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<SEC-DOCUMENT>0001104659-07-069927.txt : 20070919
<SEC-HEADER>0001104659-07-069927.hdr.sgml : 20070919
<ACCEPTANCE-DATETIME>20070919110322
ACCESSION NUMBER:		0001104659-07-069927
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070913
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070919
DATE AS OF CHANGE:		20070919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE SOLUTIONS & SUPPORT INC
		CENTRAL INDEX KEY:			0000836690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				232507402
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31157
		FILM NUMBER:		071123855

	BUSINESS ADDRESS:	
		STREET 1:		420 LAPP RD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6108899898

	MAIL ADDRESS:	
		STREET 1:		420 LAPP ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-24132_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM 8-K</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section 13 or 15(d) of the</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities Exchange Act of 1934</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b>September 13, 2007</b></font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Pennsylvania</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-31157</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23-2507402</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">720 Pennsylvania Drive</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exton, Pennsylvania 19341</font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Address of principal executive offices) </font></b><font face="Times New Roman" style="font-weight:normal;">&nbsp;&nbsp; </font><font style="font-weight:normal;">(Zip Code)</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(610) 646-9800</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Registrant&#146;s telephone number, including area code)</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\26116349811_H10070_2414573\24132-1-bc.htm',USER='jmsproofassembler',CD='Sep 18 16:03 2007' -->



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<div style="font-family:Times New Roman;">


<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
5.03.&nbsp;&nbsp; Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.</font></b></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;On September 13, 2007, the Board of Directors
of Innovative Solutions &amp; Support, Inc. (the &#147;Company&#148;) approved the
amendment of the Company&#146;s Amended and Restated Articles of Incorporation (the &#147;Articles
of Incorporation&#148;) and the Company&#146;s Amended and Restated Bylaws (the &#147;Bylaws&#148;)
to allow for the issuance of uncertificated shares.&#160; The Articles of Incorporation were also
amended to change the Company&#146;s registered address to 720 Pennsylvania Drive,
Exton, Pennsylvania 19341.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ability to issue
uncertificated shares allows the Company to participate in the Direct
Registration System, which is currently administered by the Depositary Trust
Company.&#160; The Direct Registration System
allows investors to have securities registered in their names without the
issuance of physical certificates and allows investors to electronically
transfer securities to broker dealers in order to effect transactions without
the risk and delays associated with transferring physical certificates.&#160; The Bylaws continue to provide however that
each registered shareholder shall be entitled to receive a stock certificate
upon written request to the transfer agent or registrar of the Company.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The full text of the
Articles of Incorporation, as amended, is filed as Exhibit 3.1 to this Report,
and amended Article Second and Article Seventh are incorporated herein by
reference.&#160; The full text of the Bylaws,
as amended, is filed as Exhibit 3.2 to this Report, and amended Section 5-5 is
incorporated herein by reference.</font></p>

<p style="margin:0in 0in 12.0pt 20.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.&nbsp;&nbsp; Financial
Statements and Exhibits.</font></b></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <i>Exhibits</i></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:8.2%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:88.1%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Articles of Incorporation of
  Innovative Solutions and Support, Inc., as amended.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws of Innovative Solutions
  and Support, Inc., as amended.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE<a name="Signature_154647"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, thereunto duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in 0in;width:26.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in 0in;width:26.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in 0in;width:15.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: September 18, 2007</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:41.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James J. Reilly</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:41.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Reilly</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0in .7pt 0in 0in;width:52.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in 0in;width:4.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:41.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.08%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Articles of Incorporation of
  Innovative Solutions and Support, Inc., as amended.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws of Innovative Solutions
  and Support, Inc., as amended.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
3.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED
AND RESTATED ARTICLES OF INCORPORATION<br>
OF INNOVATIVE SOLUTIONS AND SUPPORT,&nbsp;INC.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Amended and Restated Articles of Incorporation of
Innovative Solutions and Support,&nbsp;Inc. (the &#147;Corporation&#148;) are as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST.&nbsp;&nbsp; The name of the Corporation is Innovative
Solutions and Support,&nbsp;Inc.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND.&#160; The
address of the Corporation&#146;s registered office in the Commonwealth of
Pennsylvania and the county of venue is 720 Pennsylvania Drive, Exton, PA
19341, (Chester County).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD.&nbsp;&nbsp; The Corporation is incorporated under the
provisions of the Business Corporation Law of 1988.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH.&nbsp;&nbsp; A.&nbsp;&nbsp; The aggregate number of shares
for which the Corporation shall have authority to issue is 85,000,000, of which
75,000,000 shall be designated as Common Stock, par value $0.001 per share, and
10,000,000 shall be designated as Preferred Stock, par value $0.001 per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors may issue in one or more class
or series, or both, shares of Preferred Stock, with full, limited, multiple,
fractional or no voting rights, and with such designations, preferences,
qualifications, privileges, limitations, restrictions, options, conversion
rights or other special or relative rights as shall be fixed from time to time
by the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&nbsp;&nbsp; Of the 10,000,000 shares of Preferred Stock
authorized by this Corporation, 200,000 shares shall be designated as Series&nbsp;A
Convertible Preferred Stock with a par value of $.001 per share (&#147;Series&nbsp;A
Preferred Stock&#148;), which shall have such rights, preferences and
characteristics in relation to the Common Stock as set forth below:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp; <u>Voting
Rights</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; Voting in
General.&nbsp;&nbsp; The holders of Common Stock shall be entitled to one vote per
share of Common Stock on all matters on which shareholders are entitled to vote
thereon. Except as expressly provided by law, the holders of Series&nbsp;A
Preferred Stock shall have full voting rights and powers; they shall be
entitled to vote on all matters as to which holders of Common Stock shall be
entitled to vote, and shall vote together with the holders of Common Stock and
not separately as one class, and they shall be entitled to one vote for each
share of Common Stock into which each share of Series&nbsp;A Preferred Stock
may be converted in accordance with subsection&nbsp;B(4) herein, as adjusted
from time to time as provided in Section&nbsp;4 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Super
Majority Voting</u>.</font><font face="Times New Roman">&nbsp;&nbsp; </font>Notwithstanding
anything herein contained to the contrary, the affirmative vote of the holders
of not less than sixty-five percent (65%) of the Series&nbsp;A Preferred Stock
and Common Stock then issued and outstanding and voting as a single class shall
be required for: (i)&nbsp;any merger, consolidation or sale of all or
substantially all of the assets of the Corporation; (ii)&nbsp;any acquisition
of the capital stock of another entity as a result of which such entity&#146;s
financial results of operations are required by generally accepted accounting
principles to be consolidated with the financial results of operations of the
Corporation, or the acquisition of all or substantially all of the assets of
another entity; (iii)&nbsp;any issuance by the Corporation of non-trade funded
indebtedness or the issuance by the Corporation of capital stock for a
consideration per share which is less than the fair market value of the capital
stock as determined in good faith by the Board of Directors; (iv)&nbsp;any
amendment to the Corporation&#146;s Articles of Incorporation, as amended after the
date hereof; and (v)&nbsp;the authorization by the Corporation of a class or Series&nbsp;of
capital stock having rights and preferences which are pari passu with or
superior to the rights and preferences of the Series&nbsp;A Preferred Stock.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp; <u>Dividends</u>.&nbsp;&nbsp; The
holders of the Common Stock and the holders of the Series&nbsp;A Preferred
Stock shall be entitled to receive, when and as declared in the discretion of
the Board of Directors, such cash dividends as the Board of Directors may from
time to time determine out of funds that are legally available therefor;
provided, however, that no cash dividends shall be declared or paid on one
class of capital stock unless parallel action shall be taken simultaneously
therewith with respect to the other class of capital stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp; <u>Preemptive
Rights; No Cumulative Voting</u>.&nbsp;&nbsp; Shareholders shall not have preemptive
rights to purchase additional shares of capital stock (except as may be
expressly set forth in a separate agreement between the Corporation and one or
more holders of the Series&nbsp;A Preferred Stock) and shall not have the right
to vote cumulatively in the election of directors.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&nbsp; <u>Conversion</u>.&nbsp;&nbsp; The
holders of Series&nbsp;A Preferred Stock shall have conversion rights as
follows (the &#147;Conversion Rights&#148;):</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Right to
Convert</u>.&nbsp;&nbsp; Each share Series&nbsp;A Preferred Stock shall be
convertible, at the option of the holder thereof, at any time and from time to
time, into such number of fully paid and nonassessable shares of Common Stock
as is determined by dividing $24.00 (the &#147;Original Series&nbsp;A Issue Price&#148;)
by the Conversion Price (as defined below) in effect at the time of conversion.
The conversion price at which shares of Common Stock shall be deliverable upon
conversion of Series&nbsp;A Preferred Stock without the payment of additional
consideration by the holder thereof (the &#147;Conversion Price&#148;) shall initially be
$2.40 per share. Such initial Conversion Price, and the rate at which shares of
Series&nbsp;A Preferred Stock may be converted into shares of Common Stock,
shall be subject to adjustment as provided below.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a
liquidation of the Corporation, the Conversion Rights shall terminate at the
close of business on the first full day preceding the date fixed for the
payment of any amounts distributable on liquidation to the holders of Series&nbsp;A
Preferred Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Fractional
Shares</u>.&nbsp;&nbsp; No fractional shares of Common Stock shall be issued upon
conversion of Series&nbsp;A Preferred Stock. In lieu of any fractional shares
to which the holder would otherwise be entitled, the Corporation shall pay cash
equal to such fraction multiplied by the then effective Conversion Price.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Mechanics of
Conversion</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; In order for a
holder of Series&nbsp;A Preferred Stock to convert shares of Series&nbsp;A
Preferred Stock into shares of Common Stock, such holder shall surrender the
certificate or certificates for such shares of Series&nbsp;A Preferred Stock,
at the principal office of the Corporation, together with written notice that
such holder elects to convert all or any number of the shares of the Series&nbsp;A
Preferred Stock represented by such certificate or certificates. Such notice
shall state such holder&#146;s name or the names of the nominees in which such
holder wishes the certificate or certificates for shares of Common Stock to be
issued. If required by the Corporation, certificates surrendered for conversion
shall be endorsed or accompanied by a written instrument or instruments of
transfer, in form satisfactory to the Corporation, duly executed by the
registered holder or his or its attorney duly authorized in writing. The date
of receipt of such certificates and notice by the Corporation shall be the
conversion date (&#147;Conversion Date&#148;). The Corporation shall, as soon as
practicable after the Conversion Date, issue and deliver at such office to such
holder of Series&nbsp;A Preferred Stock, or to his or its nominees, a certificate
or certificates for the number of shares of Common Stock to which such holder
shall be entitled, together with cash in lieu of any fraction of a share.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; The
Corporation shall at all times when the Series&nbsp;A Preferred Stock shall be
outstanding, reserve and keep available out of its authorized but unissued
stock, for the purpose of effecting the conversion of the Series&nbsp;A
Preferred Stock, such number of its duly authorized shares of Common Stock as
shall from time to time be sufficient to effect the conversion of all
outstanding shares of Series&nbsp;A Preferred Stock. Before taking any action which
would cause an adjustment reducing the Conversion Price below the then par value
of the shares of Common Stock issuable upon conversion of the Series&nbsp;A Preferred
Stock, the Corporation will take any corporate action which may, in the opinion
of its counsel, be necessary in order that the Corporation may validly and
legally issue fully paid and nonassessable shares of Common Stock at such
adjusted Conversion Price.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp; On the
Conversion Date, all shares of Series&nbsp;A Preferred Stock which shall have
been surrendered for conversion as herein provided shall no longer be deemed to
be outstanding and all rights with respect to such shares, including the
rights, if any, to receive notices and to vote, shall immediately cease and
terminate on the Conversion Date, except only the right of the holders thereof
to receive shares of Common Stock in exchange thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; If the
conversion is in connection with an underwritten offering of securities
registered pursuant to the Securities Act of 1933, as amended, the conversion
may at the option of any holder tendering Series&nbsp;A Preferred Stock for
conversion, be conditioned upon the closing with the underwriter of the sale of
securities pursuant to such offering, in which event the person(s) entitled to
receive the Common Stock issuable upon such conversion of Series&nbsp;A
Preferred Stock shall not be deemed to have</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">converted such Series&nbsp;A
Preferred Stock until immediately prior to the closing of the sale of
securities.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Adjustments
to Conversion Price for Diluting Issues</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; <u>Special
Definitions</u>.</font><font face="Times New Roman">&nbsp;&nbsp; </font>For
purposes of this Section&nbsp;4(d), the following definitions shall apply:</p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&nbsp;&nbsp; <u>&#147;Option&#148;</u>
shall mean rights, options or warrants to subscribe for, purchase or otherwise
acquire Common Stock or Convertible Securities, excluding rights or options to
acquire shares of Common Stock now or hereafter granted to employees and
officers of the Corporation as part of the compensation payable to such employees
and officers.</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&nbsp;&nbsp; <u>&#147;Original
Issue Date&#148;</u> shall mean the date on which a share of Series&nbsp;A Preferred
Stock was first issued.</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&nbsp;&nbsp; <u>&#147;Convertible
Securities&#148;</u> shall mean any evidences of indebtedness, shares or other
securities directly or indirectly convertible into or exchangeable for Common
Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&nbsp;&nbsp; <u>&#147;Additional
Shares of Common Stock&#148;</u> shall mean all shares of Common Stock issued (or,
pursuant to Section&nbsp;4(d)(iii) below, deemed to be issued) by the
Corporation after the Original Issue Date, other than shares of Common Stock issued
or issuable:</font></p>

<p style="margin:0pt 0pt 12.0pt 162.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)&nbsp;&nbsp; upon the
conversion of shares of Series&nbsp;A Preferred Stock or as a dividend or
distribution on Series&nbsp;A Preferred Stock; or</font></p>

<p style="margin:0pt 0pt 12.0pt 162.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(II)&nbsp;&nbsp; upon the
exercise of options excluded from the definition of &#147;Option&#148; in Section&nbsp;4(d)(i)(A).</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; <u>No Adjustment
of Conversion Price</u>.&nbsp;&nbsp; No adjustment in the number of shares of Common
Stock into which the Series&nbsp;A Preferred Stock is convertible shall be made
pursuant to this Section&nbsp;4(d) unless the consideration per share
(determined pursuant to Section&nbsp;4(d)(v)) for an Additional Share of Common
Stock issued or deemed to be issued by the Corporation is less than the
applicable Conversion Price in effect on the date of, and immediately prior to,
the issue of such Additional Shares </font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp; <u>Issue of
Securities Deemed Issue of Additional Shares of Common Stock</u>.&nbsp;&nbsp; If the
Corporation at any time or from time to time after the Original Issue Date
shall issue any Options or Convertible Securities or shall fix a record date
for the determination of holders of any class of securities entitled to receive
any such Options or Convertible Securities, then the maximum number of shares
of Common Stock (as set forth in the instrument relating thereto without regard
to any provision contained therein for a subsequent adjustment of such number)
issuable upon the exercise of such Options or, in the case of</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Convertible Securities
and Options therefor, the conversion or exchange of such Convertible
Securities, shall be deemed to be Additional Shares of Common Stock issued as
of the time of such issue or, in case such a record date shall have been fixed,
as of the close of business on such record date, provided that Additional
Shares of Common Stock shall not be deemed to have been issued unless the
consideration per share (determined pursuant to Section&nbsp;4(d)(v) hereof) of
such Additional Shares of Common Stock would be less than the applicable Conversion
Price in effect on the date of and immediately prior to such issue, or such
record date, as the case may be, and provided further that in any suchcase in
which Additional Shares of Common Stock are deemed to be issued:</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&nbsp;&nbsp; No further
adjustment in the Conversion Price shall be made upon the subsequent issue of
Convertible Securities or shares of Common Stock upon the exercise of such
Options or conversion or exchange of such Convertible Securities;</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&nbsp;&nbsp; If such Options
or Convertible Securities by their terms provide, with the passage of time or
otherwise, for any increase in the consideration payable to the Corporation, or
decrease in the number of shares of Common Stock issuable upon the exercise,
conversion or exchange thereof, the Conversion Price computed upon the original
issue thereof (or upon the occurrence of a record date with respect thereto),
and any subsequent adjustment based thereon, shall, upon any such increase or
decrease becoming effective, be recomputed to reflect such increase or decrease
insofar as it affects such Options or the rights of conversion or exchange
under such Convertible Securities;</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&nbsp;&nbsp; No readjustment
pursuant to clause&nbsp;(B) above shall have the effect of increasing the
Conversion Price to an amount which exceeds the lower of (i)&nbsp;the
Conversion Price on the original adjustment date, or (ii)&nbsp;the Conversion
Price resulting from any issuance of Additional Shares of Common Stock between
the original adjustment date and such readjustment date;</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&nbsp;&nbsp; If any Option
or conversion privilege represented by a Convertible Security shall expire or
terminate without having been exercised, the Conversion Price adjusted upon the
issuance of such Option or Convertible Security shall be readjusted to the
Conversion Price that would have been in effect had the Option or Convertible
Security not been issued; provided, however, that nothing contained in this subsection&nbsp;(D)
shall in any way whatsoever have an effect upon any Common Stock which has been
issued upon conversion of the Series&nbsp;A Preferred Stock prior to such
readjustment;</font></p>

<p style="margin:0pt 0pt 12.0pt 124.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&nbsp;&nbsp; In the event of
any change in the number of shares of Common Stock issuable upon the exercise,
conversion or exchange of any Option or Convertible Security, including, but
not limited to, a change resulting from the antidilution provisions thereof,
the Conversion Price then in effect shall forthwith be readjusted to such
Conversion Price as would have obtained had the adjustment which was made upon
the issuance of such</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 125.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Option or Convertible
Security not exercised or converted prior to such change been made upon the
basis of such change, but no further adjustment shall be made for the actual
issuance of Common Stock upon the exercise or conversion of any such Option or
Convertible Security.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; <u>Adjustment
of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>.&nbsp;&nbsp; Subject
to the provisions of Section&nbsp;4(d)(ii) above, in the event the Corporation
shall at any time after the Original Issue Date issue Additional Shares of
Common Stock (including Additional Shares of Common Stock deemed to be issued
pursuant to Section&nbsp;4(d)(iii), but excluding shares issued as a dividend
or distribution as provided in Section&nbsp;4(f) or upon a stock split or
combination as provided in Section&nbsp;4(e) and excluding shares of Common
Stock issuable upon the exercise of Options or the conversion or exchange of
Convertible Securities as contemplated by Section&nbsp;4(d)(iii)), without
consideration or for a consideration per share less than the Conversion Price
in effect on the date of and immediately prior to such issue, then and in such
event, such Conversion Price shall be reduced, concurrently with such issue to
a price (calculated to the nearest cent) determined by multiplying such
Conversion Price by a fraction, (x)&nbsp;the numerator of which shall be the
number of shares of Common Stock outstanding immediately prior to such issue
plus the number of shares of Common Stock which the aggregate consideration
received by the Corporation for the total number of Additional Shares of Common
Stock so issued would purchase at such Conversion Price, and (y)&nbsp;the
denominator of which shall be the number of shares of Common Stock outstanding
immediately prior to such issue plus the number of such Additional Shares of
Common Stock so issued.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, the applicable Conversion Price shall not be reduced at such time if
the amount of such reduction would be an amount less than $.01, but any such amount
shall be carried forward and reduction with respect thereto made at the time of
and together with any subsequent reduction which, together with such amount and
any other amount or amounts so carried forward, shall aggregate $.01 or more.</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&nbsp; <u>Determination
of Consideration</u>.&nbsp;&nbsp; For purposes of this Section&nbsp;4(d), the
consideration received by the Corporation for the issue of any Additional
Shares of Common Stock shall be computed as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&nbsp;&nbsp; <u>Cash and
Property</u>.&nbsp;&nbsp; Such consideration shall:</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)&nbsp;&nbsp; insofar as it
consists of cash, be computed at the aggregate of cash received by the Corporation,
excluding amounts paid or payable for accrued interest or accrued dividends;</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(II)&nbsp;&nbsp; insofar as it
consists of property other than cash, be computed at the fair market value
thereof at the time of such issue, as determined in good faith by the Board of
Directors; and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(III)&nbsp;&nbsp; in the event
Additional Shares of Common Stock are issued together with other shares or
securities or other assets of the Corporation for consideration which covers both,
be the proportion of such consideration so received, computed as provided in
clauses&nbsp;(I) and&nbsp;(II) above, as determined in good faith by the Board
of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&nbsp;&nbsp; <u>Options and
Convertible Securities</u>.&nbsp;&nbsp; The consideration per share received by the
Corporation for Additional Shares of Common Stock deemed to have been issued
pursuant to Section&nbsp;4(d)(iii), relating to Options and Convertible
Securities, shall be determined by dividing:</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&nbsp;&nbsp; the total
amount, if any, received or receivable by the Corporation as consideration for
the issue of such Options or Convertible Securities, plus the minimum aggregate
amount of additional consideration (as set forth in the instruments relating
thereto, without regard to any provision contained therein for a subsequent
adjustment of such consideration) payable to the Corporation upon the exercise
of such Options or the conversion or exchange of such Convertible Securities,
or in the case of Options for Convertible Securities, the exercise of such
Options for Convertible Securities and the conversion or exchange of such
Convertible Securities, by</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&nbsp;&nbsp; the maximum
number of shares of Common Stock (as set forth in the instruments relating
thereto, without regard to any provision contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or the
conversion or exchange of such Convertible Securities.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp; <u>Adjustment
for Stock Splits and Combinations</u>.&nbsp;&nbsp; If the Corporation shall at any
time or from time to time after the Original Issue Date effect a subdivision of
the outstanding Common Stock, the Conversion Price then in effect immediately
before that subdivision shall be proportionately decreased. If the Corporation
shall at any time or from time to time after the Original Issue Date combine
the outstanding shares of Common Stock, the Conversion Price then in effect
immediately before the combination shall be proportionately increased. Any
adjustment under this subsection&nbsp;shall become effective at the close of
business on the date the subdivision or combination becomes effective.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp; <u>Adjustment
for Certain Dividends and Distributions</u>.&nbsp;&nbsp; In the event the Corporation
at any time, or from time to time after the Original Issue Date shall make or
issue, or fix a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in additional
shares of Common Stock, then and in each such event the Conversion Price then
in effect shall be decreased as of the time of such issuance or, in the event
such a record date shall have been fixed, as of the close of business on such
record date, by multiplying the Conversion Price then in effect by a fraction:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&nbsp;&nbsp; the numerator
of which shall be the total number of shares of Common Stock issued and
outstanding immediately prior to the time of such issuance or the close of
business on such record date, and</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&nbsp;&nbsp; the denominator
of which shall be the total number of shares of Common Stock issued and
outstanding immediately prior to the time of such issuance or the close of
business on such record date plus the number of shares of Common Stock issuable
in payment of such dividend or distribution;</font></p>

<p style="margin:0pt 0pt 12.0pt 180.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided, however, if such
record date shall have been fixed and such dividend is not fully paid or if
such distribution is not fully made on the date fixed therefor, the Conversion
Price shall be recomputed accordingly as of the close of business on such
record date and thereafter the Conversion Price shall be adjusted pursuant to
this subSection&nbsp;as of the time of actual payment of such dividends or
distributions.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp; <u>Adjustments
for Other Dividends and Distributions</u>.&nbsp;&nbsp; In the event the Corporation
at any time or from time to time after the Original Issue Date shall make or
issue, or fix a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in securities of
the Corporation other than shares of Common Stock, then and in each such event
provision shall be made so that the holders of Series&nbsp;A Preferred Stock
shall receive upon conversion thereof in addition to the number of shares of
Common Stock receivable thereupon, the amount of securities of the Corporation
that they would have received had their Series&nbsp;A Preferred Stock been
converted into Common Stock on the date of such event to and including the Conversion
Date, retained such securities receivable by them as aforesaid during such
period giving application to all adjustments called for during such period, under
this paragraph with respect to the rights of the holders of Series&nbsp;A Preferred
Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;&nbsp; <u>Adjustment
for Reclassification, Exchange or Substitution</u>.&nbsp;&nbsp; If the Common Stock
issuable upon the conversion of the Series&nbsp;A Preferred Stock shall be
changed into the same or a different number of shares of any class or classes
of stock, whether by capital reorganization, reclassification, or otherwise,
(other than a subdivision or combination of shares or stock dividend provided
for above, or a reorganization, merger, consolidation, or sale of assets
provided for below), then and in each such event the holder of such share of Series&nbsp;A
Preferred Stock shall have the right thereafter to convert such share into the
kind and amount of shares of stock and other securities and property receivable
upon such reorganization, reclassification, or other change, by holders of the
number of shares of Common Stock into which such shares of Series&nbsp;A
Preferred Stock might have been converted immediately prior to such
reorganization, reclassification, or change, all subject to further adjustment
as provided herein.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; <u>Adjustment
for Merger or Reorganization, Etc.</u>&nbsp;&nbsp; In case of any consolidation or
merger of the Corporation with or into another corporation or the sale of all
or substantially all of the assets of the Corporation to another corporation
(other than a consolidation, merger or sale which is treated as a liquidation
pursuant to Section&nbsp;6), each share of Series&nbsp;A Preferred Stock shall
thereafter be convertible into the kind and amount of shares of stock or other
securities or property to which a holder of the number of shares of Common
Stock</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Corporation
deliverable upon conversion of such Series&nbsp;A Preferred Stock would have
been entitled upon such consolidation, merger or sale; and, in such case,
appropriate adjustment (as determined in good faith by the Board of Directors)
shall be made in the application of the provisions set forth in this Section&nbsp;4
with respect to the rights and interest thereafter of the holders of Series&nbsp;A
Preferred Stock, to the end that the provisions set forth in this Section&nbsp;4
(including provisions with respect to changes in and other adjustments of the
Conversion Price) shall thereafter be applicable, as nearly as reasonably may
be, in relation to any shares of stock or other property thereafter deliverable
upon the conversion of the Series&nbsp;A Preferred Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;&nbsp; <u>No
Impairment</u>.&nbsp;&nbsp; The Corporation will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Corporation, but will at all times in
good faith assist in the carrying out of all the provisions of this Section&nbsp;4
and in the taking of all such action as may be necessary or appropriate in
order to protect the Conversion Rights of the holders of Series&nbsp;A
Preferred Stock against impairment.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&nbsp;&nbsp; <u>Certificate
as to Adjustments</u>.&nbsp;&nbsp; Upon the occurrence of each adjustment of the
Conversion Price pursuant to this Section&nbsp;4, the Corporation at its
expense shall promptly compute such adjustment in accordance with the terms
hereof and furnish to each holder of Series&nbsp;A Preferred Stock a
certificate setting forth such adjustment and showing in detail the facts upon
which such adjustment is based. The Corporation shall, upon the written request
at any time of any holder of Series&nbsp;A Preferred Stock, furnish or cause to
be furnished to such holder a similar certificate setting forth (i)&nbsp;such
adjustments, (ii)&nbsp;the Conversion Price then in effect, and (iii)&nbsp;the
number of shares of Common Stock and the amount, if any, of other property which
then would be received upon the conversion of Series&nbsp;A Preferred Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&nbsp;&nbsp; <u>Notice of
Record Date</u>.&nbsp;&nbsp; In the event:</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; that the
Corporation declares a dividend (or any other distribution) on its Common Stock
payable in Common Stock or other securities of the Corporation;</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; that the
Corporation subdivides or combines its outstanding shares of Common Stock;</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp; of any
reclassification of the Common Stock of the Corporation (other than a
subdivision or combination of its outstanding shares of Common Stock or a stock
dividend or stock distribution thereon), or of any consolidation or merger of
the Corporation into or with another corporation, or of the sale of all or
substantially all of the assets of the Corporation; or</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; of the
involuntary or voluntary dissolution, liquidation or winding up of the
Corporation;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 144.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then the Corporation
shall cause to be filed at its principal office and shall cause to be mailed to
the holders of Series&nbsp;A Preferred Stock at their last addresses as shown
on the records of the Corporation, at least 10 days prior to the record date
specified in (A)&nbsp;below or 10 days before the date specified in (B)&nbsp;below,
a notice stating:</font></p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&nbsp;&nbsp; the record date
of such dividend, distribution, subdivision or combination, or, if a record is
not to be taken, the date as of which the holders of Common Stock of record to
be entitled to such dividend, distribution, subdivision or combination are to
be determined, or</font></p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&nbsp;&nbsp; the date on
which such reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up is expected to become effective, and the date as of
which it is expected that holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities or other property
deliverable upon such reclassification, consolidation, merger, sale,
dissolution or winding up.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&nbsp;&nbsp; <u>Notices</u>.&nbsp;&nbsp; Any
notice required by the provisions of this Section&nbsp;4 to be given to the
holders of shares of Series&nbsp;A Preferred Stock shall be deemed given if
deposited in the United States mail, postage prepaid, and addressed to each
holder of record at its address appearing on the books of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;&nbsp; <u>Mandatory
Conversion</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Mandatory
Conversion Right</u>.&nbsp;&nbsp; All holders of shares of Series&nbsp;A Preferred
Stock then outstanding shall convert their shares of Series&nbsp;A Preferred
Stock into shares of Common Stock, at the then effective conversion rate
pursuant to Section&nbsp;4, upon (i)&nbsp;the agreement of the holders of at
least 65% of the outstanding shares of Series&nbsp;A Preferred Stock that all
of the Series&nbsp;A Preferred Stock shall be converted into shares of Common
Stock, or (ii)&nbsp;upon the closing of the sale of shares of Common Stock in a
public offering of the registration statement under the Securities Act of 1933,
as amended (other than a public offering in connection with the offer and sale
of Common Stock pursuant to a stock option plan, employee benefit plan or
similar plan), where the aggregate sales price of such securities (before
deduction of underwriting discounts, commissions and expenses of sale) is not
less than $10,000,000, and the accreted value per share of the Series&nbsp;A
Preferred Stock then outstanding, giving effect to the public offering, is at
least $10.00, subject to adjustment to reflect stock splits, reverse stock
splits or combinations.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Procedure</u>.&nbsp;&nbsp; All
holders of record of shares of Series&nbsp;A Preferred Stock will be given at
least 10 days&#146; prior written notice of the date fixed and the place designated
for mandatory conversion of all such shares of Series&nbsp;A Preferred Stock
pursuant to this Section&nbsp;5. Such notice will be sent by first class
certified or registered mail, postage prepaid, to each record holder of Series&nbsp;A
Preferred Stock at such holder&#146;s address last shown on the records of the
Corporation for the Series&nbsp;A Preferred Stock. On or before the date fixed
for conversion, each holder of shares of Series&nbsp;A Preferred Stock shall
surrender his or its certificate or certificates for all such shares to the
Corporation at the place designated in such notice, and shall thereafter receive
certificates for the number of shares of Common Stock to which such holder is
entitled pursuant to this Section&nbsp;5. On the date fixed for conversion, all
rights with respect to the Series&nbsp;A Preferred Stock so converted,
including the rights, if any, to</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receive notices and vote,
will terminate, except only the rights of the holders thereof, upon surrender
of their certificate or certificates therefor, to receive certificates for the
number of shares of Common Stock into which such Series&nbsp;A Preferred Stock
has been converted (and cash with respect to any fraction of a share as
provided in Section&nbsp;4(b)). If so required by the Corporation, certificates
surrendered for conversion shall be endorsed or accompanied by written
instrument or instruments of transfer, in form satisfactory to the Corporation,
duly authorized in writing. As soon as practicable after the date of such
mandatory conversion and the surrender of the certificate or certificates for Series&nbsp;A
Preferred Stock, the Corporation shall cause to be issued and delivered to such
holder a certificate or certificates for the number of full shares of Common
Stock issuable on such conversion in accordance with the provisions thereof and
cash as provided in Section&nbsp;4(b) in respect of any fraction of a share of Common
Stock otherwise issuable upon such conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Retirement
and Cancellation of Shares</u>.&nbsp;&nbsp; All certificates evidencing shares of Series&nbsp;A
Preferred Stock which are required to be surrendered for conversion in
accordance with the provisions hereof shall, from and after the date such
certificates are so required to be surrendered, be deemed to have been retired
and cancelled and the shares of Series&nbsp;A Preferred Stock represented
thereby converted into Common Stock for all purposes, notwithstanding the
failure of the holder or holders thereof to surrender such certificates on or
prior to such date.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&nbsp;&nbsp; <u>Liquidation
Rights</u>.&nbsp;&nbsp; In the event of any liquidation, dissolution or winding up
(either voluntary or involuntary) of the Corporation (which for purposes of
this subSection&nbsp;(B)5 shall include a sale of all or substantially all of
the assets of the Corporation or a merger, consolidation or other corporate
reorganization as a result of which the Corporation is not the surviving
entity), the holders of Series&nbsp;A Preferred Stock shall be entitled to receive,
after payment by the Corporation of all sums due creditors, an amount equal to
Twenty-Four Dollars ($24.00) per share plus all declared but unpaid dividends
before any amount shall be paid to holders of Common Stock. If the assets and
funds thus distributable among the holders of Series&nbsp;A Preferred Stock
shall be insufficient to permit the payment to such holders of the full aforesaid
preferential amounts, then the entire assets and funds of the Corporation
legally available for distribution shall be distributed ratably among the
holders of Series&nbsp;A Preferred Stock in proportion to the amount of such
stock owned by each such holder. After such payment shall have been made in full
to the holders of Series&nbsp;A Preferred Stock, the holders of Common Stock
and Series&nbsp;A Preferred Stock shall be entitled to receive the remaining
assets and funds of the Corporation in proportion to the number of shares of
Common Stock held by holders of Common Stock, and the number of shares of
Common Stock held by holders of Series&nbsp;A Preferred Stock assuming the Series&nbsp;A
Preferred Stock had been converted into Common Stock immediately prior to the
liquidation, dissolution or winding up of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIFTH.&nbsp;&nbsp; The shareholders of the Corporation shall
not have the right to cumulate their shares in voting for the election of
directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIXTH. &nbsp; Subchapter E (Sections 2541 through
2548), Subchapter G (Sections 2561 through 2568) and Subchapter H (Section 2571
through 2578) of the Pennsylvania Business Corporation Law, as amended, shall
not be applicable to the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVENTH.&#160; In
accordance with Section 1528(f) of Pennsylvania&#146;s Business Corporation Law, all
shares of each class and series may be certificated or uncertificated, except
as may be expressly provided in the terms of any class or series.&#160; The rights and obligations of the holders of
shares represented by certificates and the rights and obligations of the
holders of uncertificated shares of the same class and series shall be
identical.</font></p>


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<p align="right" style="margin:0in 0in 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
3.2</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND
RESTATED<br>
BYLAWS<br>
OF<br>
INNOVATIVE SOLUTIONS AND SUPPORT, INC.<br><br></font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I. - OFFICE<a name="ArticleI_Office_124708"></a></font></u></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1-1.&nbsp;&nbsp; <u>Registered Office</u>.&nbsp;&nbsp; The
registered office of the Corporation shall be located within the Commonwealth
of Pennsylvania at such place as the Board of Directors (hereinafter referred
to as the &#147;Board of Directors&#148; or the &#147;Board&#148;) shall determine from time to
time.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II. - MEETINGS OF SHAREHOLDERS<a name="ArticleIi_MeetingsOfShareholders_125104"></a></font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-1.</font><font face="Times New Roman">&nbsp;&nbsp; </font><u>Place of
Meetings of Shareholders</u>.&nbsp;&nbsp; Meetings of shareholders shall be held at
such places, within or without the Commonwealth of Pennsylvania, as may be
fixed from time to time by the Board of Directors. If no such place is fixed by
the Board of Directors, meetings of the shareholders shall be held at the
registered office of the Corporation.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-2.&nbsp;&nbsp; <u>Annual Meeting of Shareholders</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) &nbsp;&nbsp; <u>Time</u>.&nbsp;&nbsp; A meeting of the
shareholders of the Corporation shall be held in each calendar year, commencing
with the year 2000, at such time as the Board of Directors may determine.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Election of Directors</u>.&nbsp;&nbsp; At such
annual meeting, there shall be held an election of Directors.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Alternate Directors</u>.&nbsp;&nbsp; At any
meeting at which shareholders may elect Directors, shareholders may elect an
Alternate Director for each Director elected at such meeting by the affirmative
vote of such shareholders as would be required to elect a Director.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-3.&nbsp;&nbsp; <u>Special Meetings of Shareholders</u>.&nbsp;&nbsp; Except
as expressly required by law, special meetings of the shareholders may be
called at any time only by:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; the Chairman of the Board, if any, if such
officer is serving as the chief executive officer of the Corporation; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; the Board of Directors.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the written request of any person who has called
a special meeting, under these Bylaws or applicable law, which request
specifies the general nature of the business to be transacted at such meeting,
it shall be the duty of the Secretary to fix the time and place of such</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meeting, which shall be
held not less than five nor more than 60 days after the receipt of such
request, and to give due notice thereof as required by Section 2-4 hereof. If
the Secretary neglects or refuses to fix the time and place of such meeting,
the person or persons calling the meeting may do so.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-4.&nbsp;&nbsp; <u>Notices of Meetings of
Shareholders</u>.&nbsp;&nbsp; Written notice, complying with Article VI of these
Bylaws, stating the place and time and, in the case of special meetings, the
general nature of the business to be transacted at any meeting of the
shareholders, shall be given to each shareholder of record entitled to vote at
the meeting, except as provided in Section 1707 of the Pennsylvania Business
Corporation Law of 1988, as amended (the &#147;Pennsylvania BCL&#148;), at least five
days prior to the day named for the meeting, provided that notice shall be
given at least ten days prior to the day named for a meeting to consider a
fundamental change under Chapter 19 of the Pennsylvania BCL. Such notices may
be given by, or at the direction of, the Secretary or other authorized person.
If the Secretary or other authorized person neglects or refuses to give notice
of a meeting, the person or persons calling the meeting may do so.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-5.&nbsp;&nbsp; <u>Quorum of and Action by
Shareholders</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>General Rule</u>.&nbsp;&nbsp; Except as
provided in subsections (c), (d) and (e) of this Section 2-5, the presence, in
person or by proxy, of shareholders entitled to cast at least a majority of the
votes that all shareholders are entitled to cast on a particular matter to be
acted upon at the meeting shall constitute a quorum for the purpose of
consideration and action on the matter. To the extent that a quorum is present
with respect to consideration of any action or particular matter or matters but
a quorum is not present as to any other matter or matters, consideration of an
action on the matter or matters for which a quorum is present may occur and,
after such consideration and action, the meeting may be adjourned for purposes
of the consideration of and action on a matter or matters for which a quorum is
not present. Unless the Pennsylvania BCL permits otherwise, this Section 2-5(a)
may be modified only by a Bylaw amendment adopted by the shareholders.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Action by Shareholders</u>.&nbsp;&nbsp; Except
as otherwise provided by law, whenever any corporate action is to be taken by
vote of the shareholders of the Corporation at a duly organized meeting of
shareholders, it shall be authorized upon receiving the affirmative vote of a
majority of the votes properly cast at the meeting with respect to such matter
and, if any shareholders are entitled to vote thereon as a class, upon
receiving the affirmative vote of a majority of the votes properly cast by the
shareholders entitled to vote as a class. Unless the Pennsylvania BCL permits
otherwise, this Section 2-5(b) may be modified only by a Bylaw amendment
adopted by the shareholders.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Withdrawal</u>.&nbsp;&nbsp; The shareholders
present at a duly organized meeting can continue to do business until
adjournment, notwithstanding the withdrawal of enough shareholders to leave
less than a quorum.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Election of Directors at Adjourned
Meetings</u>.&nbsp;&nbsp; In the case of any meeting called for the election of
Directors, those shareholders who attend a meeting called for the election of
Directors that has been previously adjourned for lack of a quorum (whether with
respect to a particular matter or all matters to be considered and acted upon
at such meeting),</font></p>


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<p style="margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">although less than
a quorum as fixed in subsection (a), shall nevertheless constitute a quorum for
the purpose of electing Directors.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp; <u>Conduct of Other Business at Adjourned
Meetings</u>.&nbsp;&nbsp; Those shareholders entitled to vote who attend a meeting of
shareholders that has been previously adjourned for one or more periods
aggregating at least 15 days because of an absence of a quorum (whether with
respect to a particular matter or all matters to be considered and acted upon
at such meeting), although less than a quorum as fixed in subsection (a), shall
nevertheless constitute a quorum for the purpose of acting upon any matter set
forth in the notice of meeting if the notice states that those shareholders who
attend the adjourned meeting shall nevertheless constitute a quorum for the
purpose of acting upon the matter.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-6.&nbsp;&nbsp; <u>Adjournments</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>General Rule</u>.&nbsp;&nbsp; Any regular or
special meeting of the shareholders, including one at which directors are to be
elected, may be adjourned for such period as the shareholders present and
entitled to vote shall direct.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Lack of Quorum</u>.&nbsp;&nbsp; If a meeting
cannot be organized because a quorum has not attended, those present may,
except as otherwise provided in this Section 2-6, adjourn the meeting to such
time and place as they may determine.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Notice of an Adjourned Meeting</u>.&nbsp;&nbsp; When
a meeting of shareholders is adjourned, it shall not be necessary to give any
notice of the adjourned meeting or of the business to be transacted at an
adjourned meeting, other than by announcement at the meeting at which the
adjournment is taken, unless the Board fixes a new record date for the
adjourned meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-7.&nbsp;&nbsp; <u>Voting List, Voting and Proxies</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Voting List</u>.&nbsp;&nbsp; The officer or
agent having charge of the transfer books for shares of the Corporation shall
make a complete list of the shareholders entitled to vote at any meeting of
shareholders, arranged in alphabetical order, with the address of and the
number of shares held by each. The list shall be produced and kept open at the
time and place of the meeting and shall be subject to the inspection of any
shareholder during the whole time of the meeting for the purposes thereof,
except that, if the Corporation has 5,000 or more shareholders, in lieu of
making the list, the Corporation may make the information therein available at
the meeting by any other means.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Voting</u>.&nbsp;&nbsp; Except as otherwise
specifically provided by law, all matters coming before the meeting shall be
determined by a vote of shares. Such vote shall be taken by voice unless the
presiding officer determines, or a shareholder demands, before the vote begins,
that it be taken by ballot.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Proxies</u>.&nbsp;&nbsp; At all meetings of
shareholders, shareholders entitled to vote may attend and vote either in
person or by proxy. Every proxy shall be executed in writing by the shareholder
or by such shareholder&#146;s duly authorized attorney-in-fact and filed with the
Secretary of the Corporation. A proxy, unless coupled with an interest (as
defined in Section 1759(d) of the Pennsylvania BCL), shall be revocable at
will, notwithstanding any other agreement or any</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provision in the proxy to
the contrary, but the revocation of a proxy shall not be effective until
written notice thereof has been given to the Secretary of the Corporation. An
unrevoked proxy shall not be valid after three years from the date of its
execution unless a longer time is expressly provided therein. A proxy shall not
be revoked by the death or incapacity of the maker unless, before the vote is
counted or the authority is exercised, written notice of the death or
incapacity is given to the Secretary of the Corporation.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Judges of Election</u>.&nbsp;&nbsp; In advance
of any meeting of shareholders of the Corporation, the Board of Directors may
appoint one or three Judges of Election, who need not be shareholders and who
will have such duties as provided in Section 1765(a)(3) of the Pennsylvania
BCL, to act at the meeting or any adjournment thereof. If one or three Judges
of Election are not so appointed, the presiding officer of the meeting may, and
on the request of any shareholder shall, appoint one or three Judges of
Election at the meeting. In case any person appointed as a Judge of Election
fails to appear or refuses to act, the vacancy may be filled by appointment
made by the Board of Directors in advance of the convening of the meeting or at
the meeting by the presiding officer. A person who is a candidate for office to
be filled at the meeting shall not act as a Judge of Election. Unless the
Pennsylvania BCL permits otherwise, this Section 2-7(d) may be modified only by
a Bylaw amendment adopted by the shareholders.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-8.&nbsp;&nbsp; <u>Participation in Meetings by
Conference Telephone</u>.&nbsp;&nbsp; The Board may provide by resolution, or the
presiding officer may permit, with respect to a particular meeting of
shareholders that one or more persons may participate in that meeting of the
shareholders, be counted for the purposes of determining a quorum and exercise
all rights and privileges to which such person might be entitled were such
person personally in attendance, including the right to vote, by means of
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other. Unless the Board so
provides, or the presiding officer so permits, no person may participate in a
meeting of the shareholders by means of conference telephone or similar
communications equipment.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-9.&nbsp;&nbsp; <u>No Consents in Lieu of Meeting</u>.&nbsp;&nbsp; No
action of the shareholders shall be taken by either unanimous or partial
written consent or other consent in lieu of a meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2-10.&nbsp;&nbsp; <u>Business at Meetings of
Shareholders</u>.&nbsp;&nbsp; Except as otherwise provided by law (including but not
limited to Rule 14a-8 of the Securities Exchange Act of 1934, as amended, or
any successor provision thereto) or in these Bylaws, the business which shall
be conducted at any meeting of the shareholders shall (a) have been specified
in the written notice of the meeting (or any supplement thereto) given by the
Corporation, (b) be brought before the meeting at the direction of the Board of
Directors, (c) be brought before the meeting by the presiding officer of the
meeting unless a majority of the Directors then in office object to such
business being conducted at the meeting, or (d) in the case of an annual
meeting of shareholders, have been specified in a written notice given to the
Secretary of the Corporation, by or on behalf of any shareholder who shall have
been a shareholder of record on the record date for such meeting and who shall
continue to be entitled to vote thereat (the &#147;Shareholder Notice&#148;), in
accordance with all of the following requirements:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; Each Shareholder Notice must be delivered
to, or mailed and received at, the principal executive offices of the
Corporation (i) in the case of an annual meeting that is called</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for a date that is within
30 days before or after the anniversary date of the immediately preceding
annual meeting of shareholders, not less than 120 days nor more than 150 days
prior to the date of the Corporation&#146;s proxy statement was released to
shareholders in connection with the previous year&#146;s annual meeting of
shareholders, and (ii) in the case of an annual meeting that is called for a date
that is not within 30 days before or after the anniversary date of the immediately
preceding annual meeting, not later than the close of business on the tenth day
following the day on which notice of the date of the meeting was mailed or
public disclosure of the date of the meeting was made, whichever occurs first;
and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; Each such Shareholder Notice must set forth:
(i) the name and address of the shareholder who intends to bring the business
before the meeting; (ii) the general nature of the business which such
shareholder seeks to bring before the meeting and, if a specific action is to
be proposed, the text of the resolution or resolutions which the proposing
shareholder proposes that the shareholders adopt; and (iii) a representation
that the shareholder is a holder of record of the stock of the Corporation
entitled to vote at such meeting and intends to appear in person or by proxy at
the meeting to bring the business specified in the notice before the meeting.
The presiding officer of the meeting may, in such officer&#146;s sole discretion,
refuse to acknowledge any business proposed by a shareholder not made in
compliance with the foregoing procedure.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; Notwithstanding anything in these Bylaws to
the contrary, no business shall be conducted at an annual meeting except in
accordance with the procedures set forth in this Section 2-10. The chairman of
the meeting shall, if the facts warrant, determine and declare to the meeting
that business was not properly brought before the meeting and in accordance
with the procedures prescribed by this Section 2-10, and if he should so
determine, he shall so declare to the meeting and any such business not
properly brought before the meeting shall not be transacted. Notwithstanding
the foregoing provisions of this Section 2-10, a shareholder shall also comply
with all applicable requirements of the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder with respect to the matters
set forth in this Section 2-10 and any shareholder proposal not required to be
considered by such rules need not be considered.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III. - BOARD OF DIRECTORS<a name="ArticleIii_BoardOfDirectors_132516"></a></font></u></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-1.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>General Powers</u>.&nbsp;&nbsp; Except as
otherwise provided by law and these Bylaws, all powers of the Corporation shall
be exercised by or under the authority of, and the business and affairs of the
Corporation shall be managed under the direction of the Board of Directors.
Unless the Pennsylvania BCL permits otherwise, this Section 3-1(a) may be
modified only by a Bylaw amendment adopted by the shareholders.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Number</u>.&nbsp;&nbsp; The number of members
of the Board of Directors shall be the number of Directors serving at the time
of adoption of this Section 3-1, or such other number as may thereafter from
time to time (i) be determined by the Board of Directors, or (ii) be set forth
in a notice of a meeting of shareholders called for the election of a full
Board of Directors; provided, that if such notice contemplates a change in the
size of the Board of Directors, such change shall take effect as of the time
the election called for by the notice is held.</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Classified Board of Directors</u>.&nbsp;&nbsp; The
Directors shall be classified, with respect to the duration of the term for
which they severally hold office, into three classes (denominated Class I,
Class II and Class III) as nearly equal in number as reasonably possible. The
Board of Directors shall increase or decrease the number of Directors in one or
more classes as may be appropriate whenever it increases or decreases the
number of Directors in order to ensure that the three classes shall be as
nearly equal in number as reasonably as possible. The term of office of the
initial Class I Directors shall expire at the annual meeting of shareholders in
2001, the term of office of the initial Class II Directors shall expire at the
annual meeting of shareholders in 2002 and the term of office of the initial
Class III directors shall expire at the annual meeting of shareholders in 2003.
At the annual meeting of shareholders, beginning in 2000, the successors of the
class of Directors whose term expires at the meeting shall be elected to hold
office for a term expiring at the annual meeting of shareholders held in the
third year following the year of their election. When a Director is elected,
such director&#146;s class shall be identified.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Term; Vacancies</u>.&nbsp;&nbsp; Each Director
shall hold office until the expiration of the term for which he was selected
and until his successor has been selected and qualified or until his earlier
death, resignation or removal. Any vacancies on the Board of Directors,
including vacancies resulting from an increase in the number of Directors, may
be filled by a majority vote of the remaining members of the Board (though less
than a quorum) or by a sole remaining Director or by the shareholders and each
person so selected shall be a Director to serve for the balance of the
unexpired term. A director elected to fill a vacancy on the Board shall be
elected for a term expiring at the annual meeting when the term of a Director
in such class would naturally expire.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp; <u>Qualification</u>.&nbsp;&nbsp; A Director must
be a natural person at least 18 years of age.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-2.&nbsp;&nbsp; <u>Place of Meetings</u>.&nbsp;&nbsp; Meetings
of the Board of Directors may be held at such place within or without the
Commonwealth of Pennsylvania as a majority of the Directors may determine from
time to time or as may be designated in the notice of the meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-3.&nbsp;&nbsp; <u>Regular Meetings</u>.&nbsp;&nbsp; A
regular meeting of the Board of Directors shall be held annually, immediately
following the annual meeting of the shareholders, at the place where such
meeting of the shareholders is held or at such other place and time as a
majority of the Directors in office after the annual meeting of shareholders
may designate. At such meeting, the Board of Directors shall elect officers of
the Corporation. In addition to such regular meeting, the Board of Directors
shall have the power to fix by resolution the place and time of other regular
meetings of the Board.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-4.&nbsp;&nbsp; <u>Special Meetings</u>.&nbsp;&nbsp; Special
meetings of the Board of Directors shall be held whenever ordered by the
Chairman of the Board, if any, by the President, by a majority of the executive
committee of the Board, if any, or by a majority of the Directors in office.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-5.&nbsp;&nbsp; <u>Participation in Meetings by
Conference Telephone</u>.&nbsp;&nbsp; Any Director may participate in any meeting of
the Board of Directors or of any committee (provided such Director is otherwise
entitled to participate), be counted for the purpose of determining a quorum
thereof and exercise all rights and privileges to which such Director might be
entitled were he or she personally in attendance, including the right to vote,
or any other rights attendant to presence in</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">person at such meeting,
by means of conference telephone or similar communications equipment by means
of which all persons participating in the meeting can hear each other.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-6.&nbsp;&nbsp; <u>Notices of Meetings of Board of
Directors</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Regular Meetings</u>.&nbsp;&nbsp; No notice
shall be required to be given of any regular meeting, unless the same is held
at other than the place or time for holding such meeting as fixed in accordance
with Section 3-3 of these Bylaws, in which event five days&#146; notice shall be
given of the place and time of such meeting complying with Article VI of these
Bylaws.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Special Meetings</u>.&nbsp;&nbsp; Written
notice stating the place and time of any special meeting of the Board of
Directors shall be sufficient if given at least one day, as provided in Article
VI, in advance of the time fixed for the meeting.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-7.&nbsp;&nbsp; <u>Quorum; Action by the Board of
Directors</u>.&nbsp;&nbsp; A majority of the Directors in office shall be necessary
to constitute a quorum for the transaction of business and the acts of a
majority of the Directors present and voting at a meeting at which a quorum is
present shall be the acts of the Board of Directors. If there is no quorum
present at a duly convened meeting of the Board of Directors, the majority of
those present may adjourn the meeting from time to time and place to place.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-8.&nbsp;&nbsp; <u>Action by Unanimous Consent of
the Board of Directors</u>.&nbsp;&nbsp; Any action required or permitted to be taken
at a meeting of the Directors, or of the members of any committee of the Board
of Directors, may be taken without a meeting if, prior or subsequent to the
action, a written consent or consents thereto by all of the Directors in office
(or all of the members of the committee with respect to committee action) is
filed with the Secretary of the Corporation. In addition to other means of
filing with the Secretary, insertion of such consent in the minute book of the
Corporation shall be deemed filing with the Secretary regardless of whether the
Secretary or some other authorized person has actual possession of the minute
book. Written consents by all of the directors or committee members, as the
case may be, executed pursuant to this Section 3-8 may be executed in any
number of counterparts and shall be deemed effective as of the date set forth
therein.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-9.&nbsp;&nbsp; <u>Committees</u>.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Establishment and Powers</u>.&nbsp;&nbsp; The
Board of Directors of the Corporation may, by resolution adopted by a majority
of the Directors in office, establish one or more committees to consist of one
or more Directors of the Corporation. Any committee, to the extent provided in
the resolution of the Board of Directors or in the Bylaws, shall have and may
exercise all of the powers and authority of the Board of Directors, except that
a committee shall not have any power or authority as to the following:</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; The submission to shareholders of any action
requiring approval of shareholders under the Pennsylvania BCL.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; The creation or filling of vacancies in the
Board of Directors.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp; The adoption, amendment or repeal of the
Bylaws.</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; The amendment or repeal of any resolution
of the Board of Directors that by its terms is amendable or repealable only by
the Board of Directors.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&nbsp; Action on matters committed by the Bylaws or
resolution of the Board of Directors to another committee of the Board of Directors.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Alternate Members</u>.&nbsp;&nbsp; The Board of
Directors 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 or for the purpose of any written action by the committee. In the
absence or disqualification of a member and alternate member or members of a
committee, the member or members thereof present at a meeting and not
disqualified from voting, whether or not he or they constitute a quorum, may
unanimously appoint another Director to act at the meeting in the place of the
absent or disqualified member.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Term</u>.&nbsp;&nbsp; Each committee of the
Board of Directors shall serve at the pleasure of the Board of Directors.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Status of Committee Action</u>.&nbsp;&nbsp; The
term &#147;Board of Directors&#148; or &#147;Board,&#148; when used in any provision of these
Bylaws relating to the organization or procedures of or the manner of taking
action by the Board of Directors, shall be construed to include and refer to
any executive or other committee of the Board of Directors. Any provision of
these Bylaws relating or referring to action to be taken by the Board of
Directors or the procedure required therefor shall be satisfied by the taking
of corresponding action by a committee of the Board of Directors to the extent
authority to take the action has been delegated to the committee pursuant to
this Section.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-10.&nbsp;&nbsp; <u>Nominations</u>.&nbsp;&nbsp; Notwithstanding
the provisions of Section 2-10 of these Bylaws (dealing with business at
meetings of shareholders), nominations for the election of Directors may be
made by only the Board of Directors, a committee appointed by the Board of
Directors or by any shareholder of record entitled to vote in the election of
Directors who is a shareholder at the record date of the meeting and also on
the date of the meeting at which Directors are to be elected; provided,
however, that with respect to a nomination made by a shareholder, such
shareholder must provide timely written notice to the President of the
Corporation in accordance with the following requirements, except as otherwise
provided by law:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; To be timely, a shareholder&#146;s notice must be
delivered to, or mailed and received at, the principal executive offices of the
Corporation addressed to the attention of the President (i) in the case of an
annual meeting that is called for a date that is within 30 days before or after
the anniversary date of the immediately preceding annual meeting of
shareholders, not less than 120 days nor more than 150 days prior to the date
the Corporation&#146;s proxy statement was released to shareholders in connection
with the previous year&#146;s annual meeting of shareholders, and (ii) in the case
of an annual meeting that is called for a date that is not within 30 days
before or after the anniversary date of the immediately preceding annual
meeting, or in the case of a special meeting of shareholders called for the
purpose of electing Directors, not later than the close of business on the
tenth day following the day on which notice of the date of</font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the meeting was mailed or
public disclosure of the date of the meeting was made, whichever occurs first;
and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; Each such written notice must set forth: (i)
the name and address of the shareholder who intends to make the nomination;
(ii) the name and address of the person or persons to be nominated; (iii) a
representation that the shareholder is a holder of record of shares of the
Corporation entitled to vote at such meeting and intends to appear in person or
by proxy at the meeting to nominate the person or persons specified in the
notice; (iv) a description of all arrangements or understandings between the
shareholder and each nominee and any other person or persons (naming such
person or persons) pursuant to which the nomination or nominations are to be
made by the shareholder; (v) such other information regarding each nominee
proposed by such shareholder as would have been required to be included in a
proxy statement filed pursuant to the proxy rules of the Securities and
Exchange Commission had the nominee been nominated, or intended to be
nominated, by the Board of Directors; and (vi) the written consent of each
nominee to serve as a Director of the Corporation if so elected. The presiding
officer of the meeting may refuse, in such officer&#146;s sole discretion, to
acknowledge the nomination of any person as not made in compliance with the
foregoing procedure.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) &nbsp;&nbsp; No person shall be eligible to serve as a
Director of the Corporation unless nominated in accordance with the procedures
set forth in this Section 3-10. The Chairman of the meeting shall, as the facts
warrant, determine and declare to the meeting that a nomination was not made in
accordance with the procedures prescribed by this Section 3-10, and if he
should do determine, he shall so declare to the meeting and the defective
nomination shall be disregarded. Notwithstanding the foregoing provisions of
this Section 3-10, a shareholder shall also comply with all applicable
requirements of the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder with respect to the matters set forth in this
Section 3-10 and any shareholder proposal not required to be considered by such
rules need not be considered.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-11.&nbsp;&nbsp; <u>Alternate Directors</u>.&nbsp;&nbsp; In
the absence of a Director from any meeting of the Board of Directors, the
Alternate Director of such Director, elected pursuant to Section 2-2(c) of
these Bylaws, may attend the meeting or execute written consent to exercise all
powers, rights and privileges of the absent Director. For the purposes of these
Bylaws, the term &#147;Directors&#148; shall include the Alternate Directors except that
an Alternate Director shall be entitled to exercise the powers, rights and
privileges of a Director only upon the absence of the Director whom the
Alternate Director represents.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-12.&nbsp;&nbsp; <u>Payments to Directors</u>.&nbsp;&nbsp; Directors
may be reimbursed for the expenses of attending Board meetings and committee
meetings and may be paid a fixed sum for attendance at each meeting or such
other compensation for their services as may, from time to time, be fixed by
the Board of Directors. No such payment shall preclude any Director from
serving the Corporation in any other capacity and receiving compensation
therefor.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3-13.&nbsp;&nbsp; <u>Distributions</u>.&nbsp;&nbsp; The
Directors may, to the extent permitted by law, authorize and the Corporation
may make distributions from time to time.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV. - OFFICERS<a name="ArticleIv_Officers_135038"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-1.&nbsp;&nbsp; <u>Election and Office</u>.&nbsp;&nbsp; The
Corporation shall have a President, a Secretary and a Treasurer who shall be
elected by the Board of Directors. The Board of Directors may elect as
additional officers a Chairman of the Board, one or more Vice Chairmen of the
Board, one or more Vice Presidents, a Chief Financial Officer, and one or more
other officers or assistant officers. Any number of offices may be held by the
same person. The President and the Secretary shall be natural persons of the
age of 18 years or older. The Treasurer may be a corporation, but if a natural
person shall be of the age of 18 years or older.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-2.&nbsp;&nbsp; <u>Term</u>.&nbsp;&nbsp; The officers and
assistant officers shall each serve at the pleasure of the Board of Directors
until the first meeting of the Board of Directors following the next annual
meeting of shareholders, unless removed from office by the Board of Directors during
their respective tenures. Officers may, but need not, be Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-3.&nbsp;&nbsp; <u>Powers and Duties of the
President</u>.&nbsp;&nbsp; Unless otherwise determined by the Board of Directors, the
President shall have the usual duties of an executive officer with general
supervision over and direction of the affairs of the Corporation. The President
shall be the chief executive officer of the Corporation unless the Chairman of
the Board is serving as chief executive officer, in which event the President
shall be chief operating officer of the Corporation. In the exercise of these
duties and subject to the actions and directions of the Board of Directors, the
President may appoint, suspend, and discharge employees, agents and assistant
officers, fix the compensation of all officers and assistant officers, shall
preside at all meetings of the shareholders at which the President shall be
present and, unless there is a Chairman of the Board, shall preside at all
meetings of the Board of Directors. The President shall also do and perform
such other duties as from time to time may be assigned to the President by the
Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise determined by the Board of Directors,
the President shall have full power and authority on behalf of the Corporation
to attend and to actand to vote at any meeting of the shareholders of any
corporation in which this Corporation may hold stock and, at any such meeting,
shall possess and may exercise any and all the rights and powers incident to
the ownership of such stock and which, as the owner thereof, the Corporation
might have possessed and exercised. The President shall also have the right to
delegate such power.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-4.&nbsp;&nbsp; <u>Powers and Duties of the
Secretary</u>.&nbsp;&nbsp; Unless otherwise determined by the Board of Directors, the
Secretary shall be responsible for the keeping of the minutes of all meetings
of the Board of Directors and the shareholders, in books provided for that
purpose, and for the giving and serving of all notices for the Corporation. The
Secretary shall perform all other duties ordinarily incident to the office of
Secretary and shall have such other powers and perform such other duties as may
be assigned to the Secretary by the Board of Directors. The minute books of the
Corporation may be held by a person other than the Secretary.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-5.&nbsp;&nbsp; <u>Powers and Duties of the
Treasurer</u>.&nbsp;&nbsp; Unless otherwise determined by the Board of Directors, the
Treasurer shall have charge of all the funds and securities of the Corporation
which may come into such officer&#146;s hands. When necessary or proper, unless
otherwise determined by the Board of Directors, the Treasurer shall endorse for
collection on</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">behalf of the Corporation
checks, notes and other obligations, and shall deposit the same to the credit
of the Corporation to such banks or depositories as the Board of Directors may
designate and may sign all receipts and vouchers for payments made to the
Corporation. The Treasurer shall sign all checks made by the Corporation,
except when the Board of Directors shall otherwise direct. The Treasurer shall
be responsible for the regular entry in books of the Corporation to be kept for
such purpose of a full and accurate account of all funds and securities
received and paid by the Treasurer on account of the Corporation. Whenever
required by the Board of Directors, the Treasurer shall render a statement of
the financial condition of the Corporation. The Treasurer shall have such other
powers and shall perform the duties as may be assigned to such officer from
time to time by the Board of Directors. The Treasurer shall give such bond, if
any, for the faithful performance of the duties of such office as shall be
required by the Board of Directors. If the Corporation has a Chief Financial
Officer, the Chief Financial Officer shall have such power and authority as
determined by the Board of Directors, including without limitation, the powers
provided herein of the Treasurer.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-6.&nbsp;&nbsp; <u>Powers and Duties of the
Chairman of the Board</u>.&nbsp;&nbsp; Unless otherwise determined by the Board of
Directors, the Chairman of the Board, if any, shall preside at all meetings of
Directors. The Chairman of the Board shall have such other powers and perform
such further duties as may be assigned to such officer by the Board of
Directors, including, without limitation, acting as chief executive officer of
the Corporation. To be eligible to serve, the Chairman of the Board must be a
Director of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-7.&nbsp;&nbsp; <u>Powers and Duties of Vice
Chairmen of the Board, Vice Presidents and Assistant Officers</u>.&nbsp;&nbsp; Unless
otherwise determined by the Board of Directors, each Vice Chairman, Vice
President and each assistant officer shall have the powers and perform the
duties of his or her respective superior officer. Vice Presidents and assistant
officers shall have such rank as may be designated by the Board of Directors.
Vice Presidents may be designated as having responsibility for a specific area
of the Corporation&#146;s affairs, in which event such Vice President shall be
superior to the other Vice Presidents in relation to matters within his or her
area. The President shall be the superior officer of the Vice Presidents. The
Chairman of the Board shall be the superior officer of the Vice Chairmen. The
Treasurer and Secretary shall be the superior officers of the Assistant
Treasurers and Assistant Secretaries, respectively.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-8.&nbsp;&nbsp; <u>Delegation of Office</u>.&nbsp;&nbsp; The
Board of Directors may delegate the powers or duties of any officer of the
Corporation to any other person from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4-9.&nbsp;&nbsp; <u>Vacancies</u>.&nbsp;&nbsp; The Board
of Directors shall have the power to fill any vacancies in any office occurring
for any reason.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V. - CAPITAL STOCK<a name="ArticleV_CapitalStock_141231"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5-1.&nbsp;&nbsp; <u>Share Certificates</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Execution</u>.&nbsp;&nbsp; Except as otherwise
provided in Section 5-5, the shares of the Corporation shall be represented by
certificates. Unless otherwise provided by the Board of Directors, every share
certificate shall be signed by two officers and sealed with the corporate seal,
which may be a facsimile, engraved or printed, but where such certificate is
signed by a</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transfer agent or a
registrar, the signature of any corporate officer upon such certificate may be
a facsimile, engraved or printed. In case any officer who has signed, or whose
facsimile signature has been placed upon, any share certificate shall have
ceased to be such officer because of death, resignation or otherwise, before
the certificate is issued, it may be issued with the same effect as if the
officer had not ceased to be such at the date of its issue. The provisions of
this Section 5-1 shall be subject to any inconsistent or contrary agreement at
the time between the Corporation and any transfer agent or registrar.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Designations, etc</u>.&nbsp;&nbsp; To the
extent the Corporation is authorized to issue shares of more than one class or
series, every certificate shall set forth upon the face or back of the
certificate (or shall state on the face or back of the certificate that the
Corporation will furnish to any shareholder upon request and without charge) a
full or summary statement of the designations, voting rights, preferences,
limitations and special rights of the shares of each class or series authorized
to be issued so far as they have been fixed and determined and the authority of
the Board of Directors to fix and determine the designations, voting rights,
preferences, limitations and special rights of the&#160; classes and series of shares of the
Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Fractional Shares</u>.&nbsp;&nbsp; Except as
otherwise determined by the Board of Directors, shares or certificates therefor
may be issued as fractional shares for shares held by any dividend reinvestment
plan or employee benefit plan created or approved by the Corporation&#146;s Board of
Directors, but not by any other person.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5-2.&nbsp;&nbsp; <u>Transfer of Shares</u>.&nbsp;&nbsp; Transfer
of certificated shares shall be made on the books of the Corporation only upon
surrender of the share certificate, duly endorsed or with duly executed stock
powers attached and otherwise in proper form for transfer, which certificate
shall be cancelled at the time of the transfer. In the event the Board
authorizes uncertificated shares, as permitted by the Corporation&#146;s Articles of
Incorporation, the Board shall adopt alternative procedures for registration of
transfers of such uncertificated shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5-3.&nbsp;&nbsp; <u>Determination of Shareholders of
Record</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Fixing Record Date</u>.&nbsp;&nbsp; The Board
of Directors of the Corporation may fix a time prior to the date of any meeting
of shareholders as a record date for the determination of the shareholders
entitled to notice of, or to vote at, the meeting, which time, except in the
case of an adjourned meeting, shall be not more than 90 days prior to the date
of the meeting of shareholders. Only shareholders of record on the date fixed
shall be so entitled notwithstanding any transfer of shares on the books of the
Corporation after any record date fixed as provided in this subsection. The
Board of Directors may similarly fix a record date for the determination of
shareholders of record for any other purpose. When a determination of shareholders
of record has been made as provided in this section for purposes of a meeting,
the determination shall apply to any adjournment thereof unless the Board of
Directors fixes a new record date for the adjourned meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; Determination when No Record Date Fixed.&nbsp;&nbsp; If
a record date is not fixed:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; The record date for determining shareholders
entitled to notice of or to vote at a meeting of shareholders shall be at the
close of business on the day next preceding</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the day
on which notice is given or, if notice is waived, at the close of business on
the day immediately preceding the day on which the meeting is held.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; The record date for determining
shareholders for any other purpose shall be at the close of business on the day
on which the Board of Directors adopts the resolution relating thereto.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Certification by Nominee</u>.&nbsp;&nbsp; The
Board of Directors may adopt a procedure whereby a shareholder of the
Corporation may certify in writing to the Corporation that all or a portion of
the shares registered in the name of the shareholder are held for the account
of a specified person or persons. The resolution of the Board of Directors may
set forth:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; the classification of shareholder who may
certify;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; the purpose or purposes for which the
certification may be made;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font face="Times New Roman">&nbsp;&nbsp; </font>the form of
certification and information to be contained therein;</p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; if the certification is with respect to a
record date, the time after the record date within which the certification must
be received by the Corporation; and</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&nbsp; such other provisions with respect to the
procedure as are deemed necessary or desirable.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt by the Corporation of a certification
complying with the procedure, the persons specified in the certification shall
be deemed, for the purposes set forth in the certification, to be the holders
of record of the number of shares specified in place of the shareholder making
the certification.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5-4.&nbsp;&nbsp; <u>Lost Share Certificates</u>.&nbsp;&nbsp; Unless
waived in whole or in part by the Board of Directors, any person requesting the
issuance of a new certificate in lieu of an alleged lost, destroyed, mislaid or
wrongfully taken certificate shall (a) give to the Corporation his or her bond
of indemnity with an acceptable surety, and (b) satisfy such other requirements
as may be imposed by the Corporation. Thereupon, a new share certificate shall
be issued to the registered owner or his or her assigns in lieu of the alleged
lost, destroyed, mislaid or wrongfully taken certificate, provided that the
request therefor and issuance thereof have been made before the Corporation has
notice that such shares have been acquired by a bona fide purchaser.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5-5.&#160; <u>Uncertificated
Shares</u>.&#160;  Notwithstanding any other
provision in these Bylaws, shares of the capital stock of the Corporation may
be uncertificated, as provided under Section 1528(f) of the Pennsylvania
Business Corporation Law.&#160; The
Corporation may adopt a system of issuance, recordation and transfer of its
shares by electronic or other means not involving any issuance of certificates,
including provisions for notice to purchasers in substitution for any required
statements or certificates, and as may be required by applicable law, which
system has been approved by the Securities and Exchange Commission.&#160; Any system so adopted shall not become
effective as to issued and outstanding certificated securities until the
certificates therefore have been surrendered to the Corporation.&#160; Uncertificated shares of stock of the
Corporation shall only be transferred on the books of the Corporation by the
holder of record thereof or by such holder&#146;s attorney duly authorized in
writing, upon proper instructions from the holder of the uncertificated
shares.&#160; In the event of such transfer of
uncertificated shares, it shall be the duty of the Corporation to evidence the
issuance of uncertificated shares to the person entitled thereto, and record
the transaction on its books.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI. - NOTICES - COMPUTING TIME PERIODS<a name="ArticleVi_NoticesComputingTimePer_142910"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-1.&nbsp;&nbsp; <u>Contents of Notice</u>.&nbsp;&nbsp; Whenever
any notice of a meeting is required to be given pursuant to these Bylaws, the
Corporation&#146;s Articles of Incorporation (the &#147;Articles&#148;) or otherwise, the
notice shall specify: (a) the place, date and time of the meeting; (b) in the
case of a special meeting of shareholders or where otherwise required by law or
the Bylaws, the general nature of the business to be transacted at such
meeting; and (c) any other information required by law.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-2.&nbsp;&nbsp; <u>Method of Notice</u>.&nbsp;&nbsp; Whenever
written notice is required to be given to any person under the provisions of
the Articles or these Bylaws, it may be given to the person either personally
or by sending a copy thereof by first class or express mail, postage prepaid,
or by telegram (with messenger service specified), telex or TWX (with
answerback received) or courier service, charges prepaid, or by facsimile
transmission, to such person&#146;s address (or to such person&#146;s telex, TWX,
telecopier or telephone number) appearing on the books of the Corporation or,
in the case of Directors, supplied by such Director to the Corporation for the
purpose of notice. If the notice is sent by mail, telegraph or courier service,
it shall be deemed to have been given to the person entitled thereto when
deposited in the United States mail or with a telegraph office or courier
service for delivery to that person or, in the case of telex or TWX, when
dispatched. Except as otherwise provided herein, or as otherwise directed by
the Board of Directors, notices of meetings may be given by, or at the direction
of, the Secretary.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-3.&nbsp;&nbsp; <u>Computing Time Periods</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Days to be Counted</u>.&nbsp;&nbsp; In
computing the number of days for purposes of these Bylaws, all days shall be
counted, including Saturdays, Sundays or a holiday on which national banks are
or may elect to be closed (&#147;Holiday&#148;); provided, however, that if the final day
of any time period falls on a Saturday, Sunday or Holiday, then the final day
shall be deemed to be the next day which is not a Saturday, Sunday or Holiday.
In computing the number of days for the purpose of giving notice of any
meeting, the date upon which the notice is given shall be counted but the day
set for the meeting shall not be counted.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>One Day Notice</u>.&nbsp;&nbsp; In any case
where only one day&#146;s notice is being given, notice must be given at least 24
hours in advance of the date and time specified for the meeting in question, by
delivery in person, telephone, telex, TWX, facsimile or similar means of
communication.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-4.&nbsp;&nbsp; <u>Waiver of Notice</u>.&nbsp;&nbsp; Whenever
any notice is required to be given by law or the Articles or these Bylaws, a
waiver thereof in writing, signed by the person or persons entitled to the
notice, whether before or after the time stated therein, shall be deemed
equivalent to the giving of the notice. Except as otherwise required by law or
the next sentence, neither the business to be transacted at, nor the purpose
of, a meeting need be specified in the waiver of notice of the meeting. In the
case of a special meeting of shareholders, the waiver of notice shall specify
the general nature of the business to be transacted. Attendance of a person at
any meeting shall constitute a waiver of notice of the meeting except where a
person attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting was not
lawfully called or convened.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-5.&nbsp;&nbsp; <u>Modification of Proposal
Contained in Notice</u>.&nbsp;&nbsp; Whenever the language of a proposed resolution
is included in a written notice of a meeting required to be given under the
provisions of the Pennsylvania BCL or the Articles or these Bylaws, the meeting
considering the resolution may, without further notice, adopt it with such clarifying
or other amendments as do not enlarge its original purpose.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-6.&nbsp;&nbsp; <u>Bulk Mail</u>.&nbsp;&nbsp; If the
Corporation has more than 30 shareholders, notice of any regular or special
meeting of the shareholders, or any other notice required by the</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pennsylvania BCL or by
the Articles of these Bylaws to be given to all shareholders or to all holders
of a class or a series of shares, may be given by any class of post-paid mail
if the notice is deposited in the United States mail at least 20 days prior to
the day named for the meeting or any corporate or shareholder action specified
in the notice.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6-7.&nbsp;&nbsp; <u>Shareholder without Forwarding
Addresses</u>.&nbsp;&nbsp; Notice or other communications need not be sent to any
shareholder with whom the Corporation has been unable to communicate for more
than 24 consecutive months because communications to the shareholder are
returned unclaimed or the shareholder has otherwise failed to provide the
Corporation with a current address.&#160;
Whenever the shareholder provides the Corporation with a current
address, the Corporation shall commence sending notices and other
communications to the shareholder in the same manner as to other shareholders.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII. - LIMITATION OF DIRECTORS&#146; LIABILITY AND<a name="ArticleVii_LimitationOfDirectorsL_143618"></a><br>
INDEMNIFICATION OF DIRECTORS, OFFICERS AND OTHER PERSONS</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7-1.&nbsp;&nbsp; <u>Limitation of Directors&#146;
Liability</u>.&nbsp;&nbsp; No Director of the Corporation shall be personally liable
for monetary damages as such for any action taken or any failure to take any
action unless: (a) the Director has breached or failed to perform the duties of
his or her office under the Pennsylvania BCL, and (b) the breach or failure to
perform constitutes self-dealing, willful misconduct or recklessness; provided,
however, that the provisions of this Section shall not apply to the
responsibility or liability of a Director pursuant to any criminal statute, or
to the liability of a Director for the payment of taxes pursuant to local,
Pennsylvania or federal law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7-2.&nbsp;&nbsp; <u>Indemnification and Insurance</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; Indemnification of Directors and Officers.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp; Each Indemnitee (as defined below) shall be indemnified
and held harmless by the Corporation for all actions taken by him or her and
for all failures to take action (regardless of the date of any such action or
failure to take action) to the fullest extent permitted by Pennsylvania law
against all expense, liability and loss (including without limitation attorneys
fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in
settlement) reasonably incurred by or imposed upon the Indemnitee in connection
with any Proceeding (as defined below). No indemnification pursuant to this
Section shall be made, however, in any case where the act or failure to act
giving rise to the claim for indemnification is determined by a court to have
constituted willful misconduct or recklessness.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp; The right to indemnification provided in
this Section shall include the right to have the expenses incurred by the
Indemnitee in defending any Proceeding paid by the Corporation in advance of
the final disposition of the Proceeding to the fullest extent permitted by
Pennsylvania law; provided that, if Pennsylvania law continues so to require,
the payment of such expenses incurred by the Indemnitee in advance of the final
disposition of a Proceeding shall be made only upon delivery to the Corporation
of an undertaking, by or on behalf of the Indemnitee, to repay all amounts so
advanced without interest if it shall ultimately be determined that the
Indemnitee is not entitled to be indemnified under this Section or otherwise.</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp; Indemnification pursuant to this Section
shall continue as to an Indemnitee who has ceased to be a Director or officer
and shall inure to the benefit of his or her heirs, executors and
administrators.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp; For purposes of this Article, (A) &#147;Indemnitee&#148;
shall mean each Director or officer of the Corporation who was or is a party
to, or is threatened to be made a party to, or is otherwise involved in, any
Proceeding, by reason of the fact that he or she is or was a Director or
officer of the Corporation or is or was serving in any capacity at the request
or for the benefit of the Corporation as a director, officer, employee, agent,
partner, or fiduciary of, or in any other capacity for, another corporation or
any partnership, joint venture, trust, employee benefit plan, or other
enterprise; and (B) &#147;Proceeding&#148; shall mean any threatened, pending or
completed action, suit or proceeding (including without limitation an action,
suit or proceeding by or in the right of the Corporation), whether civil,
criminal, administrative, investigative or through arbitration.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Indemnification of Employees and Other
Persons</u>.&nbsp;&nbsp; The Corporation may, by action of its Board of Directors and
to the extent provided in such action, indemnify employees and other persons as
though they were Indemnitees. To the extent that an employee or agent of the
Corporation has been successful on the merits or otherwise in defense of any
Proceeding or in defense of any claim, issue or matter therein, the Corporation
shall indemnify such person against expenses (including attorneys&#146; fees)
actually and reasonably incurred by such person in connection therewith.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp; <u>Non-Exclusivity of Rights</u>.&nbsp;&nbsp; The
rights to indemnification and to the advancement of expenses provided in this
Article shall not be exclusive of any other rights that any person may have or
hereafter acquire under any statute, provision of the Articles or Bylaws,
agreement, vote of shareholders or Directors, or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp; <u>Insurance</u>.&nbsp;&nbsp; The Corporation may
purchase and maintain insurance, at its expense, for the benefit of any person
on behalf of whom insurance is permitted to be purchased by Pennsylvania law
against any expense, liability or loss, whether or not the Corporation would
have the power to indemnify such person under Pennsylvania or other law. The
Corporation may also purchase and maintain insurance to insure its
indemnification obligations whether arising hereunder or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp; <u>Fund For Payment of Expenses</u>.&nbsp;&nbsp; The
Corporation may create a fund of any nature, which may, but need not be, under
the control of a trustee, or otherwise may secure in any manner its
indemnification obligations, whether arising hereunder, under the Articles, by
agreement, vote of shareholders or Directors, or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7-3.&nbsp;&nbsp; <u>Amendment</u>.&nbsp;&nbsp; The
provisions of this Article VII relating to the limitation of Directors&#146;
liability, to indemnification and to the advancement of expenses shall
constitute a contract between the Corporation and each of its Directors and
officers which may be modified as to any Director or officer only with that
person&#146;s consent or as specifically provided in this Section. Notwithstanding
any other provision of these Bylaws relating to their amendment generally, any
repeal or amendment of this Article VII which is adverse to any Director or
officer shall apply to such Director or officer only on a prospective basis,
and shall not reduce</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any limitation on the
personal liability of a Director of the Corporation, or limit the rights of an
Indemnitee to indemnification or to the advancement of expenses with respect to
any action or failure to act occurring prior to the time of such repeal or
amendment. Notwithstanding any other provision of these Bylaws, no repeal or
amendment of these Bylaws shall affect any or all of this Article so as either
to reduce the limitation of Directors&#146; liability or limit indemnification or
the advancement of expenses in any manner unless adopted by (a)&nbsp;the
unanimous vote of the Directors of the Corporation then serving, or (b)&nbsp;the
affirmative vote of shareholders entitled to cast not less than a majority of
the votes that all shareholders are entitled to cast in the election of Directors;
provided that no such amendment shall have retroactive effect inconsistent with
the preceding sentence.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7-4.&nbsp;&nbsp; <u>Changes in Pennsylvania Law</u>.&nbsp;&nbsp; References
in this Article VII to Pennsylvania law or to any provision thereof shall be to
such law as it existed on the date this Article VII was adopted or as such law
thereafter may be changed; provided that (a) in the case of any change which
expands the liability of Directors or limits the indemnification rights or the
rights to advancement of expenses which the Corporation may provide, the rights
to limited liability, to indemnification and to the advancement of expenses
provided in this Article shall continue as theretofore to the extent permitted
by law; and (b) if such change permits the Corporation without the requirement
of any further action by shareholders or Directors to limit further the
liability of Directors (or limit the liability of officers) or to provide
broader indemnification rights or rights to the advancement of expenses than
the Corporation was permitted to provide prior to such change, then liability thereupon
shall be so limited and the rights to indemnification and the advancement of
expenses shall be so broadened to the extent permitted by law.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII. - FISCAL YEAR<a name="ArticleViii_FiscalYear_145107"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8-1.&nbsp;&nbsp; <u>Determination of Fiscal Year</u>.&nbsp;&nbsp; The
Board of Directors shall have the power by resolution to fix the fiscal year of
the Corporation. If the Board of Directors shall fail to do so, the President
shall fix the fiscal year.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX. - AMENDMENTS<a name="ArticleIx_Amendments_145202"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9-1.&nbsp;&nbsp; Except as otherwise expressly provided
in Section 7-3:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp; <u>Shareholders</u>.&nbsp;&nbsp; The shareholders
entitled to vote thereon shall have the power to alter, amend, or repeal these
Bylaws, by the vote of shareholders entitled to cast at least a majority of the
votes which all shareholders are entitled to cast thereon, at any regular or
special meeting, duly convened after notice to the shareholders of such
purpose. In the case of a meeting of shareholders to amend or repeal these
Bylaws, written notice shall be given to each shareholder that the purpose, or
one of the purposes, of the meeting is to consider the adoption, amendment or
repeal of the Bylaws.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp; <u>Board of Directors</u>.&nbsp;&nbsp; The Board
of Directors (but not a committee thereof), by a vote of the majority of
Directors then in office, shall have the power to alter, amend, and repeal
these Bylaws, regardless of whether the shareholders have previously adopted
the Bylaw being amended or repealed, subject to the power of the shareholders
to change such action, provided</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that
the Board of Directors shall not have the power to amend these Bylaws on any
subject that is expressly committed to the shareholders by the express terms hereof,
by Section 1504 of the Pennsylvania BCL or otherwise.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X. - INTERPRETATION OF BYLAWS - SEPARABILITY<a name="ArticleX_InterpretationOfBylawsSe_145436"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10-1.&nbsp;&nbsp; <u>Interpretation</u>.&nbsp;&nbsp; All
words, terms and provisions of these Bylaws shall be interpreted and defined by
and in accordance with the Pennsylvania BCL. If any provision of these Bylaws
shall be inconsistent with any provision of the Articles, the provision of the
Articles shall prevail. Where any provision of these Bylaws refers to a rule or
process as set forth in these Bylaws, the reference shall be construed to
include and be satisfied by any rule or process on the same subject set forth
in the Articles.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10-2.&nbsp;&nbsp; <u>Separability</u>.&nbsp;&nbsp; The
provisions of these Bylaws are independent of and separable from each other,
and no provision shall be affected or rendered invalid or unenforceable by
virtue of the fact that for any reason any other or others of them may be invalid
or unenforceable in whole or in part.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI. - DETERMINATIONS BY THE BOARD<a name="ArticleXi_DeterminationsByTheBoar_145559"></a></font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11-1.&nbsp;&nbsp; <u>Effect of Board Determinations</u>.&nbsp;&nbsp; Any
determination involving interpretation or application of these Bylaws made in
good faith by the Board of Directors shall be final, binding and conclusive on
all parties in interest.</font></p>


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