AMENDED & RESTATED
 
                                     BYLAWS
 
                                       OF
 
                              CENTURY CASINOS, INC.
 
                                    ARTICLE I
 
                                     OFFICES
 
     SECTION 1.1,  Registered  Office. The registered office of Century Casinos,
Inc. (the "Corporation")  shall be at 1209 Orange Street,  Wilmington,  Delaware
19801.
     SECTION 1.2, Other Offices.  The  Corporation may also have offices at such
other  places  both  within and  without  the State of  Delaware as the Board of
Directors of the  Corporation  (the "Board of Directors")  may from time to time
determine.
 
                                   ARTICLE II
 
                            MEETINGS OF STOCKHOLDERS
 
     SECTION 2.1, Annual  Meetings.  An annual meeting of shareholders  shall be
held on such date and at such time and place, either within or without the State
of Delaware,  as may be designated by the Board of Directors  from time to time,
for the purpose of electing directors and for the transaction of only such other
business as is properly  brought  before the  meeting in  accordance  with these
Bylaws.
 
     Written notice of an annual meeting stating the place, date and hour of the
meeting, shall be given to each stockholder entitled to vote at such meeting not
less than 10 nor more than 60 days before the date of the meeting.
 
     SECTION 2.2, Special  Meetings.  Special meetings of stockholders,  for any
purpose or purposes, may be called at any time by a majority of the entire Board
of Directors or by the Chairman of the Board,  the Vice Chairman of the Board or
the President,  or by a committee of the Board of Directors  which has been duly
designated by the Board of Directors  and whose power and authority  include the
power to call such meetings,  but such special meetings may not be called by any
other person or persons.
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     Written notice of a special meeting stating the place, date and hour of the
meeting, shall be given to each stockholder entitled to vote at such meeting not
less than 10 nor more than 60 days before the date of the meeting.
 
     SECTION 2.3, Adjournments. Any meeting of stockholders,  annual or special,
may adjourn from time to time to reconvene at the same or some other place,  and
notice  need not be given of any such  adjourned  meeting  if the time and place
thereof are announced at the meeting at which the  adjournment is taken.  At the
adjourned  meeting the  Corporation  may transact any business  which might have
been  transacted at the original  meeting.  If the  adjournment is for more than
thirty (30) days, or if after the adjournment a new record date is fixed for the
adjourned  meeting,  a notice of the  adjourned  meeting  shall be given to each
stockholder of record entitled to vote at the meeting.
 
     SECTION  2.4,  Quorum.  Except  as  otherwise  provided  by  law  or by the
Certificate  of  Incorporation,  the holders of a majority of the capital  stock
issued and outstanding and entitled to vote at the meeting, present in person or
represented  by  proxy,  shall  constitute  a  quorum  at  all  meetings  of the
stockholders for the transaction of business. If, however, such quorum shall not
be present or represented at any meeting of the  stockholders,  the stockholders
so present may, by majority  vote,  adjourn the meeting from time to time in the
manner set forth in Section  2.3 above,  until a quorum  shall  attend.  At such
adjourned  meeting  at  which a quorum  shall be  present  or  represented,  any
business  may be  transacted  which might have been  transacted  at the original
meeting.
 
     SECTION 2.5, Organization.  Meetings of stockholders shall be presided over
by the Chairman of the Board,  if any, or in the absence of such person,  by the
Vice  Chairman of the Board,  if any, or in the absence of such  person,  by the
President,  or in his or her absence by a Vice  President,  or in the absence of
the foregoing persons, by a chairman designated by the Board of Directors, or in
the  absence of such  designation,  by a  chairman  chosen at the  meeting.  The
Secretary  shall act as secretary of the meeting,  but in his or her absence the
chairman  of the  meeting  may  appoint  any person to act as  secretary  of the
meeting.
 
     SECTION 2.6, Voting.  Unless otherwise  required by law, the Certificate of
Incorporation or these Bylaws, any question brought before any
 
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meeting of stockholders  shall be decided by the majority vote of the holders of
a  majority  of the  stock  represented  and  entitled  to  vote  thereat.  Each
stockholder  represented at a meeting of stockholders  shall be entitled to cast
one vote for each share of the capital  stock  entitled to vote  thereat held by
such stockholder, unless otherwise provided by the Certificate of Incorporation.
Such votes may be cast in person or by proxy but no proxy  shall be voted  after
three years from its date,  unless such proxy provides for a longer period.  The
Board  of  Directors,  in its  discretion,  or the  officer  of the  Corporation
presiding at a meeting of stockholders,  in his discretion, may require that any
votes cast at such meeting shall be cast by written ballot.
 
     SECTION 2.7, List of  Stockholders  Entitled to Vote.  The Secretary of the
Corporation who has charge of the stock ledger of the Corporation  shall prepare
and make,  at least ten days before every  meeting of  stockholders,  a complete
list  of  the  stockholders  entitled  to  vote  at  the  meeting,  arranged  in
alphabetical  order,  and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to
the  examination  of any  stockholder,  for any purpose  germane to the meeting,
during ordinary  business hours,  for a period of at least ten days prior to the
meeting,  either at a place  within  the city  where the  meeting is to be held,
which  place  shall be  specified  in the notice of the  meeting,  or, if not so
specified,  at the place where the meeting is to be held. The list shall also be
produced  and kept at the time and place of the  meeting  during  the whole time
thereof,  and may be  inspected by any  stockholder  of the  Corporation  who is
present.
 
     SECTION 2.8, Stock Ledger. The stock ledger of the Corporation shall be the
only evidence as to (i) the identity of the stockholders entitled to examine the
stock ledger,  the list required by Section 2.6 of this Article II, or the books
of the  Corporation,  and (ii) who may vote in person or by proxy at any meeting
of stockholders.
 
     SECTION 2.9, Conduct of Meeting.  The Board of Directors of the Corporation
may adopt by  resolution  such  rules and  regulations  for the  conduct  of the
meeting  of  stockholders  as it shall  deem  appropriate.  Except to the extent
inconsistent  with  such  rules  and  regulations  as  adopted  by the  Board of
Directors,  the chairman of any meeting of stockholders shall have the right and
authority to prescribe such rules,  regulations  and  procedures,  and to do all
such acts as, in the judgment of such chairman,  are  appropriate for the proper
conduct of the meeting. Such rules,  regulations or procedures,  whether adopted
by the Board of Directors  or  prescribed  by the  chairman of the meeting,  may
include,  without limitation,  the following: (i) the
 
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establishment of an agenda or order of business for the meeting;  (ii) rules and
procedures for maintaining order at the meeting and the safety of those present;
(iii)   limitations  on  attendance  at  or  participation  in  the  meeting  to
stockholders of record of the Corporation, their duly authorized and constituted
proxies or such other  persons as the chairman of the meeting  shall  determine;
(iv)  restrictions  on  entry  to the  meeting  after  the  time  fixed  for the
commencement  thereof;  and (v) limitations on the time allotted to questions or
comments by  participants.  Unless and to the extent  determined by the Board of
Directors or the chairman of the meeting,  meetings of stockholders shall not be
required to be held in accordance with the rules of parliamentary procedure.
 
     SECTION 2.10, Required Notice of Stockholder Business. At an annual meeting
of the  stockholders,  only such business  shall be conducted as shall have been
properly  brought  before the meeting.  To be properly  brought before an annual
meeting  business  must  be (a)  specified  in the  notice  of  meeting  (or any
supplement thereto) given by or at the direction of the Board of Directors,  (b)
otherwise  properly  brought  before the meeting by or at the  direction  of the
Board of Directors,  or (c) otherwise  properly  brought before the meeting by a
stockholder.  For  business  to be  properly  brought  before  the  meeting by a
stockholder, the stockholder must have given timely notice thereof in writing to
the Secretary of the Corporation.  To be timely, a stockholder's  notice must be
delivered to or mailed and received at the  principal  executive  offices of the
Corporation not less than 120 days or more than 180 days prior to the meeting. A
stockholder's  notice to the  Secretary  shall set forth as to each  matter  the
stockholder proposes to bring before the annual meeting, (a) a brief description
of the business  desired to be brought before the annual meeting and the reasons
for conducting such business at the annual meeting, (b) the name and address, as
they  appear on the  Corporation's  books,  of the  stockholder  proposing  such
business,  (c) the class and  number  of  shares  of the  Corporation  which are
beneficially  owned by the  stockholder,  and (d) any  material  interest of the
stockholder  in such  business.  Notwithstanding  anything  in the Bylaws to the
contrary,  no  business  shall be  conducted  at any  annual  meeting  except in
accordance  with the  procedures set forth in this Section 2.10. The Chairman of
the annual  meeting shall,  if the facts  warrant,  determine and declare to the
meeting  that  business  was not  properly  brought  before the  meeting  and in
accordance  with the procedures set forth in this Section 2.10, and if he should
so  determine,  he shall so declare to the  meeting  and any such  business  not
properly brought before the meeting shall not be transacted.
 
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     SECTION 2.11,  Required Notice of Stockholder  Nominees for Director.  Only
persons who are nominated in accordance  with the  procedures  set forth in this
Section 2.11 shall be eligible for election as Directors. Nominations of persons
for  election  to the Board of  Directors  of the  Corporation  may be made at a
meeting  of  stockholders  by or at the  direction  of the  Board of  Directors,
subject  to  applicable  SEC proxy  regulations,  or by any  stockholder  of the
corporation  entitled to vote for the  election of  Directors at the meeting who
complies  with the  notice  procedures  set  forth in this  Section  2.11.  Such
nominations,  other  than  those  made by or at the  direction  of the  Board of
Directors,  shall be made  pursuant to timely notice in writing to the Secretary
of the Corporation.  To be timely, a stockholder's  notice shall be delivered to
or mailed and received at the principal executive offices of the Corporation not
less  than  120  days  nor  more  than  180  days  prior  to the  meeting.  Such
stockholder's  notice shall set forth (a) as to each person whom the stockholder
proposes to nominate for election or  re-election  as a Director,  (i) the name,
age, business address and residence  address of such person,  (ii) the principal
occupation or employment of such person, (iii) the class and number of shares of
the Corporation which are beneficially  owned by such person, and (iv) any other
information  relating  to  such  person  that is  required  to be  disclosed  in
solicitations of proxies for election of Directors, or is otherwise required, in
each case pursuant to Regulation 14 under the  Securities  Exchange Act of 1934,
as amended  (including without limitation such persons' written consent to being
named in the  proxy  statement  as  nominee  and to  serving  as a  Director  if
elected);  and (b) as to the  stockholder  giving  the  notice  (i) the name and
address, as they appear on the Corporate books, of such stockholder and (ii) the
class and number of shares of the Corporation  which are  beneficially  owned by
such stockholder.  At the request of the Board of Directors any person nominated
by the Board of  Directors  for  election  as a  Director  shall  furnish to the
Secretary  of the  Corporation  that  information  required to be set forth in a
stockholder's  notice of  nomination  which  pertains to the nominee.  No person
shall be eligible for election as a Director of the Corporation unless nominated
in accordance  with the  procedures set forth in this Section 2.11. The Chairman
of the meeting shall, if the facts warrant, determine and declare to the meeting
that a nomination was not made in accordance  with the procedures  prescribed by
the Bylaws,  and if he should so  determine,  he shall so declare to the meeting
and the defective nomination shall be disregarded.
 
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                                   ARTICLE III
 
                               BOARD OF DIRECTORS
 
     SECTION 3.1,  Meetings.  The Board of Directors of the Corporation may hold
meetings,  both  regular  and  special,  either  within or without  the State of
Delaware.  Regular meetings of the Board of Directors may be held without notice
at such  time and at such  place as may from time to time be  determined  by the
Board of Directors.  Special meetings of the Board may be called by the Chairman
of the Board,  Vice  Chairman of the Board or the President or a majority of the
entire Board of Directors then in office. Notice thereof stating the place, date
and  hour of the  meeting  shall be given  to each  director  either  by mail or
international  express mail  service,  not less than 72 hours before the date of
the  meeting,  addressed  to such  director  at his address as it appears on the
records of the corporation,  with postage thereon prepaid, and such notice shall
be deemed to be given at the time when the same shall be deposited in the United
States mail. Such Notice may also be given personally or by telegram, facsimile,
telex or cable, or by similar method of  communication,  including e-mail, on 24
hours' notice,  or on such shorter notice as the person or persons  calling such
meeting may deem  necessary or appropriate  in the  circumstances.  Any director
present at a special meeting will be deemed to have received proper notice.
 
     SECTION 3.2, Quorum.  Except as may be otherwise  specifically  provided by
law, the Certificate of  Incorporation  or these Bylaws,  at all meetings of the
Board of Directors, a majority of the entire Board of Directors shall constitute
a quorum  for the  transaction  of  business  and the act of a  majority  of the
directors  present at any meeting at which there is a quorum shall be the act of
the Board of  Directors.  If a quorum shall not be present at any meeting of the
Board of Directors,  a majority of the directors present thereat may adjourn the
meeting  from  time to time,  without  notice  other  than  announcement  at the
meeting, until a quorum shall be present.
 
     SECTION 3.3, Actions of Board of Directors.  Unless  otherwise  provided by
the  Certificate  of  Incorporation  or these  Bylaws,  any action  required  or
permitted  to be taken  at any  meeting  of the  Board  of  Directors  or of any
committee  thereof  may be taken  without a meeting,  if all the  members of the
Board of Directors or committee, as the case may be, consent thereto in writing,
and the writing or writings  are filed with the  minutes of  proceedings  of the
Board of Directors or committee.
 
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     SECTION 3.4,  Meetings by Means of Conference  Telephone.  Unless otherwise
provided by law, the Certificate of  Incorporation  or these Bylaws,  members of
the Board of Directors or any committee  designated by the Board may participate
in a meeting of such Board or such committee by means of a conference  telephone
or similar communications  equipment by means of which all persons participating
in the meeting can hear each other,  and  participation in a meeting pursuant to
this Section 3.4 shall constitute presence in person at such meeting.
 
     SECTION 3.5,  Committees.  The Board of Directors may designate one or more
committees,  each  committee  to consist of one or more of the  directors of the
Corporation.  The Board of  Directors  may  designate  one or more  directors as
alternate  members of any committee,  who may replace any absent or disqualified
member at any meeting of any such committee.  In the absence or disqualification
of a member of a committee,  and in the absence of a designation by the Board of
Directors of an alternate  member to replace the absent or disqualified  member,
the member or members thereof present at any meeting and not  disqualified  from
voting,  whether or not he or they constitute a quorum, may unanimously  appoint
another  member of the Board of  Directors to act at the meeting in the place of
any absent or disqualified  member. Any committee,  to the extent allowed by law
and provided in the resolution  establishing such committee,  shall have and may
exercise  all  the  powers  and  authority  of the  Board  of  Directors  in the
management of the business and affairs of the Corporation.  Each committee shall
keep regular minutes and report to the Board of Directors when required.
 
     SECTION  3.6,  Committee  Rules.  Unless the Board of  Directors  otherwise
provides,  each committee  designated by the Board of Directors may make,  alter
and repeal rules for the conduct of its  business.  In the absence of such rules
each  committee  shall  conduct its  business in the same manner as the Board of
Directors conducts its business pursuant to Article III of these Bylaws.
 
     SECTION 3.7,  Compensation of Directors.  Directors,  as such, may receive,
pursuant to a resolution of the Board of Directors,  fees and other compensation
for their services as directors,  including without limitation their services as
members of committees of the Board of Directors.
 
     SECTION 3.8, Interested  Directors.  No contract or transaction between the
Corporation  and  one or more of its  directors  or  officers,  or  between  the
Corporation  and any  other  corporation,  partnership,  association,  or  other
organization  in which one or more of its directors or officers are
 
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directors or officers,  or have a financial interest,  shall be void or voidable
solely for this reason,  or solely because the director or officer is present at
or  participates  in the meeting of the Board of Directors or committee  thereof
which  authorizes  the contract or  transaction,  or solely because his or their
votes are counted for such purpose if (i) the material  facts as to his or their
relationship  or interest and as to the contract or transaction are disclosed or
are known to the Board of Directors or committee which in good faith  authorizes
the  contract  or  transaction  by the  affirmative  votes of a majority  of the
disinterested directors,  even though the disinterested directors be less than a
quorum;  or (ii) the material facts as to his or their  relationship or interest
and as to the  contract  or  transaction  are  disclosed  or  are  known  to the
stockholders  entitled  to vote  thereon,  and the  contract or  transaction  is
specifically  approved in good faith by vote of the  stockholders;  or (iii) the
contract  or  transaction  is fair as to the  Corporation  as of the  time it is
authorized, approved or ratified, by the Board of Directors, a committee thereof
or  the  stockholders.   Common  or  interested  directors  may  be  counted  in
determining  the  presence of a quorum at a meeting of the Board of Directors or
of a committee which authorizes the contract or transaction.
 
     SECTION 3.9, Vacancies. Vacancies and newly created directorships resulting
from any increase in the  authorized  number of  directors  may be filled by the
affirmative  vote of a  majority  of the  remaining  directors  then in  office,
although less than a quorum, or by a sole remaining  director.  When one or more
directors shall resign from the Board of Directors,  effective at a future date,
a  majority  of the  directors  then in  office,  including  those  who  have so
resigned,  shall have power to fill such vacancy or vacancies,  the vote thereon
to take effect when such resignation or resignations shall become effective, and
each  director so chosen  shall hold office as provided  above in the filling of
other vacancies.  A director elected to fill a vacancy shall hold office for the
unexpired  term of his or her  predecessor  and  until his or her  successor  is
elected and qualified.
 
     SECTION  3.10,  Organization.  Meetings of the Board of Directors  shall be
presided over by the Chairman of the Board,  if any, or in his or her absence by
the  Vice  Chairman  of the  Board,  if  any,  or in his or her  absence  by the
President,  or in  their  absence  by a  chairman  chosen  at the  meeting.  The
Secretary  shall act as secretary of the meeting,  but in his or her absence the
chairman  of the  meeting  may  appoint  any person to act as  secretary  of the
meeting.
 
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     SECTION  3.11,  Powers.  The Board of  Directors  may,  except as otherwise
required by law or the  Certificate of  Incorporation,  exercise all such powers
and do all such acts and things as may be exercised or done by the Corporation.
 
                                   ARTICLE IV
 
                                    OFFICERS
 
     SECTION 4.1, Executive Officers; Election; Qualifications;  Term of Office;
Resignation;   Removal;  Vacancies.  The  Board  of  Directors  shall  choose  a
President,  a CEO,  a  Secretary,  and it may,  if it so  determines,  choose  a
Chairman of the Board and a Vice  Chairman of the Board from among its  members.
Each such  officer  shall hold his or her office  until his or her  successor is
elected and qualified or until his or her earlier  resignation  or removal.  The
Board of Directors may remove any officer with or without cause at any time, but
such  removal  shall be  without  prejudice  to the  contractual  rights of such
officer, if any, with the Corporation.  Any number of offices may be held by the
same person.  Any vacancy  occurring in any office of the  Corporation by death,
resignation,  removal,  or otherwise may be filled for the unexpired  portion of
the term by the Board of Directors at any regular or special meeting.
 
     SECTION 4.2, Powers and Duties of Executive  Officers.  The officers of the
Corporation  shall  have  such  powers  and  duties  in  the  management  of the
Corporation  as may be prescribed  by the Board of Directors  and, to the extent
not so provided,  as generally pertain to their respective  offices,  subject to
the control of the Board of Directors.
 
     SECTION 4.3,  Compensation.  The salaries of all officers and agents of the
Corporation  shall be fixed from time to time by the Board of  Directors or by a
committee appointed or officer designated for such purpose, and no officer shall
be prevented from receiving such  compensation  by reason of the fact that he is
also a director of the Corporation.
 
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                                    ARTICLE V
 
                                      STOCK
 
     SECTION 5.1, Form of Certificates. Every holder of stock in the Corporation
shall be entitled to have a certificate  signed,  in the name of the Corporation
(i) by the Chairman of the Board of Directors, the Vice Chairman of the Board of
Directors,  the President or a Vice  President  and (ii) by the Chief  Financial
Officer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of
the  Corporation,   certifying  the  number  of  shares  owned  by  him  in  the
Corporation.
 
     SECTION 5.2,  Signatures.  Any or all of the signatures on the  certificate
may be a facsimile, including, but not limited to, signatures of officers of the
Corporation and countersignatures of a transfer agent or registrar.  In case any
officer, transfer agent or registrar who has signed or whose facsimile signature
has been  placed  upon a  certificate  shall  have  ceased  to be such  officer,
transfer agent or registrar before such certificate is issued,  it may be issued
by the  Corporation  with the same effect as if he were such  officer,  transfer
agent or registrar at the date of issue.
 
     SECTION 5.3,  Lost  Certificates.  The Board of Directors  may direct a new
certificate to be issued in place of any certificate  theretofore  issued by the
Corporation  alleged to have been lost, stolen or destroyed,  upon the making of
an affidavit of that fact by the person  claiming the certificate of stock to be
lost, stolen or destroyed. When authorizing such issue of a new certificate, the
Board of Directors may, in its  discretion  and as a condition  precedent to the
issuance  thereof,   require  the  owner  of  such  lost,  stolen  or  destroyed
certificate, or his representatives, to advertise the same in such manner as the
Board of Directors  shall require and/or to give the  Corporation a bond in such
sums as it may direct as  indemnity  against any claim that may be made  against
the  Corporation  with  respect  to the  certificate  alleged to have been lost,
stolen or destroyed.
 
     SECTION 5.4,  Transfers.  Stock of the Corporation shall be transferable in
the manner  prescribed by law, in these  Bylaws,  and/or in the  Certificate  of
Incorporation.  Transfers of stock shall be made on the books of the Corporation
only  by the  person  named  on the  certificate  or by  his  attorney  lawfully
constituted  in writing and upon the  surrender of the  certificates  therefore,
which shall be cancelled before a new certificate shall be issued.
 
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     SECTION 5.5,  Record Date. In order that the  Corporation may determine the
stockholders  entitled to notice of or to vote at any meeting of stockholders or
any adjournment  thereof,  or entitled to express consent to corporate action in
writing  without a meeting,  or entitled to receive  payment of any  dividend or
other  distribution  or  allotment  of any rights,  or entitled to exercise  any
rights in respect of any change,  conversion  or  exchange of stock,  or for the
purpose of any other lawful action,  the Board of Directors may fix, in advance,
a record  date,  which  shall  not be more  than 60 days nor less  than ten days
before  the date of such  meeting,  nor  more  than 60 days  prior to any  other
action.
 
     SECTION  5.6,  Beneficial  Owners.  The  Corporation  shall be  entitled to
recognize the exclusive  right of a person  registered on its books as the owner
of shares to receive  dividends,  and to vote as such owner,  and to hold liable
for  calls  and  assessments  a person  registered  on its books as the owner of
shares,  and shall not be bound to recognize  any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not
it shall have express or other notice thereof,  except as otherwise  provided by
law.
 
     SECTION  5.7,  Other  Regulations.  The  issue,  transfer,  conversion  and
registration of stock  certificates  shall be governed by such other regulations
as the Board of Directors may establish.
 
                                   ARTICLE VI
 
                                 INDEMNIFICATION
 
     SECTION 6.1, Right to Indemnification.  The Corporation shall indemnify and
hold harmless, to the fullest extent permitted by applicable law as it presently
exists or may  hereafter be amended in a manner more  favorable to  indemnitees,
any director or officer of the Corporation (an  "Indemnitee") who was or is made
or is threatened to be made a party or is otherwise involved in any action, suit
or proceeding,  whether civil,  criminal,  administrative  or  investigative  (a
"proceeding"),  by reason of the fact that he,  she,  or a person for whom he or
she  is the  legal  representative,  is or  was a  director  or  officer  of the
Corporation  or,  while a  director  or officer  of the  Corporation,  is or was
serving at the request of the  Corporation as a director,  officer,  employee or
agent  of  another  corporation  or  of a  partnership,  joint  venture,  trust,
enterprise  or  nonprofit  entity,  including  service  with respect to employee
benefit plans,  against all liability and loss suffered and expenses  (including
attorneys' fees) reasonably  incurred by such  Indemnitee.
 
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Notwithstanding the preceding sentence,  except as otherwise provided in Section
6.3, the Corporation  shall be required to indemnify an Indemnitee in connection
with a proceeding  (or part thereof)  commenced by such  Indemnitee  only if the
commencement  of  such  proceeding  (or  part  thereof)  by the  Indemnitee  was
authorized by the Board of Directors of the Corporation.
 
     SECTION 6.2, Prepayment of Expenses. The Corporation shall pay the expenses
(including   attorneys'  fees)  incurred  by  an  Indemnitee  in  defending  any
proceeding in advance of its final disposition,  provided, however, that, to the
extent  required  by law,  such  payment  of  expenses  in  advance of the final
disposition of the proceeding  shall be made only upon receipt of an undertaking
by the  Indemnitee  to repay all  amounts  advanced if it should  ultimately  be
determined  that the  Indemnitee  is not entitled to be  indemnified  under this
Article VI or otherwise;  and provided,  further, that the Corporation shall not
be required to advance any  expenses to a person  against  whom the  Corporation
directly brings a claim, in a proceeding, alleging that such person has breached
his or her duty of loyalty to the Corporation,  committed an act or omission not
in good faith or that involves intentional  misconduct or a knowing violation of
law, or derived an improper personal benefit from a transaction.
 
     SECTION 6.3, Claims. If a claim for  indemnification or payment of expenses
under this Article VI is not paid in full within sixty (60) days after a written
claim  therefor by the  Indemnitee  has been  received by the  Corporation,  the
Indemnitee  may file suit to  recover  the unpaid  amount of such claim and,  if
successful  in whole or in part,  shall be  entitled  to be paid the  expense of
prosecuting such claim. In any such action the Corporation shall have the burden
of proving that the Indemnitee is not entitled to the requested  indemnification
or payment of expenses under applicable law.
 
     SECTION  6.4,  Nonexclusivity  of  Rights.  The  rights  conferred  on  any
Indemnitee  by this  Article VI shall not be exclusive of any other rights which
such  Indemnitee may have or hereafter  acquire under any statute,  provision of
the Certificate of Incorporation,  these Bylaws, agreement, vote of stockholders
or disinterested directors or otherwise.  Additionally,  nothing in this Article
VI shall limit the ability of the Corporation,  in its discretion,  to indemnify
or  advance  expenses  to  persons  whom the  Corporation  is not  obligated  to
indemnify or advance expenses pursuant to this Article VI.
 
     SECTION  6.5,  Other  Sources.  The  Corporation's  obligation,  if any, to
indemnify or to advance  expenses to any Indemnitee who was or is serving at its
request  as a  director,  officer,  employee  or agent of  another  corporation,
 
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partnership,  joint  venture,  trust,  enterprise  or nonprofit  entity shall be
reduced  by any  amount  such  Indemnitee  may  collect  as  indemnification  or
advancement of expenses from such other corporation, partnership, joint venture,
trust, enterprise or nonprofit enterprise.
 
     SECTION  6.6,  Amendment  or  Repeal.  Any  repeal or  modification  of the
foregoing  provisions of this Article VI shall not adversely affect any right or
protection  hereunder  of any  Indemnitee  in  respect  of any  act or  omission
occurring prior to the time of such repeal or modification.
 
     SECTION 6.7, Other Indemnification and Prepayment of Expenses. This Article
VI shall not limit the right of the Corporation, to the extent and in the manner
permitted by law, to  indemnify  and to advance  expenses to persons  other than
Indemnitees when and as authorized by appropriate corporate action.
 
     SECTION  6.8,   Indemnification   Contracts.  The  Board  of  Directors  is
authorized to cause the Corporation to enter into indemnification contracts with
any director or officer of the Corporation, or any person serving at the request
of the  Corporation  as a  director,  officer,  employee  or  agent  of  another
corporation,  partnership,  joint venture, trust or other enterprise,  including
employee benefit plans,  providing  indemnification  rights to such person. Such
rights may be greater than those provided in this Article VI.
 
     SECTION 6.9, Effect of Amendment. Any amendment,  repeal or modification of
any  provision  of this  Article  VI shall be  prospective  only,  and shall not
adversely affect any right or protection  conferred on a person pursuant to this
Article VI and existing at the time of such amendment, repeal or modification.
 
     SECTION  6.10,  Insurance.   The  Corporation  may  purchase  and  maintain
insurance  on  behalf  of any  person  who is or was or has  agreed  to become a
director, officer, employee or agent of the Corporation, or is or was serving at
the  request of the  Corporation  as a director,  officer,  employee or agent of
another  corporation,  partnership,  joint  venture,  trust or other  enterprise
against any liability  asserted against him or her and incurred by him or her or
on his or her behalf in any such  capacity,  or arising out of his or her status
as such, whether or not the Corporation would have the power to indemnify him or
her against such liability under the provisions of this Article VI.
 
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     SECTION  6.11,  Savings  Clause.  If this Article VI or any portion  hereof
shall be invalidated on any ground by any court of competent jurisdiction,  then
the Corporation  shall  nevertheless  indemnify each director and officer of the
Corporation  as to costs,  charges and  expenses  (including  attorneys'  fees),
judgments, fines and amounts paid in settlement with respect to any action, suit
or  proceeding,  whether  civil,  criminal,   administrative  or  investigative,
including  an action by or in the right of the  Corporation,  to the full extent
permitted by any applicable  portion of this Article VI that shall not have been
invalidated and to the full extent permitted by applicable law.
 
                                   ARTICLE VII
 
                                     NOTICES
 
     SECTION  7.1,  Notices.  Whenever  written  notice is required by law,  the
Certificate  of  Incorporation  or these  Bylaws,  to be given to any  director,
member  of a  committee  or  stockholder,  such  notice  may be  given  by mail,
addressed to such director, member of a committee or stockholder, at his address
as it appears on the records of the  Corporation.  If given by mail, such notice
shall be sent with postage thereon  prepaid,  and such notice shall be deemed to
be given at the time when the same shall be deposited in the United  States mail
or international express mail service, as applicable. Written notice may also be
given personally or by telegram, facsimile, telex or cable, or by similar method
of  communication,  including  e-mail,  on 24 hours' notice,  or on such shorter
notice as the person or persons  calling  such  meeting  may deem  necessary  or
appropriate in the circumstances.
 
     SECTION 7.2, Waiver of Notice.  Whenever any notice is required by law, the
Certificate  of  Incorporation  or these  Bylaws,  to be given to any  director,
member of a committee or stockholder, a waiver thereof in writing, signed by the
person or persons  entitled  to said  notice,  whether  before or after the time
stated  therein,  shall be deemed  equivalent  thereto.  Such written  waiver of
notice may be communicated by any of the means set forth in Section 7.1 above.
 
     Neither the business to be  transacted at nor the purpose of any regular or
special  meeting of the  stockholders,  directors,  or members of a committee of
directors need be specified in any written waiver of notice.
 
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                                  ARTICLE VIII
 
                               GENERAL PROVISIONS
 
     SECTION  8.1,   Dividends.   Dividends   upon  the  capital  stock  of  the
Corporation,  subject to the provisions of the Certificate of Incorporation,  if
any,  and of law,  may be declared by the Board of  Directors  at any regular or
special  meeting,  and may be paid in cash,  in  property,  or in  shares of the
capital stock. Before payment of any dividend, there may be set aside out of any
funds of the  Corporation  available for dividends such sum or sums as the Board
of Directors  from time to time, in its absolute  discretion,  deems proper as a
reserve or reserves to meet contingencies,  or for equalizing dividends,  or for
repairing  or  maintaining  any property of the  Corporation,  or for any proper
purpose, and the Board of Directors may modify or abolish any such reserve.
 
     SECTION 8.2, Disbursement.  All checks or demand for money and notes of the
Corporation  shall be signed by such officer or officers or such other person or
persons as the Board of Directors may from time to time designate.
 
     SECTION 8.3, Fiscal Year. The fiscal year of the  Corporation  shall end on
December 31, unless the fiscal year is otherwise fixed by affirmative resolution
of the Board of Directors.
 
     SECTION  8.4,  Corporate  Seal.  The  corporate  seal shall have  inscribed
thereon the name of the Corporation and the words  "Corporate  Seal,  Delaware".
The seal may be used by causing it or a  facsimile  thereof to be  impressed  of
affixed or reproduced or otherwise.
 
     SECTION 8.5, Form of Records.  Any records maintained by the Corporation in
the  regular  course  of its  business,  including  its stock  ledger,  books of
account,  and minute books, may be kept on, or be in the form of any information
storage device,  provided that the records so kept can be converted into clearly
legible  form within a reasonable  time.  The  Corporation  shall so convert any
records so kept upon the request of any person entitled to inspect the same.
 
     SECTION  8.6,  Reliance  Upon Books and  Records.  A member of the Board of
Directors,  or a member of any  committee  designated  by the Board of Directors
shall, in the performance of his or her duties, be fully protected in relying in
good faith upon records of the Corporation and upon such information,  opinions,
reports or statements  presented to the Corporation by
 
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any of the  Corporation's  officers or employees,  or committees of the Board of
Directors,  or by any other person as to matters the member reasonably  believes
are within such other  person's  professional  or expert  competence and who has
been selected with reasonable care by or on behalf of the Corporation.
 
     SECTION 8.7,  Certification of Incorporation  Governs.  In the event of any
conflict   between  the   provisions  of  the   Corporation's   Certificate   of
Incorporation   and  these  Bylaws,   the  provisions  of  the   Certificate  of
Incorporation shall govern.
 
     SECTION 8.8,  Severability.  If any provision of these Bylaws shall be held
to be invalid, illegal,  unenforceable or in conflict with the provisions of the
Corporation's   Certificate  of   Incorporation,   then  such  provision   shall
nonetheless  be enforced to the maximum  extent  possible  consistent  with such
holding  and  the  remaining  provisions  of  these  Bylaws  (including  without
limitation,  all  portions of any section of these  Bylaws  containing  any such
provision  held to be invalid,  illegal,  unenforceable  or in conflict with the
Certificate  of  Incorporation,   that  are  not  themselves  invalid,  illegal,
unenforceable or in conflict with the Certificate of Incorporation) shall remain
in full force and effect.
 
     SECTION 8.9, Amendments.  These Bylaws may be altered,  amended or repealed
by the Board of Directors of the Corporation except insofar as Bylaws adopted by
the  stockholders  shall  otherwise  provide.  Stockholders  of the  Corporation
holding a majority of the Corporation's outstanding voting stock shall also have
power to adopt, amend or repeal Bylaws.
 
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