AMENDED AND RESTATED
 
                                     BY-LAWS
 
                                       of
 
                             HANA BIOSCIENCES, INC.
 
                            (A Delaware Corporation)
 
                            ------------------------
 
                                    ARTICLE 1
                                   DEFINITIONS
 
      As used in these By-laws, unless the context otherwise requires, the term:
 
      1.1   "Assistant   Secretary"   means  an   Assistant   Secretary  of  the
Corporation.
 
      1.2   "Assistant   Treasurer"   means  an   Assistant   Treasurer  of  the
Corporation.
 
      1.3   "Board" means the Board of Directors of the Corporation.
 
      1.4   "By-laws" means the initial by-laws of the  Corporation,  as amended
from time to time.
 
      1.5   "Certificate  of  Incorporation"  means the initial  certificate  of
incorporation of the Corporation, as amended, supplemented or restated from time
to time.
 
      1.6   "Chairman"  means  the  Chairman  of the Board of  Directors  of the
Corporation.
 
      1.7   "Corporation" means Hana Biosciences, Inc.
 
      1.8   "Directors" means directors of the Corporation.
 
      1.9   "Entire   Board"  means  all  then   authorized   directors  of  the
Corporation.
 
      1.10  "General  Corporation Law" means the General  Corporation Law of the
State of Delaware, as amended from time to time.
 
      1.11  "Office  of the  Corporation"  means  the  executive  office  of the
Corporation,  anything  in Section  131 of the  General  Corporation  Law to the
contrary notwithstanding.
 
      1.12  "President" means the President of the Corporation.
 
      1.13  "Secretary" means the Secretary of the Corporation.
 
      1.14  "Stockholders" means stockholders of the Corporation.
 
      1.15  "Treasurer" means the Treasurer of the Corporation.
 
      1.16  "Vice President" means a Vice President of the Corporation.
 
 
<PAGE>
 
 
                                    ARTICLE 2
                                  STOCKHOLDERS
 
      2.1   Place of Meetings. Every meeting of Stockholders may be held at such
place,  within  or  without  the  State of  Delaware,  as may be  designated  by
resolution of the Board from time to time.
 
      2.2   Annual  Meeting.  If  required  by  applicable  law,  a  meeting  of
Stockholders  shall be held  annually for the election of Directors at such date
and time as may be designated by resolution of the Board from time to time.  Any
other business may be transacted at the annual meeting.
 
      2.3   Special  Meetings.  Unless  otherwise  prescribed by applicable law,
special  meetings of Stockholders may be called at any time by the Board and may
not be called by any other person or persons. Business transacted at any special
meeting of Stockholders shall be limited to the purpose stated in the notice.
 
      2.4   Fixing  Record  Date.  For  the  purpose  of  (a)   determining  the
Stockholders entitled (i) to notice of or to vote at any meeting of Stockholders
or any adjournment thereof, (ii) unless otherwise provided in the Certificate of
Incorporation,  to express  consent  to  corporate  action in writing  without a
meeting or (iii) 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 (b) any other lawful  action,  the
Board may fix a record  date,  which record date shall not precede the date upon
which the  resolution  fixing the record date was adopted by the Board and which
record date,  unless  otherwise  required by applicable law, shall not be (x) in
the case of clause (a)(i)  above,  more than 60 nor less than 10 days before the
date of such meeting, (y) in the case of clause (a)(ii) above, more than 10 days
after the date upon which the  resolution  fixing the record date was adopted by
the Board and (z) in the case of clause (a)(iii) or (b) above, more than 60 days
prior to such action. If no such record date is fixed:
 
            2.4.1 the  record  date for  determining  Stockholders  entitled  to
notice  of or to vote at a  meeting  of  Stockholders  shall be at the  close of
business  on the day next  preceding  the day on which  notice is given,  or, if
notice is waived,  at the close of business on the day next preceding the day on
which the meeting is held;
 
            2.4.2 the  record  date for  determining  Stockholders  entitled  to
express  consent  to  corporate  action in  writing  without  a meeting  (unless
otherwise provided in the Certificate of Incorporation), when no prior action by
the  Board is  required  by  applicable  law,  shall be the first day on which a
signed written consent setting forth the action taken or proposed to be taken is
delivered to the  Corporation in accordance  with applicable law; and when prior
action  by the  Board  is  required  by  applicable  law,  the  record  date for
determining  Stockholders  entitled to express  consent to  corporate  action in
writing without a meeting shall be at the close of business on the date on which
the Board adopts the resolution taking such prior action; and
 
            2.4.3 the record date for determining  Stockholders  for any purpose
other than those  specified in Sections 2.4.1 and 2.4.2 shall be at the close of
business on the day on which the Board adopts the resolution  relating  thereto.
When a determination  of Stockholders of record entitled to notice of or to vote
at any meeting of  Stockholders  has been made as provided in this  Section 2.4,
such determination shall apply to any adjournment thereof unless the Board fixes
a new record date for the adjourned meeting.
 
      2.5   Notice of Meetings of Stockholders. Whenever under the provisions of
applicable law, the Certificate of Incorporation or these By-laws,  Stockholders
are required or permitted to take any action at a meeting, notice shall be given
stating  the place ,if any,  date and hour of the  meeting  ,the means of remote
communication,  if any, by which Stockholders and proxy holders may be deemed to
be  present in person and vote at such  meeting,  and,  in the case of a special
meeting,  the  purpose or  purposes  for which the  meeting  is  called.  Unless
otherwise  provided by applicable law, the Certificate of Incorporation or these
By-laws, notice of any meeting shall be given, not less than 10 nor more than 60
days before the date of the  meeting,  to each  Stockholder  entitled to vote at
such meeting.  If mailed, such notice shall be deemed to be given when deposited
in the United States mail, with postage prepaid,  directed to the Stockholder at
his or her address as it appears on the records of the Corporation. An affidavit
of the  Secretary  or an Assistant  Secretary  or of the  transfer  agent of the
Corporation  that the notice  required by this Section 2.5 has been given shall,
in the absence of fraud,  be prima facie  evidence of the facts stated  therein.
Any meeting of Stockholders, annual or special, may adjourn from time to time to
reconvene  at the same or some  other  place.  When a meeting  is  adjourned  to
another time or place,  notice need not be given of the adjourned meeting if the
time and place thereof are announced at the meeting at which the  adjournment is
taken,  and at the adjourned  meeting any business may be transacted  that might
have been  transacted  at the meeting as originally  called.  If,  however,  the
adjournment  is for more than 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.
 
 
                                       2
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      2.6   Waivers of Notice. Whenever the giving of any notice to Stockholders
is required  by  applicable  law,  the  Certificate  of  Incorporation  or these
By-laws, a waiver thereof,  given by the person entitled to said notice, whether
before or after the event as to which such notice is  required,  shall be deemed
equivalent to notice.  Attendance by a Stockholder at a meeting shall constitute
a waiver of notice of such meeting except when the Stockholder attends a meeting
for the express  purpose of objecting,  at the beginning of the meeting,  to the
transaction of any business on the ground that the meeting has not been lawfully
called or convened.  Neither the business to be  transacted  at, nor the purpose
of, any regular or special meeting of the Stockholders  need be specified in any
waiver of notice  unless so required  by  applicable  law,  the  Certificate  of
Incorporation or these By-laws.
 
      2.7   List of Stockholders. The Secretary shall prepare and make, at least
10  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,  the  Stockholder's  agent, or attorney,  at the  Stockholder's
expense,  for any purpose  germane to the  meeting,  for a period of at least 10
days prior to the meeting, during ordinary business hours at the principal place
of business of the Corporation, or on a reasonably accessible electronic network
as provided by applicable law. If the meeting is to be held at a place, 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 who is present.  If
the meeting is held solely by means of remote communication, the list shall also
be open for  examination as provided by applicable law. Upon the willful neglect
or  refusal  of the  Directors  to produce  such a list at any  meeting  for the
election of Directors,  they shall be  ineligible  for election to any office at
such meeting.  Except as provided by  applicable  law, the stock ledger shall be
the only evidence as to who are the  Stockholders  entitled to examine the stock
ledger, the list of Stockholders or the books of the Corporation,  or to vote in
person or by proxy at any meeting of Stockholders.
 
      2.8   Quorum of Stockholders; Adjournment. Except as otherwise provided by
applicable  law, the  Certificate of  Incorporation  or these  By-laws,  at each
meeting of Stockholders,  the presence in person or by proxy of the holders of a
majority in voting power of all outstanding  shares of stock entitled to vote at
the meeting of  Stockholders,  shall  constitute a quorum for the transaction of
any  business  at such  meeting.  In the  absence of a quorum,  the holders of a
majority in voting power of the shares of stock present in person or represented
by proxy at any meeting of Stockholders, including an adjourned meeting, whether
or not a quorum is present,  may adjourn such meeting to another time and place.
Shares of its own stock belonging to the Corporation or to another  corporation,
if a majority of the shares  entitled to vote in the  election of  directors  of
such other  corporation  is held,  directly or indirectly,  by the  Corporation,
shall neither be entitled to vote nor be counted for quorum purposes;  provided,
however, that the foregoing shall not limit the right of the Corporation to vote
stock,  including  but not  limited to its own stock,  held by it in a fiduciary
capacity.
 
      2.9   Voting;  Proxies.  Unless  otherwise  provided in the Certificate of
Incorporation, every Stockholder entitled to vote at any meeting of Stockholders
shall be entitled  to one vote for each share of stock held by such  Stockholder
which  has  voting  power  upon  the  matter  in  question.  At any  meeting  of
Stockholders,  all matters,  except as otherwise  provided by the Certificate of
Incorporation,  these By-laws,  the rules and  regulations of any stock exchange
applicable  to the  Corporation,  applicable  law or  pursuant  to any  rules or
regulations applicable to the Corporation or its securities, shall be decided by
the affirmative vote of a majority in voting power of shares of stock present in
person or represented by proxy and entitled to vote thereon.  At all meetings of
Stockholders for the election of Directors,  a plurality of the votes cast shall
be  sufficient  to elect.  Each  Stockholder  entitled  to vote at a meeting  of
Stockholders  or to express  consent or dissent to  corporate  action in writing
without a meeting  may  authorize  another  person  or  persons  to act for such
Stockholder  by proxy but no such proxy shall be voted or acted upon after three
years from its date,  unless the proxy  provides  for a longer  period.  A proxy
shall be  irrevocable  if it states that it is  irrevocable  and if, and only so
long  as,  it is  coupled  with an  interest  sufficient  in law to  support  an
irrevocable power. A Stockholder may revoke any proxy that is not irrevocable by
attending  the meeting and voting in person or by  delivering to the Secretary a
revocation of the proxy or by delivering a new proxy bearing a later date.
 
 
                                       3
<PAGE>
 
 
      2.10  Voting   Procedures  and  Inspectors  of  Election  at  Meetings  of
Stockholders.  The Board,  in advance of any meeting of  Stockholders,  may, and
shall if required by applicable law, appoint one or more inspectors,  who may be
employees of the  Corporation,  to act at the meeting and make a written  report
thereof.  The Board may designate one or more persons as alternate inspectors to
replace any  inspector who fails to act. If no inspector or alternate is able to
act at a meeting, the person presiding at the meeting may, and shall if required
by applicable law,  appoint one or more  inspectors to act at the meeting.  Each
inspector,  before entering upon the discharge of his or her duties,  shall take
and sign an oath  faithfully  to execute  the duties of  inspector  with  strict
impartiality  and  according to the best of his or her ability.  The  inspectors
shall (a)  ascertain  the number of shares  outstanding  and the voting power of
each,  (b) determine the shares  represented  at the meeting and the validity of
proxies and ballots,  (c) count all votes and ballots,  (d) determine and retain
for a reasonable  period a record of the  disposition of any challenges  made to
any determination by the inspectors,  and (e) certify their determination of the
number of shares  represented  at the  meeting  and their count of all votes and
ballots.  The  inspectors  may  appoint or retain  other  persons or entities to
assist the  inspectors  in the  performance  of their duties.  Unless  otherwise
provided  by the Board,  the date and time of the opening and the closing of the
polls for each matter upon which the  Stockholders  will vote at a meeting shall
be determined  by the person  presiding at the meeting and shall be announced at
the meeting.  No ballot,  proxies or votes, or any revocation  thereof or change
thereto,  shall be  accepted  by the  inspectors  after the closing of the polls
unless the Court of  Chancery  of the State of Delaware  upon  application  by a
Stockholder shall determine otherwise.  In determining the validity and counting
of proxies and ballots cast at any meeting of  Stockholders,  the inspectors may
consider such  information as is permitted by applicable law. No person who is a
candidate for office at an election may serve as an inspector at such election.
 
      2.11  Conduct of Meetings; Organization. The Board may adopt by resolution
such rules and  regulations for the conduct of the meeting of Stockholders as it
shall deem  appropriate.  Unless another  officer is designated by the Board, at
each meeting of Stockholders, the President, or in the absence of the President,
the Chairman,  or if there is no Chairman or if there be one and the Chairman is
absent,  a Vice  President,  and in case more than one Vice  President  shall be
present,  that Vice President  designated by the Board (or in the absence of any
such designation,  the most senior Vice President, based on age, present), shall
preside over the meeting.  Except to the extent inconsistent with such rules and
regulations  as adopted by the Board,  the person  presiding over any meeting of
Stockholders  shall have the right and  authority  to convene and to adjourn the
meeting, to prescribe such rules,  regulations and procedures and to do all such
acts as, in the judgment of such person,  are appropriate for the proper conduct
of the meeting.  Such rules,  regulations or procedures,  whether adopted by the
Board or  prescribed  by the  presiding  officer of the  meeting,  may  include,
without limitation,  the following:  (i) the 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
person presiding over 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.  The
presiding  officer at any  meeting of  Stockholders,  in  addition to making any
other  determinations  that may be  appropriate  to the conduct of the  meeting,
shall, if the facts warrant,  determine and declare to the meeting that a matter
or business was not properly  brought  before the meeting and if such  presiding
officer should so determine, such person shall so declare to the meeting and any
such matter or business not  properly  brought  before the meeting  shall not be
transacted or  considered.  Unless and to the extent  determined by the Board or
the person  presiding over the meeting,  meetings of  Stockholders  shall not be
required to be held in accordance with the rules of parliamentary procedure. The
Secretary, or in his or her absence, one of the Assistant Secretaries, shall act
as secretary of the meeting.  In case none of the officers  above  designated to
act as the person  presiding  over the meeting or as  secretary  of the meeting,
respectively,  shall be  present,  a person  presiding  over  the  meeting  or a
secretary of the meeting,  as the case may be, shall be designated by the Board,
and in case the  Board  has not so acted,  in the case of the  designation  of a
person to act as secretary of the meeting,  designated  by the person  presiding
over the meeting.
 
      2.12  Order  of  Business.  The  order  of  business  at all  meetings  of
Stockholders shall be as determined by the person presiding over the meeting.
 
 
                                       4
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      2.13  Written Consent of Stockholders Without a Meeting.  Unless otherwise
provided in the Certificate of Incorporation, any action required by the General
Corporation Law to be taken at any annual or special meeting of Stockholders may
be taken  without a  meeting,  without  prior  notice and  without a vote,  if a
consent or  consents  in writing,  setting  forth the action so taken,  shall be
signed by the  holders of  outstanding  stock  having not less than the  minimum
number of votes that would be  necessary  to  authorize or take such action at a
meeting at which all shares  entitled to vote thereon were present and voted and
shall be delivered (by hand or by certified or registered  mail,  return receipt
requested) to the Corporation by delivery to its registered  office in the State
of Delaware,  its  principal  place of  business,  or an officer or agent of the
Corporation  having  custody of the book in which  proceedings  of  meetings  of
Stockholders  are  recorded.  Every  written  consent  shall  bear  the  date of
signature of each Stockholder who signs the consent and no written consent shall
be effective to take the corporate action referred to therein unless,  within 60
days of the earliest  dated  consent  delivered  in the manner  required by this
Section 2.13,  written consents signed by a sufficient number of holders to take
action are  delivered to the  Corporation  as  aforesaid.  Prompt  notice of the
taking of the corporate action without a meeting by less than unanimous  written
consent  shall,  to the extent  required  by  applicable  law, be given to those
Stockholders who have not consented in writing,  and who, if the action had been
taken at a meeting,  would have been  entitled  to notice of the  meeting if the
record date for such meeting had been the date that written consents signed by a
sufficient  number  of  holders  to  take  the  action  were  delivered  to  the
Corporation.
 
                                    ARTICLE 3
                                    Directors
 
      3.1   General Powers.  Except as otherwise  provided in the Certificate of
Incorporation,  the business and affairs of the Corporation  shall be managed by
or under  the  direction  of the  Board.  The Board  may  adopt  such  rules and
regulations,  not  inconsistent  with the Certificate of  Incorporation or these
By-laws or applicable law, as it may deem proper for the conduct of its meetings
and the management of the Corporation.
 
      3.2   Number;  Qualification;  Term of Office.  The Board shall consist of
one or more members,  the number  thereof to be determined  from time to time by
resolution of the Board. Directors need not be Stockholders. Each Director shall
hold  office  until a  successor  is duly  elected  and  qualified  or until the
Director's earlier death, resignation, disqualification or removal.
 
      3.3   Newly Created Directorships and Vacancies. Unless otherwise provided
by  applicable  law or the  Certificate  of  Incorporation,  any  newly  created
directorships  resulting from an increase in the authorized  number of Directors
and  vacancies  occurring  in the  Board  for any  cause,  may be  filled by the
affirmative votes of a majority of the remaining members of the Board,  although
less than a quorum,  or by a sole  remaining  Director,  or may be  elected by a
plurality  of the votes  cast.  A Director  so elected  shall be elected to hold
office until the expiration of the term of office of the Director whom he or she
has  replaced  or until a  successor  is  elected  and  qualified,  or until the
Director's earlier death, resignation or removal.
 
      3.4   Resignation.  Any Director may resign at any time by notice given in
writing or by electronic transmission to the Corporation. Such resignation shall
take effect at the time therein  specified,  and, unless otherwise  specified in
such  resignation,  the acceptance of such resignation shall not be necessary to
make it effective.
 
      3.5   Regular Meetings.  Regular meetings of the Board may be held without
notice at such times and at such places  within or without the State of Delaware
as may be determined from time to time by resolution of the Board.
 
      3.6   Special Meetings.  Special meetings of the Board may be held at such
times and at such places within or without the State of Delaware whenever called
by the Chairman,  the President or the Secretary or by any two or more Directors
then serving as Directors on at least 24 hours' notice to each Director given by
one of the means  specified in Section 3.9 hereof  other than by mail,  or on at
least three days' notice if given by mail.  Special  meetings shall be called by
the  Chairman,  President  or Secretary in like manner and on like notice on the
written request of any two or more of the Directors then serving as Directors.
 
 
                                       5
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      3.7   Telephone Meetings. Directors or members of any committee designated
by the Board may  participate  in a meeting of the Board or of 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
participation  in a  meeting  pursuant  to this  Section  3.7  shall  constitute
presence in person at such meeting.
 
      3.8   Adjourned  Meetings.  A  majority  of the  Directors  present at any
meeting of the Board, including an adjourned meeting, whether or not a quorum is
present,  may adjourn such meeting to another time and place. At least 24 hours'
notice of any  adjourned  meeting of the Board  shall be given to each  Director
whether or not present at the time of the  adjournment,  if such notice shall be
given by one of the means specified in Section 3.9 hereof other than by mail, or
at least three days' notice if by mail.  Any business  may be  transacted  at an
adjourned  meeting that might have been  transacted at the meeting as originally
called.
 
      3.9   Notice Procedure. Subject to Sections 3.6 and 3.10 hereof, whenever,
under applicable law, the Certificate of Incorporation or these By-laws,  notice
is  required to be given to any  Director,  such  notice  shall be deemed  given
effectively  if given in  person  or by  telephone,  by mail  addressed  to such
Director  at  such  Director's  address  as it  appears  on the  records  of the
Corporation,  with postage  thereon  prepaid,  or by  telegram,  telecopy or, if
consented  to by the  Director  to whom  notice  is  given,  by  other  means of
electronic transmission.
 
      3.10  Waiver of Notice.  Whenever the giving of any notice to Directors is
required by applicable law, the Certificate of Incorporation or these By-laws, a
waiver thereof, given by the Director entitled to said notice, whether before or
after the event as to which such notice is required,  shall be deemed equivalent
to notice.  Attendance by a Director at a meeting  shall  constitute a waiver of
notice of such  meeting  except  when the  Director  attends  a meeting  for the
express  purpose  of  objecting,  at  the  beginning  of  the  meeting,  to  the
transaction of any business on the ground that the meeting has not been lawfully
called or convened.  Neither the business to be  transacted  at, nor the purpose
of, any regular or special  meeting of the Directors or a committee of Directors
need be specified in any waiver of notice unless so required by applicable  law,
the Certificate of Incorporation or these By-laws.
 
      3.11  Organization.  At each meeting of the Board, the Chairman, or in the
absence of the Chairman,  the President,  or in the absence of the President,  a
chairman  chosen by a majority of the  Directors  present,  shall  preside.  The
Secretary  shall act as  secretary  at each  meeting of the  Board.  In case the
Secretary shall be absent from any meeting of the Board, an Assistant  Secretary
shall perform the duties of secretary at such  meeting;  and in the absence from
any such meeting of the  Secretary  and all  Assistant  Secretaries,  the person
presiding  at the  meeting may  appoint  any person to act as  secretary  of the
meeting.
 
      3.12  Quorum of  Directors.  The  presence  in person of a majority of the
Entire Board shall be necessary  and  sufficient  to constitute a quorum for the
transaction of business at any meeting of the Board.
 
      3.13  Action by Majority Vote. Except as otherwise  expressly  required by
applicable law, the Certificate of Incorporation or these By-laws, the vote of a
majority  of the  Directors  present  at a meeting  at which a quorum is present
shall be the act of the Board.
 
      3.14  Action  Without  Meeting.   Unless   otherwise   restricted  by  the
Certificate of Incorporation or these By-laws,  any action required or permitted
to be taken at any meeting of the Board or of any committee thereof may be taken
without a meeting if all Directors or members of such committee, as the case may
be, consent thereto in writing or by electronic transmission, and the writing or
writings or electronic  transmission or transmissions are filed with the minutes
of proceedings of the Board or committee.
 
 
                                       6
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                                    ARTICLE 4
                             COMMITTEES OF THE BOARD
 
      The Board may,  by  resolution,  designate  one or more  committees,  each
committee  to consist of one or more of the  Directors of the  Corporation.  The
Board may designate one or more Directors as alternate members of any committee,
who may  replace  any  absent  or  disqualified  member at any  meeting  of such
committee.  If a member of a  committee  shall be absent  from any  meeting,  or
disqualified from voting thereat, the remaining member or members present at the
meeting and not disqualified from voting,  whether or not such member or members
constitute a quorum,  may, by a unanimous  vote,  appoint  another member of the
Board to act at the  meeting  in the place of any such  absent  or  disqualified
member. Any such committee, to the extent permitted by applicable law and to the
extent provided in the resolution of the Board designating such committee, shall
have  and  may  exercise  all the  powers  and  authority  of the  Board  in the
management of the business and affairs of the Corporation, and may authorize the
seal of the  Corporation to be affixed to all papers that may require it. Unless
otherwise  specified in the resolution of the Board designating a committee,  at
all meetings of such committee, a majority of the then authorized members of the
committee  shall  constitute a quorum for the  transaction of business,  and the
vote of a majority  of the  members of the  committee  present at any meeting at
which there is a quorum shall be the act of the committee.  Each committee shall
keep regular minutes of its meetings.  Unless the Board otherwise provides, each
committee  designated  by the  Board 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  conducts  its  business
pursuant to Article 3 of these By-laws.
 
                                    ARTICLE 5
                                    OFFICERS
 
      5.1   Positions.  The officers of the Corporation shall be a President,  a
Secretary, a Treasurer and such other officers as the Board may elect, including
a Chairman,  one or more Vice  Presidents and one or more Assistant  Secretaries
and Assistant Treasurers, who shall exercise such powers and perform such duties
as shall be determined  from time to time by resolution of the Board.  The Board
may elect one or more Vice  Presidents as Executive Vice  Presidents and may use
descriptive  words or phrases to designate the  standing,  seniority or areas of
special competence of the Vice Presidents elected or appointed by it. Any number
of  offices  may  be  held  by  the  same  person  unless  the   Certificate  of
Incorporation or these By-laws otherwise provide.
 
      5.2   Election.  The officers of the  Corporation  shall be elected by the
Board at its annual  meeting  or at such other time or times as the Board  shall
determine.
 
      5.3   Term of Office.  Each officer of the  Corporation  shall hold office
for the term for which he or she is elected and until such  officer's  successor
is elected and qualifies or until such officer's  earlier death,  resignation or
removal.  Any  officer  may  resign  at any  time  upon  written  notice  to the
Corporation.  Such resignation  shall take effect at the date of receipt of such
notice or at such later  time as is therein  specified,  and,  unless  otherwise
specified,  the acceptance of such resignation shall not be necessary to make it
effective.  The  resignation  of an officer  shall be without  prejudice  to the
contract  rights of the  Corporation,  if any. Any officer may be removed at any
time, with or without cause by the Board. Any vacancy occurring in any office of
the  Corporation  may be filled by the Board.  The removal of an officer with or
without cause shall be without  prejudice to the officer's  contract rights,  if
any.  The  election  or  appointment  of an officer  shall not of itself  create
contract rights.
 
      5.4   Fidelity  Bonds.  The  Corporation may secure the fidelity of any or
all of its officers or agents by bond or otherwise.
 
      5.5   Chairman.  The  Chairman,  if one shall have been  appointed,  shall
preside at all meetings of the Board and shall  exercise such powers and perform
such other duties as shall be determined  from time to time by resolution of the
Board.
 
      5.6   President.  Unless  a  separate  Chief  Executive  Officer  has been
appointed by the Board,  the President shall be the Chief  Executive  Officer of
the  Corporation  and shall have  general  supervision  over the business of the
Corporation,  subject,  however,  to the  control  of the  Board and of any duly
authorized committee of the Board. Except as otherwise provided in Section 2.11,
the President shall preside at all meetings of the  Stockholders  and shall also
preside at all  meetings of the Board at which the Chairman (if there be one) is
not present.  The President may sign and execute in the name of the  Corporation
deeds,  mortgages,  bonds,  contracts and other instruments,  except in cases in
which  the  signing  and  execution  thereof  shall be  expressly  delegated  by
resolution  of the Board or by these  By-laws to some other  officer or agent of
the  Corporation,  or shall be required by applicable law otherwise to be signed
or executed and, in general,  the President shall perform all duties incident to
the office of President of a corporation  and such other duties as may from time
to time be assigned to the President by resolution of the Board.
 
 
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      5.7   Vice  Presidents.  At the  request  of  the  President,  or,  in the
President's  absence, at the request of the Board, the Vice Presidents shall (in
such order as may be  designated  by the Board,  or, in the  absence of any such
designation,  in order of  seniority  based on age) perform all of the duties of
the  President  and,  in so  performing,  shall  have all the  powers of, and be
subject to all restrictions upon, the President. Any Vice President may sign and
execute in the name of the Corporation  deeds,  mortgages,  bonds,  contracts or
other  instruments,  except in cases in which the signing and execution  thereof
shall be expressly  delegated by  resolution of the Board or by these By-laws to
some  other  officer  or agent of the  Corporation,  or  shall  be  required  by
applicable law otherwise to be signed or executed, and each Vice President shall
perform  such  other  duties as from time to time may be  assigned  to such Vice
President by resolution of the Board or by the President.
 
      5.8   Secretary.  The Secretary shall attend all meetings of the Board and
of the  Stockholders and shall record all the proceedings of the meetings of the
Board and of the  Stockholders in a book to be kept for that purpose,  and shall
perform like duties for committees of the Board,  when  required.  The Secretary
shall give,  or cause to be given,  notice of all special  meetings of the Board
and of the Stockholders and shall perform such other duties as may be prescribed
by the Board or by the President,  under whose  supervision  the Secretary shall
be. The Secretary  shall have custody of the corporate seal of the  Corporation,
and the Secretary, or an Assistant Secretary,  shall have authority to affix the
same on any  instrument  requiring  it,  and  when so  affixed,  the seal may be
attested by the signature of the Secretary or by the signature of such Assistant
Secretary.  The Board may, by  resolution,  give general  authority to any other
officer  to affix the seal of the  Corporation  and to  attest  the same by such
officer's signature. The Secretary or an Assistant Secretary may also attest all
instruments  signed by the President or any Vice President.  The Secretary shall
have charge of all the books,  records and papers of the Corporation relating to
its  organization  and  management,  shall see that the reports,  statements and
other  documents  required by applicable law are properly kept and filed and, in
general,  shall  perform  all duties  incident to the office of  Secretary  of a
corporation  and such other  duties as may from time to time be  assigned to the
Secretary by resolution of the Board or by the President.
 
      5.9   Treasurer.  The  Treasurer,  who  may  also be the  Chief  Financial
Officer,  shall have charge and custody of, and be  responsible  for, all funds,
securities  and notes of the  Corporation;  receive and give receipts for moneys
due and payable to the Corporation from any sources whatsoever; deposit all such
moneys and valuable  effects in the name and to the credit of the Corporation in
such  depositaries as may be designated by the Board;  against proper  vouchers,
cause  such  funds  to be  disbursed  by  checks  or  drafts  on the  authorized
depositaries of the Corporation  signed in such manner as shall be determined by
the Board and be  responsible  for the  accuracy of the amounts of all moneys so
disbursed;  regularly  enter or cause to be  entered  in books or other  records
maintained for the purpose full and adequate  account of all moneys  received or
paid for the account of the Corporation;  have the right to require from time to
time reports or statements  giving such  information as the Treasurer may desire
with respect to any and all financial  transactions of the Corporation  from the
officers or agents  transacting the same;  render to the President or the Board,
whenever  the  President or the Board shall  require the  Treasurer so to do, an
account of the  financial  condition  of the  Corporation  and of all  financial
transactions  of the  Corporation;  disburse  the  funds of the  Corporation  as
ordered by the Board; and, in general, perform all duties incident to the office
of Treasurer of a corporation  and such other duties as may from time to time be
assigned to the Treasurer by resolution of the Board or by the President.
 
      5.10  Assistant   Secretaries   and   Assistant   Treasurers.    Assistant
Secretaries  and  Assistant  Treasurers  shall  perform  such duties as shall be
assigned  to them by the  Secretary  or by the  Treasurer,  respectively,  or by
resolution of the Board or by the President.
 
                                    ARTICLE 6
                                 INDEMNIFICATION
 
      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,  any person (a "Covered  Person") 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 or she,  or a
 
 
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<PAGE>
 
 
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 (an "Other Entity"),  including  service
with respect to employee benefit plans,  against all liability and loss suffered
and expenses  (including  attorneys' fees)  reasonably  incurred by such Covered
Person.  Notwithstanding the preceding sentence, except as otherwise provided in
Section 6.3, the Corporation  shall be required to indemnify a Covered Person in
connection with a Proceeding (or part thereof)  commenced by such Covered Person
only if the  commencement  of such  Proceeding  (or part thereof) by the Covered
Person was authorized by the Board.
 
      6.2   Prepayment  of  Expenses.  The  Corporation  shall pay the  expenses
(including  attorneys'  fees)  incurred  by a Covered  Person in  defending  any
Proceeding in advance of its final disposition,  provided, however, that, to the
extent  required by  applicable  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 Covered Person to repay all amounts  advanced if it should be
ultimately  determined that the Covered Person is not entitled to be indemnified
under this Article 6 or otherwise.
 
      6.3   Claims.  If a claim for  indemnification  or advancement of expenses
under this  Article 6 is not paid in full  within 30 days after a written  claim
therefor by the Covered Person has been received by the Corporation, the Covered
Person  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  Covered   Person  is  not  entitled  to  the   requested
indemnification or advancement of expenses under applicable law.
 
      6.4   Nonexclusivity of Rights. The rights conferred on any Covered Person
by this  Article 6 shall not be  exclusive of any other rights that such Covered
Person  may have or  hereafter  acquire  under any  statute,  provision  of this
Certificate of Incorporation,  the By-laws,  agreement,  vote of stockholders or
disinterested directors or otherwise.
 
      6.5   Other Sources. The Corporation's obligation, if any, to indemnify or
to advance  expenses to any Covered  Person who was or is serving at its request
as a director, officer, employee or agent of an Other Entity shall be reduced by
any amount such Covered Person may collect as  indemnification or advancement of
expenses from such Other Entity.
 
      6.6   Amendment or Repeal.  Any repeal or  modification  of the  foregoing
provisions of this Article 6 shall not adversely  affect any right or protection
hereunder  of any  Covered  Person in respect of any act or  omission  occurring
prior to the time of such repeal or modification.
 
      6.7   Other  Indemnification  and  Prepayment of Expenses.  This Article 6
shall not limit the right of the  Corporation,  to the  extent and in the manner
permitted by  applicable  law, to indemnify  and to advance  expenses to persons
other than  Covered  Persons when and as  authorized  by  appropriate  corporate
action.
 
                                    ARTICLE 7
                               GENERAL PROVISIONS
 
      7.1   Certificates  Representing Shares. Shares of the Corporation's stock
may be  certificated  or  uncertificated,  as provided under Delaware law. Every
holder of stock  represented by  certificates,  and upon request every holder of
uncertificated  shares,  shall be entitled to have a certificate signed by or in
the name of the Corporation by the Chairman,  if any, or the President or a Vice
President and by the Secretary or an Assistant  Secretary or the Treasurer or an
Assistant  Treasurer,  certifying the number of shares owned by such Stockholder
in the  Corporation.  Any or all of the  signatures  upon a  certificate  may be
facsimiles.  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  officer,  transfer  agent or registrar  before such  certificate  is
issued,  such  certificate may be issued by the Corporation with the same effect
as if such person were such officer,  transfer agent or registrar at the date of
issue.
 
 
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<PAGE>
 
 
      7.2   Transfer and Registry Agents.  The Corporation may from time to time
maintain one or more transfer  offices or agents and registry  offices or agents
at such place or places as may be determined from time to time by the Board.
 
      7.3   Lost, Stolen or Destroyed Certificates.  The Corporation may issue a
new certificate of stock in the place of any certificate  theretofore  issued by
it,  alleged to have been lost,  stolen or destroyed,  and the  Corporation  may
require the owner of the lost,  stolen or  destroyed  certificate,  or his legal
representative,  to give the  Corporation  a bond  sufficient  to  indemnify  it
against any claim that may be made  against it on account of the  alleged  loss,
theft  or  destruction  of any  such  certificate  or the  issuance  of such new
certificate.
 
      7.4   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 by means  of, or be in the form of,  any
information  storage device or method,  provided that the records so kept can be
converted  into  clearly  legible  paper  form  within a  reasonable  time.  The
Corporation  shall so convert any records so kept upon the request of any person
entitled to inspect such records pursuant to applicable law.
 
      7.5   Seal. The Board may provide for a corporate seal, in which case such
corporate  seal shall have the name of the  Corporation  inscribed  thereon  and
shall be in such form as may be  approved  from time to time by the  Board.  The
seal may be used by causing it or a facsimile thereof to be impressed or affixed
or otherwise reproduced.
 
      7.6   Fiscal Year. The fiscal year of the Corporation  shall be determined
by resolution of the Board and may be changed by the Board.
 
      7.7   Amendments.  These  By-laws may be altered,  amended or repealed and
new  By-laws  may be  adopted  by the  Board,  but  the  Stockholders  may  make
additional  By-laws and may alter and repeal any By-laws whether adopted by them
or otherwise.
 
 
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