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<SEC-DOCUMENT>0000101594-09-000021.txt : 20090319
<SEC-HEADER>0000101594-09-000021.hdr.sgml : 20090319
<ACCEPTANCE-DATETIME>20090319151307
ACCESSION NUMBER:		0000101594-09-000021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090317
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090319
DATE AS OF CHANGE:		20090319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				830205516
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		09693287

	BUSINESS ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		STREET 2:		GLEN L LARSEN BLDG
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501
		BUSINESS PHONE:		3078569271

	MAIL ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229
</SEC-HEADER>
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<DESCRIPTION>8-K BYLAW CHANGE
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STATES</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.2pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.2pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
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2009)</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2):</font></div>
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      communications pursuant to Rule 13e-4(c) under the Exchange
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.03.&#160;&#160;Amendments to Articles of Incorporation or Bylaws; Change in
Fiscal Year</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On March
17, 2009, the Board of Directors of U.S. Energy Corp. (the &#8220;Company&#8221;) adopted
and approved, effective immediately, amendments to the Company&#8217;s
Bylaws.&#160;&#160;Among other things, the amendments revise Article II of the
bylaws to:</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">clarify
      that (i) the nomination of candidates for election to the Board of
      Directors shall be considered a purpose of the meeting (whether an annual
      or a special meeting); (ii) only the Company can send a notice to
      shareholders of either an annual or a special meeting; and (iii) only the
      purposes set forth in a notice may be considered at a
    meeting;</font></div>
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      (consistent with the Federal securities laws) that the persons named as
      proxies in a proxy statement prepared by the Company will have
      discretionary authority to vote all shares represented thereby, as to
      matters of which the Company did not have proper advance notice, as
      required in the Bylaws;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">add
      to the prior requirements which shareholders must follow for persons to be
      considered by the Board of Directors for inclusion as candidates for the
      Board of Directors, in the Company&#8217;s proxy statement (pursuant to Rule
      14a-8 promulgated by the Securities and Exchange Commission under Section
      14 of the Securities Exchange Act of 1934), to require disclosure to the
      Company of any material monetary agreements and other material
      relationships between a requesting shareholder and the persons proposed
      for consideration as candidates;
and</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">add
      an advance notice provision, in connection with a shareholder&#8217;s demand for
      the Company to call a special meeting, requiring disclosure to the Company
      of the purpose of such a meeting, with a brief description thereof (and
      the text of any proposed amendment to the Company&#8217;s Articles of
      Incorporation or Bylaws, if applicable); the proposer&#8217;s share ownership;
      and the proposer&#8217;s relationship to any other stockholders, including
      material relationships and interests with other
    shareholders.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing description of the amendment is qualified in its entirety by reference
to the text of the amendments, a copy of which is attached as Exhibit 3.1 and
incorporated herein by reference. The Company&#8217;s complete Bylaws, as amended and
restated, are attached as Exhibit 3.2.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01.&#160;&#160;Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
3.1&#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;
Amendments to Bylaws as of March 17, 2009 (amendments shown in bold
face).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
3.2&#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;
Complete text of Bylaws, as amended and restated, as of March 17,
2009.</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      <div id="HDR">
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        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">U.S.
      ENERGY CORP.</font></div>
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            <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:
      March 19, 2009</font></div>
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            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
            </td>
            <td align="left" valign="top" width="36%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Keith G. Larsen</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Keith
      G. Larsen, CEO</font></div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exhibit3_1.htm
<DESCRIPTION>AMENDMENTS
<TEXT>
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  <head>
    <title>exhibit3_1.htm</title>
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    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
II</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SHAREHOLDERS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
Meeting</font>.&#160;&#160;The annual meeting of the shareholders shall be held
each year on a date and at a time and place to be determined by resolution of
the Board, for the purpose of electing directors and for the <font style="DISPLAY: inline; FONT-WEIGHT: bold">purpose of voting upon such matters
as properly may come before the meeting in accordance with these
Bylaws.&#160;&#160;The nomination (which shall be conducted at the annual
meeting) of persons for election to the Board of Directors shall be considered
an integral part of the purpose of electing directors at the annual
meeting.</font>&#160;&#160;If the election of directors shall not be held on the
day designated for the annual meeting of the shareholders, or at any adjournment
thereof, the Board shall cause the election to be held at a special meeting of
the shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font>.&#160;&#160;Special meetings of the shareholders for any
purpose, unless otherwise provided for by statute, may be called by the
President or by the Board.&#160;&#160;The President shall call a special meeting
upon receipt by the Corporation&#8217;s Secretary of one or more written demands of
the holders of fifty percent (50%) of all the votes entitled to be cast at the
proposed special meeting, signed and dated, by such holders, either manually or
in facsimile, and setting forth the purposes for which it is to be
held.&#160;&#160;Provided, however, that the Board has the discretion to require
that the issues for which a special meeting is demanded by shareholders holding
fifty percent (50%) of the votes entitled to be cast at the proposed special
meeting be considered instead at the next annual meeting if the demand for the
special meeting is made within 180 days of the next annual
meeting.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">If a
purpose of a special meeting is to elect directors to the Board, the nomination
(which shall be conducted at the special meeting) of persons for election to the
Board of Directors shall be considered an integral part of the purpose of
electing directors at the special meeting.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place of
Meeting</font>.&#160;&#160;The Board may designate any place, either within or
without the state of incorporation, as the place of meeting for any annual or
special meeting.&#160;&#160;If no designation is made, the place of meeting
shall be the registered office of the Corporation in the state of
incorporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Meeting</font>.&#160;&#160;Written notice, stating the place, day and hour of
the meeting shall be delivered<font style="DISPLAY: inline; FONT-WEIGHT: bold">,
only by the Corporation,</font> no fewer than ten (10) and no more than sixty
(60) days before the meeting date.&#160;&#160;A notice of a special meeting, if
demanded by the holders of <font style="DISPLAY: inline; FONT-WEIGHT: bold">at
least</font> fifty percent (50%) of all the votes entitled to be cast at the
special meeting, shall state the purpose or purposes for which that meeting is
called, and that notice shall be delivered<font style="DISPLAY: inline; FONT-WEIGHT: bold">, only by the Corporation, and then
only if the requirements of Section 13 have been satisfied, not more than sixty
(60)</font> days before the special meeting date.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Additionally, the period of time
between the Corporation&#8217;s receipt of a special meeting demand, and the sending
of notice thereof (if the requirements of Section 13 have been satisfied), shall
be sufficient to allow the proper operation of Section 13.</font>&#160;&#160;If
an annual or special meeting is adjourned to a different time or place, notice
need not be given of the new date, time or place if the new date, time or place
is announced at the meeting before adjournment; provided however, notice of the
adjourned meeting shall be given to persons who are shareholders as of any new
record date that is fixed with respect to the adjournment.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Except for a shareholder proposal
which has been properly brought before an annual or special meeting pursuant to
Section 13, no matter</font> which is not within the purposes or purposes <font style="DISPLAY: inline; FONT-WEIGHT: bold">specifically</font> described in the
notice of a meeting of shareholders, whether an annual or a special meeting,
shall be conducted at the meeting, nor shall any action be taken by the
shareholders on any <font style="DISPLAY: inline; FONT-WEIGHT: bold">other</font> matter unless it is
specifically described <font style="DISPLAY: inline; FONT-WEIGHT: bold">as a
purpose</font> in the notice for the meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fixing
of Record Date</font>.&#160;&#160;For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, entitled to demand a special shareholders' meeting, 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 may fix in
advance a date (the "Record Date") for any such determination of shareholders,
which date shall be not more than 60 days prior to the date on which the
particular action requiring such determination of shareholders is to be
taken.&#160;&#160;If no Record Date is fixed by the Board, the Record Date for
any such purpose shall be ten days before the date of such meeting or
action.&#160;&#160;The Record Date determined for the purpose of ascertaining
the shareholders entitled to notice of or to vote at a meeting may not be less
than ten days prior to the meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When a
Record Date has been determined for the purpose of a meeting, the determination
shall apply to any adjournment thereof, except the original record date shall
only be effective with respect to an adjournment or adjournments held within one
hundred twenty (120) days after the date fixed at the original
meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A
majority of the votes entitled to be cast on a matter represented in person or
by proxy shall constitute a quorum at a meeting of shareholders with respect to
such matters.&#160;&#160;If less than a quorum of the outstanding shares are
represented at a meeting, such meeting may be adjourned without further notice
for a period which may be determined at the time such meeting is
adjourned.&#160;&#160;At such adjourned meeting, at which a quorum shall be
present, any business may be transacted which might have been transacted at the
original meeting.&#160;&#160;Once a share is represented for any purpose at a
meeting, it is deemed present for quorum purposes for the remainder of the
meeting, and for any adjournment of that meeting unless a new record date is or
shall be set for that adjourned meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shareholders
present or represented by proxy at an annual or special meeting at which a
quorum is not present may take only the following actions:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ratify or
reject the independent auditors selected by the Board.</font></div>
      </div>
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      <div style="TEXT-INDENT: 54pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With the
consent of the officer presiding at the meeting, receive or hear any reports on
the affairs of the Corporation that may be presented.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt"><br></div>
      <div style="TEXT-INDENT: 54pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within
the constraints of the time allowed on the agenda, ask questions concerning the
affairs of the Corporation of any officer or Board member
present.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt"><br></div>
      <div style="TEXT-INDENT: 54pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjourn
or recess the meeting to allow time to assemble a quorum, but the shareholders
may not adjourn or recess to a different city and the total of all the
adjournments and recesses may not exceed two business days without the consent
of the Board.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt"><br></div>
      <div style="TEXT-INDENT: 54pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)
</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If a
quorum is not present, the shareholders may adjourn the meeting without an
appointed date for resumption, provided the motion to adjourn without an
appointed date for resumption shall not be in order until at least two hours
have passed since the time specified for the start of the meeting and the time
at which the meeting was called to order.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
an annual meeting is adjourned without an appointed date for resumption without
achieving a quorum, the requirement of the Wyoming Business Corporation Act
section 17-16-701 (or its successor provision) shall have been
satisfied.&#160;&#160;The Board may call a second annual meeting to take the
place of the one adjourned without a quorum, but the Board is not obligated to
do so.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
a special meeting is adjourned without an appointed date for resumption without
achieving a quorum, or without achieving the quorum necessary to <font style="DISPLAY: inline; FONT-WEIGHT: bold">consider completely the purpose or
purposes</font> for which the meeting was <font style="DISPLAY: inline; FONT-WEIGHT: bold">called</font>, the Board may call
another special meeting, but is not obligated to do so.&#160;&#160;The remedy of
a shareholder aggrieved by a failure of the Board to call another special
meeting shall be to follow the procedures necessary to demand that a new special
meeting be called.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
different quorums are required for different <font style="DISPLAY: inline; FONT-WEIGHT: bold">purposes</font> at a meeting, the
absence of a quorum on one <font style="DISPLAY: inline; FONT-WEIGHT: bold">purpose</font> shall not affect the
ability of the shareholders at the meeting to act on other <font style="DISPLAY: inline; FONT-WEIGHT: bold">purposes</font> where a quorum is
present.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting
of Shares</font>.&#160;&#160;Each outstanding share of common stock entitled to
vote shall be entitled to one vote upon each matter submitted to a vote at a
meeting of shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxies</font>.&#160;&#160;At
all meetings of shareholders, a shareholder may vote by proxy executed, either
manually or in facsimile, by the shareholder or by his duly authorized
attorney-in-fact.&#160;&#160;Such appointment of a proxy shall be filed with the
Secretary of the Corporation before or at the time of the meeting.&#160;&#160;No
appointment of a proxy shall be valid after 11 months from the date of its
execution, unless a longer period is expressly provided in the appointment
form.&#160;&#160;Appointments of proxies shall be in such form as shall be
required by the Board and as set forth in the notice of meeting and/or proxy or
information statement concerning such meeting.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">The proxies named in the
Corporation&#8217;s proxy statement shall have discretionary authority to vote at all
meetings of shareholders as provided Rule 14a-4(c) promulgated under the
Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exchange
Act</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8221;), as that rule is
currently in effect or as it subsequently may be amended or
superseded</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting
of Shares by Certain Holders</font>.&#160;&#160;Shares standing in the name of
another corporation may be voted by agent or proxy as the bylaws of such
corporation may prescribe or, in the absence of such provision, as the Board of
Directors of such corporation may determine as evidenced by a duly certified
copy of either the bylaws or corporate resolution.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
treasury shares, shares of its own stock held by the Corporation in a fiduciary
capacity nor shares held by another corporation, if the majority of the shares
entitled to vote for the election of directors of such other corporation is held
by the Corporation (except to the extent permitted by the articles of
incorporation and Wyoming law), shall be voted at any meeting or counted in
determining the total number of outstanding shares at any given
time.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
held by an administrator, executor, guardian or conservator may be voted by such
fiduciary, either in person or by proxy, without a transfer of such shares into
the name of such fiduciary.&#160;&#160;Shares standing in the name of a trustee
may be voted by such trustee, either in person or by proxy, but no trustee shall
be entitled to vote shares held by a trustee without a transfer of the shares
into such trust.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
standing in the name of a receiver may be voted by such receiver and shares held
by or under the control of a receiver may be voted by such receiver, without the
transfer thereof into the name of such receiver if authority so to do is
contained in an appropriate order of the court by which the receiver was
appointed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
shareholder whose shares are pledged shall be entitled to vote such shares until
the shares have been transferred on the books of the Corporation into the name
of the pledgee, and thereafter the pledgee shall be entitled to vote the shares
so transferred.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Cumulative
Voting</font>.&#160;&#160;Cumulative voting shall be permitted in the election
of directors, unless otherwise provided by the Articles and the laws of the
state of incorporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors and Shareholder
Lists</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors</font>.&#160;&#160;The
Board may, in advance of any meeting of shareholders, appoint one or more
inspectors to act at such meeting or any adjournment thereof.&#160;&#160;If the
inspectors shall not be so appointed or if any of them shall fail to appear or
act, the chairman of the meeting may appoint inspectors.&#160;&#160;Each
inspector, before entering upon the discharge of his duties, shall take and sign
an oath faithfully to execute the duties of inspector at such meeting with
strict impartiality and according to the best of his ability.&#160;&#160;The
inspectors shall determine the number of shares outstanding and the voting power
of each, the number of shares represented at the meeting, the existence of a
quorum, the validity and effect of proxies and shall receive votes, ballots or
consents, hear and determine all challenges and questions arising in connection
with the right to vote, count and tabulate all votes, ballots or consents,
determine the result and do such acts as are proper to conduct the election or
vote with fairness to all shareholders.&#160;&#160;On request of the chairman of
the meeting or any shareholder entitled to vote thereat, the inspectors shall
make a report in writing of any challenge, request or matter determined by them
and shall execute a certificate of any fact found by them.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder
Lists</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Access
to the list of shareholders shall be restricted to a period beginning two days
after the date of the notice of the shareholders&#8217; meeting for which the list was
prepared, or 10 days before the date of the meeting, whichever is
less.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
may deny to shareholders the right to copy the list of shareholders before the
meeting, provided that:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arrangements
      are made for an independent firm to provide to shareholders any
      information any shareholder wants to send them relative to the matters to
      be considered at the meeting, provided the shareholder pays for the
      mailing and provides the material in a timely fashion;
  and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      list is made available at the shareholder&#8217;s expense to any shareholder at
      or after the meeting who is bringing a legal challenge to the right of any
      other shareholder to vote at the meeting;
and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      list is available for inspection (but not copying) as provided by (a)
      above,&#160;&#160;\and at the meeting.&#160;&#160;The making of
      handwritten copies by the shareholder or his attorney of the names and
      addresses of individual shareholders shall not be construed as copying
      within the meaning of subsection
(a).</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Board may take any other steps it deems reasonable or necessary to prevent the
use of its shareholder lists for purposes not related to issues under
consideration at a shareholder meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Nominations for Election as
Directors</font>.&#160;&#160;Any shareholder of record for an annual or special
meeting of shareholders at which directors are to be elected may request <font style="DISPLAY: inline; FONT-WEIGHT: bold">(with sufficient ownership as
required by Section 2)</font> that one or more persons be nominated<font style="DISPLAY: inline; FONT-WEIGHT: bold">, at the annual or special
meeting,</font> for election as directors at such meeting, in opposition to the
slate of candidates for which management will solicit proxies, and the Board of
Directors shall nominate <font style="DISPLAY: inline; FONT-WEIGHT: bold">such
candidate(s) at the meeting</font>, and include such <font style="DISPLAY: inline; FONT-WEIGHT: bold">candidate(s)</font> in the
Corporation&#8217;s proxy statement, <font style="DISPLAY: inline; TEXT-DECORATION: underline">but only if </font>each of
the following conditions has been satisfied:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
shareholder complies with all the provisions of <font style="DISPLAY: inline; FONT-WEIGHT: bold">Rule 14a-8 promulgated under the
Exchange Act,</font> as that rule is in <font style="DISPLAY: inline; FONT-WEIGHT: bold">currently in</font> effect or as it
subsequently may be amended or superseded;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;at
least 150 calendar days before the date for the meeting of the Corporation&#8217;s
shareholders, the requesting shareholder requests, in writing, that the
Nominating Committee of the Board of Directors consider an individual for
inclusion as a director nominee in the proxy statement for the subject meeting,
and provide to the Corporation <font style="DISPLAY: inline; FONT-WEIGHT: bold">(a) as to each person whom the
shareholder proposes to nominate for election as a director, (1)</font> all
information required by the Corporation&#8217;s Nominating Committee Charter (as in
effect at March 7, 2008, or as it may subsequently be amended, which Charter is
attached to these Bylaws and incorporated herein by reference); <font style="DISPLAY: inline; FONT-WEIGHT: bold">(2) all information relating to such
person that is required to be disclosed in solicitations of proxies for election
of directors in an election contest, or is otherwise required, in each case
pursuant to Regulation 14A under the Exchange Act; and (3) whether and the
extent&#160;&#160;to which any derivative instrument, swap, option, warrant,
short interest, hedge or profit interest or other transaction has been entered
into by or on behalf of such person with respect to stock of the Corporation and
whether any other agreement, arrangement or understanding (including any short
position or any borrowing or lending of shares of stock) has been made by or on
behalf of such person, the effect or intent of any of the foregoing being to
mitigate loss to, or to manage risk of stock price changes for, such person or
to increase or decrease the voting power or pecuniary or economic interest of
such person with respect to stock of the Corporation; (b) a representation that
the shareholder is a holder of record of stock of the Corporation 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 (c) a representation whether the
shareholder or the beneficial owner, if any, intends or is part of a group which
intends to solicit proxies from other shareholders in support of such
nomination;</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
Nominating Committee, acting pursuant to the Nominating Committee Charter,
recommends that the full Board of Directors consider including the individual in
the Corporation&#8217;s proxy statement for the upcoming meeting;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the full
Board of Directors, by majority vote, determines (subject to requirement (v)
following), that the proposed individual(s) shall be nominated <font style="DISPLAY: inline; FONT-WEIGHT: bold">at the meeting</font> for election as
directors and included in the Corporation&#8217;s proxy statement; and</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the full
Board of Directors, by majority vote, determines that such inclusion is not
prohibited by the Corporation&#8217;s Articles of Incorporation, other provisions of
these Bylaws in effect from time to time, or Wyoming law.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Section 12 shall not apply to installation by the Board of Directors of a
director to fill a vacancy on the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance
Notice Requirement for Shareholder Proposals</font>.&#160;&#160;In addition to
the requirements of Section 12, for any matter to be considered as a proper
purpose for consideration by the shareholders at an annual or special meeting,
which is not specifically stated as a purpose in the Corporation&#8217;s notice of the
meeting (such other matter referred to in this section as an &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Purpose</font>&#8221;),
each of the conditions set forth below must be satisfied.&#160;&#160;For
purposes of this Section 13 (and Article II in general), a proposal to nominate
persons for election to the Board, if such persons are not to be included in the
Corporation&#8217;s proxy statement as a result of the procedures set forth in Article
12, shall be deemed to constitute an Additional Purpose.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following conditions also shall apply to any motion which the requesting
shareholder intends to make from the floor of the meeting to nominate a person
for election to the Board, where such person has not been included as a director
candidate in the Corporation&#8217;s notice of the meeting (including any person so
included by the Board by proper operation of Section 12 above).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At
least 90 calendar days before the date for the meeting of the Corporation&#8217;s
shareholders, the requesting shareholder shall give written notice to the
Secretary of the Corporation, providing:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
              </td>
              <td>
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      reason why the Additional Purpose is sought to be presented at the
      meeting;</font></div>
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      statement of any material interest which the requesting shareholder or its
      beneficial owners have in the Additional
  Purpose;</font></div>
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      to the requesting shareholder giving the notice and the beneficial owner,
      if any, on whose behalf the proposal to nominate or another proposal is
      made, a statement of (1) the requesting shareholder&#8217;s and such beneficial
      owner&#8217;s name and address, (2) the number of shares of the Corporation
      owned of record or beneficially by the requesting shareholder and such
      beneficial owner, (3) the name of each nominee holder of shares owned
      beneficially but not of record by the requesting shareholder and the
      number of shares of stock held by each such nominee holder, and
      (4)&#160;whether and the extent to which any derivative instrument, swap,
      option, warrant, short interest, hedge or profit interest or other
      transaction has been entered into by or on behalf of the requesting
      shareholder with respect to stock of the Corporation and whether any other
      agreement, arrangement or understanding (including any short position or
      any borrowing or lending of shares of stock) has been made by or on behalf
      of the requesting shareholder, the effect or intent of any of the
      foregoing being to mitigate loss to, or to manage risk of stock price
      changes for, such shareholder or to increase or decrease the voting power
      or pecuniary or economic interest of the requesting shareholder with
      respect to stock of the
Corporation;</font></div>
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      description of all agreements, arrangements or understandings between the
      requesting shareholder and any other person or persons (including their
      names) in connection with the proposal of the Additional
      Purpose;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      representation that the shareholder is a holder of record of stock of the
      Corporation 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 a representation whether the shareholder or the beneficial owner, if
      any, intends or is part of a group which intends to solicit proxies from
      other shareholders in support of such nomination;
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      text of any amendment to the Articles of Incorporation of the Corporation,
      or these Bylaws, which would be part of the Additional
      Purpose.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
foregoing notice requirements shall be deemed satisfied by a requesting
shareholder only if the requesting shareholder has notified the Corporation of
his or her intention to present the proposal (whether brought pursuant to Rule
14a-8 promulgated under the Exchange Act or otherwise) at an annual or special
meeting, and such requesting shareholder&#8217;s proposal has been included in either
(a) a proxy statement that has been prepared by the Corporation to solicit
proxies for such annual meeting; or (b) a requesting shareholder&#8217;s proxy
statement that contains, or has been preceded by, a notice of special meeting
(which notice of special meeting can only be given by the Corporation, pursuant
to Section 4).&#160;</font></div>
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      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
a requesting shareholder&#8217;s compliance with the provisions of paragraph (i)
above, an Additional Purpose shall not be deemed properly presented to the
meeting if the full Board of Directors, by majority vote, determines that
allowing the Additional Purpose to be considered by the shareholders at the
meeting would be prohibited by the Corporation&#8217;s Articles of Incorporation,
other provisions of these Bylaws then in effect, Wyoming law, or the Federal
securities laws.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reimbursement of Expenses of
Successful Proxy</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Contest</font>&#160;&#160;The
Corporation shall reimburse the actual, reasonable and bona fide expenses of
proxy solicitation incurred by any person who is successful in soliciting
proxies in opposition to a solicitation made on behalf of management after
approval of such reimbursement by shareholders holding at least a majority of
the stock of the Corporation outstanding.&#160;&#160;For the purposes of this
paragraph, a person is "successful" in soliciting proxies in opposition to
management (1) with respect to a proposal for election of directors if such
person elects a majority of the class of directors elected at the meeting; (2)
with respect to opposition to a proposal submitted by management if more proxies
were voted against such management proposal than were voted for such proposal;
and (3) with respect to a shareholder proposal opposed by management if such
proposal is approved by the requisite shareholder vote.&#160;&#160;Except as
provided in this paragraph, the Corporation shall not reimburse any expenses of
any person soliciting proxies in opposition to a solicitation made on behalf of
management of the Corporation.</font></div>
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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>exhibit3_2.htm
<DESCRIPTION>BYLAWS
<TEXT>
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  <head>
    <title>exhibit3_2.htm</title>
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    <div>
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    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U.S.
ENERGY CORP.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BYLAWS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AS
ADOPTED ON APRIL 22, 1992</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AND
AMENDED (AND READOPTED IN THEIR ENTIRETY ON OCTOBER 14, 2005)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXCEPT
THAT THE INCREASE IN THE NUMBER OF DIRECTORS TO SEVEN</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IS
EFFECTIVE AS OF DECEMBER 13, 1996;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FURTHER
AMENDED (AND READOPTED IN THEIR ENTIRETY AS OF</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JUNE 22,
2007) TO CONFORM SECTION 5 OF ARTICLE II TO WYOMING LAW;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FURTHER
AMENDED (AND READOPTED IN THEIR ENTIRETY) AS OF NOVEMBER 6, 2007 TO</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALLOW FOR
BOOK-ENTRY OWNERSHIP OF SHARES; FURTHER AMENDED (AND</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">READOPTED
IN THEIR ENTIRETY) AS OF MARCH 7, 2008 TO AMEND PROCEDURES FOR</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SHAREHOLDER
REQUESTS FOR CONSIDERATION OF PERSONS TO BE NOMINATED AS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DIRECTORS;
AND FURTHER AMENDED (AND READOPTED IN THEIR ENTIRETY) AS OF</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MARCH 17,
2009 TO ADD AN ADVANCE NOTICE PROVISION FOR MATTERS TO BE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSIDERED
AT MEETINGS OF SHAREHOLDERS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OFFICES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
principal office of U.S. Energy Corp. (the "Corporation") shall be located in
the City of Riverton in the state of incorporation.&#160;&#160;The Corporation
may have such other offices or relocate its principal office either within or
without the state of incorporation as the Board of Directors of the Corporation
(the "Board") may designate or as the business of the Corporation may
require.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
registered office of the Corporation in the Articles of Incorporation (the
"Articles") need not be identical with the principal office in the state of
incorporation.</font></div>
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II</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
Meeting</font>.&#160;&#160;The annual meeting of the shareholders shall be held
each year on a date and at a time and place to be determined by resolution of
the Board, for the purpose of electing directors and for the purpose of voting
upon such matters&#160;&#160;as properly may come before the meeting in
accordance with these Bylaws.&#160;&#160;The nomination (which shall be
conducted at the annual meeting) of persons for election to the Board of
Directors shall be considered an integral part of the purpose of electing
directors at the annual meeting.&#160;&#160;If the election of directors shall
not be held on the day designated for the annual meeting of the shareholders, or
at any adjournment thereof, the Board shall cause the election to be held at a
special meeting of the shareholders.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font>.&#160;&#160;Special meetings of the shareholders for any
purpose, unless otherwise provided for by statute, may be called by the
President or by the Board.&#160;&#160;The President shall call a special meeting
upon receipt by the Corporation&#8217;s Secretary of one or more written demands of
the holders of fifty percent (50%) of all the votes entitled to be cast at the
proposed special meeting, signed and dated, by such holders, either manually or
in facsimile, and setting forth the purposes for which it is to be
held.&#160;&#160;Provided, however, that the Board has the discretion to require
that the issues for which a special meeting is demanded by shareholders holding
fifty percent (50%) of the votes entitled to be cast at the proposed special
meeting be considered instead at the next annual meeting if the demand for the
special meeting is made within 180 days of the next annual
meeting.&#160;&#160;If a purpose of a special meeting is to elect directors to
the Board, the nomination (which shall be conducted at the special meeting) of
persons for election to the Board of Directors shall be considered an integral
part of the purpose of electing directors at the special meeting.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place of
Meeting</font>.&#160;&#160;The Board may designate any place, either within or
without the state of incorporation, as the place of meeting for any annual or
special meeting.&#160;&#160;If no designation is made, the place of meeting
shall be the registered office of the Corporation in the state of
incorporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Meeting</font>.&#160;&#160;Written notice, stating the place, day and hour of
the meeting shall be delivered, only by the Corporation, no fewer than ten (10)
and no more than sixty (60) days before the meeting date.&#160;&#160;A notice of
a special meeting, if demanded by the holders of at least fifty percent (50%) of
all the votes entitled to be cast at the special meeting, shall state the
purpose or purposes for which that meeting is called, and that notice shall be
delivered, only by the Corporation, and then only if the requirements of Section
13 have been satisfied, not more than sixty (60) days before the special meeting
date.&#160;&#160;Additionally, the period of time between the Corporation&#8217;s
receipt of a special meeting demand, and the sending of notice thereof (if the
requirements of Section 13 have been satisfied), shall be sufficient to allow
the proper operation of Section 13.&#160;&#160;If an annual or special meeting
is adjourned to a different time or place, notice need not be given of the new
date, time or place if the new date, time or place is announced at the meeting
before adjournment; provided however, notice of the adjourned meeting shall be
given to persons who are shareholders as of any new record date that is fixed
with respect to the adjournment.</font></div>
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for a shareholder proposal which has been properly brought before an annual or
special meeting pursuant to Section 13, no matter which is not within the
purposes or purposes specifically described in the notice of a meeting of
shareholders, whether an annual or a special meeting, shall be conducted at the
meeting, nor shall any action be taken by the shareholders on any other matter
unless it is specifically described as a purpose in the notice for the
meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fixing
of Record Date</font>.&#160;&#160;For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, entitled to demand a special shareholders' meeting, 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 may fix in
advance a date (the "Record Date") for any such determination of shareholders,
which date shall be not more than 60 days prior to the date on which the
particular action requiring such determination of shareholders is to be
taken.&#160;&#160;If no Record Date is fixed by the Board, the Record Date for
any such purpose shall be ten days before the date of such meeting or
action.&#160;&#160;The Record Date determined for the purpose of ascertaining
the shareholders entitled to notice of or to vote at a meeting may not be less
than ten days prior to the meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When a
Record Date has been determined for the purpose of a meeting, the determination
shall apply to any adjournment thereof, except the original record date shall
only be effective with respect to an adjournment or adjournments held within one
hundred twenty (120) days after the date fixed at the original
meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A
majority of the votes entitled to be cast on a matter represented in person or
by proxy shall constitute a quorum at a meeting of shareholders with respect to
such matters.&#160;&#160;If less than a quorum of the outstanding shares are
represented at a meeting, such meeting may be adjourned without further notice
for a period which may be determined at the time such meeting is
adjourned.&#160;&#160;At such adjourned meeting, at which a quorum shall be
present, any business may be transacted which might have been transacted at the
original meeting.&#160;&#160;Once a share is represented for any purpose at a
meeting, it is deemed present for quorum purposes for the remainder of the
meeting, and for any adjournment of that meeting unless a new record date is or
shall be set for that adjourned meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shareholders
present or represented by proxy at an annual or special meeting at which a
quorum is not present may take only the following actions:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ratify
      or reject the independent auditors selected by the
  Board.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
      the consent of the officer presiding at the meeting, receive or hear any
      reports on the affairs of the Corporation that may be
      presented.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within
      the constraints of the time allowed on the agenda, ask questions
      concerning the affairs of the Corporation of any officer or Board member
      present.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjourn
      or recess the meeting to allow time to assemble a quorum, but the
      shareholders may not adjourn or recess to a different city and the total
      of all the adjournments and recesses may not exceed two business days
      without the consent of the Board.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 76px">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 21px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;
      </font></div>
              </td>
              <td width="1266">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      a quorum is not present, the shareholders may adjourn the meeting without
      an appointed date for resumption, provided the motion to adjourn without
      an appointed date for resumption shall not be in order until at least two
      hours have passed since the time specified for the start of the meeting
      and the time at which the meeting was called to
  order.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
an annual meeting is adjourned without an appointed date for resumption without
achieving a quorum, the requirement of the Wyoming Business Corporation Act
section 17-16-701 (or its successor provision) shall have been
satisfied.&#160;&#160;The Board may call a second annual meeting to take the
place of the one adjourned without a quorum, but the Board is not obligated to
do so.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
a special meeting is adjourned without an appointed date for resumption without
achieving a quorum, or without achieving the quorum necessary to consider
completely the purpose or purposes for which the meeting was called, the Board
may call another special meeting, but is not obligated to do so.&#160;&#160;The
remedy of a shareholder aggrieved by a failure of the Board to call another
special meeting shall be to follow the procedures necessary to demand that a new
special meeting be called.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
different quorums are required for different purposes at a meeting, the absence
of a quorum on one purpose shall not affect the ability of the shareholders at
the meeting to act on other purposes where a quorum is present.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting
of Shares</font>.&#160;&#160;Each outstanding share of common stock entitled to
vote shall be entitled to one vote upon each matter submitted to a vote at a
meeting of shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxies</font>.&#160;&#160;At
all meetings of shareholders, a shareholder may vote by proxy executed, either
manually or in facsimile, by the shareholder or by his duly authorized
attorney-in-fact.&#160;&#160;Such appointment of a proxy shall be filed with the
Secretary of the Corporation before or at the time of the meeting.&#160;&#160;No
appointment of a proxy shall be valid after 11 months from the date of its
execution, unless a longer period is expressly provided in the appointment
form.&#160;&#160;Appointments of proxies shall be in such form as shall be
required by the Board and as set forth in the notice of meeting and/or proxy or
information statement concerning such meeting.&#160;&#160;The proxies named in
the Corporation&#8217;s proxy statement shall have discretionary authority to vote at
all meetings of shareholders as provided Rule 14a-4(c) promulgated under the
Securities Exchange Act of 1934, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exchange Act</font>&#8221;), as
that rule is currently in effect or as it subsequently may be amended or
superseded.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting
of Shares by Certain Holders</font>.&#160;&#160;Shares standing in the name of
another corporation may be voted by agent or proxy as the bylaws of such
corporation may prescribe or, in the absence of such provision, as the Board of
Directors of such corporation may determine as evidenced by a duly certified
copy of either the bylaws or corporate resolution.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
treasury shares, shares of its own stock held by the Corporation in a fiduciary
capacity nor shares held by another corporation, if the majority of the shares
entitled to vote for the election of directors of such other corporation is held
by the Corporation (except to the extent permitted by the articles of
incorporation and Wyoming law), shall be voted at any meeting or counted in
determining the total number of outstanding shares at any given
time.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
held by an administrator, executor, guardian or conservator may be voted by such
fiduciary, either in person or by proxy, without a transfer of such shares into
the name of such fiduciary.&#160;&#160;Shares standing in the name of a trustee
may be voted by such trustee, either in person or by proxy, but no trustee shall
be entitled to vote shares held by a trustee without a transfer of the shares
into such trust.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
standing in the name of a receiver may be voted by such receiver and shares held
by or under the control of a receiver may be voted by such receiver, without the
transfer thereof into the name of such receiver if authority so to do is
contained in an appropriate order of the court by which the receiver was
appointed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
shareholder whose shares are pledged shall be entitled to vote such shares until
the shares have been transferred on the books of the Corporation into the name
of the pledgee, and thereafter the pledgee shall be entitled to vote the shares
so transferred.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Cumulative
Voting</font>.&#160;&#160;Cumulative voting shall be permitted in the election
of directors, unless otherwise provided by the Articles and the laws of the
state of incorporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors and Shareholder
Lists</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors</font>.&#160;&#160;The
Board may, in advance of any meeting of shareholders, appoint one or more
inspectors to act at such meeting or any adjournment thereof.&#160;&#160;If the
inspectors shall not be so appointed or if any of them shall fail to appear or
act, the chairman of the meeting may appoint inspectors.&#160;&#160;Each
inspector, before entering upon the discharge of his duties, shall take and sign
an oath faithfully to execute the duties of inspector at such meeting with
strict impartiality and according to the best of his ability.&#160;&#160;The
inspectors shall determine the number of shares outstanding and the voting power
of each, the number of shares represented at the meeting, the existence of a
quorum, the validity and effect of proxies and shall receive votes, ballots or
consents, hear and determine all challenges and questions arising in connection
with the right to vote, count and tabulate all votes, ballots or consents,
determine the result and do such acts as are proper to conduct the election or
vote with fairness to all shareholders.&#160;&#160;On request of the chairman of
the meeting or any shareholder entitled to vote thereat, the inspectors shall
make a report in writing of any challenge, request or matter determined by them
and shall execute a certificate of any fact found by them.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder
Lists</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Access
to the list of shareholders shall be restricted to a period beginning two days
after the date of the notice of the shareholders&#8217; meeting for which the list was
prepared, or 10 days before the date of the meeting, whichever is
less.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
may deny to shareholders the right to copy the list of shareholders before the
meeting, provided that:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arrangements
      are made for an independent firm to provide to shareholders any
      information any shareholder wants to send them relative to the matters to
      be considered at the meeting, provided the shareholder pays for the
      mailing and provides the material in a timely fashion;
  and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      list is made available at the shareholder&#8217;s expense to any shareholder at
      or after the meeting who is bringing a legal challenge to the right of any
      other shareholder to vote at the meeting;
and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      list is available for inspection (but not copying) as provided by (a)
      above, and at the meeting.&#160;&#160;The making of handwritten copies by
      the shareholder or his attorney of the names and addresses of individual
      shareholders shall not be construed as copying within the meaning of
      subsection (a).</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Board may take any other steps it deems reasonable or necessary to prevent the
use of its shareholder lists for purposes not related to issues under
consideration at a shareholder meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Nominations for Election as
Directors</font>.&#160;&#160;Any shareholder of record for an annual or special
meeting of shareholders at which directors are to be elected may request (with
sufficient ownership as required by Section 2) that one or more persons be
nominated, at the annual or special meeting, for election as directors at such
meeting, in opposition to the slate of candidates for which management will
solicit proxies, and the Board of Directors shall nominate such candidate(s) at
the meeting, and include such candidate(s) in the Corporation&#8217;s proxy statement,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">but only if
</font>each of the following conditions has been satisfied:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      shareholder complies with all the provisions of Rule 14a-8 promulgated
      under the Exchange Act, as that rule is in currently in effect or as it
      subsequently may be amended or
superseded;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at
      least 150 calendar days before the date for the meeting of the
      Corporation&#8217;s shareholders, the requesting shareholder requests, in
      writing, that the Nominating Committee of the Board of Directors consider
      an individual for inclusion as a director nominee in the proxy statement
      for the subject meeting, and provide to the Corporation (a) as to each
      person whom the shareholder proposes to nominate for election as a
      director, (1) all information required by the Corporation&#8217;s Nominating
      Committee Charter (as in effect at March 7, 2008, or as it may
      subsequently be amended, which Charter is attached to these Bylaws and
      incorporated herein by reference); (2) all information relating to such
      person that is required to be disclosed in solicitations of proxies for
      election of directors in an election contest, or is otherwise required, in
      each case pursuant to Regulation 14A under the Exchange Act; and (3)
      whether and the extent&#160;&#160;to which any derivative instrument,
      swap, option, warrant, short interest, hedge or profit interest or other
      transaction has been entered into by or on behalf of such person with
      respect to stock of the Corporation and whether any other agreement,
      arrangement or understanding (including any short position or any
      borrowing or lending of shares of stock) has been made by or on behalf of
      such person, the effect or intent of any of the foregoing being to
      mitigate loss to, or to manage risk of stock price changes for, such
      person or to increase or decrease the voting power or pecuniary or
      economic interest of such person with respect to stock of the Corporation;
      (b) a representation that the shareholder is a holder of record of stock
      of the Corporation 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 (c) a representation whether the shareholder or the
      beneficial owner, if any, intends or is part of a group which intends to
      solicit proxies from other shareholders in support of such
      nomination;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 59px">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 37px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
                </td>
                <td width="1267">
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Nominating Committee, acting pursuant to the Nominating Committee Charter,
      recommends that the full Board of Directors consider including the
      individual in the Corporation&#8217;s proxy statement for the upcoming
      meeting;</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 27pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      full Board of Directors, by majority vote, determines (subject to
      requirement (v) following), that the proposed individual(s) shall be
      nominated at the meeting for election as directors and included in the
      Corporation&#8217;s proxy statement; and</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 27pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      full Board of Directors, by majority vote, determines that such inclusion
      is not prohibited by the Corporation&#8217;s Articles of Incorporation, other
      provisions of these Bylaws in effect from time to time, or Wyoming
      law.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Section 12 shall not apply to installation by the Board of Directors of a
director to fill a vacancy on the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance
Notice Requirement for Shareholder Proposals</font>.&#160;&#160;In addition to
the requirements of Section 12, for any matter to be considered as a proper
purpose for consideration by the shareholders at an annual or special meeting,
which is not specifically stated as a purpose in the Corporation&#8217;s notice of the
meeting (such other matter referred to in this section as an &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Purpose</font>&#8221;),
each of the conditions set forth below must be satisfied.&#160;&#160;For
purposes of this Section 13 (and Article II in general), a proposal to nominate
persons for election to the Board, if such persons are not to be included in the
Corporation&#8217;s proxy statement as a result of the procedures set forth in Article
12, shall be deemed to constitute an Additional Purpose.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following conditions also shall apply to any motion which the requesting
shareholder intends to make from the floor of the meeting to nominate a person
for election to the Board, where such person has not been included as a director
candidate in the Corporation&#8217;s notice of the meeting (including any person so
included by the Board by proper operation of Section 12 above).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At
least 90 calendar days before the date for the meeting of the Corporation&#8217;s
shareholders, the requesting shareholder shall give written notice to the
Secretary of the Corporation, providing:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      brief description of the Additional Purpose which the shareholder wishes
      to present to the meeting;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      reason why the Additional Purpose is sought to be presented at the
      meeting;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      statement of any material interest which the requesting shareholder or its
      beneficial owners have in the Additional
  Purpose;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      to the requesting shareholder giving the notice and the beneficial owner,
      if any, on whose behalf the proposal to nominate or another proposal is
      made, a statement of (1) the requesting shareholder&#8217;s and such beneficial
      owner&#8217;s name and address, (2) the number of shares of the Corporation
      owned of record or beneficially by the requesting shareholder and such
      beneficial owner, (3) the name of each nominee holder of shares owned
      beneficially but not of record by the requesting shareholder and the
      number of shares of stock held by each such nominee holder, and
      (4)&#160;whether and the extent to which any derivative instrument, swap,
      option, warrant, short interest, hedge or profit interest or other
      transaction has been entered into by or on behalf of the requesting
      shareholder with respect to stock of the Corporation and whether any other
      agreement, arrangement or understanding (including any short position or
      any borrowing or lending of shares of stock) has been made by or on behalf
      of the requesting shareholder, the effect or intent of any of the
      foregoing being to mitigate loss to, or to manage risk of stock price
      changes for, such shareholder or to increase or decrease the voting power
      or pecuniary or economic interest of the requesting shareholder with
      respect to stock of the
Corporation;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      description of all agreements, arrangements or understandings between the
      requesting shareholder and any other person or persons (including their
      names) in connection with the proposal of the Additional
      Purpose;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      representation that the shareholder is a holder of record of stock of the
      Corporation 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 a representation whether the shareholder or the beneficial owner, if
      any, intends or is part of a group which intends to solicit proxies from
      other shareholders in support of such nomination;
  and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      text of any amendment to the Articles of Incorporation of the Corporation,
      or these Bylaws, which would be part of the Additional
      Purpose.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
foregoing notice requirements shall be deemed satisfied by a requesting
shareholder only if the requesting shareholder has notified the Corporation of
his or her intention to present the proposal (whether brought pursuant to Rule
14a-8 promulgated under the Exchange Act or otherwise) at an annual or special
meeting, and such requesting shareholder&#8217;s proposal has been included in either
(a) a proxy statement that has been prepared by the Corporation to solicit
proxies for such annual meeting; or (b) a requesting shareholder&#8217;s proxy
statement that contains, or has been preceded by, a notice of special meeting
(which notice of special meeting can only be given by the Corporation, pursuant
to Section 4).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
a requesting shareholder&#8217;s compliance with the provisions of paragraph (i)
above, an Additional Purpose shall not be deemed properly presented to the
meeting if the full Board of Directors, by majority vote, determines that
allowing the Additional Purpose to be considered by the shareholders at the
meeting would be prohibited by the Corporation&#8217;s Articles of Incorporation,
other provisions of these Bylaws then in effect, Wyoming law, or the Federal
securities laws.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reimbursement of Expenses of
Successful Proxy Contest</font>.&#160;&#160;The Corporation shall reimburse the
actual, reasonable and bona fide expenses of proxy solicitation incurred by any
person who is successful in soliciting proxies in opposition to a solicitation
made on behalf of management after approval of such reimbursement by
shareholders holding at least a majority of the stock of the Corporation
outstanding.&#160;&#160;For the purposes of this paragraph, a person is
"successful" in soliciting proxies in opposition to management (1) with respect
to a proposal for election of directors if such person elects a majority of the
class of directors elected at the meeting; (2) with respect to opposition to a
proposal submitted by management if more proxies were voted against such
management proposal than were voted for such proposal; and (3) with respect to a
shareholder proposal opposed by management if such proposal is approved by the
requisite shareholder vote.&#160;&#160;Except as provided in this paragraph, the
Corporation shall not reimburse any expenses of any person soliciting proxies in
opposition to a solicitation made on behalf of management of the
Corporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
III</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BOARD OF
DIRECTORS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General
Powers</font>.&#160;&#160;The Board shall manage and direct the business and
affairs of the Corporation in such manner as it sees fit.&#160;&#160;Directors
shall discharge their duties in such capacity in good faith, with the care an
ordinarily prudent person in a like position would exercise under similar
circumstances, and in a manner reasonably believed to be in or at least not
opposed to the best interests of the Corporation.&#160;&#160;For the purposes of
the preceding sentence, a director, in determining what is reasonably believed
to be in or not opposed to the best interests of the Corporation, shall consider
the interests of the Corporation's shareholders, and at the director's
discretion may consider the interests of the Corporation's employees, suppliers,
creditors and customers, the economy of the state and nation, the impact of any
action upon the communities in or near which the Corporation's facilities or
operations are located, the long-term interests of the Corporation and its
shareholders, including the possibility that those interests may be best served
by the continued independence of the Corporation and any other factors relevant
to preserving public or community interests.&#160;&#160;In addition to the
powers and authorities expressly conferred upon it, the Board may do all lawful
acts which are not directed to be done by the shareholders by statute, by the
Articles or by these Bylaws.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number,
Tenure and Qualifications</font>.&#160;&#160;The number of directors of the
Corporation shall be seven.&#160;&#160;Subject to the provision in the Articles
of Incorporation for a staggered Board, each director shall hold office until
the next annual meeting of shareholders and until a successor director has been
elected and qualified, or until the death, resignation or removal of such
director.&#160;&#160;Directors need not be residents of the state of
incorporation or shareholders of the Corporation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Regular
Meetings</font>.&#160;&#160;A regular meeting of the Board shall be held,
without other notice than this Bylaw, immediately after and at the same place as
an annual meeting of shareholders.&#160;&#160;The Board may provide, by
resolution, the time and place, either within or without the state of
incorporation, for the holding of additional regular meetings, without other
notice than such resolution.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font>.&#160;&#160;Special meetings of the Board may be called by or at
the request of the President or any three directors.&#160;&#160;Meetings called
by or at the request of the President may be called for any place, either within
or without the state of incorporation.&#160;&#160;Meetings called by three
directors shall be held at the registered office of the Corporation in the state
of incorporation.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Telephonic
Meetings</font>.&#160;&#160;Members of the Board and committees thereof may
participate and be deemed present at a meeting by means of conference telephone
or any other means of communications equipment by which all persons
participating may communicate with each other during the meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font>.&#160;&#160;Notice
of any special meeting of the Board shall be given by telephone, telegraph or
written notice sent by mail.&#160;&#160;Notice shall be delivered at least two
days prior to the meeting if the meeting is called by or at the request of the
President if given by telephone or telegram or by written
notice.&#160;&#160;Written, telegraphic or telephonic notice of a meeting called
by three directors shall be delivered personally or by mail to each director at
such director's business or home address at least five days prior to the
meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If notice
of a directors' meeting is given by telegram, such notice shall be deemed to be
delivered when the telegram is delivered to the telegraph company.&#160;&#160;If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail so addressed with postage thereon prepaid.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
director may waive notice of any meeting and except as provided in the following
sentence, such waver shall be in writing, signed either manually or in
facsimile, and filed with the minutes or corporate records.&#160;&#160;The
attendance of a director at a meeting shall constitute a waiver of notice of
such meeting, except where a director objects to holding the meeting or
transacting business at the meeting and does not thereafter vote for or assent
to action taken at the meeting.&#160;&#160;Neither the business to be transacted
at, nor the purpose of, any regular or special meeting of the Board need be
specified in the notice or waiver of notice of such meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font>.&#160;&#160;A
majority of the total membership of the Board shall constitute a quorum for the
transaction of business at any meeting of the Board, but if a quorum shall not
be present at any meeting or adjournment thereof, a majority of the directors
present may adjourn the meeting without further notice.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action
by Consent of All Directors</font>.&#160;&#160;Any action required to be taken,
or which may be taken at a meeting of the Board may be taken without a meeting,
if the action is taken by all members of the Board, evidenced by one or more
written consents describing the action taken, signed, either manually or in
facsimile, by each director, and included in the minutes or filed with the
corporate records reflecting the action taken.&#160;&#160;Actions taken by
written unanimous consent are effective when the last director signs the
consent, unless the consent specifies a different effective date.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Manner
of Acting</font>.&#160;&#160;The act of a majority of the directors present at a
meeting at which a quorum is present shall be an act of the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The order
of business at any regular or special meeting of the Board shall
be:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Record
of those present.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Secretary's
proof of notice of meeting, if notice is not waived.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reading
and disposal of unapproved minutes, if any.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reports
of officers, if any.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unfinished
business, if any.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New
business.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Adjournment.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font>.&#160;&#160;Any
vacancy occurring in the Board by reason of an increase in the number of
directors specified in these Bylaws, or for any other reason, may be filled by
the affirmative vote of a majority of the directors voting on such matter at a
duly convened meeting, or in the event that the directors remaining in office
constitute fewer than a quorum of the Board, by the affirmative vote of a
majority of all directors remaining in office.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation</font>.&#160;&#160;By
resolution of the Board, the directors may be paid their expenses, if any, for
attendance at each meeting of the Board and may be paid a fixed sum for
attendance at each meeting of the Board and a stated salary as
director.&#160;&#160;No such payment shall preclude any director from serving
the Corporation in any other capacity and receiving compensation therefor or
from receiving compensation for any extraordinary or unusual services as a
director.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Presumption of
Assent</font>.&#160;&#160;A director of the Corporation who is present at a
meeting of the Board at which action on any corporate matter is taken shall be
deemed to have assented to an action taken at such meeting unless the director
objects at the beginning of the meeting or promptly upon arrival to holding the
meeting or transacting business at the meeting; the dissent of such director is
entered in the minutes of the meeting; or the director delivers written notice
of such dissent or abstention to the presiding officer of the meeting before its
adjournment or to the Corporation immediately after adjournment of the
meeting.&#160;&#160;Such right to dissent is not available to a director who
voted in favor of such action.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Executive or Other
Committees</font>.&#160;&#160;The Board, by resolution adopted by the greater of
a majority of the directors in office when the action is taken or the number of
directors required by the Articles or Bylaws to take action under Wyoming
Statute Section 17-16-844, may create one or more committees and appoint members
of the Board to serve on them.&#160;&#160;Each committee shall have one (1) or
more members who serve at the pleasure of the Board.&#160;&#160;Any committee
designated as an executive committee may exercise the authority of the Board
under Wyoming Statute Section 17-16-801, and shall have all of the authority of
the Board, but unless specifically authorized by the Board no such committee
shall have the authority of the Board in reference to authorizing distributions,
approving or proposing to shareholders action that the Wyoming Business
Corporation Act requires be approved by shareholders, filling vacancies on the
Board or any of its committees, amending the Articles pursuant to Wyoming
Statute Section 17-16-1002, adopting, amending or repealing the Bylaws, a plan
of merger not requiring shareholder approval, authorizing or approving a
reacquisition of shares (except according to a formula method prescribed by the
Board), authorizing or approving the issuance or sale or contract for sale of
shares or determining the designation and relative rights, preferences and
limitations of a class or series of shares (except that the Board may authorize
a committee or a senior executive officer of the Corporation to do so within
limits specifically prescribed by the Board).&#160;&#160;The designation of such
committees and the delegation thereto of authority shall not operate to relieve
the Board, or any member thereof, of any responsibility imposed by
law.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
action required to be taken, or which may be taken at a meeting of a committee
designated in accordance with this Section of the Bylaws, may be taken without a
meeting, if the action is taken by all members of the Committee, evidenced by
one or more written consents, setting forth the action so taken, signed either
manually or in facsimile, by each Committee member and filed with the
Corporation records reflecting the transaction.&#160;&#160;Such action by
written consent of all entitled to vote shall have the same force and effect as
a unanimous vote of such persons.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Resignation of Officers or
Directors</font>.&#160;&#160;Any director or officer may resign at any time by
submitting a resignation in writing.&#160;&#160;Such resignation takes effect
from the time of its receipt by the Corporation unless a date or time is fixed
in the resignation, in which case it will take effect from that
time.&#160;&#160;Acceptance of the resignation shall not be required to make it
effective.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal</font>.&#160;&#160;A
director may be removed by shareholders, only for cause pursuant to the Articles
of Incorporation, at a duly convened meeting called for the purpose of such
removal.&#160;&#160;The notice for any meeting at which it is proposed that a
director be removed must specifically state that such is a purpose of the
meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
IV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OFFICERS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font>.&#160;&#160;The
officers of the Corporation shall be a Chief Executive Officer, President, a
Secretary and a Treasurer.&#160;&#160;For so long as the Corporation has a class
of stock registered with the Securities and Exchange Commission under Section 12
of the Securities Exchange Act of 1934, the Corporation also shall have a Chief
Financial Officer.&#160;&#160;All of the preceding shall be executive officers
and shall be elected by the Board.&#160;&#160;One or more vice Presidents shall
be executive officers if the Board so determines by resolution.&#160;&#160;Such
other officers and assistant officers, as may be deemed necessary, shall be
designated administrative assistant officers and may be appointed and removed in
accordance with Article IV, Section 11, hereof.&#160;&#160;Any two or more
offices may be held by the same person, except the offices of Chief Executive
Officer, President, Secretary, and Chief Financial Officer, provided that the
Chief Financial Officer also may serve as Treasurer.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Election
and Term of Office.&#160;&#160;</font>The executive officers of the Corporation,
shall be elected annually by the Board at its first meeting held after each
annual meeting of the shareholders or at a convenient time soon
thereafter.&#160;&#160;Each executive officer shall hold office until the
resignation of such officer or a successor shall be duly elected and qualified,
until the death of such executive officer, or until removal of such officer in
the manner herein provided.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal</font>.&#160;&#160;Any
officer or agent elected or appointed by the Board may be removed by the Board
whenever, 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.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font>.&#160;&#160;A
vacancy in any executive office because of death, resignation, removal,
disqualification or otherwise may be filled by the Board for the unexpired
portion of the term.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chairman
of the Board</font>.&#160;&#160;The Chief Executive Officer shall also serve as
the Chairman of the Board of Directors, unless otherwise determined by the
Board.&#160;&#160;The Chairman shall preside at all meetings of the shareholders
and of the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chairman
of the Board/Chief Executive Officer</font>.&#160;&#160;A Chairman of the Board
may also be elected as Chief Executive Officer, in which case such Chairman
shall perform the duties set forth in Section 7 below.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The
Chief Executive Officer and the President</font>.&#160;&#160;The Chief Executive
Officer subject to the control of the Board, shall be in general charge of the
affairs of the Corporation.&#160;&#160;He shall sign, with the other officers of
the Corporation as appropriate and as authorized by the Board generally,
certificates for shares of the Corporation, deeds, mortgages, bonds, contracts
or other instruments whose execution the Board has authorized, except in cases
where the signing and execution thereof shall be expressly delegated by the
Board or Bylaws to some other officer or agent of the Corporation, or shall be
required by law to be otherwise signed or executed.&#160;&#160;The President
shall perform all duties incident to that office, and shall serve also serve as
Chief Operating Officer of the Corporation, as determined by the Board from time
to time.&#160;&#160;If the Chief Executive Officer should be unable to serve,
the President shall execute such of his duties as may be appropriate and
approved generally by the Board, pending return of the Chief Executive Officer
to active service.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The Vice
President</font>.&#160;&#160;From time to time, the Board may appoint one or
more Vice-Presidents, with such duties as may be assigned to him or
them.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The
Secretary</font>.&#160;&#160;Unless the Board otherwise directs, the Secretary
shall keep the minutes of the shareholders' and directors' meetings in one or
more books provided for that purpose.&#160;&#160;The Secretary shall also see
that all notices are duly given in accordance with the law and the provisions of
the Bylaws; be custodian of the corporate records and the seal of the
Corporation: affix the seal or direct its affixing to all documents, the
execution of which on behalf of the Corporation is duly authorized; keep a list
of the address of each shareholder; sign with the Chief Executive Officer
certificates for shares of the Corporation, the issuance of which shall have
been authorized by resolution of the Board; have charge of the stock transfer
books of the Corporation; and perform all duties incident to the office of
Secretary and such other duties as may be assigned by the Chief Executive
Officer or the President or by the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The
Treasurer and Chief Financial Officer</font>.&#160;&#160;Unless otherwise
determined by the Board, the offices of Treasurer and Chief Financial Officer
shall be served by the same person.&#160;&#160;Neither the Treasurer nor the
Chief Financial Officer shall be required to shall give a bond for the faithful
discharge of their duties.&#160;&#160;The Treasurer/Chief Financial Officer
shall have charge and custody of and be responsible for all funds and securities
of the Corporation, receive and give receipts for monies due and payable to the
Corporation from any source whatsoever, deposit all such monies in the name of
the Corporation in such banks, trust companies or other depositories as shall be
selected in accordance with the provisions of the Bylaws, and perform all the
duties as from time to time may be assigned by the Chief Executive Officer, the
President, or the Board.&#160;&#160;Additionally, the Treasurer/Chief Financial
Officer shall have the duties associated with the chief financial officer
position under the Federal securities laws.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assistant
Officers</font>.&#160;&#160;The Board may elect (or delegate to the Chairman or
to the President the right to appoint) such other officers and agents as may be
necessary or desirable for the business of the Corporation.&#160;&#160;Such
other officers shall include one or more assistant secretaries and treasurers
who shall have the power and authority to act in place of the officer to whom
they are elected or appointed as an assistant in the event of the officer's
inability or unavailability to act in his official capacity.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Salaries</font>.&#160;&#160;The
salaries of the executive officers shall be fixed by the Board and no officer
shall be prevented from receiving such salary by reason of the fact that such
officer is also a director of the Corporation.&#160;&#160;The salaries of the
assistant officers shall be fixed by the Chief Executive Officer.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Standards of Conduct and
Discharge of Duties</font>.&#160;&#160;Executive officers of the Corporation
shall discharge their duties in good faith, with the care an ordinarily prudent
person in a like position would exercise under similar circumstances and in a
manner reasonably believed to be in or at least not opposed to the best
interests of the Corporation.&#160;&#160;For the purposes of determining what is
reasonably believed to be in or not opposed to the best interests of the
Corporation, each executive officer shall consider the interests of the
Corporation's shareholders and in such officer's discretion, may consider the
interests of the Corporation's employees, suppliers, creditors and customers,
the economy of the state and nation, the impact of any action upon the
communities in or near which the Corporation's facilities or operations are
located, the long-term interests of the Corporation and its shareholders,
including the possibility that those interests may be best served by the
independence of the Corporation, and any other factors relevant to promoting or
preserving public or community interests.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
V</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contracts</font>.&#160;&#160;The
Board of Directors may authorize any officer or officers, agent or agents, to
enter into any contract on behalf of the Corporation and such authority may be
general or confined to specific instances.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Checks,
Drafts, Etc</font>.&#160;&#160;All checks, drafts or other orders for the
payment of money, notes or other evidence of indebtedness, issued in the name of
the Corporation, shall be signed by such officer or officers, agent or agents,
of the Corporation and in such manner as shall from time to time be determined
by resolution of the Board of Directors.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Deposits</font>.&#160;&#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, trust companies or other
depositories as the Board of Directors may select.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Loans to
Directors</font>.&#160;&#160;Except as permitted by Wyoming Statutes Section
17-16-832(c), and then only if allowed under Federal law, the Corporation may
not lend money to or guarantee the obligations of a director of the Corporation
unless the particular loan or guarantee is approved by a majority of the votes
represented by the outstanding voting shares of all classes voting as a single
voting group (except the shares owned or voted under the control of the
benefited director) or by the Board if it determines that the loan or guarantee
benefits the Corporation and it either approves the specific loan or guarantee
or a general plan authorizing loans and guarantees.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATES
FOR SECURITIES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AND THEIR
TRANSFER</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certificates for
Securities</font>.&#160;&#160;Certificates representing securities of the
Corporation (the "Securities") shall be in such form as shall be determined by
the Board.&#160;&#160;Certificates for Securities shall state the name of the
corporation, that it is organized under the laws of the State of Wyoming, the
person to whom the Certificate is issued, and the number and class of shares and
the designation of the series, if any, the Certificate
represents.&#160;&#160;Each Certificate shall be signed by the Chief Executive
Officer and by the Secretary.&#160;&#160;The signatures may be
facsimiles.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
Certificate signed or impressed with the facsimile signature of an officer, who
ceases by death, resignation or otherwise to be an officer of the Corporation
before the certificate is delivered by the Corporation, is valid as though
signed by a duly elected, qualified and authorized officer.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The name
of the person to whom the Securities represented by a Certificate are issued,
the number of Securities, and date of issue, shall be entered on the Security
transfer books of the Corporation.&#160;&#160;All Certificates surrendered to
the Corporation 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 may prescribe.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Section 1 shall not prohibit the Corporation from establishing a direct
registration program for electronic registry of shares pursuant to the rules of
the regulatory association with supervisory authority over the market on which
the Corporation&#8217;s securities are traded.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transfer
of Securities</font>.&#160;&#160;Transfer of Securities shall be made only on
the security transfer books of the Corporation by the holder of record thereof,
by the legal representative of the holder who shall furnish proper evidence of
authority to transfer, or by an attorney authorized by a power of attorney which
was duly executed and filed with the Secretary of the Corporation and a
surrender for cancellation of the certificate for such shares.&#160;&#160;The
person in whose name Securities stand on the books of the Corporation shall be
deemed by the Corporation to be the owner thereof for all
purposes.&#160;&#160;Provided, that if a direct registration program is
established under Section 1 above, the procedures therefor shall not require
submission of a paper certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FISCAL
YEAR</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
fiscal year of the Corporation shall be determined by resolution of the
Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DIVIDENDS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
may declare, and the Corporation may pay in cash, stock or other property,
dividends on its outstanding shares in the manner and upon the terms and
conditions provided by law and its Articles.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
IX</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SEAL</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
shall provide a corporate seal, circular in form, having inscribed thereon the
corporate name, the state of incorporation and the word "Seal."&#160;&#160;The
seal may be by facsimile, or engraved, embossed or printed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
X</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WAIVER OF
NOTICE</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whenever
any notice is required to be given to any shareholder, director of the
Corporation or member of a committee thereof under the provisions of these
Bylaws or under the provisions of the Articles or under the provisions of the
applicable laws of the state of incorporation, a waiver thereof in writing,
signed by the person or persons entitled to such notice, whether before, at or
after the time stated therein, shall be deemed equivalent to the giving of such
notice.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
XI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEMNIFICATION</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Corporation shall have the power to indemnify any director, officer, employee or
agent of the Corporation or any person serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise to the fullest extent permitted by the
laws of the state of incorporation.&#160;&#160;In addition, the Corporation may
enter into agreements to indemnify any of such persons, in which event the
provisions of such agreements (if the indemnification so provided is greater in
any respects than the indemnification available under the laws of the state of
incorporation) shall control as therein provided.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
XII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDMENTS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
Bylaws may be altered, amended, repealed or replaced by new bylaws by the Board
at any regular or special meeting of the Board.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
XIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNIFORMITY
OF INTERPRETATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AND
SEVERABILITY</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
Bylaws shall be so interpreted and construed as to conform to the Articles and
the statutes of the state of incorporation or of any other state in which
conformity may become necessary by reason of the qualification of the
Corporation to do business in such foreign state, and where conflict between
these Bylaws and the Articles or a statute has arisen or shall arise, the Bylaws
shall be considered to be modified to the extent, but only to the extent,
conformity shall require.&#160;&#160;If any Bylaw provision or its application
shall be deemed invalid by reason of the said nonconformity, the remainder of
the Bylaws shall remain operable in that the provisions set forth in the Bylaws
are severable.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
WITNESS WHEREOF, these Bylaws, as amended, were readopted by the Corporation's
Board of Directors, most recently on March 17, 2009.</font></div>
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Youngbauer</font></font></div>
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