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<SEC-DOCUMENT>0000891092-06-002085.txt : 20060727
<SEC-HEADER>0000891092-06-002085.hdr.sgml : 20060727
<ACCEPTANCE-DATETIME>20060727171336
ACCESSION NUMBER:		0000891092-06-002085
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20060727
DATE AS OF CHANGE:		20060727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		06985232

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>e24620posami.htm
<DESCRIPTION>POS AMI
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<BODY>







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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(As filed with the
Securities and Exchange Commission on July 27, 2006) </B></FONT></P>


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<div align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT COMPANY ACT
FILE NO. 811-06041 </FONT>

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<HR ALIGN=LEFT WIDTH=100% SIZE=1 noshade>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>U.S. SECURITIES AND
EXCHANGE COMMISSION    <BR>                                           WASHINGTON, D.C. 20549 </B></FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FORM N-2 </B></FONT></P>

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<table width=100%>
  <tr align="center" valign=top>
    <td width=28%><font size=2> </font></td>
    <td colspan="3">&nbsp;&nbsp;<font size=2>&nbsp;</font>&nbsp;&nbsp;<font face="Times New Roman, Times, Serif" size=2><b>REGISTRATION
STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</b></font></td>
    <td width=29% align="left"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;|__|&nbsp;</font></td>
  </tr>
  <tr align="center" valign=top>
    <td width=28%>&nbsp;</td>
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2><b>Amendment No. 22</b></font></td>
    <td width=29% align="left"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font>|X|</td>
  </tr>

</table>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><font size="3">THE CENTRAL EUROPE AND
RUSSIA FUND, INC.</font> </B><BR>
   (Exact Name of Registrant as Specified in
its Charter) </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>345 Park Avenue, New
York, New York 10154 </B><BR> (Address of Principal Executive Offices) </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant&#146;s Telephone
Number, including Area Code: <B>(800) 437-6269</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>David Goldman <BR>
The New Germany Fund, Inc. <BR>
c/o Deutsche Asset Management <BR>
345 Park Avenue <BR>
New York, NY 10154 <BR>
</B>(Name and Address of Agent for Service) </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If any securities being registered
on this form will be offered on a delayed or continuous basis in reliance on Rule 415
under the Securities Act of 1933, other than securities offered in connection with a
dividend reinvestment plan, check the following box.|_| </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is proposed that this filing will
become effective:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| when declared effective pursuant to Section 8(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Following boxes should only be
included and completed if the registrant is a registered closed-end management investment
company or business development company which makes periodic repurchase offers under Rule
23c-3 under the Investment Company Act and is making this filing in accordance with Rule
486 under the Securities Act: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| immediately upon filing pursuant
to paragraph (b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| on (date) pursuant to paragraph
(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| 60 days after filing pursuant to
paragraph (a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| on (date) pursuant to paragraph
(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If appropriate, check the following
box: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| This [post-effective] amendment
designates a new effective date for a previously filed [post-effective amendment]
[registration statement] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| This form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act
and the Securities Act registration statement number of the earlier effective
registration statement for the same offering is ___________. </FONT></P>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>PART C </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>OTHER INFORMATION </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 24.  Financial
Statements and Exhibits. </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 14, 2006, the Board of Directors of the Registrant unanimously voted to approve
amended and restated Bylaws of the Registrant, which are being filed herewith as Exhibit
(2)(b). </FONT></P>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SIGNATURES </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Investment Company Act of 1940, the Registrant has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of New York, and the state of New York, on the 27th day of July,
2006. </FONT></P>



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<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=28%>&nbsp;</TD>
    <TD WIDTH=4%>&nbsp;</TD>
    <TD width="33%"><font size=2><b>The
Central Europe and Russia Fund, Inc. <br>
                                                                                  </b></font>
      <hr noshade size="1">
      <font size=2><b>(Registrant) </b></font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>&nbsp;</TD>
    <TD WIDTH=5%>&nbsp;</TD>
    <TD WIDTH=28%>&nbsp;</TD>
    <TD WIDTH=4% align="right"><font size=2>By:</font></TD>
    <TD align="left" width="33%"><font size=2>
     /s/ David Goldman <br>
       </font>
      <hr noshade size="1">
      <font size=2>David
Goldman <br>
                                                                               Secretary </font></TD>
  </TR>



</TABLE>


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<BR>
&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>INDEX TO EXHIBITS </B></FONT></P>


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<table width=100%>
  <tr align="center" valign=top>
    <td align="left" width="5%"><font face="Times New Roman, Times, Serif" size=2>(2)(b)</font></td>
    <td width=2%><font face="Times New Roman, Times, Serif" size=2>&#151;</font>&nbsp;&nbsp;</td>
    <td colspan="3" align="left" width=93%><font face="Times New Roman, Times, Serif" size=2>Amended
and Restated Bylaws of the Registrant</font></td>
  </tr>

</table>
<P>&nbsp;</P>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)
<SEQUENCE>2
<FILENAME>e24620ex2b.htm
<DESCRIPTION>BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit (2)(b) </B></FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Central Europe
&amp; Russia Fund, Inc. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a Maryland corporation) </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Bylaws </B></FONT></P>
<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Amended and Restated
as of July 14, 2006) </FONT></P>


<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE I </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Offices</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Principal Office</U>. The principal office of The Central European Equity Fund,
Inc. (the &#147;Corporation&#148;) shall be located at such place or places as the Board of
Directors may designate. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Additional Offices</U>. The Corporation may have additional offices at such places
as the Board of Directors may from time to time determine or the business of the
Corporation may require. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE II </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Stockholders</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Place of Meetings</U>. All meetings of the stockholders of the Corporation shall be held
at the principal office of the Corporation or at such other place as may from time to
time be set by the Board of Directors and stated in the notice of meeting. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Annual Meetings</U>. An annual meeting of the stockholders for the election of directors
and the transaction of any business within the powers of the Corporation shall be held in
the month of June each year on a date and at the time set by the Board of Directors and
stated in the notice of meeting. </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Special Meetings</U>. (a) <U>General</U>. The President, Chief Executive Officer or Board of
Directors may call a special meeting of the stockholders. Subject to subsection (b) of
this Section 3, a special meeting of stockholders shall also be called by the Secretary
of the Corporation upon the written request of the stockholders entitled to cast not less
than a majority of all the votes entitled to be cast at such meeting. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<U>Stockholder Requested Special Meetings</U>. (1) Any stockholder of record seeking to
have stockholders request a special meeting shall, by sending written notice to the
Secretary (the &#147;Record Date Request Notice&#148;) by registered mail, return receipt
requested, request the Board of Directors to fix a record date to determine the
stockholders entitled to request a special meeting (the &#147;Request Record Date&#148;). The
Record Date Request Notice shall set forth the purpose of the meeting and the matters
proposed to be acted on at it, shall be signed by one or more stockholders of record as
of the date of signature (or their duly authorized agents), shall bear the date of
signature of each such stockholder (or other agent) and shall set forth all information
relating to each such stockholder that must be disclosed in solicitations of proxies for
election of directors in an election contest (even if an election contest is not
involved), or is otherwise required, in each case pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and Rule 14a-11
thereunder or pursuant to the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;), and the rules thereunder. Upon receiving the Record Date Request Notice,
the Board of Directors may fix a Request Record Date. The Request Record Date shall not
precede and shall not be more than ten days after the close of business on the date on
which the resolution </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>fixing the Request Record Date is
adopted by the Board of Directors. If the Board of Directors, within ten days after the
date on which a valid Record Date Request Notice is received, fails to adopt a resolution
fixing the Request Record Date and make a public announcement of such Request Record
Date, the Request Record Date shall be the close of business on the tenth day after the
first date on which the Record Date Request Notice is received by the Secretary.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
In order for any stockholder to request a special meeting, one or more written requests
for a special meeting signed by stockholders of record (or their duly authorized agents)
as of the Request Record Date entitled to cast not less than a majority (the &#147;Special
Meeting Percentage&#148;) of all of the votes entitled to be cast at such meeting (the
&#147;Special Meeting Request&#148;) shall be delivered to the Secretary. In addition, the Special
Meeting Request shall set forth the purpose of the meeting and the matters proposed to be
acted on at it (which shall be limited to the matters set forth in the Record Date
Request Notice received by the Secretary), shall bear the date of signature of each such
stockholder (or other agent) signing the Special Meeting Request, shall set forth the
name and address, as they appear in the Corporation&#146;s books, of each stockholder signing
such request (or on whose behalf the Special Meeting Request is signed) and the class and
number of shares of stock of the Corporation which are owned of record and beneficially
by each such stockholder, shall be sent to the Secretary by registered mail, return
receipt requested, and shall be received by the Secretary within 60 days after the
Request Record Date. Any requesting stockholder may revoke his, her or its request for a
special meeting at any time by written revocation delivered to the Secretary. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
The Secretary shall inform the requesting stockholders of the reasonably estimated cost
of preparing and mailing the notice of meeting (including the Corporation&#146;s proxy
materials). The Secretary shall not be required to call a special meeting upon
stockholder request and such meeting shall not be held unless, in addition to the
documents required by paragraph (2) of this Section 3(b), the Secretary receives payment
of such reasonably estimated cost prior to the mailing of any notice of the meeting. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
Except as provided in the next sentence, any special meeting shall be held at such place,
date and time as may be designated by the President, Chief Executive Officer or Board of
Directors, whoever has called the meeting. In the case of any special meeting called by
the Secretary upon the request of stockholders (a &#147;Stockholder Requested Meeting&#148;), such
meeting shall be held at such place, date and time as may be designated by the Board of
Directors; <U>provided</U>, however, that the date of any Stockholder Requested Meeting
shall be not more than 90 days after the record date for such meeting (the &#147;Meeting
Record Date&#148;); and <U>provided further </U>that if the Board of Directors fails to
designate, within ten days after the date that a valid Special Meeting Request is
actually received by the Secretary (the &#147;Delivery Date&#148;), a date and time for a
Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m. local time on
the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as
defined below), on the first preceding Business Day; and provided further that in the
event that the Board of Directors fails to designate a place for a Stockholder Requested
Meeting within ten days after the Delivery Date, then such meeting shall be held at the
principal executive offices of the Corporation. In fixing a date for any special meeting,
the President, Chief Executive Officer or </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board of Directors may consider such
factors as he, she or it deems relevant within the good faith exercise of business
judgment, including, without limitation, the nature of the matters to be considered, the
facts and circumstances surrounding any request for meeting and any plan of the Board of
Directors to call an annual meeting or a special meeting. In the case of any Stockholder
Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a
date within 30 days after the Delivery Date, then the close of business on the 30th day
after the Delivery Date shall be the Meeting Record Date.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
If at any time as a result of written revocations of requests for the special meeting,
stockholders of record (or their duly authorized agents) as of the Request Record Date
entitled to cast less than the Special Meeting Percentage shall have delivered and not
revoked requests for a special meeting, the Secretary may refrain from mailing the notice
of the meeting or, if the notice of the meeting has been mailed, the Secretary may revoke
the notice of the meeting at any time before ten days before the meeting if the Secretary
has first sent to all other requesting stockholders written notice of such revocation and
of intention to revoke the notice of the meeting. Any request for a special meeting
received after a revocation by the Secretary of a notice of a meeting shall be considered
a request for a new special meeting. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)
The Chairman of the Board of Directors, the President or the Board of Directors may
appoint regionally or nationally recognized independent inspectors of elections to act as
the agent of the Corporation for the purpose of promptly performing a ministerial review
of the validity of any purported Special Meeting Request received by the Secretary. For
the purpose of permitting the </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>inspectors to perform such review,
no such purported request shall be deemed to have been delivered to the Secretary until
the earlier of (i) five Business Days after receipt by the Secretary of such purported
request and (ii) such date as the independent inspectors certify to the Corporation that
the valid requests received by the Secretary represent at least a majority of the issued
and outstanding shares of stock that would be entitled to vote at such meeting. Nothing
contained in this paragraph (6) shall in any way be construed to suggest or imply that
the Corporation or any stockholder shall not be entitled to contest the validity of any
request, whether during or after such five Business Day period, or to take any other
action (including, without limitation, the commencement, prosecution or defense of any
litigation with respect thereto, and the seeking of injunctive relief in such
litigation).  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
For purposes of these Bylaws, &#147;Business Day&#148; shall mean any day other than a Saturday, a
Sunday or a day on which banking institutions in the State of New York are authorized or
obligated by law or executive order to close. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4. <U>Notice of Meetings of Stockholders</U>. Not less than ten nor more than 90 days
before each meeting of stockholders, the Secretary shall give to each stockholder
entitled to vote at such meeting and to each stockholder not entitled to vote who is
entitled to notice of the meeting written or printed notice stating the time and place of
the meeting and, in the case of a special meeting or as otherwise may be required by any
statute, the purpose for which the meeting is called, either by mail, presenting it to
the stockholder personally, leaving it at the stockholder&#146;s residence or usual place of
business or transmitting the notice to the stockholder in any other manner authorized by
law. If mailed, notice shall be deemed to be given when deposited in the United States
mail addressed to the stockholder at the stockholder&#146;s </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>post office address as it appears
upon the books of the Corporation. A meeting of stockholders convened on the date for
which it was called may be adjourned from time to time and place to place without further
notice to a date not more than 120 days after the original record date.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5. <U>Scope of Notice</U>. Any business of the Corporation may be transacted at an annual
meeting of stockholders without being specifically designated in the notice, except such
business as is required by any statute to be stated in such notice. No business shall be
transacted at a special meeting of stockholders except as specifically designated in the
notice. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6. <U>Quorum</U>. At any meeting of stockholders, the presence in person or by proxy of
stockholders entitled to cast one-third of all the votes entitled to be cast at such
meeting shall constitute a quorum; but this section shall not affect any requirement
under any statute or the charter of the Corporation for the vote necessary for the
adoption of any measure. If, however, such quorum shall not be present at any meeting of
the stockholders, the chairman of the meeting, in accordance with Section 12 of this
Article II of these Bylaws, shall have the power to adjourn the meeting from time to time
to a date not more than 120 days after the original record date without notice other than
announcement at the meeting. At such adjourned meeting at which a quorum shall be
present, any business may be transacted which might have been transacted at the meeting
as originally notified. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7. <U>Voting</U>. A plurality of all the votes cast at a meeting of stockholders duly
called and at which a quorum is present shall be sufficient to elect a director. Each
share may be voted for as many individuals as there are directors to be elected and for
whose election the share is entitled to be voted. A majority of the </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>votes cast at a meeting of
stockholders duly called and at which a quorum is present shall be sufficient to approve
any other matter which may properly come before the meeting, unless more than a majority
of the votes cast is required by statute or by the charter of the Corporation. Unless
otherwise provided in the charter, each outstanding share, regardless of class, shall be
entitled to one vote on each matter submitted to a vote at a meeting of stockholders.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8. <U>Proxies</U>. A stockholder may cast the votes entitled to be cast by the shares of the
stock owned of record by him, her or it either in person or by proxy executed by the
stockholder or the stockholder&#146;s duly authorized agent in any manner authorized by law.
Such proxy shall be filed with the Secretary of the Corporation before or at the time of
the meeting. No proxy shall be valid after eleven months from the date of its execution,
unless otherwise provided in the proxy. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9. <U>Voting of Stock by Certain Holders</U>. Stock of the Corporation registered in the name of
a corporation, partnership, trust or other entity, if entitled to be voted, may be voted
by the President or a Vice President, a general partner or trustee thereof, as the case
may be, or a proxy appointed by any of the foregoing individuals, unless some other
person who has been appointed to vote such stock pursuant to a bylaw or a resolution of
the governing body of such corporation or other entity or agreement of the partners of a
partnership presents a certified copy of such bylaw, resolution or agreement, in which
case such person may vote such stock. Any Director or other fiduciary may vote stock
registered in his or her name as such fiduciary, either in person or by proxy. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of stock of the Corporation directly or indirectly owned by it shall not be voted at any
meeting and shall not be counted in determining the total number of </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>outstanding shares entitled to be
voted at any given time, unless they are held by it in a fiduciary capacity, in which
case they may be voted and shall be counted in determining the total number of
outstanding shares at any given time.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors may adopt by resolution a procedure by which a stockholder may certify
in writing to the Corporation that any shares of stock registered in the name of the
stockholder are held for the account of a specified person other than the stockholder.
The resolution shall set forth the class of stockholders who may make the certification,
the purpose for which the certification may be made, the form of certification and the
information to be contained in it; if the certification is with respect to a record date
or closing of the stock transfer books, the time after the record date or closing of the
stock transfer books within which the certification must be received by the Corporation;
and any other provisions with respect to the procedure which the Board of Directors
considers necessary or desirable. On receipt of such certification, the person specified
in the certification shall be regarded as, for the purposes set forth in the
certification, the stockholder of record of the specified stock in place of the
stockholder who makes the certification. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10. <U>Inspectors</U>. At any meeting of stockholders, the chairman of the meeting may appoint
one or more persons as inspectors for such meeting. Such inspectors shall ascertain and
report the number of shares represented at the meeting based upon their determination of
the validity and effect of proxies, count all votes, report the results and perform such
other acts as are proper to conduct the election and voting with impartiality and
fairness to all the stockholders. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
report of an inspector shall be in writing and signed by the inspector or by a majority
of them if there is more than one inspector acting at such meeting. If  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>there is more than one inspector,
the report of a majority shall be the report of the inspectors. The report of the
inspector or inspectors on the number of shares represented at the meeting and the
results of the voting shall be prima facie evidence thereof.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11. <U>Presiding Officer - Stockholders Meetings</U>. At every meeting of stockholders, the
Chairman of the Board, if there be one, shall conduct the meeting or, in the case of
vacancy in office or absence of the Chairman of the Board, one of the following directors
or officers present shall conduct the meeting in the order stated: the Vice Chairman of
the Board, if there be one, the Chief Executive Officer, the President, the Vice
Presidents in their order of rank and seniority, or a chairman chosen by the stockholders
entitled to cast a majority of the votes which all stockholders present in person or by
proxy are entitled to cast, shall act as chairman, and the Secretary, or, in his or her
absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant
Secretaries, a person appointed by the chairman shall act as secretary. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
12. <U>Conduct of Stockholders Meetings</U>. The order of business and all other matters
of procedure at any meeting of stockholders shall be determined by the chairman of the
meeting. The chairman of the meeting may prescribe such rules, regulations and procedures
and take such action as, in the discretion of such chairman, are appropriate for the
proper conduct of the meeting, including, without limitation, (a) restricting admission
to the time set for the commencement of the meeting; (b) limiting attendance at the
meeting to stockholders of record of the Corporation, their duly authorized proxies or
other such persons as the chairman of the meeting may determine; (c) limiting
participation at the meeting on any matter to stockholders of </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>record of the Corporation entitled
to vote on such matter, their duly authorized proxies or other such persons as the
chairman of the meeting may determine; (d) limiting the time allotted to questions or
comments by participants; (e) maintaining order and security at the meeting; and (f)
recessing or adjourning the meeting to a later date and time and a place announced at the
meeting. Unless otherwise determined by the chairman of the meeting, meetings of
stockholders shall not be required to be held in accordance with the rules of
parliamentary procedure.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
13. <U>Advance Notice of Stockholder Nominees for Director and Other Stockholder Proposals</U>.
(a) <U>Annual Meetings of Stockholders</U>. (1) Nominations of persons for election to the Board
of Directors and the proposal of business to be considered by the stockholders may be
made at an annual meeting of stockholders (i) pursuant to the Corporation&#146;s notice of
meeting, (ii) by or at the direction of the Board of Directors or (iii) by any
stockholder of the Corporation who was a stockholder of record both at the time of giving
of notice provided for in this Section 13(a) and at the time of the annual meeting, who
is entitled to vote at the meeting and who complied with the notice procedures set forth
in this Section 13(a). </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
For nominations or other business to be properly brought before an annual meeting by a
stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 13, the
stockholder must have given timely notice thereof in writing to the Secretary of the
Corporation and such other business must otherwise be a proper matter for action by the
stockholders. To be timely, a stockholder&#146;s notice shall be delivered to the Secretary at
the principal executive offices of the Corporation not less than 90 days nor more than
120 days prior to the first anniversary of the date of mailing of the notice for the
preceding year&#146;s annual meeting; <U>provided</U>, <U>however</U>, that </FONT> </P>



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<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in the event that the date of
mailing of the notice for the annual meeting is advanced or delayed by more than 30 days
from the first anniversary of the date of mailing of the notice for the preceding year&#146;s
annual meeting, notice by the stockholder to be timely must be so delivered not earlier
than the 120th day prior to the date of mailing of the notice for such annual meeting and
not later than the close of business on the later of the 90th day prior to the date of
mailing of the notice for such annual meeting or the tenth day following the day on which
disclosure of the date of mailing of the notice for such meeting is first made. In no
event shall the public announcement of a postponement or adjournment of an annual meeting
commence a new time period for the giving of a stockholder&#146;s notice as described above.
Such stockholder&#146;s notice shall set forth (i) as to each person whom the stockholder
proposes to nominate for election or reelection as a director, (A) the name, age,
business address and residence address of such person, (B) the class and number of shares
of stock of the Corporation that are beneficially owned by such person, (C) all other
information relating to such person that is required to be disclosed in solicitations of
proxies for election of directors in an election contest (even if an election contest is
not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any
successor provision) under the Exchange Act or pursuant to the Investment Company Act and
the rules thereunder (including such person&#146;s written consent to being named in the proxy
statement as a nominee and to serving as a director if elected), and (D) a statement
specifying which of clauses (1)-(7) of the definition of &#147;Relevant Experience and Country
Knowledge&#148; in Article III, Section 3 of the Bylaws the person being nominated satisfies,
information relating to such person sufficient to support a determination that the person
satisfies the specified clause or clauses of the </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>definition and a representation that
the person does not have a &#147;Conflict of Interest&#148; as defined in Article III, Section 3 of
the Bylaws; (ii) as to any other business that the stockholder proposes to bring before
the meeting, a description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest in such
business of such stockholder (including any anticipated benefit to the stockholder
therefrom) and of each beneficial owner, if any, on whose behalf the proposal is made;
and (iii) as to the stockholder giving the notice and each beneficial owner, if any, on
whose behalf the nomination or proposal is made, (x) the name and address of such
stockholder, as they appear on the Corporation&#146;s stock ledgers and a current name and
address, if different, and of such beneficial owner, and (y) the class and number of
shares of each class of stock of the Corporation which are owned beneficially and of
record by such stockholder and owned beneficially by such beneficial owner.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
Notwithstanding anything in this subsection (a) of this Section 13 to the contrary, in
the event the Board of Directors increases or decreases the maximum or minimum number of
directors in accordance with Article III, Section 2 of these Bylaws, and there is no
public announcement of such action at least 100 days prior to the first anniversary of
the date of mailing of the preceding year&#146;s annual meeting, a stockholder&#146;s notice
required by this Section 13(a) shall also be considered timely, but only with respect to
nominees for any new positions created by such increase, if it shall be delivered to the
Secretary at the principal executive offices of the Corporation not later than the close
of business on the tenth day following the day on which such public announcement is first
made by the Corporation. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<U>Special Meetings of Stockholders</U>. Only such business shall be conducted at a special
meeting of stockholders as shall have been brought before the meeting pursuant to the
Corporation&#146;s notice of meeting. Nominations of persons for election to the Board of
Directors may be made at a special meeting of stockholders at which directors are to be
elected (i) pursuant to the Corporation&#146;s notice of meeting, (ii) by or at the direction
of the Board of Directors or (iii) provided that the Board of Directors has determined
that directors shall be elected at such special meeting, by any stockholder of the
Corporation who is a stockholder of record both at the time of giving of notice provided
for in this Section 13 and at the time of the special meeting, who is entitled to vote at
the meeting and who complied with the notice procedures set forth in this Section 13. In
the event the Corporation calls a special meeting of stockholders for the purpose of
electing one or more directors to the Board of Directors, any such stockholder may
nominate a person or persons (as the case may be) for election as a director as specified
in the Corporation&#146;s notice of meeting, if the stockholder&#146;s notice required by paragraph
(a)(2) of this Section 13 shall be delivered to the Secretary at the principal executive
offices of the Corporation not earlier than the 120th day prior to such special meeting
and not later than the close of business on the later of the 90th day prior to such
special meeting or the tenth day following the day on which public announcement is first
made of the date of the special meeting and of the nominees proposed by the Board of
Directors to be elected at such meeting. In no event shall the public announcement of a
postponement or adjournment of a special meeting commence a new time period for the
giving of a stockholder&#146;s notice as described above. </FONT> </P>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
<U>General</U>. (1) Only such persons who are nominated in accordance with the procedures set
forth in this Section 13 and Article III, Section 3 of these Bylaws shall be eligible to
serve as directors and only such business shall be conducted at a meeting of stockholders
as shall have been brought before the meeting in accordance with the procedures set forth
in this Section 13. The chairman of the meeting shall have the power and duty to
determine whether a nomination or any business proposed to be brought before the meeting
was made or proposed, as the case may be, in accordance with the procedures set forth in
this Section 13 and, if any proposed nomination or business is not in compliance with
this Section 13, to declare that such defective nomination or proposal be disregarded. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
For purposes of this Section 13, (a) the &#147;date of mailing of the notice&#148; shall mean the
date of the proxy statement for the solicitation of proxies for election of directors and
(b) &#147;public announcement&#148; shall mean disclosure (i) in a press release reported by the
Dow Jones News Service, Associated Press or comparable news service or (ii) in a document
publicly filed by the Corporation with the Securities and Exchange Commission pursuant to
the Exchange Act or the Investment Company Act. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
Notwithstanding the foregoing provisions of this Section 13, a stockholder shall also
comply with all applicable requirements of state law and of the Exchange Act and the
Investment Company Act and the rules and regulations thereunder with respect to the
matters set forth in this Section 13. Nothing in this Section 13 shall be deemed to
affect any right of stockholders to request inclusion of proposals in, nor the right of
the Corporation to omit a proposal from, the </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporation&#146;s proxy statement
pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
14. <U>Voting by Ballot</U>. Voting on any question or in any election may be viva voce unless
the chairman of the meeting shall order or any stockholder shall demand that voting be by
ballot. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE III </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Board of Directors</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>General Powers</U>. The business and affairs of the Corporation shall be managed
under the direction of its Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Number and Tenure</U>. The number of Directors shall be not less than the minimum number
required from time to time by the Maryland General Corporation Law. Subject to the
minimum number of directors described in the immediately preceding sentence, the number
of directors of the Corporation shall be fixed only by a vote of the Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Qualifications</U>. Directors need not be stockholders. Each Director shall hold
office until the earlier of: (a) the expiration of his term and his or her successor
shall have been elected and qualifies, (b) his or her death, (c) his or her resignation,
or (d) his or her removal. To be eligible for nomination as a director a person must, at
the time of such person&#146;s nomination, (a) have Relevant Experience and Country Knowledge
(as defined below), (b) not have any Conflict of Interest (as defined below) and (c) not
be over 72 years of age; provided that clause (c) shall not apply to any person who was a
Director on October 15, 1999 or to any person whom the Nominating Committee (or in the
absence of such a Committee, the Board of Directors) determines to except from that
clause on the basis that the person&#146;s prior </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>public or government service or
other broad-based activities in the business community make it essential that the
Corporation continue to receive the benefit of the person&#146;s services as a Director. The
determination described in the previous sentence shall be made on or before the time of
nomination. Whether a proposed nominee satisfies the foregoing qualifications shall be
determined by the Nominating Committee or, in the absence of such a Committee, by the
Board of Directors, each in its sole discretion.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the following definitions of Relevant Experience and Country Knowledge and
Conflict of Interest, the term &#147;Specified Country&#148; means any one or more of the following
countries: Czech Republic, Hungary, Germany, Poland or Russia. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Relevant
Experience and Country Knowledge&#148; means experience in business, investment, economic or
political matters of a Specified Country or the United States, through service for 10 of
the past 20 years (except where a shorter period is noted) in one or more of the
following principal occupations: </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>senior
executive officer or partner of a financial or                   industrial business
headquartered in a Specified Country and                   that has annual revenues of at
least the equivalent of US $500                   million, </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>senior
executive officer or partner of a financial or                   industrial business
headquartered in the United States that                   has annual revenues of at least
the equivalent of US $500                   million and whose management responsibilities
include                   supervision of business operations in a Specified Country or
                  other European country, </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>director
(or the equivalent) for 5 of the past 10 years of one                   or more
investment businesses or vehicles (including this                   Corporation) a
principal focus of which is investment in one                   or more Specified
Countries and that have at least the                   equivalent of US $250 million in
combined total assets of                   their own, </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (4)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>senior
executive officer or partner of an investment                   management business
having at least the equivalent of US $500                   million in securities of
companies in one or more Specified                   Counties or securities </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
principally
traded in one or more                   Specified Countries under discretionary
management for others,  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (5)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>senior
executive officer or partner of a business consulting,                   accounting or
law firm having at least 100 professionals and                   whose principal
responsibility involves or involved providing                   services involving
matters relating to a Specified Country or                   other European country for
financial or industrial businesses,                   investment businesses or vehicles
or investment management                   businesses as described in (1) - (4) above, </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (6)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>senior
official (including ambassador or minister) (i) in the                   national
government, a government agency or the central bank                   of a Specified
Country or the United States, (ii) in a major                   supranational agency or
organization of which a Specified                   Country or the United States is a
member, or (iii) in a                   leading international trade organization relating
to a                   Specified Country or the United States, in each case in the
                  area of finance, economics, trade or foreign relations, or </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (7)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>current
director or senior officer (without regard to years of                   service) of an
investment manager or adviser of the                   Corporation, or of any entity
controlling or under common                   control with an investment manager or
adviser of the                   Corporation. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of clauses (1)-(5) of
the preceding sentence and clauses (1)-(2) of the next paragraph, the term &#147;financial or
industrial business&#148; includes a financial or industrial business unit within a larger
enterprise; the term &#147;investment businesses or vehicles&#148; includes an investment business
unit or investment vehicle within a larger enterprise; the term &#147;investment management
business&#148; includes an investment management business unit within a larger enterprise; and
the term &#147;investment vehicle&#148; includes an investment vehicle within a larger enterprise;
but in each case only to the extent the unit satisfies the revenue, asset and other
requirements specified for the business or vehicle in clauses (1)-(5) of the preceding
sentence or clauses (1)-(2) of the next paragraph. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Conflict
of Interest&#148; means the presence of a conflict with the interests of the Corporation or
its operations through any of the following: </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>current
position (a) as a director, officer, partner or                   employee of another
investment vehicle a significant (i.e.,                   25% or more of total </FONT></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
assets)
focus of which is securities of                   companies in one or more Specified
Countries or securities                   principally traded in markets of one or more
Specified                   Countries and that does not have the same investment adviser
                  as the Corporation or an investment adviser affiliated with an
                  investment adviser of the Corporation, and (b) having direct
                  and regular responsibilities relating to that investment
                  vehicle,  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>current
position as (a) a director, officer, partner or                   employee of the sponsor
(or equivalent) of an investment                   vehicle described in the previous
point and (b) having direct                   and regular responsibilities relating to
that investment                   vehicle, or </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>current
position as an official of a governmental agency or                   self-regulatory
body having responsibility for regulating the                   Corporation or the
markets in which it proposes to invest. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4. <U>Vacancies</U>. Subject to the provisions of the Investment Company Act, each vacancy on
the Board of Directors of the Corporation may be filled only by the affirmative vote of a
majority of the remaining directors in office, even if the remaining directors do not
constitute a quorum. Any director elected to fill a vacancy shall hold office for the
remainder of the full term of the class of directors in which the vacancy occurred and
until a successor is elected and qualifies. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5. <U>Place of Meeting</U>. The Directors may hold their meetings, have one or more offices, and
keep the books of the Corporation at any office or offices of the Corporation or at any
other place as they may from time to time by resolution determine, or in the case of
meetings, as they may from time to time by resolution determine or as shall be specified
or fixed in the respective notices or waivers of notice thereof. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6. <U>Annual and Regular Meetings</U>. The annual meeting of the Board of Directors shall be
held as soon as practicable after the annual meeting of the stockholders. The Board of
Directors may provide, by resolution, the time and place, either within or without the
State of Maryland, for the holding of regular meetings of the Board of Directors without
other notice than such resolution. </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7. <U>Special Meetings</U>. Special meetings of the Board of Directors may be called by the
Chairman of the Board, the Chief Executive Officer, the President, the Secretary or two
or more Directors who are then appointed to the Executive Committee. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8. <U>Notice</U>. Notice of any special meeting of the Board of Directors shall be delivered
personally or by telephone, facsimile transmission, United States mail or courier to each
Director at his business or residence address. Notice by personal delivery, by telephone
or a facsimile transmission shall be given at least two days prior to the meeting. Notice
by mail shall be given at least five days prior to the meeting and shall be deemed to be
given when deposited in the United States mail properly addressed, with postage thereon
prepaid. Telephone notice shall be deemed to be given when the Director is personally
given such notice in a telephone call to which he or she is a party. Facsimile
transmission notice shall be deemed to be given upon completion of the transmission of
the message to the number given to the Corporation by the Director and receipt of a
completed answer-back indicating receipt. Neither the business to be transacted at, nor
the purpose of, any annual, regular or special meeting of the Board of Directors need be
stated in the notice, unless specifically required by statute or these Bylaws. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9. <U>Quorum and Voting</U>. A majority of the Board of Directors then in office shall
constitute a quorum for the transaction of business, provided that, if less than a
majority of such Directors are present at said meeting, a majority of the Directors
present may adjourn the meeting from time to time without further notice, and provided
further that if, pursuant to the charter of the Corporation or these Bylaws, the vote of
a majority of a particular group of Directors is required for action, </FONT> </P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a quorum must also include a
majority of such group. The action of the majority of the Directors present at any
meeting at which a quorum is present shall be the action of the Board of Directors,
unless the concurrence of a greater proportion is required for such action by applicable
statute.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10. <U>Telephone Meetings</U>. Directors may participate in a meeting by means of a conference
telephone or similar communications equipment if all persons participating in the meeting
can hear each other at the same time; provided that no such meeting by conference
telephone or similar communications equipment may be held for the purpose of voting to
approve or continue any investment advisory contract pursuant to Section 15 of the
Investment Company Act. Participation in a meeting by these means constitutes presence in
person at the meeting. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11. <U>Informal Action by the Board of Directors</U>. Any action required or permitted to be
taken at any meeting of the Board of Directors may be taken without a meeting, if a
written consent to such action is signed by each Director and such written consent is
filed with the minutes of the proceedings of the Board or such committee; provided that
no such action by written consent may be taken to approve or continue an investment
advisory contract pursuant to Section 15 of the Investment Company Act. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
12. <U>Compensation of Directors</U>. Directors shall be entitled to receive such compensation
from the Corporation for their services as may from time to time be voted by the Board of
Directors. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IV </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Committees</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Number, Tenure and Qualifications</U>. The Board of Directors may appoint from among its
members an Audit Committee and other committees, composed of one or more Directors, to
serve at the pleasure of the Board of Directors. The Board of Directors may appoint from
among its members an Executive Committee composed of two or more Directors, to serve at
the pleasure of the Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Powers</U>. The Board of Directors may delegate to committees appointed under Section 1 of
this Article any of the powers of the Board of Directors, except as prohibited by law. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Meetings</U>. Notice of committee meetings shall be given in the same manner as notice for
special meetings of the Board of Directors. Any two members of the committee shall
constitute a quorum for the transaction of business at any meeting of the committee. The
act of a majority of the committee members present at a meeting shall be the act of such
committee. The Board of Directors may designate a chairman of any committee, and such
chairman or any two members of any committee (if there are at least two members of the
committee) may fix the time and place of its meeting unless the Board shall otherwise
provide. In the absence of any member of any such committee, the members thereof present
at any meeting, whether or not they constitute a quorum, may appoint another Director to
act in the place of such absent member. Each committee shall keep minutes of its
proceedings. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4. <U>Telephone Meetings</U>. Members of a committee of the Board of Directors may
participate in a meeting by means of a conference telephone or similar</FONT></P>

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<P> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">communications
equipment if all persons participating in the meeting can hear each other at the same
time; <U>provided </U>that no such meeting by conference telephone or similar communications equipment may be held
for the purpose of voting to approve or continue any investment advisory contract
pursuant to Section 15 of the Investment Company Act. Participation in a meeting by these
means constitutes presence in person at the meeting. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5. <U>Informal Action by Committees</U>. Any action required or permitted to be taken at any
meeting of a committee of the Board of Directors may be taken without a meeting, if a
consent in writing to such action is signed by each member of the committee and such
written consent is filed with the minutes of proceedings of such committee; provided that
no such action by written consent may be taken to approve or continue an investment
advisory contract pursuant to Section 15 of the Investment Company Act. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6. <U>Vacancies</U>. Subject to the provisions hereof, the Board of Directors shall have the
power at any time to change the membership of any committee, to fill all vacancies, to
designate alternate members to replace any absent or disqualified member or to dissolve
any such committee. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE V </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Officers</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>General Provisions</U>. The officers of the Corporation shall include a Chief Executive
Officer, a President, a Secretary and a Treasurer and may include a Chairman of the
Board, a Vice Chairman of the Board, one or more Vice Presidents, a Chief Operating
Officer, a Chief Financial Officer, one or more Assistant Secretaries and one or more
Assistant Treasurers. In addition, the Board of </FONT> </P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors may from time to time
appoint such other officers with such powers and duties as they shall deem necessary or
desirable. The officers of the Corporation shall be elected annually by the Board of
Directors at the first meeting of the Board of Directors held after each annual meeting
of stockholders, except that the Chief Executive Officer may appoint one or more Vice
Presidents, Assistant Secretaries and Assistant Treasurers. If the election of officers
shall not be held at such meeting, such election shall be held as soon thereafter as may
be convenient. Each officer shall hold office until his or her successor is elected and
qualifies or until his or her death, resignation or removal in the manner hereinafter
provided. Any two or more offices except President and Vice President may be held by the
same person. In its discretion, the Board of Directors may leave unfilled any office
except that of President, Treasurer and Secretary. Election of an officer or agent shall
not of itself create contract rights between the Corporation and such officer or agent.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Removal and Resignation</U>. Any officer or agent of the Corporation may be removed by the
Board of Directors if in its judgment the best interests of the Corporation would be
served thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed. Any officer of the Corporation may resign at any time by
giving written notice of his or her resignation to the Board of Directors, the Chairman
of the Board, the President or the Secretary. Any resignation shall take effect at any
time subsequent to the time specified therein or, if the time when it shall become
effective is not specified therein, immediately upon its receipt. The acceptance of a
resignation shall not be necessary to make it effective unless otherwise stated in the
resignation. Such resignation shall be without prejudice to the contract rights, if any,
of the Corporation. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Vacancies</U>. A vacancy in any office may be filled by the Board of Directors for
the balance of the term. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4. <U>Chairman of the Board</U>. The Board of Directors shall designate a Chairman of the Board.
The Chairman of the Board shall preside over the meetings of the Board of Directors and
of the stockholders at which he or she shall be present. The Chairman of the Board shall
perform such other duties as may be assigned to him or her by the Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5. <U>Chief Executive Officer</U>. The Board of Directors may designate a Chief Executive
Officer. In the absence of such designation, the Chairman of the Board shall be the Chief
Executive Officer of the Corporation. The Chief Executive Officer shall have general
responsibility for implementation of the policies of the Corporation, as determined by
the Board of Directors, and for the management of the business and affairs of the
Corporation. He or she may execute any deed, mortgage, bond, contract or other
instrument, except in cases where the execution thereof shall be expressly delegated by
the Board of Directors or by these Bylaws to some other officer or agent of the
Corporation or shall be required by law to be otherwise executed. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6. <U>President</U>. The President shall have the responsibilities and duties as set forth by
the Board of Directors or, in the event that the offices of Chief Executive Officer and
President are not held by the same person, the Chief Executive Officer. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7. <U>Chief Operating Officer</U>. The Board of Directors may designate a Chief Operating
Officer. The Chief Operating Officer shall have the </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>responsibilities and duties as set
forth by the Board of Directors or the Chief Executive Officer.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8. <U>Chief Financial Officer</U>. The Board of Directors may designate a Chief
Financial Officer. The Chief Financial Officer shall have the responsibilities and
duties as set forth by the Board of Directors or the Chief Executive Officer. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9. <U>Vice Presidents</U>. In the absence of the Chief Executive Officer and the President or in
the event of a vacancy in such office, the Vice President (or in the event there be more
than one Vice President, the Vice Presidents in the order designated at the time of their
election or, in the absence of any designation, then in the order of their election)
shall perform the duties of the Chief Executive Officer and the President and when so
acting shall have all the powers of and be subject to all the restrictions upon the Chief
Executive Officer and the President; and shall perform such other duties as from time to
time may be assigned to him by the President or by the Board of Directors. The Board of
Directors or the Chief Executive Officer may designate one or more Vice Presidents as
executive Vice President or as Vice President for particular areas of responsibility. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10. <U>Secretary</U>. The Secretary shall (a) keep the minutes of the proceedings of the
stockholders, the Board of Directors and committees of the Board of Directors in one or
more books provided for that purpose; (b) see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c) be custodian of
the corporate records and of the seal of the Corporation; (d) keep a register of the post
office address of each stockholder which shall be furnished to the Secretary by such
stockholder; (e) have general charge of the share transfer books of the Corporation; and
(f) in general perform such other duties as from time to </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>time may be assigned to him by the
Chief Executive Officer, the President or by the Board of Directors.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11. <U>Treasurer</U>. The Treasurer shall have the custody of the funds and securities of the
Corporation and shall keep full and accurate accounts of receipts and disbursements in
books belonging to the Corporation and shall deposit all moneys and other valuable
effects in the name and to the credit of the Corporation in such depositories as may be
designated by the Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of
Directors, taking proper vouchers for such disbursements, and shall render to the
President and Board of Directors, at the regular meetings of the Board of Directors or
whenever it may so require, an account of all his or her transactions as Treasurer and of
the financial condition of the Corporation. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
required by the Board of Directors, the Treasurer shall give the Corporation a bond in
such sum and with such surety or sureties as shall be satisfactory to the Board of
Directors for the faithful performance of the duties of his or her office and for the
restoration to the Corporation, in case of his or her death, resignation, retirement or
removal from office, of all books, papers, vouchers, moneys and other property of
whatever kind in his or her possession or under his or her control belonging to the
Corporation. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
12. <U>Assistant Secretaries and Assistant Treasurers</U>. The Assistant Secretaries and
Assistant Treasurers, in general, shall perform such duties as shall be assigned to them
by the Secretary or Treasurer, respectively, or by the Chief Executive Officer or the
Board of Directors. The Assistant Treasurers shall, if required by the Board of
Directors, give bonds for the faithful performance of their </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>duties in such sums and with such
surety or sureties as shall be satisfactory to the Board of Directors.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
13. <u>Salaries</u>. The salaries and other compensation of the officers shall be fixed from
time to time by the Board of Directors and no officer shall be prevented from receiving
such salary or other compensation by reason of the fact that he or she is also a director. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VI </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Contracts, Loans,
Checks and Deposits</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Contracts</U>. The Board of Directors may authorize any officer or agent to enter into any
contract or to execute and deliver any instrument in the name of and on behalf of the
Corporation and such authority may be general or confined to specific instances. Any
agreement, deed, mortgage, lease or other document executed by one or more of the
directors or by an authorized person shall be valid and binding upon the Board of
Directors and upon the Corporation when authorized or ratified by action of the Board of
Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Checks and Drafts</U>. All checks, drafts or other orders for the payment of money, notes
or other evidences of indebtedness issued in the name of the Corporation shall be signed
by such officer or agent of the Corporation in such manner as shall from time to time be
determined by the Board of Directors. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Deposits</U>. All funds of the Corporation not otherwise employed shall be deposited from
time to time to the credit of the Corporation in such banks, trust companies or other
depositories as the Board of Directors may designate. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VII </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Stock</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Certificates for Shares</U>. Each stockholder shall be entitled to a certificate or
certificates which shall represent and certify the number of shares of each class of
stock held by him in the Corporation. Each certificate shall be signed by the Chief
Executive Officer, the President or a Vice President and countersigned by the Secretary
or an Assistant Secretary or the Treasurer or an Assistant Treasurer and may be sealed
with the seal, if any, of the Corporation. The signatures may be either manual or
facsimile. Certificates shall be consecutively numbered; and if the Corporation shall,
from time to time, issue several classes of stock, each class may have its own number
series. A certificate is valid and may be issued whether or not an officer who signed it
is still an officer when it is issued. Each certificate representing shares which are
restricted as to their transferability or voting powers, which are preferred or limited
as to their dividends or as to their allocable portion of the assets upon liquidation or
which are redeemable at the option of the Corporation, shall have a statement of such
restriction, limitation, preference or redemption provision, or a summary thereof,
plainly stated on the certificate. If the Corporation has authority to issue stock of
more than one class, the certificate shall contain on the face or back a full statement
or summary of the designations and any preferences, conversion and other rights, voting
powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption of each class of stock and, if the Corporation is
authorized to issue any preferred or special class in series, the differences in the
relative rights and preferences between the shares of each series to the extent they have
been set and the authority of the Board of </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors to set the relative rights
and preferences of subsequent series. In lieu of such statement or summary, the
certificate may state that the Corporation will furnish a full statement of such
information to any stockholder upon request and without charge. If any class of stock is
restricted by the Corporation as to transferability, the certificate shall contain a full
statement of the restriction or state that the Corporation will furnish information about
the restrictions to the stockholder on request and without charge. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Transfers of Shares</U>. Shares of the Corporation shall be transferable on the books of
the Corporation by the holder thereof in person or by the person&#146;s duly authorized
attorney or legal representative, upon surrender and cancellation of certificates, if
any, for the same number of shares, duly endorsed or accompanied by proper instruments of
assignment and transfer, with such proof of the authenticity of the signature as the
Corporation or its agents may reasonably require; in the case of shares not represented
by certificates, the same or similar requirements may be imposed by the Board of
Directors. The Corporation shall be entitled to treat the holder of record of any share
of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize
any equitable or other claim to or interest in such share or on the part of any other
person, whether or not it shall have express or other notice thereof, except as otherwise
provided by the laws of the State of Maryland. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, transfers of shares of any class of stock will be subject in all respects
to the charter of the Corporation and all of the terms and conditions contained therein. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3. <U>Stock Ledgers</U>. An original or duplicate stock ledger of the Corporation, containing
the names and addresses of the stockholders and the number of shares held by them
respectively, shall be maintained at the principal offices of the Corporation or, if the
Corporation employs a Transfer Agent, at the offices of the Transfer Agent of the
Corporation. </FONT> </P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4. <u>Lost, Stolen or Destroyed Certificates</u>. Any officer designated by the Board of
Directors may direct a new certificate to be issued in place of any certificate
previously issued by the Corporation alleged to have been lost, stolen or destroyed upon
the making of an affidavit of that fact by the person claiming the certificate to be
lost, stolen or destroyed. When authorizing the issuance of a new certificate, an officer
designated by the Board of Directors may, in his or her discretion and as a condition
precedent to the issuance thereof, require the owner of such lost, stolen or destroyed
certificate or the owner&#146;s legal representative to advertise the same in such manner as
he or she shall require and/or to give bond, with sufficient surety, to the Corporation
to indemnify it against any loss or claim which may arise as a result of the issuance of
a new certificate. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5. <u>Closing of Transfer Books or Fixing of Record Date</u>. The Board of Directors may set, in
advance, a record date for the purpose of determining stockholders entitled to notice of
or to vote at any meeting of stockholders or determining stockholders entitled to receive
payment of any dividend or the allotment of any other rights, or in order to make a
determination of stockholders for any other proper purpose. Such date, in any case, shall
not be prior to the close of business on the day the record date is fixed and shall be
not more than 90 days and, in the case of a meeting of stockholders, not less than ten
days, before the date on which the </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>meeting or particular action
requiring such determination of stockholders of record is to be held or taken.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
lieu of fixing a record date, the Board of Directors may provide that the stock transfer
books shall be closed for a stated period but not longer than 20 days. If the stock
transfer books are closed for the purpose of determining stockholders entitled to notice
of or to vote at a meeting of stockholders, such books shall be closed for at least ten
days before the date of such meeting. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
no record date is fixed and the stock transfer books are not closed for the determination
of stockholders, (a) the record date for the determination of stockholders entitled to
notice of or to vote at a meeting of stockholders shall be at the close of business on
the day on which the notice of meeting is mailed or the 30th day before the meeting,
whichever is the closer date to the meeting, and (b) the record date for the
determination of stockholders entitled to receive payment of a dividend or an allotment
of any other rights shall be the close of business on the day on which the resolution of
the directors, declaring the dividend or allotment of rights, is adopted. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a determination of stockholders entitled to vote at any meeting of stockholders has been
made as provided in this section, such determination shall apply to any adjournment
thereof, except when (i) the determination has been made through the closing of the
transfer books and the stated period of closing has expired or (ii) the meeting is
adjourned to a date more than 120 days after the record date fixed for the original
meeting, in either of which case a new record date shall be determined as set forth
herein. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6. <U>Fractional Stock; Issuance of Units</U>. The Board of Directors may issue fractional stock
or provide for the issuance of scrip, all on such terms and </FONT> </P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>under such conditions as they may
determine. Notwithstanding any other provision of the charter or these Bylaws, the Board
of Directors may issue units consisting of different securities of the Corporation. Any
security issued in a unit shall have the same characteristics as any identical securities
issued by the Corporation, except that the Board of Directors may provide that for a
specified period securities of the Corporation issued in such unit may be transferred on
the books of the Corporation only in such unit.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE VIII </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Corporate Seal</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>In General</U>. The Board of Directors may provide for a suitable corporate seal,
in such form and bearing such inscriptions as it may determine. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Affixing Seal</U>. Whenever the Corporation is permitted or required to affix its seal to
a document, it shall be sufficient to meet the requirements of any law, rule or
regulation relating to a seal to place the word &#147;(SEAL)&#148; adjacent to the signature of the
person authorized to execute the document on behalf of the Corporation. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE IX </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Fiscal Year</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall have the power, from time to time, to fix the fiscal year of the
Corporation by a duly adopted resolution. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE X </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Distributions</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>Authorization</U>. Dividends and other distributions upon the stock of the
Corporation may be authorized by the Board of Directors, subject to the provisions of law
and the charter of the Corporation. Dividends and other distributions may be paid in
cash, property or stock of the Corporation, subject to the provisions of law and the
charter. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Contingencies</U>. Before payment of any dividends or other distributions, there may be
set aside out of any assets of the Corporation available for dividends or other
distributions such sum or sums as the Board of Directors may from time to time, in its
absolute discretion, think proper as a reserve fund for contingencies, for equalizing
dividends or other distributions, for repairing or maintaining any property of the
Corporation or for such other purpose as the Board of Directors shall determine to be in
the best interest of the Corporation, and the Board of Directors may modify or abolish
any such reserve in the manner in which it was created. </FONT> </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE XI </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Waiver of Notice</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
any notice is required to be given pursuant to the charter of the Corporation or these
Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person
or persons entitled to such notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving of such notice. Neither the business to be
transacted at nor the purpose of any meeting need be set forth in the waiver of notice,
unless specifically required by statute. The attendance </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of any person at any meeting shall
constitute a waiver of notice of such meeting, except where such person attends a meeting
for the express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE XII </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Indemnification</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall indemnify to the fullest extent permitted by law (including the
Investment Company Act) as currently in effect or as the same may hereafter be amended,
any person made or threatened to be made a party to any action, suit or proceeding,
whether criminal, civil, administrative or investigative, by reason of the fact that such
person or such person&#146;s testator or intestate is or was a director or officer of the
Corporation or serves or served at the request of the Corporation any other enterprise as
a director or officer. To the fullest extent permitted by law (including the Investment
Company Act) as currently in effect or as the same may hereafter be amended, expenses
incurred by any such person in defending any such action, suit or proceeding shall be
paid or reimbursed by the Corporation promptly upon receipt by it of an undertaking of
such person to repay such expenses if it shall ultimately be determined that such person
is not entitled to be indemnified by the Corporation. The rights provided to any person
by this Article XII shall be enforceable against the Corporation by such person who shall
be presumed to have relied upon it in serving or continuing to serve as a director or
officer as provided above. No amendment of this Article XII shall impair the rights of
any person arising at any time with respect to events occurring prior to such amendment.
For purposes of this Article XII, the term &#147;Corporation&#148; shall include any predecessor </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of the Corporation and any
constituent corporation (including any constituent of a constituent) absorbed by the
Corporation in a consolidation or merger; the term &#147;other enterprise&#148; shall include any
corporation, partnership, joint venture, trust or employee benefit plan; service &#147;at the
request of the Corporation&#148; shall include service as a director or officer of the
Corporation which imposes duties on, or involves services by, such director or officer
with respect to an employee benefit plan, its participants or beneficiaries; any excise
taxes assessed on a person with respect to an employee benefit plan shall be deemed to be
indemnifiable expenses; and action by a person with respect to any employee benefit plan
which such person reasonably believes to be in the interest of the participants and
beneficiaries of such plan shall be deemed to be action not opposed to the best interests
of the Corporation.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE XIII </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Custodian</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1. <U>In General</U>. The Corporation shall have as custodian or custodians (including any
sub-custodian) one or more trust companies or banks of good standing which shall conform
to the requirements of Section 17(f) of the Investment Company Act and the rules
promulgated thereunder. To the extent required by the Investment Company Act and the
rules promulgated thereunder, the funds and securities held by the Corporation shall be
kept in the custody of one or more such custodians (and any sub-custodian), provided such
custodian or custodians (and any sub-custodian) can be found ready and willing to act. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2. <U>Resignation, Change or Inability to Serve</U>. The Corporation shall upon the resignation,
change or inability to serve of its custodian (and any sub-custodian): </FONT> </P>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
     in case of such resignation or inability to serve, use its best efforts to
         obtain a successor custodian; </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
    require that the cash and securities owned by the Corporation be          delivered
directly to the successor custodian; and </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
   in the event that no successor custodian can be found, submit to the
         stockholders before permitting delivery of the cash and securities
         owned by the Corporation otherwise than to a successor custodian, the
         question whether or not this Corporation shall be liquidated or shall
         function without a custodian. </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE XIV </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Amendment of Bylaws</U> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bylaws of the Corporation may be altered, amended, added to or repealed by a majority
vote of the entire Board of Directors; the power to alter, amend, add to or repeal the
Bylaws is vested exclusively in the Board of Directors. </FONT></P>



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