<SUBMISSION>
<ACCESSION-NUMBER>0001104659-06-069912
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20061026
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20061031
<DATE-OF-FILING-DATE-CHANGE>20061031
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>REGIS CORP
<CIK>0000716643
<ASSIGNED-SIC>7200
<IRS-NUMBER>410749934
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12725
<FILM-NUMBER>061175391
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>7201 METRO BLVD
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55439
<PHONE>6129477000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>7201 METRO BLVD
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55439
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a06-23025_18k.htm
<DESCRIPTION>CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
<TEXT>
<html>

<head>






</head>

<body lang="EN-US" style=" text-justify-trim:punctuation">

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
D.C. 20549</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
8-K</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
to section 13 or 15(d) of the</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities
Exchange Act of 1934</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
(Date of earliest event reported): <b>October
26, 2006</b></font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">REGIS
CORPORATION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
as specified in its charter)</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.9%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Minnesota</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-12725</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.12%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">41-0749934</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.9%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.12%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
  Identification No)</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7201
Metro Boulevard</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Minneapolis,
MN 55439</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
principal executive offices and zip code)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(952)
947-7000</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
telephone number, including area code)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Not
applicable)</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or
former address, if changed from last report.)</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</p>


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

<!-- SEQ.=1,FOLIO='',FILE='C:\Fc\304231142567_P66472CHE_1445259\23025-1-ba-01.htm',USER='jmsproofassembler',CD='Oct 31 23:11 2006' -->



<br clear="all" style="page-break-before:always;">

<div>
 <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 78.5pt;text-autospace:none;text-indent:-78.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
5.03</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS;
CHANGE IN FISCAL YEAR.</b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October 26, 2006, the Board of Directors of the
Company approved and adopted amendments to the Company&#146;s By-Laws in order to
add Article II, Section 8, which specifies certain notice requirements for
shareholder business and director nominations to be proposed at annual or
special meetings of shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The foregoing description of the amendments to the Company&#146;s By-Laws is
only a summary and is qualified by reference to the full text of the Company&#146;s
By-Laws, as amended, which amended By-Laws are attached as Exhibit 3.1 to this
Form 8-K and incorporated herein by reference</font>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.01</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FINANCIAL
STATEMENTS AND EXHIBITS.</b></p>

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

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.74%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit<br>
  Number</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:90.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:7.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-Laws of Regis Corporation (as amended effective
  October 26, 2006)</font></p>
  </td>
 </tr>
</table>

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


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

<!-- SEQ.=1,FOLIO='2',FILE='C:\Fc\304225220790_P66472CHE_1445259\23025-1-ba-03.htm',USER='jmsproofassembler',CD='Oct 31 22:52 2006' -->
<br clear="all" style="page-break-before:always;">
 <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"></p>


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

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

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities and Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGIS CORPORATION</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: October 31, 2006</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Eric A. Bakken</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:42.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Eric A. Bakken</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Secretary</font></p>
  </td>
 </tr>
</table>


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

<!-- SEQ.=1,FOLIO='3',FILE='C:\Fc\304225220790_P66472CHE_1445259\23025-1-ba-03.htm',USER='jmsproofassembler',CD='Oct 31 22:52 2006' -->
<br clear="all" style="page-break-before:always;">
 <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"></p>


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.58%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit<br>
  Number</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:87.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:87.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-Laws of Regis Corporation (as amended effective
  October 26, 2006)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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

<!-- SEQ.=1,FOLIO='4',FILE='C:\Fc\304225220790_P66472CHE_1445259\23025-1-ba-03.htm',USER='jmsproofassembler',CD='Oct 31 22:52 2006' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a06-23025_1ex3d1.htm
<DESCRIPTION>EX-3
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

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

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

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

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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGIS
CORPORATION</font></b></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Principal Executive Office</u>.&#160; The principal executive office of the
corporation shall be in the City of Edina, County of Hennepin, Minnesota.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registered Office</u>.&#160; The location and address of the registered
office of the corporation is 7201 Metro Boulevard, Minneapolis, Minnesota. The
registered office need not be identical with the principal executive office of
the corporation and may be changed from time to time by the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Offices</u>.&#160; The corporation may have other offices at
such places within and without the State of Minnesota as the Board of Directors
may determine from time to time.</font></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Place of Meeting</u>.&#160; All meetings of the shareholders of this
corporation shall be held at its principal executive office unless some other
place for any such meeting within or without the State of Minnesota is
designated by the Board of Directors in the notice of meeting. Any regular or
special meeting of the shareholders of the corporation called by or held
pursuant to a written demand of shareholders shall be held in the county where
the principal executive office of the corporation is located.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Regular Meetings</u>.&#160; Regular meetings of the shareholders of this
corporation may be held at the discretion of the Board of Directors on an
annual basis on such dates and at such times and places as may be designated by
the Board of Directors in the notices of meeting. At regular meetings the
shareholders shall elect a Board of Directors and transact such other business
as may be appropriate for action by shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Meetings</u>.&#160; Special meetings of the shareholders, for any
purpose or purposes appropriate for action by shareholders, may be called by
the chief executive officer, by the acting chief executive officer in the
absence of the chief executive officer, by the chief financial officer, or by
the Board of Directors or any four or more members thereof. Such meeting shall
be held on such date and at such time and place as shall be fixed by the person
or persons calling the meeting and designated in the notice of meeting.
Business transacted at any special meeting of shareholders shall be limited to the
purpose or purposes stated in the notice of meeting.</font></p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\Fc\304224713338_P66472CHE_1445259\23025-1-ke-01.htm',USER='jmsproofassembler',CD='Oct 31 22:47 2006' -->



<br clear="all" style="page-break-before:always;">

<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Meetings</u>.&#160; Except where a meeting of shareholders is an
adjourned meeting and the date, time, and place of such meeting were announced
at the time of adjournment, notice of all meetings of shareholders stating the
date, time, and place thereof, and any other information required by law or
desired by the Board of Directors or by such other person or persons calling
the meeting, and in the case of special meetings, the purpose thereof, shall be
given to each shareholder of record entitled to vote at such meeting not less
than ten (10) nor more than sixty (60) days prior to the date of such meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices of meeting shall
be given to each shareholder entitled thereto by oral communication, by mailing
a copy thereof to such shareholder at an address designated by such shareholder
or to the last known address of such shareholder, by handing a copy thereof to
such shareholder, or by any other delivery that conforms to law. Notice by mail
shall be deemed given when deposited in the United States mail with sufficient
postage affixed. Notice shall be deemed received when it is given.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Record Date</u>.&#160; For the purpose of determining shareholders
entitled to notice of and to vote at any meeting of shareholders or any
adjournment thereof, or shareholders entitled to receive payment of any
dividend, or in order to make a determination of shareholders for any other
proper purpose, the Board of Directors of the corporation may, but need not,
fix a date as the record date for any such determination of shareholders, which
record date, however, shall in no event be more than sixty (60) days prior to
any such intended action or meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum</u>.&#160; The holders of a majority of the voting power
of all shares of the corporation entitled to vote at a meeting shall constitute
a quorum at a meeting of shareholders for the purpose of taking any action
other than adjourning such meeting. If the holders of a majority of the voting
power of all shares are not represented at a meeting, the shareholders present
in person or by proxy shall constitute a quorum for the sole purpose of
adjourning such meeting, and the holders of a majority of the shares so
represented may adjourn the meeting to such date, time, and place as they shall
announce at the time of adjournment. Any business that might have been
transacted at the adjourned meeting had a quorum been present, may be
transacted at the meeting held pursuant to such an adjournment and at which a
quorum shall be represented. If a quorum is present when a duly called or held
meeting is convened, the shareholders present may continue to transact business
until adjournment, even though the withdrawal of a number of shareholders
originally represented leaves less than the number otherwise required for a
quorum.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting and Proxies</u>.&#160; At each meeting of the shareholders every
shareholder shall be entitled to one vote in person or by proxy for each share
of capital stock held by such shareholder, except as may be otherwise provided
in the Articles of Incorporation or the terms of the share, but no appointment
of a proxy shall be valid for any purpose more than two (2) months after the
date of its execution, unless a longer period is expressly provided in the
appointment. Every appointment of a proxy shall be in writing (which shall
include telegraphing, cabling, or facsimile transmission), and shall be filed
with the Secretary of the corporation before or at the meeting at which the
appointment is to be effective. An appointment of a proxy for shares held jointly
by two or more shareholders shall be valid if signed by any one of them, unless
the Secretary of the corporation receives from any one of such shareholders
written notice either denying the authority of another of such shareholders to
appoint a proxy or appointing a</font></p>


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

<!-- SEQ.=1,FOLIO='2',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">different proxy. All
questions regarding the qualification of voters, the validity of appointments
of proxies, and the acceptance or rejection of votes shall be decided by the
presiding officer of the meeting. The shareholders shall take action by the
affirmative vote of the holders of a majority of the voting power of the shares
present, in person or represented by proxy, and entitled to vote, except where
a different vote is required by law, the Articles of Incorporation, or these
Bylaws.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Shareholder Business and
Nominations</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Annual Meetings of Shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To be properly brought before an
annual meeting, nominations of persons for election to the Board of Directors
or the proposal of business to be considered by the shareholders must be: (A)
specified in the notice of meeting (or any supplement thereto) given by or at
the direction of the Board of Directors; (B) otherwise properly brought before
the meeting by or at the direction of the Board of Directors; or (C) properly
brought before the meeting by a shareholder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For nominations or other business to
be properly brought before an annual meeting by a shareholder pursuant to
clause (a)(i)(C) of this Section 8, (A) the shareholder must have given timely
notice in writing to the corporation&#146;s Secretary as provided in clause (a)(iii)
of this Section 8; (B) the subject matter thereof must be a matter which is a
proper subject matter for shareholder action at such meeting; (C) the
shareholder&#146;s notice must contain all the information required by clause
(a)(iv) of this Section 8; and (D) the shareholder must be a shareholder of
record of the corporation at the time the notice required by this Section 8 is
delivered to the corporation, must continue to be a shareholder of record of
the corporation through the date of the annual meeting and must be entitled to
vote at the annual meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To be timely, a shareholder&#146;s notice
must be received by the Secretary of the corporation at the principal executive
offices of the corporation not later than the close of business on 90th day,
nor earlier than the close of business on the 120th day, prior to the first
anniversary of the immediately preceding annual meeting of the shareholders;
provided, however, that in the event that the date of an annual meeting is more
than 30 days before or more than 70 days after such anniversary date, notice by
the shareholder must be so delivered not earlier than the close of business on
the 120th day prior to such annual meeting and not later than the close of
business on the later of the 90th day prior to such annual meeting or the 10th
day following the day on which public announcement of the date of such meeting
is first made by the corporation.&#160; In no
event shall the public announcement of an adjournment, rescheduling or
postponement of an annual meeting commence a new time period for the giving of
a shareholder&#146;s notice as described in this Section 8.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such shareholder&#146;s notice to the
Secretary of the corporation shall set forth: (A) (I) as to each person whom
the shareholder proposes to nominate for election as a director (1) the name,
age, business address and residence address of the person, (2) the principal
occupation or employment of the person, (3) the class or series and number of
shares of capital stock of the corporation that are owned beneficially or of
record by the person, (4) any material relationship between the person, on the
one hand, and such shareholder or the beneficial owner,</font></p>


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

<!-- SEQ.=1,FOLIO='3',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if any, on whose behalf
the nomination is made, on the other hand, (5) any other information relating
to such person that is required to be disclosed in a proxy statement or other
filings to be made in connection with solicitations of proxies for election of
directors pursuant to Section 14 under the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;) and the rules and regulations promulgated
thereunder, and (6) any other information as may be required by the corporation
pursuant to any policy of the corporation governing the selection of directors,
and such notice must also be accompanied by a written consent of each proposed
nominee to being named in the proxy statement as a nominee and to serving as a
director if elected; and (II) as to any business that the shareholder proposes
to bring before the annual meeting (1) a brief description of the business
desired to be brought before the annual meeting, (2) the text of the proposal
or business (including the text of any resolutions proposed for consideration
and in the event that such business includes a proposal to amend the Bylaws of
the corporation, the language of the proposed amendment), (3) the reason for
conducting such business at the annual meeting, and (4) any material interest
in such business of such shareholder and the beneficial owner, if any, on whose
behalf the proposal or business is made; and (B) as to the shareholder giving
the notice and the beneficial owner, if any, on whose behalf the nomination or
proposal pursuant to clause (iv)(A)(I) and/or clause (iv)(A)(II) is made (1)
the name and address of such shareholder as they appear on the corporation&#146;s
books, and of such beneficial owner, (2) the class and number of shares of
capital stock of the corporation which are owned beneficially and of record by
such shareholder and such beneficial owner, (3) a representation that the
shareholder is a holder of record of stock of the corporation at the time such
notice is given and will continue to be a holder of record of stock of the
corporation through the date of the meeting, is entitled to vote at such
meeting and intends to appear in person or by proxy at the meeting to propose
such business or nomination, and (4) a representation whether the shareholder
or the beneficial owner, if any, intends or is part of a group which intends
(x) to deliver a proxy statement and/or form of proxy to holders of at least
the percentage of the corporation&#146;s outstanding capital stock required to
approve or adopt the proposal or elect the nominee and/or (y) to solicit
proxies from shareholders in support of such proposal or nomination.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The corporation may require (i) any
proposed nominee to furnish such other information as the corporation may
reasonably require to determine the eligibility of such proposed nominee to
serve as director of the corporation and (ii) a shareholder seeking to bring an
item of business before the annual meeting to promptly provide any other
information reasonably requested by the corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The foregoing notice requirements
shall be deemed satisfied by a shareholder with respect to a shareholder
proposal made pursuant to Rule 14a-8 promulgated under the Exchange Act if the
shareholder has notified the corporation of his or her intention to present a
shareholder proposal at an annual meeting pursuant to and in compliance with
Rule 14a-8 promulgated under the Exchange Act (and in accordance with the SEC&#146;s
then current interpretation of Rule 14a-8 promulgated under the Exchange Act)
and such shareholder&#146;s proposal has been included in a proxy statement that has
been prepared by the corporation to solicit proxies for such annual meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special Meetings of Shareholders.</font></p>


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

<!-- SEQ.=1,FOLIO='4',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At a special meeting of shareholders
(other than a special meeting called by or at the request of a shareholder or
shareholders pursuant to Section 433 of the Minnesota Business Corporation Act
(the &#147;MBCA&#148;)), only such business shall be conducted as shall have been brought
before the meeting pursuant to the corporation&#146;s notice of meeting in respect
of such special meeting.&#160; At a special
meeting of shareholders called by a shareholder or shareholders pursuant to
Section 433 of the MBCA, only such business shall be conducted as shall have
been set forth in the notice of the corporation which shall include the
business as shall have been contained in the notice described in clause (b)(ii)
of this Section 8 and/or as may be specified by the Board of Directors in the
applicable notice of meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any shareholder or shareholders
seeking to call a special meeting of the corporation pursuant to Section 433 of
the MBCA shall provide a notice to the Secretary of the corporation setting
forth the following information, which notice shall accompany the written
notice of demand required under the MBCA: (A) (I) as to each person whom the
shareholder proposes to nominate for election as a director (1) the name, age,
business address and residence address of the person, (2) the principal
occupation or employment of the person, (3) the class or series and number of
shares of capital stock of the corporation that are owned beneficially or of
record by the person, (4) any material relationship between the person, on the
one hand, and such shareholder or the beneficial owner, if any, on whose behalf
the nomination is made, on the other hand, (5) any other information relating
to the person that is required to be disclosed in a proxy statement or other
filings to be made in connection with solicitations of proxies for election of
directors pursuant to Section 14 under the Exchange Act and the rules and regulations
promulgated thereunder, and (6) any other information as may be required by the
corporation pursuant to any policy of the corporation governing the selection
of directors, and such notice must also be accompanied by a written consent of
each proposed nominee to being named in the proxy statement as a nominee and to
serving as a director if elected; and (II) as to any business that the
shareholder proposes to bring before the special meeting (1) a brief
description of the business desired to be brought before the special meeting,
(2) the text of the proposal or business (including the text of any resolutions
proposed for consideration and, in the event that such business includes a
proposal to amend the Bylaws of the corporation, the language of the proposed
amendment), (3) reason for conducting such business at the special meeting, and
(4) any material interest in such business of such shareholder and the
beneficial owner, if any, on whose behalf the proposal or business is made; and
(B) as to the shareholder or shareholders giving the notice and the beneficial
owner, if any, on whose behalf the nomination or proposal pursuant to clause
(ii)(A)(I) and/or clause (ii)(A)(II) is made (1) the name and address of such
shareholder as they appear on the corporation&#146;s books, and of such beneficial
owner, (2) the class and number of shares of capital stock of the corporation
which are owned beneficially and of record by such shareholder and such
beneficial owner, (3) a representation that the shareholder is a holder of
record of stock of the corporation at the time such notice is given and will
continue to be a holder of record of stock of the corporation through the date
of the meeting, is entitled to vote at such meeting and intends to appear in
person or by proxy at the meeting to propose such business or nomination, and
(4) a representation whether the shareholder or the beneficial owner, if any,
intends or is part of a group which intends (x) to deliver a proxy statement
and/or form of proxy to holders of at least the percentage of the corporation&#146;s
outstanding capital stock required to approve or adopt the proposal or elect
the nominee and/or (y) to solicit proxies from shareholders in support of such
proposal or nomination.</font></p>


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

<!-- SEQ.=1,FOLIO='5',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Only such persons who are nominated
in accordance with the procedures set forth in this Section 8 shall be eligible
to be elected at an annual or special meeting of shareholders of the
corporation to serve as directors and only such business shall be conducted at
a meeting of shareholders as shall have been brought before the meeting in
accordance with the procedures set forth in this Section 8.&#160; Except as otherwise provided by law, the
Board of Directors or the chairperson of the meeting shall have the power and
duty (A) 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 8 (including whether
the shareholder or beneficial owner, if any, on whose behalf the nomination or
proposal is made solicited (or is part of a group which solicited) or did not
so solicit, as the case may be, proxies in support of such shareholder&#146;s
nominee or proposed business in compliance with such shareholder&#146;s
representation as required by clauses (a)(iv) and (b)(ii) of this Section 8)
and (B) if any proposed nomination or business was not made or proposed in
compliance with this Section 8, to declare (1) that such nomination shall be
disregarded, (2) that such proposed business shall not be presented before the
meeting or transacted or (3) that such special meeting has not been duly called
in accordance with the applicable provisions of the MBCA and that such notice
is of no force and effect for all purposes under the MBCA and hereunder.&#160; Notwithstanding the foregoing provisions of
this Section 8, unless otherwise required by law, if the shareholder (or a
qualified representative of the shareholder) does not appear at the annual or
special meeting of shareholders of the corporation to present a nomination or
proposed business, such nomination shall be disregarded and such proposed
business shall not be transacted, notwithstanding that proxies in favor of such
vote may have been received by the corporation.&#160;
For purposes of this Section 8, to be considered a qualified
representative of the shareholder, a person must be a duly authorized officer,
manager or partner of such shareholder or must be authorized by a writing
executed by such shareholder or an electronic transmission delivered by such
shareholder to act for such shareholder as proxy at the meeting of shareholders
and such person must produce such writing or electronic transmission, or a
reliable reproduction of the writing or electronic transmission, at the meeting
of shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this Section 8, &#147;public
announcement&#148; shall include disclosure in a press release reported by the Dow
Jones News Service, Associated Press or comparable national news service or in
a document publicly filed by the corporation with the Securities and Exchange
Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing
provisions of this Section 8, a shareholder shall also comply with all
applicable requirements of the Exchange Act and the rules and regulations
thereunder with respect to the matters set forth in this Section 8.</font></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Powers</u>.&#160; The business and affairs of the corporation
shall be managed by or under the direction of its Board of Directors. The
directors may exercise all such</font></p>


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

<!-- SEQ.=1,FOLIO='6',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">powers and do all such
things as may be exercised or done by the corporation, subject to the
provisions of applicable law, the Articles of Incorporation, and these Bylaws.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number, Tenure, and Qualification</u>.&#160; The number of directors which shall
constitute the whole Board of Directors shall be fixed from time to time by
resolution of the Board of Directors. Except as provided in Sections 6 and 7 of
this Article, each director shall be elected at a regular meeting of
shareholders and shall hold office until the next regular meeting of
shareholders and thereafter until a successor is duly elected and qualified,
unless a prior vacancy shall occur by reason of death, resignation, or removal
from office.&#160; Directors shall be natural
persons, but need not be shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Meetings</u>.&#160; Meetings of the Board of Directors shall be
held at such times and places as shall from time to time be determined by the
Board of Directors. Meetings of the Board of Directors also may be called by
the chief executive officer or by the acting chief executive officer in the
absence of the chief executive officer, or by any director, in which case the
person or persons calling such meeting may fix the date, time, and place
thereof, either within or without the State of Minnesota, and shall cause
notice of meeting to be given.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Meetings</u>.&#160; If the date, time, and place of a meeting of
the Board of Directors has been announced at a previous meeting, no notice is
required. In all other cases, three (3) days&#146; notice of meetings of the Board
of Directors, stating the date and time thereof and any other information
required by law or desired by the person or persons calling such meeting, shall
be given to each director. If notice of meeting is required, and such notice
does not state the place of the meeting, such meeting shall be held at the
principal executive office of the corporation. Notice of meetings of the Board
of Directors shall be given to directors in the manner provided in these Bylaws
for giving notice to shareholders of meetings of shareholders.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any director may waive notice of any meeting. A waiver
of notice by a director is effective whether given before, at, or after the
meeting, and whether given orally, in writing, or by attendance. The attendance
of a director at any meeting shall constitute a waiver of notice of such
meeting, unless such director objects at the beginning of the meeting to the
transaction of business on grounds that the meeting is not lawfully called or
convened and does not participate thereafter in the meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum and Voting</u>.&#160; A majority of the directors currently holding
office shall constitute a quorum for the transaction of business at any meeting
of the Board of Directors. In the absence of a quorum, a majority of the
directors present may adjourn the meeting from time to time until a quorum is
present. If a quorum is present when a duly called or held meeting is convened,
the directors present may continue to transact business until adjournment, even
though the withdrawal of a number of directors originally present leaves less
than the number otherwise required for a quorum.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors shall take action by the
affirmative vote of a majority of the directors present at any duly held
meeting, except as to any question upon which any different vote is required by
law, the Articles of Incorporation, or these Bylaws. A director may give
advance written consent or objection to a proposal to be acted upon at a
meeting of the Board of</font></p>


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

<!-- SEQ.=1,FOLIO='7',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors. If the proposal acted on at the meeting is
substantially the same or has substantially the same effect as the proposal to
which the director has consented or objected, such consent or objection shall
be counted as a vote for or against the proposal and shall be recorded in the
minutes of the meeting. Such consent or objection shall not be considered in
determining the existence of a quorum.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacancies and Newly Created
Directorships</u>.&#160; Any vacancy occurring
in the Board of Directors may be filled by the affirmative vote of a majority
of the directors remaining in office, even though said remaining directors be
less than a quorum. Any newly created directorship resulting from an increase
in the authorized number of directors by action of the Board of Directors may
be filled by a majority vote of the directors serving at the time of such
increase. Unless a prior vacancy occurs by reason of death, resignation, or
removal from office, any director so elected shall hold office until the next
regular meeting of shareholders and until a successor is duly elected and
qualified.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal of Directors</u>.&#160; The entire Board of Directors or any director
or directors may be removed from office, with or without cause, at any special
meeting of the shareholders duly called for that purpose as provided in these
Bylaws, by a vote of the shareholders holding a majority of the shares entitled
to vote at an election of directors. At such meeting, without further notice,
the shareholders may fill any vacancy or vacancies created by such removal as
provided in Section 6 of this Article. Any such vacancy not so filled may be
filled by the directors as provided in Section 6 of this Article. Any director
named by the Board of Directors to fill a vacancy may be removed at any time,
with or without cause, by an affirmative vote of a majority of all remaining
directors (including remaining directors that were elected by the shareholders
and remaining directors elected by the directors without shareholder action
pursuant to Section 6 of this Article), even though said remaining directors be
less than a quorum, if the shareholders have not elected directors in the
interval between the appointment to fill the vacancy and the time of removal.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Committees</u>.&#160; The Board of Directors, by a resolution
approved by the affirmative vote of a majority of the directors then holding
office, may establish one or more committees of one or more persons having the
authority of the Board of Directors in the management of the business of the
corporation to the extent provided in such resolution. Such committees,
however, shall at all times be subject to the direction and control of the
Board of Directors. Committee members shall be appointed by the affirmative
vote of a majority of the directors present. A majority of the members of any
committee shall constitute a quorum for the transaction of business at a
meeting of any such committee. In other matters of procedure the provisions of
these Bylaws shall apply to committees and the members thereof to the same
extent they apply to the Board of Directors and directors, including, without
limitation, the provisions with respect to meetings and notice thereof, absent
members, written actions, and valid acts. Each committee shall keep regular
minutes of its proceedings and report the same to the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Action in Writing</u>.&#160; Any action required or permitted to be taken
at a meeting of the Board of Directors or of a lawfully constituted committee
thereof may be taken by written action signed by all of the directors then in
office or by all of the members of such committee, as the case may be. If the
action does not require shareholder approval, such action</font></p>


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

<!-- SEQ.=1,FOLIO='8',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be effective if signed
by the number of directors or members of such committee that would be required
to take the same action at a meeting at which all directors or committee
members were present. If any written action is taken by less than all
directors, all directors shall be notified immediately of its text and
effective date. The failure to provide such notice, however, shall not
invalidate such written action.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Meeting by Means of Electronic
Communication</u>.&#160; Members of the Board
of Directors of the corporation, or any committee designated by such Board, may
participate in a meeting of such Board or committee by means of conference
telephone or similar means of communication by which all persons participating
in the meeting can simultaneously hear each other. Participation in a meeting
pursuant to this section shall constitute presence in person at such meeting.</font></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number and Qualification</u>.&#160; The officers of the corporation shall consist
of one or more natural persons elected by the Board of Directors exercising the
functions of the offices, however designated, of chief executive officer and
chief financial officer.&#160; The Board of
Directors may also appoint such other officers and assistant officers as it may
deem necessary.&#160; Except as provided in
these Bylaws, the Board of Directors shall fix the powers, duties, and
compensation of all officers.&#160; Officers
may be, but need not be, directors of the corporation.&#160; Any number of offices may be held by the same
person.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term of Office</u>.&#160; An officer shall hold office until a
successor shall have been duly elected, unless prior thereto such officer shall
have resigned or been removed from office as herein provided.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal and Vacancies</u>.&#160; Any officer or agent elected or appointed by
the Board of Directors shall hold office at the pleasure of the Board of
Directors and may be removed, with or without cause, at any time by the vote of
a majority of the Board of Directors. Any vacancy in an office of the
corporation shall be filled by action of the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Executive Officer</u>.&#160; Unless provided otherwise by a resolution
adopted by the Board of Directors, the chief executive officer shall have
general active management of the business of the corporation, in the absence of
the Chairperson of the Board or if the office of Chairperson of the Board is
vacant, shall preside at meetings of the shareholders and Board of Directors,
shall see that all orders and resolutions of the Board of Directors are carried
into effect, shall sign and deliver in the name of the corporation any deeds,
mortgages, bonds, contracts, or other instruments pertaining to the business of
the corporation, except in cases in which the authority to sign and deliver is
required by law to be exercised by another person or is expressly delegated by
the Articles of Incorporation, these Bylaws, or the Board of Directors to some
other officer or agent of the corporation, and shall perform such other duties
as may from time to time be prescribed by the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Financial Officer</u>.&#160; Unless provided otherwise by a resolution
adopted by the Board of Directors, the chief financial officer shall keep
accurate financial</font></p>


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

<!-- SEQ.=1,FOLIO='9',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">records for the
corporation, shall deposit all monies, drafts, and checks in the name of and to
the credit of the corporation in such banks and depositories as the Board of
Directors shall designate from time to time, shall endorse for deposit all
notes, checks, and drafts received by the corporation as ordered by the Board
of Directors, making proper vouchers therefor, shall disburse corporate funds
and issue checks and drafts in the name of the corporation as ordered by the
Board of Directors, shall render to the chief executive officer and the Board
of Directors, whenever requested, an account of all such officer&#146;s transactions
as chief financial officer and of the financial condition of the corporation,
and shall perform such other duties as may be prescribed by the Board of
Directors or the chief executive officer from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chairperson of the Board</u>.&#160; The Board of Directors shall elect a
Chairperson of the Board who, if elected, shall preside at all meetings of the
shareholders and of the Board of Directors and shall perform such other duties
as may be prescribed by the Board of Directors from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>President</u>.&#160; Unless otherwise determined by the Board of
Directors, the President shall be the chief executive officer of the
corporation. If an officer other than the President is designated chief
executive officer, the President shall have such powers and perform such duties
as the Board of Directors or the chief executive officer may prescribe from
time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vice Presidents</u>.&#160; The Vice Presidents shall have such powers
and perform such duties as the chief executive officer or the Board of
Directors may prescribe from time to time. In the absence of the President or
in the event of the President&#146;s death, inability, or refusal to act, the Vice
Presidents in the order designated by the Board of Directors, or, in the
absence of any designation, in the order of their election, shall perform the
duties of the President, and, when so acting, shall have all the powers of and
be subject to all of the restrictions upon the President.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Secretary</u>.&#160; The Secretary shall attend all meetings of
the Board of Directors and of the shareholders and shall maintain records of,
and whenever necessary, certify all proceedings of the Board of Directors and
of the shareholders. The Secretary shall keep the stock books of the
corporation, when so directed by the Board of Directors or other person or
persons authorized to call such meetings, shall give or cause to be given
notice of meetings of the shareholders and of meetings of the Board of
Directors, and shall also perform such other duties and have such other powers
as the chief executive officer or the Board of Directors may prescribe from
time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Treasurer</u>.&#160; The Treasurer shall have such powers and
perform such duties as the chief executive officer or the Board of Directors
may prescribe from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Delegation</u>.&#160; Unless prohibited by a resolution approved by
the affirmative vote of a majority of the directors present, an officer elected
or appointed by the Board of Directors may delegate in writing some or all of
the duties and powers of such person&#146;s office to other persons.</font></p>


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

<!-- SEQ.=1,FOLIO='10',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATES AND
OWNERSHIP OF SHARES</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificates</u>.&#160; All shares of the corporation shall be
represented by certificates. Each certificate shall contain on its face (a) the
name of the corporation, (b) a statement that the corporation is incorporated
under the laws of the State of Minnesota, (c) the name of the person to whom it
is issued, and (d) the number and class of shares, and the designation of the
series, if any, that the certificate represents. Certificates shall also
contain any other information required by law or desired by the Board of
Directors, and shall be in such form as shall be determined by the Board of
Directors. If a certificate is signed (1) by a transfer agent or an assistant
transfer agent or (2) by a transfer clerk acting on behalf of the corporation
and a registrar, the signature of any officer of the corporation may be a
facsimile. If a person signs or has a facsimile signature placed upon a
certificate while an officer, transfer agent, or registrar of a corporation,
the certificate may be issued by the corporation, even if the person has ceased
to have that capacity before the certificate is issued, with the same effect as
if the person had that capacity at the date of its issue. All certificates for
shares shall be consecutively numbered or otherwise identified. The name and
address of the person to whom the shares represented thereby are issued with
the number of shares and date of issue shall be entered on the stock transfer
books of the corporation. All certificates surrendered to the corporation or
the transfer agent for transfer shall be canceled and no new certificate shall be
issued until the former certificate for a like number of shares shall have been
surrendered and canceled, except that in case of a lost, destroyed, or
mutilated certificate, a new one may be issued therefor upon such terms and
indemnity to the corporation as the Board of Directors may prescribe.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer of Shares</u>.&#160; Transfer of shares of the corporation shall
be made only on the stock transfer books of the corporation by the holder of
record thereof or by such holder&#146;s legal representative, who shall furnish
proper evidence of authority to transfer, or by such holder&#146;s attorney
thereunto authorized by power of attorney duly executed and filed with the
Secretary of the corporation, and on surrender of such shares to the
corporation or the transfer agent of the corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership</u>.&#160; Except as otherwise provided in this Section,
the person in whose name shares stand on the books of the corporation shall be
deemed by the corporation to be the owner thereof for all purposes. The Board
of Directors, however, by a resolution approved by the affirmative vote of a
majority of directors then in office, may establish a procedure whereby a
shareholder may certify in writing to the corporation that all or a portion of
the shares registered in the name of such shareholder are held for the account
of one or more beneficial owners. Upon receipt by the corporation of the
writing, the persons specified as beneficial owners, rather than the actual
shareholder, shall be deemed the shareholders for such purposes as are
permitted by the resolution of the Board of Directors and are specified in the
writing.</font></p>

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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTRACTS, LOANS,
CHECKS, AND DEPOSITS</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Contracts</u>.&#160; The Board of Directors may authorize such
officers or agents as they shall designate to enter into contracts or execute
and deliver instruments in the</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='11',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">name of and on behalf of
the corporation, and such authority may be general or confined to specific
instances.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Loans</u>.&#160; The corporation shall not lend money to,
guarantee the obligation of, become a surety for, or otherwise financially
assist any person unless the transaction, or class of transactions to which the
transaction belongs,(a) is in the usual and regular course of business of the
corporation, (b) is with, or for the benefit of, a related corporation, an
organization in which the corporation has a financial interest, an organization
with which the corporation has a business relationship, or (c) is with, or for
the benefit of, an officer or other employee of the corporation or a
subsidiary, including an officer or employee who is a director of the
corporation or a subsidiary, and may reasonably be expected, in the judgment of
the Board of Directors, to benefit the corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Checks, Drafts, etc</u>.&#160; 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 the chief financial officer or such other
officers or agents of the corporation as shall be designated from time to time
by resolution of the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deposits</u>.&#160; All funds of the corporation not otherwise
employed shall be deposited from time to time to the credit of the corporation
in such banks or other financial institutions as the chief financial officer
may select.</font></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends</u>.&#160; The Board of Directors from time to time may
declare, and the corporation may pay, dividends on its outstanding shares in
the manner and upon the terms and conditions provided by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fiscal Year</u>.&#160; The fiscal year of the corporation shall be
such twelve-month period as is set by a resolution of the Board of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendments</u>.&#160; Except as limited by the Articles of
Incorporation, these Bylaws may be altered or amended by the Board of
Directors.&#160; Such authority of the Board
of Directors is subject to the power of the shareholders of this corporation to
alter or repeal such Bylaws, and the Board of Directors, after adoption of the
initial Bylaws, shall not make, alter, or repeal any Bylaw fixing quorum for
shareholder meetings, prescribing procedures for removing directors or filling
vacancies on the Board of Directors, fixing the number of directors or their
classifications, qualifications or terms of office.&#160; The Board of Directors may, however,&#160; adopt or amend a bylaw to increase the number
of directors.</font></p>


 <p style="font-size:10.0pt;line-height:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='12',FILE='C:\Fc\304224912448_P66472CHE_1445259\23025-1-ke-03.htm',USER='jmsproofassembler',CD='Oct 31 22:49 2006' -->


</body>

</html>
</TEXT>
</DOCUMENT>
</SUBMISSION>
