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<SEC-DOCUMENT>0000798287-07-000023.txt : 20070808
<SEC-HEADER>0000798287-07-000023.hdr.sgml : 20070808
<ACCEPTANCE-DATETIME>20070808154923
ACCESSION NUMBER:		0000798287-07-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070802
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070808
DATE AS OF CHANGE:		20070808

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:		071035589

	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
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<FILENAME>form8k08082007.htm
<DESCRIPTION>FORM 8-K FILED ON 8/08/2007
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    <title>form8k08082007.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Washington,
      D.C. 20549</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>________________________________</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
      to Section 13 or 15(d) of The Securities Exchange Act of
      1934</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Date
      of report (Date of earliest event reported):&#160;&#160;<u>August 2,
      2007</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>________________________________</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="logo.jpg" alt=""><br></div>
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      TRANSPORTATION SERVICES, INC.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;(Exact
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                or other jurisdiction of&#160;&#160;incorporation)</font></div>
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                File Number)</font></div>
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            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>297
      West Henri De Tonti, Tontitown, Arkansas 72770</u></font></div>
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      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><br></div>
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                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%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings;">o</font></div>
            </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>
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          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
            </td>
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      </table>
    </div>
    <div><br></div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div id="HDR">
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    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                5.02</strong></font></div>
            </td>
            <td align="justify" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Departure
                of Directors or Certain Officers; Election of Directors; Appointment
                of
                Certain Officers; Compensatory Arrangements of Certain
                Officers.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Election
      of W. Scott Davis to the Board of Directors</u></font></div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      August
      2, 2007, our Board of Directors increased the size of the Board of Directors
      from eight to nine directors, and elected a new director, W. Scott
      Davis.&#160;&#160;Mr. Davis was elected for a term that extends until the 2008
      annual meeting of the stockholders.&#160;&#160;Also, on August 2, 2007, Mr.
      Davis was appointed to serve on the Compensation and Stock Option Committee
      of
      our Board of Directors.&#160;&#160;Mr. Davis is a private investor, and has many
      years of experience in investment banking.&#160;&#160;From 1987 to 2006, Mr.
      Davis worked for Stephens Inc., an investment banking firm, including serving
      as
      an Executive Vice President of Stephens Inc. from 2002 to 2006, and as a
      Managing Director from 2000 to 2002.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      election of Mr. Davis was not pursuant to any arrangement or understanding
      between Mr. Davis and any third party.&#160;&#160;As of the date of this report,
      neither Mr. Davis nor any member of his immediate family is a party, either
      directly or indirectly, to any transaction that the Company is aware of, that
      is
      required to be reported pursuant to Item 404(a) of Regulation S-K under the
      Securities Exchange Act of 1934.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Mr.
      Davis
      will be compensated for his service on our Board of Directors and any committees
      of the Board on which he serves in accordance with our compensation arrangements
      for non-employee directors, other than our Chairman of the
      Board.&#160;&#160;These compensation arrangements, as currently in effect, are
      set forth in our proxy statement for our 2007 annual meeting of stockholders,
      that was filed with the Securities and Exchange Commission on April 26,
      2007.</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
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                5.03</strong></font></div>
            </td>
            <td align="justify" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Amendment
      of By-Laws</u></font></div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      August
      2, 2007, our Board of Directors amended and restated our By-Laws, effective
      as
      of that date.&#160;&#160;The Board's primary purpose for amending the Bylaws was
      to make it clear that the positions of Chairman of the Board and Vice Chairmen
      of the Board are not officer positions unless the Board of Directors expressly
      determines otherwise for a particular director serving in one of those
      positions.&#160;&#160;The following is a listing of the substantive changes
      effected by the amendment of the Bylaws.</font></div>
    <div><br></div>
    <div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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;">A
                new Section 15 was added to Article II regarding the appointment
                and
                duties of the Chairman of the Board, and providing that the position
                of
                Chairman of the Board is not an officer position unless the Board
                of
                Directors expressly determines otherwise for a particular director
                serving
                as Chairman of the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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;">A
                new Section 16 was added to Article II regarding the appointment
                and
                duties of Vice Chairmen of the Board, and providing that the position
                of
                Vice Chairman of the Board is not an officer position unless the
                Board of
                Directors expressly determines otherwise for a particular director
                serving
                as a Vice Chairman of the Board.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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
                1 of Article III was amended to remove specific references to the
                Chairman
                of the Board and Vice Chairman of the Board, and references to them
                as
                officer positions.</font></div>
            </td>
          </tr>

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    </div>
    <div><br></div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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
                2 of Article III, which set forth the duties of the Chairman of the
                Board,
                was deleted.&#160;&#160;The Chairman's duties are now addressed in Section
                15 of Article II.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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 III, which set forth the duties of the Vice Chairman
                of the
                Board, was deleted.&#160;&#160;The Vice Chairman's duties are now
                addressed in Section 16 of Article
                II.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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
                4 of Article III was amended to authorize our Chief Executive Officer
                to
                preside at meetings of the shareholders and Board of Directors to
                the
                extent determined by the Board of
                Directors.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </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
                4 through 14 of Article III were renumbered as Sections 2 through
                12 of
                Article III.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
      copy of
      our Bylaws, as amended and restated on August 2, 2007, is attached to this
      report as Exhibit 3.2.</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                8.01</strong></font></div>
            </td>
            <td align="justify" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Other
                Events.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div align="left">&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Appointment
        and Compensation of Chairman of the Board</u></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      August
      2, 2007, our Board of Directors appointed Matthew T. Moroun, who is a member
      of
      our Board of Directors, and our largest stockholder, the Chairman of our Board
      of Directors.&#160;&#160;The Board approved an annual retainer for Mr. Moroun
      for his services as Chairman of the Board, which is a non-officer position,
      of
      $100,000 per year, payable quarterly, as a director fee.&#160;&#160;In addition,
      Mr. Moroun will continue to receive meeting fees and an annual grant of a stock
      option for his services as a director, in the same amounts as are provided
      generally for our other non-employee directors.</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Item
                9.01</strong></font></div>
            </td>
            <td align="justify" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Financial
                Statements and Exhibits.</strong></font></div>
            </td>
          </tr>

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

          <tr>
            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="41%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">P.A.M.
                TRANSPORTATION SERVICES, INC.</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Registrant)</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="41%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Date:&#160;&#160;August
                8, 2007</font></div>
            </td>
            <td align="left" valign="top" width="41%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:
                /s/ Robert W. Weaver</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Robert
                W. Weaver</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;President
                and Chief Executive Officer</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">EXHIBIT
      INDEX</font></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="75%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit
                Description&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">3.2</font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By-Laws,
                as amended and restated on August 2,
                2007</font></div>
            </td>
          </tr>

      </table>
    </div><br></body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>exhibit3_2.htm
<DESCRIPTION>AMENDED BY-LAWS
<TEXT>
<html>

  <head>
    <title>exhibit3_2.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
      3.2</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>AMENDED
      AND RESTATED BY-LAWS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>OF</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>P.A.M.
      TRANSPORTATION SERVICES, INC.</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      I.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SHAREHOLDERS
      MEETINGS</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;PLACE
      OF MEETING.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;ANNUAL&#160;&#160;MEETING.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;3.&#160;&#160;&#160;SPECIAL
      MEETINGS.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;Such written request shall state the purpose
      or purposes of the proposed meeting.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;4.&#160;&#160;&#160;NOTICE.</u></strong>&#160;&#160;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.&#160;&#160;If mailed, such notice shall be directed to a
      shareholder at his post office address last shown on the records of the
      Corporation.&#160;&#160;Notice of any special meeting of shareholders shall
      state the purpose or purposes for which the meeting is called.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;5.&#160;&#160;&#160;QUORUM.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;6.&#160;&#160;&#160;VOTING,
      PROXIES.</u></strong>&#160;&#160;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.&#160;&#160;Each shareholder shall have
      one vote for each share of stock having voting power, registered in his name
      on
      the books of the Corporation.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;7.&#160;&#160;&#160;FIXING
      OF RECORD DATE.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;8.&#160;&#160;&#160;INFORMAL
      ACTIONS BY SHAREHOLDERS.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;Such consent shall have the same force and
      effect as a unanimous vote of the shareholders.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>DIRECTORS</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;GENERAL
      POWERS.</u></strong>&#160;&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;NUMBER,
      TENURE, QUALIFICATIONS, REMOVAL.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;Directors need not be
      shareholders.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;3.&#160;&#160;&#160;VACANCIES
      AND ADDITIONAL DIRECTORSHIPS.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">S<strong><u>ECTION&#160;&#160;4.&#160;&#160;&#160;PLACE
      OF MEETING.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;5.&#160;&#160;&#160;COMPENSATION.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;6.&#160;&#160;&#160;REGULAR
      MEETINGS.</u></strong>&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;7.&#160;&#160;&#160;SPECIAL
      MEETINGS, NOTICE.</u></strong>&#160;&#160;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.&#160;&#160;The person or persons calling a special meeting of the
      Board of Directors may fix the time and place of the meeting.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Any such special meeting shall be held at such time and
      place as shall be stated in the notice of the meeting.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;8.&#160;&#160;&#160;NOTICE,
      WAIVER BY ATTENDANCE.</u></strong>&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;9.&#160;&#160;&#160;QUORUM.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      10.&#160;&#160;&#160;MANNER OF ACTING.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      11.&#160;&#160;&#160;EXECUTIVE COMMITTEE.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      12.&#160;&#160;&#160;OTHER COMMITTEES.</u></strong>&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      13.&#160;&#160;&#160;ACTION WITHOUT FORMAL MEETING.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      14.&#160;&#160;&#160;CONFERENCE CALL MEETINGS.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      15.&#160;&#160;&#160;CHAIRMAN OF THE BOARD.</u></strong>&#160;&#160;The Board of
      Directors may at any time appoint from its members a Chairman of the Board,
      who
      shall serve in that capacity at the discretion of the Board of
      Directors.&#160;&#160;Unless otherwise determined by the Board of Directors, the
      Chairman of the Board, if any, shall preside at all meetings of the shareholders
      and of the Board of Directors at which the Chairman of the Board is
      present.&#160;&#160;The Chairman of the Board shall have such other duties as
      may from time to time be assigned to the Chairman of the Board by these By-Laws
      or by the Board of Directors.&#160;&#160;Unless expressly determined otherwise
      by the Board of Directors with respect to a particular director serving as
      Chairman of the Board, the position of Chairman of the Board shall not be deemed
      an officer position of the Corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      16.&#160;&#160;&#160;VICE CHAIRMEN OF THE BOARD OF
      DIRECTORS.</u></strong>&#160;&#160;The Board of Directors may at any time
      appoint from its members one of more Vice Chairmen of the Board, who shall
      serve
      in that capacity at the discretion of the Board of Directors.&#160;&#160;Unless
      otherwise determined by the Board of Directors, in case of the absence of the
      Chairman of the Board, 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.&#160;&#160;The Vice Chairmen of the Board shall have such other duties
      as may from time to time be assigned to them by the Board of
      Directors.&#160;&#160;Unless expressly determined otherwise by the Board of
      Directors with respect to a particular director serving as a Vice Chairman
      of
      the Board, the position of Vice Chairman of the Board shall not be deemed an
      officer position of the Corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      III.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>OFFICERS</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;OFFICERS.</u></strong>&#160;&#160;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 9 of this Article III.&#160;&#160;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.&#160;&#160;The failure to hold such election
      shall not of itself terminate the term of office of any officer.&#160;&#160;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.&#160;&#160;Any officer may, but need not be, a
      Director.&#160;&#160;Any officer may resign at any time upon written notice to
      the Corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
      officers, agents and employees shall be subject to removal, with or without
      cause, at any time by the Board of Directors.&#160;&#160;The removal of an
      officer without cause shall be without prejudice to his contract rights, if
      any.&#160;&#160;The election or appointment of an officer shall not of itself
      create contract rights.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE CHIEF EXECUTIVE OFFICER.</u></strong>&#160;&#160;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.&#160;&#160;In the absence or disability
      of the Chairman and all Vice Chairmen, or if the Board of Directors has not
      appointed a Chairman or Vice Chairman, the Chief Executive Officer shall preside
      at all meetings of the shareholders and of the Board of Directors, and in any
      event may so preside to the extent determined by the Board of
      Directors.&#160;&#160;The Chief Executive Officer 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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;3.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE CHIEF OPERATING OFFICER.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;4.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE CHIEF FINANCIAL OFFICER.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;5.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE PRESIDENT.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;6.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE EXECUTIVE VICE PRESIDENT OR VICE
      PRESIDENT.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;7.&#160;&#160;&#160;POWERS
      AND DUTIES OF THE SECRETARY.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      8.&#160;&#160;&#160;POWERS AND DUTIES OF THE
      TREASURER.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      9.&#160;&#160;&#160;ADDITIONAL OFFICERS.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      10.&#160;&#160;&#160;GIVING OF BOND BY OFFICERS.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      11.&#160;&#160;&#160;VOTING UPON STOCKS.</u></strong>&#160;&#160;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.&#160;&#160;The Board of Directors may from time to time, by resolution,
      confer like powers upon any other person or persons.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION
      12.&#160;&#160;&#160;COMPENSATION OF OFFICERS.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      IV.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CAPITAL
      STOCK</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;FORM.</u></strong>&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;TRANSFER.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;3.&#160;&#160;&#160;RIGHTS
      OF HOLDER.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;4.&#160;&#160;&#160;&#160;LOST
      OR DESTROYED CERTIFICATES.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      V.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FISCAL
      YEAR</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      fiscal year of the Corporation shall be established by the Board of Directors
      of
      the Corporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      VI.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SEAL</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      corporate seal shall be in such form as the Board of Directors may from time
      to
      time determine.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ANNUAL
      STATEMENTS</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><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; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(a)</font></div>
            </td>
            <td align="left" valign="top" width="77%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">A
                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 valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(b)</font></div>
            </td>
            <td align="left" valign="top" width="77%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">A
                profit and loss statement showing the results of its operation during
                the
                fiscal year.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      VIII.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INDEMNIFICATION</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;ACTION
      BY PERSONS OTHER THAN THE CORPORATION.</u></strong>&#160;&#160;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.&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;ACTIONS
      BY OR IN THE NAME OF THE CORPORATION.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;3.&#160;&#160;&#160;SUCCESSFUL
      DEFENSE.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;4.&#160;&#160;&#160;AUTHORIZATION
      OF INDEMNIFICATION.</u></strong>&#160;&#160;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.&#160;&#160;Such determination shall be made:</font></div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;5.&#160;&#160;&#160;PREPAYMENT
      OF EXPENSES.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;6.&#160;&#160;&#160;NON-EXCLUSIVE
      RIGHT.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;7.&#160;&#160;&#160;INSURANCE.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;8.&#160;&#160;&#160;INTERPRETATION
      OF ARTICLE.</u></strong>&#160;&#160;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.&#160;&#160;This Article VIII shall be construed in a manner consistent
      with such intent.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      IX.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>NOTICES:
      WAIVER OF NOTICE</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;NOTICES.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;WAIVER
      OF NOTICE.</u></strong>&#160;&#160;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.&#160;&#160;No notice of
      any meeting need be given to any person who shall attend such
      meeting.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      X.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CHECKS,
      NOTES, DRAFTS, LOANS, ETC.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;1.&#160;&#160;&#160;CHECKS,
      NOTES, DRAFTS.</u></strong>&#160;&#160;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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>SECTION&#160;&#160;2.&#160;&#160;&#160;LOANS.</u></strong>&#160;&#160;No
      loans and no renewals of any loans shall be contracted on behalf of the
      Corporation except as authorized by the Board of Directors.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Such authority may be general
      or confined to specific instances.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="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; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>OFFICES</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ARTICLE
      XII.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>AMENDMENTS</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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.&#160;&#160;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></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
      and restated effective as of August 2, 2007.</font></div>
    <div><br></div><br></body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
