      including the amendment of these By-Laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      8. NOTICE, WAIVER BY ATTENDANCE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      No
      notice of a meeting of the Board of Directors need be given to any Director
      who
      signs a waiver of notice either before or after the meeting. The attendance
      of a
      Director at a meeting shall constitute a waiver of notice of such meeting and
      waiver of any and all objections to the place of the meeting, the time of the
      meeting or the manner in which it has been called or convened except when a
      Director states, at the beginning of the meeting, any such objection or
      objections to the transaction of business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      9. QUORUM.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      At all
      meetings of the Board of Directors, the presence of a majority of the Directors
      shall constitute a quorum for the transaction of business. In the absence of
      a
      quorum a majority of the Directors present at any meeting may adjourn from
      time
      to time until a quorum be had. Notice of the time and place of any adjourned
      meeting need only be given by announcement at the meeting at which adjournment
      is taken.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      10. MANNER OF ACTING.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The act
      of the majority of the Directors present at a meeting at which a quorum is
      present shall be the act of the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      11. EXECUTIVE COMMITTEE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      In
      furtherance and not in limitation of the powers conferred by statute, the Board
      of Directors may establish an Executive Committee of two (2) or more Directors
      constituted and appointed by the Board of Directors from their number who shall
      meet when deemed necessary. They shall have authority to exercise all the powers
      of the Board which may be lawfully delegated and not inconsistent with these
      By-Laws, at any time and when the Board is not in session. The committee shall
      elect a Chairman, and a majority of the whole committee shall constitute a
      quorum; and the act of a majority of members present at a meeting at which
      a
      quorum is present shall be the act of the committee provided all members of
      the
      committee have had notice of such meeting or waived such notice. Except as
      otherwise provided by resolution of the Board of Directors, meetings of the
      Executive Committee may be called by any member of the Executive Committee.
      Notice of meetings of the Executive Committee may be given in the same manner
      as
      provided for special meetings of the Board of Directors in Section 7 of Article
      II, or waived as provided in Section 8 of Article II or as otherwise permitted
      by applicable law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      12. OTHER COMMITTEES.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      In
      addition to the Executive Committee, the Board of Directors may, by resolution
      passed by a majority of the whole Board, designate one or more committees,
      including without limitation a Compensation Committee, each committee to consist
      of one or more of the Directors of the Corporation. The Board may designate
      one
      or more Directors as alternate members of any committee, who may replace any
      absent or disqualified member at any meeting of the committee. In the absence
      or
      disqualification of a member of a committee, the member or members thereof
      present at any meeting and not disqualified from voting, whether or not he
      or
      they constitute a quorum, may unanimously appoint another member of the Board
      of
      Directors to act at the meeting in the place of any such absent or disqualified
      member. Any such committee, to the extent provided by resolution passed by
      a
      majority of the whole Board, shall have and may exercise all the powers and
      authority of the Board of Directors in the management of the business and the
      affairs of the Corporation, and may authorize the seal of the Corporation to
      be
      affixed to all papers which may require it; but no such committee shall have
      the
      power or authority in reference to amending the Certificate of Incorporation,
      adopting an agreement of merger or consolidation, recommending to the
      stockholders the sale, lease or exchange of all or substantially all of the
      Corporation's property and assets, recommending to the stockholders a
      dissolution of the Corporation or a revocation of a dissolution, or amending
      these By-Laws; and unless such resolution, these By-Laws, or the Certificate
      of
      Incorporation expressly so provide, no such committee shall have the power
      to
      authorize to declare a dividend or to authorize the issuance of stock. Except
      as
      otherwise provided by resolution of the Board of Directors, or for the Executive
      Committee, meetings of any committee may be called by the chairperson, any
      two
      members of the committee, or if the committee has only one member, such member.
      Notice of meetings of any committee may be given in the same manner as provided
      for special meetings of the Board of Directors in Section 7 of Article II,
      or
      waived as provided in Section 8 of Article II or as otherwise permitted by
      applicable law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      13. ACTION WITHOUT FORMAL MEETING.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Any
      action required or permitted to be taken at any meeting of the Board of
      Directors or of any committee thereof may be taken without a meeting if written
      consent thereto is signed by all members of the Board of Directors or of such
      committee, as the case may be, and such written consent is filed with the
      Minutes of the proceedings of the Board or committee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      14. CONFERENCE CALL MEETINGS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Members
      of the Board of Directors, or any committee designated by such Board, may
      participate in a meeting of such Board or committee by means of conference
      telephone or similar communications equipment by means of which all persons
      participating in the meeting can hear each other, and participation in a meeting
      pursuant to this Section shall constitute presence in person at such
      meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      III.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OFFICERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. OFFICERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      officers of the Corporation shall be a Chief Executive Officer, a Chief
      Operating Officer, a Chief Financial Officer, a President, one or more Executive
      Vice Presidents or Vice Presidents, a Secretary and a Treasurer, and such
      additional officers, if any, as shall be elected by the Board of Directors
      pursuant to the provisions of Section 11 of this Article III. The Chief
      Executive Officer, the Chief Financial Officer, the President, one or more
      Executive Vice Presidents or Vice Presidents, the Secretary and the Treasurer,
      shall be elected by the Board of Directors at its first meeting after each
      annual meeting of the shareholders. The failure to hold such election shall
      not
      of itself terminate the term of office of any officer. Any number of offices
      may
      be held simultaneously by the same person, except that the person serving as
      Chief Financial Officer may not serve simultaneously as the Chief Executive
      Officer. Any Chairman and Vice Chairman, if such positions are created by the
      Board of Directors, shall be Directors of the Corporation. All other officers
      may, but need not be, Directors. Any officer may resign at any time upon written
      notice to the Corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      officers, agents and employees shall be subject to removal, with or without
      cause, at any time by the Board of Directors. The removal of an officer without
      cause shall be without prejudice to his contract rights, if any. The election
      or
      appointment of an officer shall not of itself create contract rights. All agents
      and employees other than officers elected by the Board of Directors shall also
      be subject to removal, with or without cause, at any time by the officers
      appointing them.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      vacancy caused by the death of any officer, his resignation, his removal, or
      otherwise, may be filled by the Board of Directors, and any officer so elected
      shall hold office at the pleasure of the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition to the powers and duties of the officers of the Corporation as set
      forth in these By-Laws, the officers shall have such authority and shall perform
      such duties as from time to time may be determined by the Board of
      Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. POWERS AND DUTIES OF THE CHAIRMAN.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Chairman, if any, shall preside at all meetings of the shareholders and of
      the
      Board of Directors at which he shall be present and shall have such other duties
      as may from time to time be assigned by these By-Laws or by the Board of
      Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      3. POWERS AND DUTIES OF THE VICE CHAIRMAN.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The Vice
      Chairman or Chairmen, if any, shall have such powers and perform such duties
      as
      may from time to time by assigned by the Board of Directors or the Chairman.
      In
      the absence of the Chairman, the Vice Chairman, if any, (or if more than one,
      one of the Vice Chairmen as designated by the Board of Directors ) shall preside
      at all meetings of the shareholders and the Board of Directors at which he
      shall
      be present.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      4. POWERS AND DUTIES OF THE CHIEF EXECUTIVE OFFICER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Chief Executive Officer shall be the chief executive officer of the Corporation
      and, subject to the control of the Board of Directors, shall have general charge
      and control of all its business and affairs and shall perform all duties
      incident to the office of Chief Executive Officer; he may sign and execute,
      in
      the name of the Corporation, all authorized deeds, mortgages, bonds, notes
      and
      other evidence of indebtedness, contracts or other instruments, except in cases
      in which the signing and execution thereof shall have been expressly excluded
      from the Chief Executive Officer and delegated to some other officer or agent
      of
      the Corporation by the Board of Directors. In the absence or disability of
      the
      Chairman and all Vice Chairmen, or if the Board of Directors has not elected
      a
      Chairman or Vice Chairman, the Chief Executive Officer shall preside at all
      meetings of the shareholders and of the Board of Directors and shall have such
      other powers and perform such other duties as may from time to time be assigned
      to him by these By-Laws or by the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      5. POWERS AND DUTIES OF THE CHIEF OPERATING OFFICER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Chief Operating Officer shall be the principal operating officer of the
      Corporation with authority as such, and at the request of the Chief Executive
      Officer or in his absence or disability to act, shall perform the duties and
      exercise the functions of the Chief Executive Officer, and when so acting shall
      have such other powers and perform such other duties as may from time to time
      be
      assigned to him by the Board of Directors or the Chief Executive
      Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      6. POWERS AND DUTIES OF THE CHIEF FINANCIAL OFFICER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Chief Financial Officer shall be the chief accounting officer of the
      Corporation; he shall see that the books and account and other accounting
      records of the Corporation are kept in proper form and accurately; and, in
      general, he shall perform all the duties incident to the office of Chief
      Financial Officer of the Corporation and such other duties as may from time
      to
      time be assigned to him by the Board of Directors or the Chief Executive
      Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      7. POWERS AND DUTIES OF THE PRESIDENT.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      President shall act as a general executive officer of the Corporation and shall
      have such other powers and perform such other duties as may from time to time
      be
      assigned to him by these By-Laws or by the Board of Directors or by the Chief
      Executive Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      8. POWERS AND DUTIES OF THE EXECUTIVE VICE PRESIDENT OR VICE
      PRESIDENT.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Each
      Executive Vice President or Vice President shall perform all duties incident
      to
      such office and shall have such powers and perform such duties as may from
      time
      to time be assigned to him by these By-Laws or by the Board of Directors or
      the
      Chief Executive Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      9. POWERS AND DUTIES OF THE SECRETARY.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Secretary shall keep the minutes of meetings of the Board of Directors and
      the
      minutes of all meetings of the shareholders in books provided for that purpose;
      he shall attend to the giving or serving of all notices of the Corporation;
      he
      shall have the custody of the corporate seal of the Corporation and shall affix
      the same to such documents and other papers as the Board of Directors or the
      Chief Executive Officer shall authorize and direct; he shall have charge of
      the
      stock certificate books, transfer books and stock ledgers and such other books
      and papers as the Board of Directors or the Chief Executive Officer shall
      direct, all of which shall at all reasonable times be open to the examination
      of
      any Director, upon application, at the offices of the Corporation during
      business hours; and he shall perform such other duties as may from time to
      time
      be assigned to him by these By-Laws or the Board of Directors or the Chief
      Executive Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      10. POWERS AND DUTIES OF THE TREASURER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Treasurer shall have custody of, and when proper shall pay out, disburse or
      otherwise dispose of, all funds and securities of the Corporation which may
      have
      come into his hands; he may endorse on behalf of the Corporation for collection
      checks, notes and other obligations and shall deposit them to the credit of
      the
      Corporation in such bank or banks or depositary or depositaries as the Board
      of
      Directors may designate; he shall sign all receipts and vouchers for payments
      made to the Corporation; he shall enter or cause to be entered regularly in
      the
      books of the Corporation kept for the purpose full and accurate accounts of
      moneys received or paid or otherwise disposed of by him and whenever required
      by
      the Board of Directors or the Chief Executive Officer shall render statements
      of
      such accounts; and he shall perform all duties incident to the office of
      Treasurer and shall also have such other powers and shall perform such other
      duties as may from time to time be assigned to him by these By-Laws or by the
      Board of Directors or the Chief Executive Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      11. ADDITIONAL OFFICERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Board of Directors may from time to time elect such other officers (who may
      but
      need not be Directors), including Controllers, Assistant Treasurers, Assistant
      Secretaries and Assistant Financial Officers, as the Board may deem advisable
      and such officers shall have such authority and shall perform such duties as
      may
      from time to time be assigned to them by the Board of Directors or the Chief
      Executive Officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board
      of Directors may from time to time by resolution delegate to any Assistant
      Treasurer or Assistant Treasurers any of the powers or duties herein assigned
      to
      the Treasurer; and may similarly delegate to any Assistant Secretary or
      Assistant Secretaries any of the powers or duties herein assigned to the
      Secretary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      12. GIVING OF BOND BY OFFICERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      All
      officers of the Corporation, if required to do so by the Board of Directors,
      shall furnish bonds to the Corporation for the faithful performance of their
      duties, in such amounts and with such conditions and security as the Board
      shall
      require.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      13. VOTING UPON STOCKS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Unless
      otherwise ordered by the Board of Directors, the Chief Executive Officer, the
      Chief Operating Officer, the Chief Financial Officer, the President, any
      Executive Vice President or Vice President shall have full power and authority
      on behalf of the Corporation to attend and to act and to vote, or in the name
      of
      the Corporation to executive proxies to vote, at any meetings of shareholders
      of
      any corporation in which the Corporation may hold stock, and at any such
      meetings shall possess and may exercise, in person or by proxy, any and all
      rights, powers and privileges incident to the ownership of such stock. The
      Board
      of Directors may from time to time, by resolution, confer like powers upon
      any
      other person or persons.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      14. COMPENSATION OF OFFICERS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      officers of the Corporation shall be entitled to receive such compensation
      for
      their services as shall from time to time be determined by the Board of
      Directors or by a committee of the Board to which the Board of Directors has
      delegated such responsibility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      IV.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CAPITAL
      STOCK</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. FORM.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      interest of each shareholder shall be evidenced by a certificate representing
      shares of stock of the Corporation, which shall be in such form as the Board
      of
      Directors may from time to time adopt and shall be numbered and shall be entered
      in the books of the Corporation as they are issued. Each certificate shall
      exhibit the holder's name, the number of shares and class of shares and series,
      if any, represented thereby, a statement that the Corporation is organized
      under
      the laws of the State of Delaware, and the par value of each share or a
      statement that the shares are without par value.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      certificate shall be signed by the Chairman of the Board, the President or
      a
      vice President and the Secretary or an Assistant Secretary or the Treasurer
      or
      an Assistant Treasurer and shall be sealed with the seal of the Corporation.
      In
      case any officer or officers who shall have signed any such certificate or
      certificates shall cease to be such officer or officers of the Corporation,
      whether because of death, resignation or otherwise, before such certificate
      or
      certificates shall have been delivered by the Corporation, such certificate
      or
      certificates may nevertheless be issued and delivered as though the person
      or
      persons who signed such certificate or certificates had not ceased to be such
      officer or officers of the Corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. TRANSFER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Transfers of stock shall be made on the books of the Corporation only by the
      person named in the certificate, or by attorney lawfully constituted in writing,
      and upon surrender of the certificate thereof, or in the case of a certificate
      alleged to have been lost, stolen or destroyed, upon compliance with the
      provisions of Section 4, Article IV of these By-Laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      3. RIGHTS OF HOLDER.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Corporation shall be entitled to treat the holder of any share of the
      Corporation as the person entitled to vote such share, to receive any dividend
      or other distribution with respect to such share, and for all other purposes
      and
      accordingly shall not be bound to recognize any equitable or other claim to
      or
      interest in such share on the part of any other person, whether or not it shall
      have express or other notice thereof, except as otherwise provided by
      law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      4. LOST OR DESTROYED CERTIFICATES.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Any
      person claiming a certificate of stock to be lost, stolen or destroyed shall
      make an affidavit or affirmation of the fact in such manner as the Board of
      Directors may require and shall if the Board of Directors so requires, give
      the
      Corporation a bond of indemnity in the form and amount and with one or more
      sureties satisfactory to the Board of Directors, whereupon an appropriate new
      certificate may be issued in lieu of the one alleged to have been lost, stolen
      or destroyed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      V.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FISCAL
      YEAR</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      fiscal year of the Corporation shall be established by the Board of Directors
      of
      the Corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      VI.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SEAL</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      corporate seal shall be in such form as the Board of Directors may from time
      to
      time determine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      VII.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ANNUAL
      STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      later
      than four months after the close of each fiscal year, and in any case prior
      to
      the next annual meeting of shareholders, the Corporation shall
      prepare:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(a)</font></div>
              </td>
              <td align="left" valign="top" width="77%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;A
                  balance sheet showing in reasonable detail the financial condition
                  of the
                  Corporation as of the close of the fiscal year, and</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="4%">&#160;</td>
              <td align="left" valign="top" width="77%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(b)</font></div>
              </td>
              <td align="left" valign="top" width="77%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;A
                  profit and loss statement showing the results of its operation
                  during the
                  fiscal year.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      written request, the Corporation shall mail promptly to any shareholder of
      record a copy of the most recent such balance sheet and profit and loss
      statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      VIII.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEMNIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. ACTION BY PERSONS OTHER THAN THE CORPORATION.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Under
      the circumstances prescribed in Sections 3 and 4 of this Article, the
      Corporation shall indemnify and hold harmless any person who was or is a party
      or is threatened to be made a party of any, threatened, pending or completed
      action, suit or proceeding, or investigation, whether civil, criminal or
      administrative (other than an action by or in the right of the Corporation)
      by
      reason of the fact that he is or was a Director, Officer, employee or agent
      of
      the Corporation, or is now serving at the request of the Corporation as a
      Director, Officer, employee or agent of another corporation, partnership, joint
      venture, trust or other enterprise, against expenses (including attorney's
      fees), judgments, fines and amounts paid in settlement actually and reasonably
      incurred by him in connection with such action, suit or proceeding if he acted
      in a manner which he reasonably believed to be in or not opposed to the best
      interest of the Corporation, and, with respect to criminal action or proceeding,
      he had no reasonable cause to believe his conduct was unlawful. The termination
      of any action, suit or proceeding by judgment, order, settlement, conviction,
      or
      upon a plea of nolo contendere or its equivalent, shall not, of itself, create
      a
      presumption that the person did not act in a manner which he reasonably believed
      to be in or not opposed to the best interest of the Corporation, and with
      respect to any criminal action or proceeding, had reasonable cause to believe
      that his conduct was unlawful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. ACTIONS BY OR IN THE NAME OF THE CORPORATION.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Under
      the circumstances prescribed in Sections 3 and 4 of this Article, the
      Corporation shall indemnify and hold harmless any person who was or is a party
      or is threatened to be made a party of any, threatened, pending or completed
      action, suit by or in the right of the Corporation to procure a judgment in
      its
      favor by reason of the fact that he is or was a Director, Officer, employee
      or
      agent of the Corporation, or is or was serving at the request of the Corporation
      as a Director, Officer, employee or agent of another corporation, partnership,
      joint venture, trust or other enterprise, against expenses (including attorney's
      fees) actually and reasonably incurred by him in connection with the defense
      or
      settlement of such action or suit, if he acted in good faith and in a manner
      he
      reasonably believed to be in or not opposed to the best interest of the
      Corporation; except that no indemnification shall be made in respect to any
      claim, issue or matter as to which such person shall have been adjudged to
      be
      liable for negligence or misconduct in the performance of his duty to the
      Corporation, unless and only to the extent that the court in which such action
      or suit was brought shall determine upon application that, despite the
      adjudication of liability but in view of all the circumstances of the case,
      such
      person is fairly and reasonably entitled to indemnity for such expense which
      the
      court shall deem proper. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      3. SUCCESSFUL DEFENSE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      To the
      extent that a Director, Officer, employee or agent of the Corporation has been
      successful on the merits or otherwise in defense of any action, suit or
      proceeding referred to in Sections 1 and 2 of this Article, or in defense of
      any
      claim, issue or matter therein, he shall be indemnified against expenses
      (including attorney's fees) actually and reasonably incurred by him in
      connection therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      4. AUTHORIZATION OF INDEMNIFICATION.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Except
      as provided in Section 3 of this Article and except as may be ordered by a
      court, any indemnification under Sections 1 and 2 of this Article shall be
      made
      by the Corporation only as authorized in the specific case upon a determination
      that indemnification of the Director, Officer, employee or agent is proper
      in
      the circumstances because he has met the applicable standard of conduct set
      forth in Sections 1 and 2. Such determination shall be made:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
                the Board of Directors by a majority vote of a quorum consisting
                of
                Directors who were not parties to such action, suit or proceeding;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">if
                such a quorum is not obtainable, or, even if obtainable, if a quorum
                of
                disinterested Directors so directs, by the firm of independent legal
                counsel then employed by the Corporation, in a written
                opinion.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      5. PREPAYMENT OF EXPENSES.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Expenses
      incurred in defending a civil or criminal action, suit or proceeding may be
      paid
      by the Corporation in advance of the final disposition of such action, suit
      or
      proceeding as authorized by the Board of Directors upon receipt of an
      undertaking by or on behalf of the Director, Officer, employee or agent to
      repay
      such amount if it shall ultimately be determined that he is not entitled to
      be
      indemnified by the Corporation as authorized in this Article.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      6. NON-EXCLUSIVE RIGHT.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      indemnification provided by this Article shall not be deemed exclusive of any
      other right to which the person indemnified hereunder shall be entitled and
      shall inure to the benefit of the heirs, executors or administrators of such
      persons.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      7. INSURANCE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      corporation may purchase and maintain insurance on behalf of any person who
      is
      or was a Director, Officer, employee or agent of the Corporation, or is or
      was
      serving at the request of the Corporation as a Director, Officer, employee
      or
      agent of another corporation, partnership, joint venture, trust or other
      enterprise, against any liability asserted against him and incurred by him
      in
      any such capacity, or arising out of his status as such, whether or not the
      Corporation would have the power to indemnify him against such liability under
      the provisions of this section.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      8. INTERPRETATION OF ARTICLE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      It is
      the intent of this Article VIII to provide for indemnification of the Directors,
      Officers, employees and agents of the Corporation to the full extent permitted
      under the laws of State of Delaware. This Article VIII shall be construed in
      a
      manner consistent with such intent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      IX.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTICES:
      WAIVER OF NOTICE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. NOTICES.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Except
      as otherwise provided in these By-Laws, whenever under the provisions of these
      By-Laws notice is required to be given to any shareholder, Director or Officer,
      such notice shall be given either by personal notice or by cable or telegraph,
      or by mail by depositing the same in the post office or letter box in a postpaid
      sealed wrapper, addressed to such shareholder, Officer or Director at such
      address as appears on the books of the Corporation, and such notice shall be
      deemed to be given at the time when the same shall be thus sent or
      mailed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. WAIVER OF NOTICE.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Whenever
      any notice whatsoever is required to be given by law, by the Articles of
      Incorporation or by these By-Laws, a waiver thereof by the person or persons
      entitled to said notice given before or after the time stated therein, in
      writing, which shall include a waiver given by telegraph or cable, shall be
      deemed equivalent thereto. No notice of any meeting need be given to any person
      who shall attend such meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      X.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CHECKS,
      NOTES, DRAFTS, LOANS, ETC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      1. CHECKS, NOTES, DRAFTS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      All
      checks, drafts, bills of exchange, acceptances, notes or other obligations
      or
      orders for the payment of money shall be signed and, if so required by the
      Board
      of Directors, countersigned by such officers of the Corporation and/or other
      persons as shall from time to time be designated by the Board of Directors
      or
      pursuant to authority delegated by the Board.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Checks,
      drafts, bills of exchange, acceptances, notes, obligations and orders for the
      payment of money made payable to the Corporation may be endorsed for deposit
      to
      the credit of the Corporation with a duly authorized depository by the Treasurer
      and/or such other officers or persons as shall from time to time be designated
      by the Treasurer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>SECTION
      2. LOANS.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      No loans
      and no renewals of any loans shall be contracted on behalf of the Corporation
      except as authorized by the Board of Directors. When authorized so to do, any
      officer or agent of the Corporation may effect loans and advances for the
      Corporation from any bank, trust company or other institution or from any firm,
      corporation or individual, and for such loans and advances may make, execute
      and
      deliver promissory notes, bonds or other evidences of indebtedness of the
      Corporation. When authorized so to do, any officer or agent of the Corporation
      may pledge, hypothecate or transfer, as security for the payment of any and
      all
      loans, advances, indebtedness and liabilities of the Corporation, any and all
      stocks, securities and other personal property at any time held by the
      Corporation, and to that end may endorse, assign and deliver the same. Such
      authority may be general or confined to specific instances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      XI.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OFFICES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      otherwise required by the laws of the State of Delaware, the Corporation may
      have an office or offices and keep its books, documents and papers outside
      of
      the State of Delaware at such place or places as from time to time may be
      determined by the Board of Directors or the President.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      XII.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AMENDMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      otherwise indicated in these By-Laws, the By-Laws of the Corporation may be
      altered or amended and new By-Laws may be adopted by the shareholders or by
      the
      Board of Directors at any regular or special meeting of the Board of Directors;
      provided, however, that, if such action is to be taken at a meeting of the
      shareholders or Board of Directors, notice of the general nature of the proposed
      change in the By-Laws shall have been given in the notice of a meeting. Except
      as otherwise indicated in these By-Laws, action by the shareholders with respect
      to By-Laws shall be taken by an affirmative vote of a majority of the shares
      entitled to elect Directors, and action by the Directors with respect to By-Laws
      shall be taken by an affirmative vote of a majority of all Directors then
      holding office.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
      and restated effective as of January 18, 2007.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
