<SUBMISSION>
<ACCESSION-NUMBER>0001104659-08-018813
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20070510
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20080320
<DATE-OF-FILING-DATE-CHANGE>20080320
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AXSYS TECHNOLOGIES INC
<CIK>0000206030
<ASSIGNED-SIC>3827
<IRS-NUMBER>111962029
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1228
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-16182
<FILM-NUMBER>08701990
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>175 CAPITAL BLVD SUITE 103
<CITY>ROCKY HILL
<STATE>CT
<ZIP>06067
<PHONE>2018711500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>175 CAPITAL BLVD SUITE 103
<CITY>ROCKY HILL
<STATE>CT
<ZIP>06067
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VERNITRON CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a08-8676_18k.htm
<DESCRIPTION>8-K
<TEXT>

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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"><br>
</font></b><b><font size="5" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

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

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

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of earliest event reported):&#160; <b>May&nbsp;10, 2007</b></font></p>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Axsys
  Technologies,&nbsp;Inc.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p>
  </td>
 </tr>
</table>

</div>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="33%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:33.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-16182</font></b></p>
  </td>
  <td width="34%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:34.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11-1962029</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jurisdiction</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Incorporation)</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">175 Capital Boulevard, Suite&nbsp;103, Rocky Hill,
  Connecticut</font></b></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">06067</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code: <b>(860) 257-0200</b></font></p>
  </td>
 </tr>
</table>

</div>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or Former Address, if Changed Since Last Report)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Check the appropriate box below
if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting
  material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
  240.14a-12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR 240.14d-2(b))</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c))</font></p>
  </td>
 </tr>
</table>

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

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

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

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On May&nbsp;10, 2007, the Board
of Directors of </font><font size="2" style="font-size:10.0pt;">Axsys Technologies,&nbsp;Inc. (the &#147;Company&#148;) </font><font size="2" style="font-size:10.0pt;">approved amendments to the Company&#146;s Bylaws
to </font><font size="2" style="font-size:10.0pt;">enable the Company to participate in the Direct Registration
System.&#160; The amendments</font><font size="2" style="font-size:10.0pt;">, effective May&nbsp;10, 2007,</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">expanded the form of ownership of shares of
stock from &#147;certificated&#148; to &#147;certificated or uncertificated&#148; in response to
new rules&nbsp;issued by the NASDAQ Stock Market that require NASDAQ-listed
companies to be eligible for a Direct Registration System.&#160; A Direct Registration System permits an
investor&#146;s ownership to be recorded and maintained on the books of the issuer
or the transfer agent without the issuance of a physical stock
certificate.&#160; The new rule&nbsp;does not
require issuers to actually participate in a Direct Registration System or to
eliminate physical stock certificates.&#160;
However, listed securities must be &#147;eligible&#148; for such a program.&#160; A copy of the Bylaws, as amended, is </font><font size="2" style="font-size:10.0pt;">filed as Exhibit&nbsp;3.1
to this Current Report on Form&nbsp;8-K</font><font size="2" style="font-size:10.0pt;">.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Financial Statements and Exhibits.</b></font></p>

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

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:20.1%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:76.6%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:20.1%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:76.6%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bylaws, as amended on </font><font size="2" style="font-size:10.0pt;">May&nbsp;10,
  2007</font></p>
  </td>
 </tr>
</table>

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">March&nbsp;20</font><font size="2" style="font-size:10.0pt;">, 2008</font></p>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:55.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXSYS TECHNOLOGIES, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:55.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:55.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="51%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  David A. Almeida</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David
  A. Almeida</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

</div>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;"><font style="text-decoration:none;">&nbsp;</font></font></u></b></p>
  </td>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:83.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:13.42%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:83.24%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bylaws, as amended on May&nbsp;</font><font size="2" style="font-size:10.0pt;">10, 2007</font></p>
  </td>
 </tr>
</table>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a08-8676_1ex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>

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<head>





</head>

<body lang="EN-US">

<div>

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

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

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

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">AMENDED AND RESTATED BY-LAWS</font></b></p>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a Delaware corporation)</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall maintain a
registered office in the State of Delaware as required by law.&#160; The Company may also have offices in such
other places, either within or without the State of Delaware, as the Board of
Directors (the &#147;Board&#148;) may from time to time designate or as the business of
the Company may require.</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The seal of the Company shall
have inscribed thereon the name of the Company, the state of its incorporation
and the words &#147;Corporate Seal.&#148;&#160; The seal
may be used by causing it, or a facsimile thereof, to be impressed or affixed
or in any other manner reproduced.</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MEETINGS OF STOCKHOLDERS</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Place of Meetings</b>.&#160; All meetings of the Stockholders of the
Company shall be held at such place either within or without the State of
Delaware as may from time to time be designated by the Board and stated in the
notice of meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Annual Meeting of Stockholders.</b></font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp;&#160;&#160; The annual meeting of the Stockholders of
the Company for the election of directors and for the transaction of such other
business as may properly come before the meeting shall be held at such date and
at such hour each year as the Board shall by resolution determine and, if such
date is a legal holiday under the laws of the place where the meeting is to be
held, then the annual meeting of the Stockholders shall be held on the next
succeeding day not a legal holiday under the laws of such place, or on such
other date or at such other hour as the Board may from time to time by
resolution determine.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp;&#160;&#160; If the election of directors shall not be
held on the day designated by the Board for any annual meeting, or at any
adjournment of such meeting, the Board shall call a special meeting of the
Stockholders as soon as conveniently possible thereafter.</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
such meeting the election of directors shall take place, and such election and
any other business transacted thereat shall have the same force and effect as
at an annual meeting duly called and held.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special
Stockholders Meetings.</b>&#160;
Special meetings of the Stockholders for any purpose or purposes shall
be called only upon the request of the Chairman of the Board or the written consent
of three-quarters (75%) of the entire Board.&#160;
No special meeting of the Stockholders shall consider any business
except that which is designated in the notice of meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notices
of Meetings.</b>&#160; Notices of both
special and annual Stockholders&#146; meetings shall be given in writing and shall
be signed (originally or by facsimile) by the Secretary or by the persons
calling the meeting.&#160; Each such notice
shall state the place, date and hour of the meeting, the purpose or purposes
for which it is called and, if such purpose is to amend the Certificate of
Incorporation, shall describe the proposed amendment, the reasons for its
proposal and the general effects thereof.&#160;
Such notices shall be given personally or sent by mail to each
Stockholder of record entitled to vote at the meeting.&#160; Such notices shall be given not less than ten
(10)&nbsp;nor more than sixty (60) days before the date of such meeting.&#160; If mailed, any such notice shall be deemed
given when deposited in the United States mail, postage prepaid, directed to
the adjourned meeting of Stockholders if the time and place to which the
meeting is adjourned are announced at the meeting at which the adjournment is
taken;&#160; provided, however, that if after
the adjournment the Board fixes a new record date for the adjourned meeting, a
notice for the adjourned meeting shall be given to each Stockholder of record
on the new record date entitled to notice.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Quorum.</b>&#160; Except as otherwise provided by law or the
Certificate of Incorporation, at any meeting of the Stockholders, the presence
either in person or by proxy, of the holders of a majority in voting power of
the Voting Stock shall constitute a quorum, provided, however, that if the vote
of a greater percentage shall be required to take any action to be considered
at such meeting, the presence at the meeting, either in person or by proxy, of
the holders of the percentage so required shall constitute a quorum for the
purposes of considering such action.&#160; If
the holders of the number of votes necessary to constitute a quorum for any
purpose shall fail to attend the meeting at the time and place fixed in the
notice of the meeting, the meeting shall be continued from time to time (no
such adjournment or adjournments shall exceed sixty (60) days), until the
holders of the number of votes requisite to constitute the quorum shall
attend.&#160; At such adjourned meeting at
which a quorum shall be present, any business may be transacted which might
have been transacted at the meeting as originally notified.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;6.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Voting.</b>&#160; At each meeting of Stockholders, every
Stockholder having the right to vote shall be entitled to vote, either in
person or by proxy, the number of votes as provided for in or pursuant to the
Certificate of Incorporation for each share of Voting Stock registered in his
name on the books of the Company on the record date determined for such meeting
in accordance with Section&nbsp;7 of this Article&nbsp;III.&#160; When a quorum is present at any meeting, the
affirmative vote of a majority of the votes cast by the Stockholders entitled
to vote, present in person or by proxy at the meeting, shall decide any matter
brought before such meeting, unless the question is one upon which, by express
provision of the laws of the State of Delaware or the Certificate of
Incorporation, a different vote is required, in which case such express
provision shall govern and control the decision of such question.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Record
Date.</b>&#160; In order to determine
the holders of record of the Company&#146;s stock who are entitled to notice of
meetings, to vote at a meeting or adjournment thereof, and to receive payment
of any dividend, or to make a determination of the Stockholders or record for
any proper purpose, the Board may fix in advance a date as the record date for
such determination of Stockholders.&#160; Such
date shall not be more than sixty (60) days prior to the date of the action
which requires such determination, nor, in the case of a meeting of the
Stockholders, shall it be less than ten (10)&nbsp;days in advance of such meeting.&#160; If no record date is fixed for the
determination of Stockholders entitled to vote at a Stockholders&#146; meeting, or
Stockholders entitled to receive payment of a dividend, the close of business
on the day next proceeding the date on which notice of the Stockholders&#146;
meeting is given or the date on which the resolution of the Board declaring
such dividend is adopted, as the case may be, shall be the record date for such
determination.&#160; A determination of
Stockholders of record entitled to notice of or to vote at any meeting shall
apply to any adjournment of such meeting, except that the Board may fix a new
record date for any adjourned meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Presiding
Officer;&#160; Order of Business;&#160; Conduct of Meeting.</b></font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; Meetings of the
Stockholders shall be presided over by the Chairman of the Board, or if he is
not present, by the Chief Operating Officer, or if he is not present, by a Vice
President.&#160; The Secretary of the Company,
or, in his absence, as Assistant Secretary, shall act as secretary of every
meeting, but in the absence of the Secretary or Assistant Secretary, the
chairman of the meeting may choose any person present to act as secretary of
the meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; Subject to the
provisions of this Section&nbsp;8 of Article&nbsp;III, meetings of Stockholders
shall generally follow accepted rules&nbsp;of parliamentary procedure.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.&#160; The chairman of the meeting shall have
absolute authority over matters of procedure and to state the rules&nbsp;under
which the voting shall be conducted.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160; If disorder shall arise which prevents
continuation of the legitimate business of the meeting, the chairman may quit
the chair and announce the adjournment of the meeting;&#160; and upon his so doing, the meeting shall be
automatically adjourned.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.&#160; The chairman may ask or require that anyone
not a bona fide Stockholder or proxy leave the meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&#160; A resolution or motion shall be considered
for a vote only is proposed by a Stockholder or duly authorized proxy, and
seconded by an individual, who is a Stockholder or a duly authorized proxy,
other than the individual who proposed the resolution or motion.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&nbsp;&#160;&#160; The following order of business shall be
observed at all annual Stockholders&#146; meetings insofar as is practicable:</font></p>

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

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Calling the roll.</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reading, correcting and approving
minutes of a previous meeting, unless the same be waived.</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Special business stated in
the notice of meeting.</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Election of directors.</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">New business.</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
any special meeting of Stockholders, the business transacted shall be confined
to the purposes described in the notice of the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Proxies.</b>&#160; Each Stockholder entitled to vote at any
meeting of Stockholders may vote his shares through a proxy or attorney-in-fact
appointed by a written instrument signed by the Stockholder and delivered to
the secretary of the meeting at or prior to the time designated for holding
such meeting, but in any event not later than the time designated in the order
of business for so delivering such proxies.&#160;
No proxy shall be voted or acted upon after three (3)&nbsp;years from
its date, unless the proxy provides for a longer period.&#160; No proxy shall be valid and voted on after
the meeting of the Stockholders, or any adjournment thereof, to which it
applies.&#160; Every proxy shall be revocable
at the pleasure of the Stockholder executing it, except in those cases where an
irrevocable proxy is duly executed and permitted by law.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voting
List.</b>&#160; A complete list of
Stockholders of the Company entitled to vote at the ensuing meeting, arranged
in alphabetical order, and showing the address of and number and class of
shares entitled to vote at such meeting owned by each Stockholder shall be
prepared by the Secretary or other officer of the Company or the transfer
agent, transfer clerk or registrar of the Company having the charge of the
stock transfer books.&#160; Such list shall be
produced and kept available at the time and places required by law.&#160; Failure to comply with the requirements of
this Section&nbsp;shall not affect the validity of any action taken at such meeting
of the Stockholders.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nominations
of Directors.&#160; </b>Nominations of
candidates for election as directors at any annual meeting of shareholders may
be made (i)&nbsp;by, or at the direction of, a majority of the Board of
Directors or (ii)&nbsp;by any shareholder of record entitled to vote at such
annual meting.&#160; Only persons nominated in
accordance with procedures set forth in this section 11 shall be eligible for
election as directors at an annual meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nominations, other than those
made by, or at the direction of, a majority of the Board of Directors shall be
made pursuant to timely notice in writing to the Secretary of the Corporation
as set forth in this Section&nbsp;11.&#160; To
be timely, a shareholder&#146;s notice shall be delivered to, or mailed and received
at, the principal executive offices of the Corporation not less than sixty (60)
days nor more than (90) days prior to the date of the scheduled annual meeting,
regardless of postponements, deferrals, or adjournments of that meeting to a
later date; provided, however, that if less than seventy (70) days&#146; notice or
prior public disclosure of the date of the scheduled annual meeting is given or
made, notice by the shareholder to be timely must be so delivered or received
not later than the close of business on the tenth (10<sup>th</sup>) day
following the earlier of the day on which such notice of the date of the
scheduled annual meeting was mailed or the day on which such public disclosure
was made.&#160; Such shareholder&#146;s notice
shall set forth (i)&nbsp;as to each </font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">person
whom the shareholder proposes to nominate for election as a director (a)&nbsp;the
name, age, business address and residence address of such person, (b)&nbsp;the
principal occupation or employment of such person, (c)&nbsp;the class and
number of shares of the Corporation&#146;s equity securities which are Beneficially
Owned (as defined below) by such person on the date of such shareholder notice
and (d)&nbsp;any other information relating to such person that would be
required to be disclosed pursuant to Regulation 13D under the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), in connection with the
acquisition of shares, and pursuant to Regulation 14A under the Exchange Act,
in connection with the solicitation of proxies with respect to nominees for
election as directors, regardless of whether such person is subject to the
provisions of such regulations, including, but not limited to, information
required to be disclosed by Items 4(b)&nbsp;and 6 of Schedule A of Regulation
14A and information which would be required to be filed on Schedule B of
Regulation 14A with the Securities and Exchange Commission (as such Items and
Schedules are in effect on the date hereof and such additional information
required by those provisions or successor provisions adopted after the date hereof);&#160; and (ii)&nbsp;as to the shareholder giving
the notice (a)&nbsp;the name and address, as they appear on the Corporation&#146;s
books, of such shareholder and any other shareholder who is a record or
Beneficial Owner of any equity securities of the Corporation and who is known
by such shareholder to be supporting such nominee(s)&nbsp;and (b)&nbsp;the
class and number of shares of the Corporation&#146;s equity securities which are
Beneficially Owned and owned of record by such shareholder on the date of such
shareholder notice and the number of shares of the Corporation&#146;s equity
securities Beneficially Owned and owned of record by any person known by such
shareholder to be supporting such nominees(s)&nbsp;on the date of such
shareholder notice.&#160; At the request of a
majority of the Board of Directors any person nominated by, or at the direction
of, the Board of Directors for election as a director at an annual meeting
shall furnish to the Secretary of the Corporation that information required to
be set forth in a shareholder&#146;s notice of nomination which pertains to the
nominee.&#160; Ballots bearing the names of
all the persons who have been nominated for election as directors at an annual
meeting in accordance with the procedures set forth in this Section&nbsp;11
shall be provided for use at the annual meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A majority of the directors may
reject any nomination by a shareholder not timely made in accordance with the
requirement of this Section&nbsp;11.&#160; If
a majority of the directors determines that the information provided in a
shareholder&#146;s notice does not satisfy the informational requirement of this Section&nbsp;11
in any material respect, the Secretary of the Corporation shall promptly notify
such shareholder of the deficiency in the notice.&#160; The shareholder shall have an opportunity to
cure the deficiency by providing additional information to the Secretary within
such period of time, not to exceed five (5)&nbsp;days, from the date such
deficiency notice is given to the shareholder, as a majority of the directors
shall reasonably determine.&#160; If the
deficiency is not cured within such period, or if a majority of the directors
reasonably determines that the additional information provided by the
shareholder, together with the information previously provided, does not
satisfy the requirements of this Section&nbsp;11 in any material respect, then
a majority of the directors may reject such shareholder&#146;s nomination.&#160; The Secretary of the Corporation shall notify
a shareholder in writing whether his nomination has been made in accordance
with the time and informational requirements of this Section&nbsp;11.&#160; Not withstanding the procedure set forth in
this Section&nbsp;11, if the majority of the directors does not make a
determination as to the validity of any nominations by a shareholder, the
presiding officer of the annual meeting shall determine and declare at the
annual meeting whether a nomination was not made in accordance with the terms
of this</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.&#160; If the presiding officer determines that a
nomination was not made in accordance with the terms of this Section&nbsp;11,
he shall so declare at the annual meting and the defective nomination shall be
disregarded.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this Section&nbsp;11
and Section&nbsp;12, a person shall be considered the &#147;Beneficial Owner&#148; of any
security (whether of not owned of record):</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; with respect to which
such person or any affiliate or associate (as those terms are defined under Rule&nbsp;11b-2
of the General Rules&nbsp;and Regulations under the Exchange Act) of such
person directly or indirectly has or shares (i)&nbsp;voting power, including
the power to vote or to direct the voting of such securities and/or (ii)&nbsp;investment
power, including the poser to dispose of or to direct the disposition of such
security;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; which such person or
any affiliate or associate of such person has (i)&nbsp;the right or obligation
to acquire (whether such right or obligation is exercisable immediately or only
after the passage of time) pursuant to any agreement, arrangement or
understanding (whether or not in writing) or upon the exercise of conversion
rights, exchange rights, warrants or options, or otherwise, and/or (ii)&nbsp;the
right to vote pursuant to any agreement, arrangement or understanding (whether
or not in writing and whether or not such right is exercisable immediately or
only after the passage of time);&#160; or</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&nbsp; which is Beneficially
Owned within the meaning of (a)&nbsp;or (b)&nbsp;of this paragraph by any other
person with which such first-mentioned person or any of its affiliates or
associates has any agreement, arrangement or understanding (whether or not in
writing), with respect to (x)&nbsp;acquiring, holding, voting or disposing of
such security or any security convertible into or exchangeable or exercisable
for such security, or (y)&nbsp;acquiring, holding or disposing of all or
substantially all of the assets or businesses of the Corporation or a
subsidiary of the Corporation.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notice of Shareholder Proposals.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; At an annual meeting
of shareholders, only such new business shall be conducted, and only such
proposals shall be acted upon, as shall have been brought before the annual
meeting (a)&nbsp;by, or at the direction of, the majority of the Board of
Directors or (b)&nbsp;by any shareholder of the Corporation who complies with
the notice procedures set forth in this Section&nbsp;12.&#160; For a proposal to be properly brought before
an annual meeting by a shareholder, the shareholder must have given timely
notice thereof in writing to the Secretary of the Corporation.&#160; To be timely, a shareholder&#146;s notice must be
delivered to, or mailed and received at, the principal executive offices of the
Corporation not less than sixty (60) days nor more than ninety (90) days prior
to the scheduled annual meeting, regardless of any postponement, deferrals, or
adjournments of that meeting to a later date;&#160;
provided, however, that if less than seventy (70) days&#146; notice or prior
public disclosure of the date of the scheduled annual meeting is given or made,
notice by the shareholder, to be timely, must be so delivered or received not
later than the close of business on the tenth (10<sup>th</sup>) day following
the earlier of the day on which such notice of the date of the scheduled annual
meeting was mailed or the day on which such public disclosure was made.&#160; A shareholder&#146;s notice to the Secretary shall
set forth as to each matter the shareholder proposes to bring before the annual
meeting (a)&nbsp;a brief description of the proposal desired to be brought
before the annual meeting and the reasons for conducting such business at the
annual meeting, (b)&nbsp;the name and address, as they appear on the
Corporation&#146;s books, of the shareholder proposing such </font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business
and any other shareholder who is the record or Beneficial Owner of any equity
security of the Corporation known by such shareholder to be supporting such
proposal, (c)&nbsp;the class and number of shares of the Corporation&#146;s equity
securities which are Beneficially Owned and owned of record by the shareholder
giving the notice on the date of such shareholder notice and by any other
record or Beneficial Owners of the Corporation&#146;s equity securities known by
such shareholder to be supporting such proposal on the date of such shareholder
notice, and (d)&nbsp;and financial or other interest of the shareholder in such
proposal.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; If the presiding
officer of the Annual Meeting determines that a stockholder proposal was not
made in accordance with the terms of this Section, he shall so declare at the
Annual Meeting and any such proposal shall not be acted upon at the Annual
Meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&nbsp; This provision shall
not prevent the consideration and approval or disapproval at the Annual Meeting
or reports of officers, directors and committees of the Board of Directors,
but, in connection with such reports, no business shall be acted upon at such
Annual Meeting unless stated, filed and received as herein provided.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Action by Written Consent.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; Whenever any action is
required or permitted to be taken by the holders of Common Stock at any meeting
of stockholders of the Corporation, subject to the provisions of Sections
13(b), (c)&nbsp;and (d)&nbsp;hereof, the action may be taken without a meeting,
without prior notice and without a vote, if a written consent setting forth the
action so taken shall have been signed by the holders of the requisite number
of shares of outstanding Common Stock required under applicable law or the
Certificate of Incorporation.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; The record date for
determining stockholders entitled to express consent to corporate action in
writing without a meeting shall be fixed by the Board of Directors of the
Corporation.&#160; Any stockholder seeking to
have the stockholders authorize or take corporate action by written consent
without a meeting shall, by written notice, request the Board of Directors to
fix a record date.&#160; The Board of
Directors shall, upon receipt of such a request, fix as the record date the 15<sup>th</sup>
day following receipt of the request or such later date as may be specified by
such stockholder.&#160; If the record date
falls on a Saturday, Sunday or legal holiday, the record date shall be the day
next following which is not a Saturday, Sunday or legal holiday.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&nbsp; The date for
determining if an action has been consented to by the holder or holders of
shares of outstanding stock of the Corporation having the requisite voting
power to authorize or take the action specified therein (the &#147;Consent Date&#148;),
shall be the 31<sup>st</sup> day after the date on which materials soliciting
consents are mailed to stockholders of the Corporation or, if not such
materials are required to be mailed under applicable law, the 31<sup>st</sup>
day following the record date fixed by the Board of Directors pursuant to Section&nbsp;13(b)&nbsp;hereof.
If the Consent Date falls on a Saturday, Sunday or legal holiday, the Consent
Date shall be the day next following which is not a Saturday, Sunday or legal
holiday.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&nbsp; In the event of the
delivery to the Corporation of a written consent or consents purporting to
authorize or take corporate action and/or related revocations </font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(each
such written consent and related revocation is referred to in this Section&nbsp;13
as a &#147;Consent&#148;), the Secretary of the Corporation shall provide for the
safekeeping of such Consent and shall conduct such reasonable investigation as
he deems necessary or appropriate for the purpose of ascertaining the validity
of such Consent and all matters incident thereto, including, without
limitation, whether the holders of shares having the requisite voting power to
authorize or take the action specified in the Consent have given consent;&#160; <b><u style="font-weight:bold;">provided</u></b>,
<b><u style="font-weight:bold;">however</u></b>, that if the
corporate action to which the Consent relates is the removal or replacement of
one or more members of the Board of Directors, the Secretary of the Corporation
shall designate two persons, who may not be members of the Board of Directors,
to serve as Inspectors with respect to such Consent, and such Inspectors shall
discharge the functions of the Secretary of the Corporation under this Section&nbsp;13(d).&#160; If after such investigation the Secretary or
the Inspectors (as the case may be) shall determine that the Consent is valid,
that fact shall be certified on the records of the Corporation kept for the
purpose of recording the proceedings of meetings of stockholders, and the
Consent shall be filed in such records, at which time the Consent shall become
effective as stockholder action; <b><u style="font-weight:bold;">provided</u></b>,
<b><u style="font-weight:bold;">however</u></b>, that neither the
Secretary nor the Inspectors (as the case may be) shall make such certification
or filing, and the Consent shall not become effective as stockholder action,
until the final termination of any proceedings which may have been commenced in
the Court of Chancery of the State of Delaware or any other court of competent
jurisdiction for an adjudication of any legal issues incident to determining
the validity of the Consent, unless and until such court shall have determined
that such proceedings are not being pursued expeditiously and in good faith.</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
IV</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board
of Directors</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
Authority.</b>&#160; The property,
business and affairs of the Company shall be managed and controlled by the
Board of Directors, which may exercise all such powers of the Company and do
all such lawful acts and things as are not by applicable law or the Certificate
of Incorporation of these By-laws directed or required to be exercised or done
by the Stockholders.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Number
and Term of Office.&#160; </b>The
number of directors shall be not less than two (2)&nbsp;nor more than twelve
(12).&#160; The number of directors shall be
fixed by the Board from time to time by the affirmative vote of at least a
majority of the entire Board;&#160; provided,
however, that no decrease in the number of directors shall have the effect of
shortening the term of any incumbent director.&#160;
Each director shall be of legal age.&#160;
The directors need not be Stockholders and need not be residents of the
State of Delaware.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vacancies;
Newly Created Directorships.</b>&#160;
Any vacancy occurring in the Board caused by death, resignation, removal
or otherwise, and any newly created directorship resulting from an increase in
the number of directors, may be filled only by the affirmative vote of at least
a majority of the directors then in office, although such directors are less
than a quorum, or by the sole remaining director.&#160; Each director chosen to fill a vacancy or a
newly created directorship shall hold office until the next election of
directors, and subject to his earlier death, resignation or removal in </font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">accordance
with the Certificate of Incorporation, these By-laws and applicable law, until
his successor shall be duly elected and shall qualify.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Removal
of Directors.</b>&#160; Any one or more
of the directors of the Company may be removed from office only for cause and
only by the affirmative vote of three-quarters (75%) of the entire Board or by
the affirmative vote of two-thirds (66 2/3%) of the votes represented by the
issued and outstanding shares of the Company entitled to vote at a meeting
called for such purpose.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Place
of Meetings.&#160; </b>The directors
may hold their meetings in such place or places, either within or without the
State of Delaware, as the Board may from time to time by resolution determine.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Regular
and Special Meetings.</b></font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; A regular meeting of
the Board shall follow each annual meeting of Stockholders as promptly as is
practicable for the purpose of organization, the election and appointment of
officers and the transaction of other business.&#160;
Other regular meetings of the Board shall be held at such times and places
as the Board shall from time to time by resolution determine.&#160; If any day fixed for a regular meeting shall
be a legal holiday under the laws of the place where the meeting is to be held,
the meeting which would otherwise be held on that day shall be held at the same
hour on the next succeeding business day.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; Special meetings of
the Board shall be held whenever called by the Chairman of the Board or by the
Secretary and shall also be called by the Secretary on the written request of a
majority of the directors of the Company.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notice
of Meetings.</b>&#160; Notice of the
regular meeting of the Board following the annual meeting of the stockholders
need not be given.&#160; Notice of each other
regular meeting shall be furnished in writing to each member of the Board not
less than two days in advance of such meeting.&#160;
Notice of each special meeting of the Board shall be given at least two (2)&nbsp;hours
prior to the time of such special meeting and such notice may be given by the
Secretary by telephone.&#160; Notices of any
other meetings shall be addressed to each director at his place of business and
shall be in writing or shall be given by telephone, confirmed in writing.&#160; Notice need not be given to any director who
shall, either before or after the meeting, submit a signed waiver of such
notice or who shall attend such meeting without protesting, prior to or at its
commencement, the lack of notice to such director.&#160; Every such notice shall state the time and
place but need not state the purpose of the meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Participating
in Meeting by Means of Communications Equipment.</b>&#160; Any one or more members of the Board or any
committee thereof may participate in any meeting of the Board or of any such
committee by means of conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other,
and such participation in a meeting shall constitute presence in person at such
meeting.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Quorum and Manner of Acting.</font></b><font size="2" style="font-size:10.0pt;">&#160; Except as otherwise provided by law, the
Certificate of Incorporation or these By-laws, a majority of the full number of
directors then in office (including both those elected and appointed) shall
constitute a </font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">quorum
for the transaction of business at any meeting of the Board;&#160; provided, however, that if the vote of a
greater percentage of the Board shall be required to take any action to be
considered at such meeting, the presence at the meeting of the percentage so
required shall constitute a quorum for purposes of considering such action.&#160; Except as so provided, the vote of a majority
of the directors present at any meeting at which there is a quorum shall be the
act of the Board.&#160; In the absence of a
quorum, a majority of the directors present may adjourn the meeting to another
time and place.&#160; At any adjourned meeting
at which a quorum is present, any business may be transacted which might have
been transacted at the meeting as originally called.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Action
Without a Meeting.</b>&#160; Any action
required or permitted to be taken at any meeting of the Board or any committee
thereof may be taken without a meeting if a consent in writing describing the
action so taken shall be signed by all of the directors or members of such
committee entitled to vote with respect to the subject matter thereof.&#160; Each such consent in writing shall be filed
with the minutes of the proceeding of the Board.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Order of
Business.</b>&#160; At any meeting of
the Board, business shall be transacted in such order as the Board may by
resolution determine.&#160; At all meetings of
the Board, the Chairman of the Board, or in his absence a director designated
by a majority of the directors attending the meeting, shall preside.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Minutes.</b>&#160; The Board and each committee thereof shall
keep written minutes of its meetings.&#160; In
the event the Secretary of the Company is not a member of the Board or a
committee, the Board of such committee shall prescribe by a resolution the
officer or other person who shall be charged with the responsibility of keeping
and maintaining such minutes.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Directors&#146;
Compensation.</b>&#160; Directors shall
receive such compensation for attendance at any meetings of the Board and any
expenses incidental to the performance of their duties as the Board shall be
resolution determine.&#160; Such compensation
may be in addition to any compensation received by the members of the Board or
in any other capacity.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends.</b>&#160; Subject always to the provisions of the laws
of Delaware and the Certificate of Incorporation, the Board of shall have full
power to determine whether any, and if so what part, of the fund legally
available for the payment of dividends shall be declared in dividends and paid
to the Stockholders of the Company.&#160; The
Board may fix a sum which may be set aside or reserved over and above the paid-in
capital of the Company for working capital or as a reserve for any proper
purpose, and from time to time may increase, diminish and vary such funds in
the Board&#146;s absolute judgment and discretion.&#160;
Dividends upon the shares of stock of the Company, subject always to the
mentioned provisions, may be declared by the Board at any regular or special
meeting, payable in cash, property or shares of the Company&#146;s stock.</font></p>

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

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

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<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
V</font></b></h1>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive
Committee.&#160; </b>The Board may, by
resolution adopted by at least three-quarters (75%) of the entire Board,
designate two or more its members to constitute members or alternate members of
an Executive Committee.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Powers
and Authority of Executive Committee.</b>&#160; The Executive Committee shall have and may
exercise, between meetings of the Board, all of the powers and authority of the
Board in the management of the business and affairs of the company, including,
if such Committee is so empowered and authorized by resolution adopted by the
affirmative vote of that percentage of the entire Board that would be required
for the Board to act in the particular instance, to fill vacancies on any
committee of the Board except the Executive Committee, ad to submit to the
Stockholders any action that requires Stockholder authorization, except that
the Executive Committee shall not have such power or authority in reference to:</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; the amendment,
alteration or repeal of any provision of the Certificate of Incorporation or
the By-laws of the Company or the addition or insertion of other provisions
therein;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; declaring a dividend
or other corporate distribution;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&nbsp; removing any member of
the Board or filling any vacancy on the Board;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&nbsp; adopting an agreement
of merger or consolidation of the Company with or into any other corporation;</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&nbsp; recommending to the
Stockholders the sale, lease, or exchange of all, or substantially all, of the
property and assets of the Company.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (f)&nbsp; recommending to the
Stockholders a dissolution of the company or a revocation of a
dissolution;&#160; or</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (g)&nbsp; amending or repealing
any resolution of the Board which by its terms may be amended or repealed only
by the Board.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board shall have the power
at any time to change the membership of the Executive Committee, to fill all
vacancies in it and to discharge it, either for or without cause;&#160; provided, however, that no such action shall
be taken without the affirmative vote of at least three-quarters (75%) of the
entire Board.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other
Committees.</b>&#160; The Board may, by
resolution adopted by the affirmative vote of a majority of the entire Board,
designate one or more other committees, each of which shall, except as
otherwise prescribed by law, have such authority of the Board as shall be
specified in the resolution of the Board designating such committee.&#160; A majority of all the members of such
committee may determine its action and fix the time and place of its meetings,
unless the Board shall otherwise provide.&#160;
The Board shall have the power at any time to change the membership of,
to fill all vacancies in and to discharge any such committee either for or
without cause.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Procedures;
Meetings; Quorum.</b>&#160; Regular
meetings of the Executive Committee or any other committee of the Board, of
which no notice shall be necessary, may be held at such times and places as
shall be fixed by resolution adopted </font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by
a majority of the members thereof.&#160;
Special meetings of the executive Committee or any other committee of
the Board shall be called at the request of any member thereof.&#160; So far as applicable, the provisions of Article&nbsp;IV
of these By-laws relating to notice, quorum and voting requirements applicable
to meetings of the Board shall govern meetings of the Executive Committee or
any other committee of the Board.&#160; The
Executive Committee or any other committee of the Board may adopt rules&nbsp;and
regulations not inconsistent with the provisions of the law, and the
Certificate of Incorporation or these By-laws for the conduct of its
meetings.&#160; The Executive Committee and
each other committee of the Board shall keep written minutes of its proceedings
and shall report on such proceedings to the Board at the next meeting of the
Board.</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VI</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICERS</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Number;
Term of Office.</b>&#160; The officers
of the Company shall include a Chairman of the Board, a President, Chief
Financial Officer, one or more Vice Presidents, a Treasurer, a Secretary, and
such other officers or agents with such titles and such duties as the Board may
from time to time determine, each to have such authority, functions or duties
as provided in these By-Laws or as the Board may from time to time determine,
and each to hold office for such term as may be prescribed by the Board and
until such person&#146;s successor shall have been chosen and shall qualify, or
until such person&#146;s death or resignation, or until such person&#146;s removal in the
manner hereinafter provided.&#160; The
Chairman of the Board shall be elected from among the directors.&#160; The Board may from time to time elect, or the
Chairman of the Board or the President may appoint, such other officers, and
such agents, as may be necessary or desirable for the business of the
Corporation.&#160; Such other officers and
agents shall have such duties and shall hold their officers for such terms as
may be prescribed by the Board or by the appointing authority.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vacancies
and Removal.</b>&#160; In case any
office shall become vacant, the Board shall have power to fill such
vacancies.&#160; In its discretion, the Board,
by the vote of a majority of the entire Board, may leave any office unfilled
for any such period as it may fix by resolution.&#160; In case of the absence or disability of any
officer or any vacancy in any office, the Board may delegate the powers or
duties of any officer to another officer in the Company or to a director.&#160; Any officer or agent of the Company may be
removed, either with or without cause, at any time by the affirmative vote of three-quarters
(75%) of the entire Board.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chairman
of the Board.</b>&#160; Unless the
Board declares otherwise by resolution, the Chairman of the Board shall be the
Chief Executive Officer of the Company, and as such shall have general
supervision and direction of the business and affairs of the Company, subject
to the control of the Board.&#160; The
Chairman of the Board shall be a director and, when present, shall preside at
all meetings of the Board.&#160; He shall
perform such other duties as may be prescribed from time to time by the Board
or by these By-laws.&#160; He shall have the
powers of the Chief Operating Officer and power to delegate any of the Chairman&#146;s
powers, on a temporary or permanent basis, to the Chief Operating Officer.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President.</b>&#160; Unless the Board declares otherwise by
resolution, the President shall be the Chief Operating Officer of the
Corporation.&#160; He shall exercise such
duties as customarily pertain to the office of President, and shall report to
the Chairman of the Board.&#160; He may
appoint and terminate the appointment or election of officers, agents, or other
employees other than those appointed or elected by the Board or the Chairman of
the Board.&#160; He may sign, execute and
deliver, in the name of the Corporation, powers of attorney, contracts, bonds
and other obligations which implement policies established by the Board, and
shall perform such other duties as may be prescribed form time to time by the
Board, the Chairman of the Board or by these By-laws.&#160; In the Event that the Board fails to elect a
Chairman of the Board, the President shall be the Chairman of the Board and all
references in these By-laws to the Chairman of the Board and all references in
these By-laws to the Chairman of the Board shall be deemed to refer to the
President.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vice
Presidents.</b>&#160; Vice Presidents
shall have such powers and perform such duties as may be assigned to them by
the Chairman of the Board, the Chief Operating Officer, the Executive Committee
or the Board.&#160; In the absence or
disability of the Chairman of the Board and the Chief Operating Officer, any
Vice President may sign and execute contracts and other obligations pertaining
to the regular course of his duties which implement policies established by the
Board, and shall perform such other duties as may be prescribed from time to
time by the Board or these By-laws.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Chief Financial Officer.</b>&#160; The
Chief Financial Officer of the Corporation shall be a person other than the
Chief Operating Officer of the Corporation.&#160;
He shall bear responsibility for the general and active management of
all of the financial affairs of the Company and such other duties as may be
assigned to him from time to time by the Chairman of the Board, the Board or
these By-laws.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer.</b>&#160; Unless the Board otherwise declares by
resolution, the Treasurer shall have general custody of all the funds and
securities of the Company and shall have general supervision of the collection
and disbursement of funds of the Company.&#160;
He shall endorse for collection on behalf of the Company checks, notes
and other obligations, and shall deposit the same to the credit of the Company
in such bank or banks or depository as the Board may designate.&#160; He may sign, with the Chairman of the Board,
all bills of exchange or promissory notes of the Company.&#160; He shall enter or cause to be entered
regularly in the books of the Company a full and accurate account of all funds
received and paid by him on account of the Company;&#160; shall at all reasonable times exhibit his
books and accounts to any director of the Company upon application at the
office of the Company during business hours;&#160;
and, whenever required by the Board, the Chairman of the Board or the
Chief Operating Officer, shall render a statement of his accounts.&#160; He shall perform such other duties as may be
prescribed from time to time by the Board or by these By-laws.&#160; He may be required to give bond for the
faithful performance of his duties in such sum and with such surety as shall be
approved by the Board.&#160; The Board may
authorize one or more accounting firms to perform any act or discharge any
responsibility of the Treasurer.&#160; Any
Assistant Treasurer shall, in the absence or disability of the Treasurer,
perform the duties and exercise the powers of the Treasurer and shall perform
such other duties and have such other powers as the Board may from time to time
prescribe.</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Secretary.&#160; </b>The Secretary shall keep the
minutes of all meetings of the Stockholders and of the Board, and to the extent
ordered by the Board, the Chairman of the Board or the Chief Operating Officer,
may keep the minutes of all committees.&#160;
He shall cause notice to be given of meetings of Stockholders, of the
Board, and of any committee appointed by the Board.&#160; He shall have custody of the corporate seal,
minutes and records relating to the conduct and acts of the Stockholders and
Board, which shall, at all reasonable times, be open to the examination of any
director.&#160; The Secretary or any Assistant
Secretary may certify the record of proceedings of the meetings of the
Stockholders or of the Board, and of resolutions adopted at such meetings; may
sign or attest certificates, statements or reports required to be filed with
governmental bodies or officials; may sign acknowledgments of instruments; may
give notice of meetings; and shall perform such other duties and have such
other powers as the Board may from time to time prescribe.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bank
Accounts.</b>&#160; In addition to such
bank accounts as may be authorized in the usual manner by resolution of the
Board, the Treasurer, with approval of the Chairman of the Board or the Chief
Operating Officer, may authorize such bank accounts to be opened or maintained
in the name and on behalf of the Company as he may deem necessary or
appropriate, provided payments from such bank accounts are to be made upon and
according to the check of the Company, which may be signed jointly or singly by
either the manual or facsimile signature or signatures of such officers or
bonded employees of the Company as shall be specified in the written
instructions of the Treasurer or Assistant Treasurer of the Company with the
approval of the Chairman of the Board or the Chief Operating Officer of the
Company.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Proxies.</b>&#160; Unless otherwise directed by the Board, the
Chairman of the Board or the Chief Operating Officer, or their designees, shall
have full power and authority on behalf of the Company to attend and to vote
upon all matters and resolutions at any meeting of stockholders of any
corporation in which the Company may hold stock, and may exercise on behalf of
the Company any and all of the rights and powers incident to the ownership of
such stock at any meeting, whether regular or special, and at all adjournments
thereof, and shall have power and authority to execute and deliver proxies and
consents on behalf of the company in connection with the exercise by the
Company of the rights and powers incident to the ownership of such stock, with
full power of substitution or revocation.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dual
Offices.&#160; </b>Any person may hold
more than one office; provided, however, that the Chief Operating Officer shall
not hold any other office except that of the Chairman of the Board.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Salaries.</b>&#160; The salaries of all executives of the Company
shall be fixed by the Board.&#160; No officer
shall be ineligible to receive such salary by reason of the fact that he is
also a director of the Company and receiving compensation therefore.</font></p>

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

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

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

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

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

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATES
OF STOCK</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Forms.</b></font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&nbsp; The shares of capital
stock of the Company will be represented by certificates, provided that the
Board of Directors may provide by resolution or resolutions that some or all of
any of the classes or series of the Company&#146;s stock shall be uncertificated
shares.&#160; Any such resolution shall not
apply to shares represented by a certificate until such certificate is
surrendered to the Company.&#160; The
certificates for shares of stock shall be in such form as the Board of
Directors may from time to time prescribe.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&nbsp; The certificates of
stock shall be signed by the Chairman of the Board or the Chief Operating
Officer and by the Secretary or the Treasurer, and sealed with the seal of the
Company.&#160; Such seal may be a facsimile,
engraved or printed.&#160; Where any
certificate is manually signed by a transfer agent or by a registrar, the
signatures of any offices upon such certificate may be facsimiles, engraved or
printed.&#160; In case any officer, transfer
agent or registrar who has signed or whose facsimile signature has been placed
upon any certificate shall have ceased to be such before the certificate is
issued, it may be issued by the Company same effect as if such officer,
transfer agent or registrar had not ceased to be such at the time of its issue.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lost or
Destroyed Certificates.</b>&#160; The
Board shall have the power to direct new stock certificates issued to any
Stockholder in place of any certificates theretofore issued by the Company,
when such Stockholder proves to the satisfaction of the Board that a stock
certificate is lost or destroyed, or upon the posting of an indemnity bond by
the owner of such lost or destroyed certificates, or his legal representative,
in such amount as the Board shall deem appropriate, to hold the Company
harmless from any loss or claim arising out of or in connection with the
issuance of a duplicate certificate, unless such requirements be dispensed with
by the Board, in its discretion, in any instance or instances.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Transfer
Agent and Registrar.</b>&#160; The
Board may appoint one or more transfer agents and one or more registrars, and
may require all certificates for shares, if any, to bear the manual or
facsimile signature or signatures of any of them.&#160; Any such transfer agent and registrar shall
transfer stock in accordance with its customary transfer procedures and in
accordance with applicable laws and regulations.</font></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VIII</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL
PROVISIONS</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal
Year.&#160; </b>The fiscal year of the
Company shall end on such date as the Board may determine by resolution.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Books
and Records.</b>&#160; A certified copy
of the Certificate of Incorporation and the By-laws of this Company shall be
deposited in the name of the Company in such bank or banks or trust company or
other institutions as the Board shall designate by resolution.&#160; All checks or demands for the payment of
money and all notes and other instruments of a negotiable nature shall be
signed by the persons designated by appropriate resolution of the Board or
these By-laws.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Section&nbsp;</font>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Contracts.&#160; </b>The Board may authorize any
officer or officers, agent or agents, to enter into any contract or execute and
deliver any instrument in the name</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
on behalf of the Company, and such authority may be general or confined to
specific instances.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Loans.</b>&#160; No loans shall be contracted on behalf of the
Company and no evidences of indebtedness shall be issued in its name unless
authorized by a resolution of the Board;&#160;
and such authority may be general or confined to specific instances.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Saving
Clause.</b>&#160; In the event any
provision of these By-laws is inconsistent with the Certificate of
Incorporation of this Company or the corporate laws of the State of Delaware,
such provisions shall be invalid to the extent only of such conflict, and such
conflict shall not affect the validity of all other provisions of these
By-laws.</font></p>

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

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

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDEMENTS;
STOCKHOLDERS&#146; AGREEMENTS</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Section&nbsp;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendments.</b>&#160; These By-laws may be adopted, repealed,
altered or amended only by the unanimous written consent action of all
directors or by the affirmative vote of a majority of the entire Board acting
at a regular or special meeting called by written notice, which written notice
shall include notice of the proposed action to amend the By-laws, or by the
affirmative vote of a majority of the votes represented by the issued and
outstanding shares of the Company entitled to vote at a meeting called for such
purpose.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Stockholders&#146; Agreements.&#160; </font></b><font size="2" style="font-size:10.0pt;">These By-laws shall be
subject to the provisions of any stockholders&#146; agreement between the Company
and the holders of at least a majority of its outstanding Voting Stock.</font></p>

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

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

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