AMENDED AND RESTATED
 
                                     BYLAWS
 
                                       OF
 
                     BUILDING MATERIALS HOLDING CORPORATION
 
                            (A DELAWARE CORPORATION)
 
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                                TABLE OF CONTENTS
 
                                                                            PAGE
 
ARTICLE I - OFFICES............................................................1
   Section 1.  Registered Office...............................................1
   Section 2.  Other Offices...................................................1
 
ARTICLE II - CORPORATE SEAL....................................................1
   Section 3.  Corporate Seal..................................................1
 
ARTICLE III - STOCKHOLDERS' MEETINGS...........................................1
   Section 4.  Section Place of Meetings.......................................1
   Section 5.  Annual Meeting..................................................2
   Section 6.  Special Meetings................................................3
   Section 7.  Notice of Meetings..............................................4
   Section 8.  Quorum..........................................................4
   Section 9.  Adjournment and Notice of Adjourned Meetings....................5
   Section 10. Voting Rights...................................................5
   Section 11. Beneficial Owners of Stock......................................5
   Section 12. List of Stockholders............................................6
   Section 13. Action Without Meeting..........................................6
   Section 14. Organization....................................................8
 
ARTICLE IV - DIRECTORS.........................................................8
   Section 15. Number and Term of Office.......................................8
   Section 16. Powers..........................................................9
   Section 17. Vacancies.......................................................9
   Section 18. Resignation.....................................................9
   Section 19. Removal.........................................................9
   Section 20. Meetings.......................................................10
   Section 21. Quorum and Voting..............................................11
   Section 22. Action Without Meeting.........................................11
   Section 23. Fees and Compensation..........................................11
   Section 24. Committees.....................................................11
   Section 25. Organization...................................................13
   Section 26. Qualification Requirement......................................13
 
ARTICLE V - OFFICERS..........................................................13
   Section 27. Officers Designated............................................14
   Section 28. Tenure and Duties of Officers..................................14
   Section 29. Delegation of Authority........................................15
   Section 30. Resignations...................................................15
   Section 31. Removal........................................................16
 
                                      -i-
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ARTICLE VI - EXECUTION OF CORPORATE INSTRUMENTS
AND VOTING OF SECURITIES OWNED BY THE CORPORATION ............................16
   Section 32. Execution of Corporate Instruments.............................16
   Section 33. Voting of Securities Owned by the Corporation..................16
 
ARTICLE VII - SHARES OF STOCK.................................................17
   Section 34. Form and Execution of Certificates.............................17
   Section 35. Lost Certificates..............................................17
   Section 36. Transfers......................................................17
   Section 37. Fixing Record Dates............................................18
   Section 38. Registered Stockholders........................................18
 
ARTICLE VIII - OTHER SECURITIES OF THE CORPORATION............................19
   Section 39. Execution of Other Securities..................................19
 
ARTICLE IX - DIVIDENDS........................................................19
   Section 40. Declaration of Dividends.......................................19
   Section 41. Dividend Reserve...............................................20
 
ARTICLE X - FISCAL YEAR.......................................................20
   Section 42. Fiscal Year....................................................20
 
ARTICLE XI - INDEMNIFICATION..................................................20
   Section 43. Indemnification of Directors, Officers, Employees
               and Other Agents...............................................20
 
ARTICLE XII - NOTICES.........................................................23
   Section 44. Notices........................................................23
 
ARTICLE XIII - AMENDMENTS.....................................................25
   Section 45. Amendments.....................................................25
 
ARTICLE XIV - LOANS TO OFFICERS...............................................25
   Section 46. Loans to Officers..............................................25
   Section 47. Electronic Transmission........................................26
 
                                      -ii-
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                              AMENDED AND RESTATED
                                     BYLAWS
                                       OF
                     BUILDING MATERIALS HOLDING CORPORATION
                            (A DELAWARE CORPORATION)
 
                               ARTICLE I - OFFICES
 
SECTION 1.   REGISTERED OFFICE.
 
       The registered  office of the corporation  shall be in the City of Dover,
County of Kent. (Del. Code Ann., tit. B,ss. 131).
 
SECTION 2.    OTHER OFFICES.
 
       The corporation shall also have and maintain an office or principal place
of business in San  Francisco,  California  at such place as may be fixed by the
Board of  Directors,  and may also have offices at such other places both within
and without the State of  Delaware  as the Board of  Directors  may from time to
time determine or the business of the corporation  may require.  (Del. Code Ann.
tit. 8,ss. 122(S)).
 
                           ARTICLE II - CORPORATE SEAL
 
SECTION 3.    CORPORATE SEAL.
 
       The  corporate  seal  shall  consist  of a die  bearing  the  name of the
corporation and the  inscription,  "Corporate  Seal-Delaware."  Said seal may be
used by  causing  it or a  facsimile  thereof  to be  impressed  or  affixed  or
reproduced or otherwise. (Del. Code Ann., tit. 8,ss. 122(3)).
 
                      ARTICLE III - STOCKHOLDERS' MEETINGS
 
SECTION 4.    SECTION PLACE OF MEETINGS.
 
       (a)    Meetings of the  stockholders of the corporation  shall be held at
such place, either within or without the State of Delaware, as may be designated
from time to time by the Board of Directors,  or, if not so designated,  then at
the office of the  corporation  required to be maintained  pursuant to Section 2
hereof. (Del. Code Ann., tit. 8,ss. 211(a)(1)).
 
       (b)    Notwithstanding the foregoing,  the Board of Directors may, in its
sole discretion,  determine that the meeting shall not be held at any place, but
may instead be held  solely by means of remote  communication  (Del.  Code Ann.,
tit. 8,ss. 211(a)(2))
 
       (c)    If  authorized  by the Board of Directors in its sole  discretion,
and subject to such  guidelines  and  procedures  as the Board of Directors  may
adopt,  stockholders  and proxy holders not  physically  present at a meeting of
stockholders may, by means of remote communication: (A) participate in a meeting
of  stockholders;  and (B) be deemed  present in person and vote at a meeting of
stockholders  whether such meeting is to be held at a designated place or solely
by means
 
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of remote  communication,  PROVIDED  that (i) the  corporation  shall  implement
reasonable  measures to verify that each person deemed  present and permitted to
vote at the  meeting  by means  of  remote  communication  is a  stockholder  or
proxyholder; (ii) the corporation shall implement reasonable measures to provide
such  stockholders and  proxyholders a reasonable  opportunity to participate in
the meeting and to vote on matters submitted to the  stockholders,  including an
opportunity  to  read or  hear  the  proceedings  of the  meeting  substantially
concurrently with such proceedings;  and (iii) if any stockholder or proxyholder
votes or takes other action at the meeting by means of remote  communication,  a
record of such vote or other action shall be maintained by the corporation.
 
SECTION 5.    ANNUAL MEETING.
 
       (a)    The annual meeting of the stockholders of the corporation, for the
purpose of election of  Directors  and for such other  business as may  lawfully
come before it, shall be held on such date and at such time as may be designated
from time to time by the Board of Directors. (Del. Code Ann. tit. 8,ss. 211(b)).
 
       (b)    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
an annual  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 one hundred twenty
(120) calendar days in advance of the date of the corporation's  proxy statement
released to  stockholders  in connection with the previous year's annual meeting
of stockholders; provided, however, that in the event that no annual meeting was
held in the previous year or the date of the annual  meeting has been changed by
more  than  thirty  (30)  days  from  the date  contemplated  at the time of the
previous year's proxy statement,  notice by the stockholder to be timely must be
so received a reasonable time before the solicitation is made; PROVIDED FURTHER,
that a  stockholder's  notice may not be transmitted  electronically  unless the
corporation  gives  prior  written  consent to such  method of  transmission.  A
stockholder's  notice to the  Secretary  shall set forth as to each  matter  the
stockholder proposes to bring before the annual meeting: (i) 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,  (ii) the name and address,
as they appear on the  corporation's  books, of the  stockholder  proposing such
business,  (iii)  the class and  number of shares of the  corporation  which are
beneficially  owned  by the  stockholder,  (iv)  any  material  interest  of the
stockholder in such business and (v) any other  information  that is required to
be provided by the  stockholder  pursuant to Regulation 14A under the Securities
Exchange  Act  of  1934,  as  amended,  in  his  capacity  as a  proponent  to a
stockholder  proposal.  Notwithstanding  the  foregoing,  in  order  to  include
information  with respect to a stockholder  proposal in the proxy  statement and
form of proxy for a stockholder's  meeting,  stockholders must provide notice as
required by the regulations promulgated under the Securities and Exchange Act of
1934, as amended.  Notwithstanding  anything in these Bylaws to the contrary, no
business shall be conducted at any annual meeting except in accordance  with the
procedures  set forth in this  paragraph (b). The chairman of the annual meeting
shall, if the facts warrant,  determine and declare at the meeting that
 
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business was not properly  brought before the meeting and in accordance with the
provisions of this  paragraph  (b), and, if he should so determine,  he shall so
declare at the meeting that any such  business not properly  brought  before the
meeting shall not be transacted. (Del. Code Ann., tit. 8, ss. 211(b)).
 
       (c)    Only persons who are nominated in accordance  with the  procedures
set forth in this  paragraph  (c) 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  or by any  stockholder  of the  corporation  entitled  to vote in the
election of Directors at the meeting who complies with the notice procedures set
forth in this  paragraph (c). 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 in accordance with the provisions
of paragraph  (b) of this Section 5. Such  stockholder's  notice shall set forth
(i) as to each person,  if any,  whom the  stockholder  proposes to nominate for
election or re-election as a Director:  (A) the name, age,  business address and
residence address of such person, (B) the principal  occupation or employment of
such  person,  (C) the class and number of shares of the  corporation  which are
beneficially  owned by such person,  (D) a description  of all  arrangements  or
understandings  between the stockholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the nominations are to
be made by the  stockholder,  and (E) 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 14A
under  the  Securities  Exchange  Act of 1934,  as  amended  (including  without
limitation such person's  written consent to being named in the proxy statement,
if any, as a nominee and to serving as a Director  if  elected);  and (ii) as to
such stockholder giving notice, the information required to be provided pursuant
to paragraph  (b) of this  Section 5. At the request of the Board of  Directors,
any person  nominated by a stockholder  for election as a Director shall furnish
to the Secretary of the corporation that information required to be set forth in
the 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 paragraph (c). The chairman
of the meeting shall, if the facts warrant, determine and declare at the meeting
that a nomination was not made in accordance  with the procedures  prescribed by
these Bylaws, and if he should so determine,  he shall so declare at the meeting
and the defective  nomination  shall be  disregarded.  (Del.  Code Ann., tit. 8,
ss.ss. 212, 214).
 
SECTION 6.    SPECIAL MEETINGS.
 
       (a)    Special  meetings of the  stockholders  of the  corporation may be
called, for any purpose or purposes,  by (i) the Chairman of the Board, (ii) the
president,  (iii) the Board of Directors  pursuant to a resolution  adopted by a
majority of the total number of authorized directors (whether or not there exist
any  vacancies  in  previously  authorized  directorships  at the  time any such
resolution  is  presented  to the Board for  adoption) or (iv) by the holders of
shares  entitled  to cast not less  than ten  percent  (10%) of the votes at the
meeting,  and  shall  be held at such  place  (or  solely  by  means  of  remote
communication,  if the Board of  Directors  so  determines  in  accordance  with
Section 4(b)  hereof),  on such date,  and at such time as they or he shall fix;
provided  however,  that following  registration of any of the classes of equity
securities  of the  corporation  pursuant to the  provisions  of the  Securities
Exchange Act of 1934, as amended special  meetings of the  stockholders may only
be
 
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called by the Board of Directors  pursuant to a resolution adopted by a majority
of the total number of authorized Directors.
 
       (b)    If a special meeting is called by any person or persons other than
the Board of Directors, the request shall be in writing,  specifying the time of
such meeting and the general  nature of the business  proposed to be transacted,
and shall be delivered  personally or sent by registered  mail or by telegraphic
or other facsimile transmission to the Chairman of the Board, the President,  or
the Secretary of the corporation.  No business may be transacted at such special
meeting  otherwise  than  specified in such notice.  The officer  receiving  the
request shall cause notice to be promptly given to the stockholders  entitled to
vote, in  accordance  with the  provisions of Section 7 of these Bylaws,  that a
meeting  will be held not less than  thirty-five  (35) nor more than  sixty (60)
days after the receipt of the request.  If the notice is not given within twenty
(20) days after the receipt of the request, the person or persons requesting the
meeting may give the notice.  Nothing  contained in this  paragraph (b) shall be
construed  as  limiting,  fixing,  or  affecting  the  time  when a  meeting  of
stockholders called by action of the Board of Directors may be held.
 
SECTION 7.    NOTICE OF MEETINGS.
 
       Except as otherwise  provided by law or the Certificate of Incorporation,
written  notice  (including  electronic  transmission  of such  notice)  of each
meeting  of  stockholders  shall be given  not less  than ten (10) nor more than
sixty (60) days before the date of the meeting to each  stockholder  entitled to
vote at such  meeting,  such notice to specify the place,  if any,  the date and
hour,  the means of remote  communications,  if any, by which  stockholders  and
proxy holders may be deemed to be present in person and vote at such meeting and
purpose or purposes of the meeting. Notice of the time, place and purpose of any
meeting of stockholders may be waived in writing,  signed by the person entitled
to notice  thereof,  or by  electronic  transmission  by the person  entitled to
notice,  either  before  or  after  such  meeting,  and  will be  waived  by any
stockholder  by his  attendance  thereat in person or by proxy,  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 because the meeting
is not lawfully  called or convened.  Any  stockholder so waiving notice of such
meeting shall be bound by the proceedings of any such meeting in all respects as
if due notice thereof had been given. (Del. Code Ann., tit. 8, ss.ss. 222, 229).
 
SECTION 8.    QUORUM.
 
       At all  meetings of  stockholders,  except  where  otherwise  provided by
statute  or by  the  Certificate  of  Incorporation,  or by  these  Bylaws,  the
presence,  in person or by proxy duly authorized of the holders of a majority of
the outstanding  shares of stock entitled to vote shall  constitute a quorum for
the transaction of business. Any shares, the voting of which at said meeting has
been enjoined, or which for any reason cannot be lawfully voted at such meeting,
shall not be counted to determine a quorum at such meeting.  In the absence of a
quorum any meeting of stockholders may be adjourned,  from time to time,  either
by the  chairman  of the  meeting or by vote of the holders of a majority of the
shares  represented  thereat,  but no other business shall be transacted at such
meeting. The stockholders present at a duly called or convened meeting, at which
a quorum is  present,  may  continue  to transact  business  until  adjournment,
notwithstanding  the  withdrawal  of enough  stockholders  to leave  less than a
quorum. Except as otherwise provided by law, the Certificate of
 
                                       4
<PAGE>
 
 
Incorporation or these Bylaws,  all action taken by the holders of a majority of
the voting power  represented  at any meeting at which a quorum is present shall
be valid and binding upon the  corporation;  provided,  however,  that Directors
shall be elected by a plurality of the votes of the shares  present in person or
represented  by proxy at the  meeting and  entitled  to vote on the  election of
Directors.  Where a separate vote by a class or classes is required,  a majority
of the  outstanding  shares  of such  class or  classes,  present  in  person or
represented  by proxy,  shall  constitute a quorum  entitled to take action with
respect to that vote on that  matter and the  affirmative  vote of the  majority
(plurality, in the case of the election of Directors) of shares of such class or
classes  present in person or  represented  by proxy at the meeting shall be the
act of such class. (Del. Code Ann., tit. 8, ss. 216).
 
SECTION 9.    ADJOURNMENT AND NOTICE OF ADJOURNED MEETINGS.
 
       Any meeting of stockholders,  whether annual or special, may be adjourned
from time to time  either by the  chairman  of the  meeting  or by the vote of a
majority  of the shares  represented  thereat.  When a meeting is  adjourned  to
another time or place,notice  need not be given of the adjourned  meeting if the
time and place, if any, thereof, and the means of remote communications, if any,
by which  stockholders  and proxy  holders may be deemed to be present in person
and vote at such  adjourned  meeting 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. (Del. Code Ann., tit. 8, ss. 222(c)).
 
SECTION 10.   VOTING RIGHTS.
 
       (a)    For the purpose of determining those stockholders entitled to vote
at any meeting of the  stockholders,  except as otherwise  provided by law, only
persons in whose names shares stand on the stock records of the  corporation  on
the record date, as provided in Section 12 of these Bylaws, shall be entitled to
vote at any meeting of stockholders.  Except as may be otherwise provided in the
Certificate of Incorporation or these Bylaws, each stockholder shall be entitled
to one vote for each share of  capital  stock  held by such  stockholder.  Every
stockholder  entitled  to vote or  execute  consents  shall  have  the  right to
authorize  another  person or persons to act for such  stockholder  by a written
proxy executed by such person or his duly authorized agent, which proxy shall be
filed with the  Secretary at or before the meeting at which it is to be used. An
agent so  appointed  need not be a  stockholder.  No proxy  shall be voted after
three (3) years from its date of creation unless the proxy provides for a longer
period. (Del. Code Ann., tit. 8, ss. 212(b)).
 
       (b)    All  elections  of  Directors  shall be by written  ballot  unless
otherwise  provided in the  Certificate of  Incorporation;  if authorized by the
Board of Directors, such requirement of a written ballot shall be satisfied by a
ballot submitted by electronic  transmission,  provided that any such electronic
transmission  must either set forth or be submitted with  information from which
it can be determined  that the  electronic  transmission  was  authorized by the
stockholder or proxy holder. (Del. Code Ann., tit. 8,ss.ss. 211(e), 212(b)).
 
                                       5
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SECTION 11.   BENEFICIAL OWNERS OF STOCK.
 
       (a)    If shares or other securities  having voting power stand of record
in the  names of two (2) or more  persons,  whether  fiduciaries,  members  of a
partnership,  joint  tenants,  tenants  in common  tenants by the  entirety,  or
otherwise,  or if two (2) or more persons have the same  fiduciary  relationship
respecting the same shares,  unless the Secretary is given written notice to the
contrary and is furnished with a copy of the instrument or order appointing them
or creating the relationship wherein it is so provided,  their acts with respect
to voting shall have the following  effect:  (a) if only one (1) votes,  his act
binds all;  (b) if more than one (1) votes,  the act of the  majority  so voting
binds all;  (c) if more than one (1) votes,  but the vote is evenly split on any
particular   matter,   each  faction  may  vote  the   securities   in  question
proportionally,  or may apply to the  Delaware  Court of Chancery  for relief as
provided in the General  Corporation  Law of Delaware,  Section  217(b).  If the
instrument  filed  with the  Secretary  shows  that any such  tenancy is held in
unequal  interests,  a majority or even-split for the purpose of this subsection
(c) shall be a majority or even-split in interest.  (Del. Code Ann., tit. 8, ss.
217(b)).
 
       (b)    Persons holding stock in a fiduciary capacity shall be entitled to
vote the shares so held.  Persons  whose  stock is pledged  shall be entitled to
vote,  unless in the transfer by the pledgor on the books of the  corporation he
has  expressly  empowered  the pledgee to vote  thereon,  in which case only the
pledgee,  or his proxy,  may represent such stock and vote thereon.  (Del.  Code
Ann., tit. 8,ss. 217(a)).
 
SECTION 12.   LIST OF STOCKHOLDERS.
 
       The Secretary shall prepare and make, at least ten (10) days before every
meeting of stockholders, a complete list of the stockholders entitled to vote at
said  meeting,  arranged  in  alphabetical  order,  showing  the address of each
stockholder and the number of shares registered in the name of each stockholder.
Nothing in this Section shall require the corporation to include electronic mail
addresses or other electronic contact  information on such list. Such list shall
be open to the  examination of any  stockholder,  for any purpose germane to the
meeting,  for a period of at least ten (10) days prior to the meeting:  (a) on a
reasonably accessible electronic network, PROVIDED that the information required
to gain access to such list is provided  with the notice of the meeting,  or (b)
during  ordinary  business  hours,  at the  principal  place of  business of the
corporation.  In the  event  that the  corporation  determines  to make the list
available on an electronic network, the corporation may take reasonable steps to
ensure  that  such   information  is  available  only  to  stockholders  of  the
corporation.  If the  meeting  is to be held at a place,  then the list shall 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 to be held solely by means of remote communication,  then the list shall also
be open to the  examination  of any  stockholder  during  the whole  time of the
meeting on a  reasonably  accessible  electronic  network,  and the  information
required  to  access  such  list  shall  be  provided  with  the  notice  of the
meeting.(Del. Code Ann., tit. 8, ss. 219(a)).
 
SECTION 13.   ACTION WITHOUT MEETING.
 
       (a)    Any  action  required  by  statute  to be taken at any  annual  or
special  meeting of the  stockholders,  or any action  which may be taken at any
annual or special meeting of the  stockholders,  may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing (or
electronic transmission, as set forth below), setting forth the action so taken,
are signed by
 
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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.
 
       (b)    Every written  consent or electronic  transmission of such consent
shall bear the date of  signature of each  stockholder  who signs the consent or
otherwise  electronically  transmits their consent, and no written consent shall
be effective to take the corporate  action  referred to therein  unless,  within
sixty (60) days of the earliest  dated consent  delivered to the  Corporation in
the manner herein required,  written  consents signed by a sufficient  number of
stockholders  to take action are delivered 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.
 
              A telegram,  cablegram or other electronic transmission consenting
to an action to be taken and transmitted by a stockholder or proxyholder,  or by
a person or persons authorized to act for a stockholder or proxyholder, shall be
deemed  to be  written,  signed  and  dated for the  purposes  of this  section,
PROVIDED that any such telegram, cablegram or other electronic transmission sets
forth or is delivered with  information from which the corporation can determine
(A)  that  the  telegram,   cablegram  or  other  electronic   transmission  was
transmitted  by  the  stockholder  or  proxyholder  or by a  person  or  persons
authorized to act for the  stockholder or proxyholder  and (B) the date on which
such stockholder or proxyholder or authorized person or persons transmitted such
telegram,  cablegram or other  electronic  transmission.  The date on which such
telegram, cablegram or electronic transmission is transmitted shall be deemed to
be the date on which such  consent was  signed.  No consent  given by  telegram,
cablegram  or  other  electronic  transmission  shall  be  deemed  to have  been
delivered  until such consent is  reproduced  in paper form and until such paper
form shall be delivered to the corporation by delivery to its registered  office
in this  State,  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.  Delivery made to the corporation's registered office
shall  be made by  hand or by  certified  or  registered  mail,  return  receipt
requested. Notwithstanding the foregoing limitations on delivery, consents given
by  telegram,  cablegram  or  other  electronic  transmission  may be  otherwise
delivered to the principal place of business of the corporation or to an officer
or agent of the corporation  having custody of the book in which  proceedings of
meetings  of  stockholders  are  recorded  if, to the  extent  and in the manner
provided by resolution of the board of directors of the corporation.
 
              Any copy, facsimile or other reliable reproduction of a consent in
writing may be substituted  or used in lieu of the original  writing for any and
all purposes for which the original  writing  could be used,  PROVIDED that such
copy,  facsimile or other reproduction  shall be a complete  reproduction of the
entire original writing. (Del. Code Ann., tit. 8, ss.ss. 228(c), 228(d)).
 
       (c)    Prompt  notice of the  taking of the  corporate  action  without a
meeting by less than  unanimous  written  consent or by electronic  transmission
shall be given to those  stockholders  who have not  consented  in writing or by
electronic  transmission  and who,  if the  action  had been taken at a meeting,
would have been  entitled  to notice of the  meeting if the record  date of such
meeting had been the date that written  consents or electronic  transmission  of
such consents  signed by a sufficient
 
                                       7
<PAGE>
 
 
number of  stockholders  or  members to take the action  were  delivered  to the
corporation  as provided by law. If the action  which is consented to is such as
would have required the filing of a certificate under any section of the General
Corporation  Law of Delaware if such action had been voted on by stockholders at
a meeting thereof, then the certificate filed under such section shall state, in
lieu  of  any  statement  required  by  such  section  concerning  any  vote  of
stockholders,  that  written  notice  and  written  consent  have been  given as
provided in Section 228 of the General Corporation Law of Delaware.
 
       (d)    Notwithstanding  the foregoing,  if so provided in the Certificate
of Incorporation  of the  corporation,  no such action by written consent may be
taken following the effectiveness of the registration of any class of securities
of the corporation under the Securities Exchange Act of 1934, as amended.
 
SECTION 14.   ORGANIZATION.
 
       (a)    At every  meeting of  stockholders,  the  Chairman of the Board of
Directors, or, if a Chairman has not been appointed or is absent, the president,
or in the absence of any such  officer,  a chairman  of the meeting  chosen by a
majority in interest of the stockholders  entitled to vote, present in person or
by proxy, shall act as chairman. The Secretary, or, in his absence, an Assistant
Secretary  directed to do so by the  president,  shall act as  secretary  of the
meeting.
 
       (b)    The Board of  Directors  of the  corporation  shall be entitled to
make such rules or regulations for the conduct of meetings of stockholders as it
shall  deem  necessary,  appropriate  or  convenient.  Subject to such rules and
regulations of the Board of Directors, if any, the chairman of the meeting 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  necessary,
appropriate  or  convenient  for the proper  conduct of the meeting,  including,
without limitation, establishing an agenda or order of business for the meeting,
rules and  procedures  for  maintaining  order at the  meeting and the safety of
those present,  limitations on  participation in such meeting to stockholders of
record of the corporation and their duly authorized and constituted proxies, and
such other persons as the chairman  shall permit,  restrictions  on entry to the
meeting after the time fixed for the  commencement  thereof,  limitations on the
time  allotted to questions or comments by  participants  and  regulation of the
opening and closing of the polls for  balloting on matters which are to be voted
on by ballot.  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 rules of parliamentary procedure.
 
                             ARTICLE IV - DIRECTORS
 
SECTION 15.   NUMBER AND TERM OF OFFICE.
 
       The number of Directors which shall  constitute the whole of the Board of
Directors shall be from five (5) to eleven (11) persons with the exact number to
be  determined  from time to time by the Board of  Directors.  The  maximum  and
minimum  number of  authorized  Directors  may be modified  from time to time by
amendment of this Section 15 in  accordance  with the  provisions  of Section 44
hereof.  Except as provided in Section 17, the Directors shall be elected by the
stockholders  at their  annual  meeting in each year and shall hold office until
the next annual  meeting and until their
 
                                       8
<PAGE>
 
 
successors  shall  be  duly  elected  and  qualified.   Directors  need  not  be
stockholders unless so required by the Certificate of Incorporation.  If for any
cause, the Directors shall not have been elected at an annual meeting,  they may
be  elected  as soon  thereafter  as  convenient  at a  special  meeting  of the
stockholders  called for that purpose in the manner provided in these Bylaws. No
reduction  of the  authorized  number  of  Directors  shall  have the  effect of
removing any Director  before the Director's  term of office expires unless such
removal is made  pursuant to the  provisions  of Section 19 hereof.  (Del.  Code
Ann., tit. 8, ss.ss. 141(b), 211(b), (c)).
 
SECTION 16.   POWERS.
 
       The powers of the corporation shall be exercised,  its business conducted
and  its  property  controlled  by the  Board  of  Directors,  except  as may be
otherwise provided by statute or by the Certificate of Incorporation  (Del. Code
Ann., tit. 8,ss. 141(a)).
 
SECTION 17.   VACANCIES.
 
       Unless otherwise provided in the Certificate of Incorporation,  vacancies
and newly created  directorships  resulting  from any increase in the authorized
number of Directors may be filled by a majority of the Directors then in office,
although less than a quorum, or by a sole remaining Director,  and each Director
so  elected  shall  hold  office  for the  unexpired  portion of the term of the
Director  whose  place shall be vacant and until his  successor  shall have been
duly elected and qualified.  A vacancy in the Board of Directors shall be deemed
to exist under this Section 17 in the case of the death,  removal or resignation
of any Director,  or if the stockholders  fail at any meeting of stockholders at
which Directors are to be elected  (including any meeting referred to in Section
19 below) to elect the number of Directors then  constituting the whole Board of
Directors. (Del. Code Ann., tit. 8, ss.ss. 223(a), (b)).
 
SECTION 18.   RESIGNATION.
 
       Any Director may resign at any time by delivering his written resignation
to the Secretary,  such resignation to specify whether it will be effective at a
particular  time,  upon receipt by the Secretary or at the pleasure of the Board
of Directors.  If no such specification is made, it shall be deemed effective at
the pleasure of the Board of Directors.  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 for the  unexpired  portion of the term of the Director  whose
place shall be vacated and until his successor  shall have been duly elected and
qualified. (Del. Code Ann., tit. 8, ss.ss. 141(b), 223(d)).
 
SECTION 19.   REMOVAL.
 
       At a special meeting of stockholders called for the purpose in the manner
hereinabove  provided,  subject  to  any  limitations  imposed  by  law  or  the
Certificate  of  Incorporation,  the  Board  of  Directors,  or  any  individual
Director,  may be removed from office,  with or without cause and a new
 
                                       9
<PAGE>
 
 
Director or Directors  elected by a vote of  stockholders  holding a majority of
the outstanding shares entitled to vote at an election of Directors.  (Del. Code
Ann., tit. 8,ss. 141(k)).
 
SECTION 20.   MEETINGS.
 
       (A)    ANNUAL  MEETINGS.  The annual  meeting  of the Board of  Directors
shall be held  immediately  after the annual meeting of stockholders  and at the
place where such meeting is held. No notice of an annual meeting of the Board of
Directors  shall be necessary  and such meeting shall be held for the purpose of
electing  officers and  transacting  such other  business as may  lawfully  come
before it.
 
       (B)    REGULAR  MEETINGS.  Except as otherwise  provided herein,  regular
meetings  of  the  Board  of  Directors  shall  be  held  in the  office  of the
corporation  required  to be  maintained  pursuant  to Section 2 hereof.  Unless
otherwise  restricted by the Certificate of  Incorporation,  regular meetings of
the Board of Directors may also be held at any place within or without the State
of Delaware  which has been  determined  by the Board of Directors.  (Del.  Code
Ann., tit. 8,ss. 141(g)).
 
       (C)    SPECIAL MEETINGS.  Unless otherwise  restricted by the Certificate
of Incorporation,  special meetings of the Board of Directors may be held at any
time and place  within or without the State of Delaware  whenever  called by the
Chairman,  president or a majority of the Directors. (Del. Code Ann., tit. 8,ss.
141(g)).
 
       (D)    MEETINGS  BY  REMOTE  COMMUNICATION.  Any  member  of the Board of
Directors, or of any committee thereof, may participate in a meeting by means of
conference  telephone  or other  communications  equipment by means of which all
persons participating in the meeting can hear each other, and participation in a
meeting by such means shall constitute presence in person at such meeting. (Del.
Code Ann., tit. 8,ss. 141(i)).
 
       (E)    NOTICE OF MEETINGS. Written notice (or electronic transmission) of
the time and place,  if any, of all special  meetings of the Board of  Directors
shall be given at least one (1) day  before the date of the  meeting.  Notice of
any meeting may be waived in writing (or by electronic transmission) at any time
before or after the  meeting and will be waived by any  Director  by  attendance
thereat, except when the Director attends the meeting for the express purpose of
objecting,  at the beginning of the meeting,  to the transaction of any business
because the meeting is not lawfully called or convened. (Del. Code Ann., tit. 8,
ss. 229).
 
       (F)    WAIVER OF NOTICE.  The  transaction of all business at any meeting
of the Board of Directors,  or any committee  thereof however called or noticed,
or wherever  held,  shall be as valid as though had at a meeting duly held after
regular call and notice,  if a quorum be present and if,  either before or after
the  meeting,  each of the  Directors  not  present  shall  submit a  waiver  by
electronic transmission,  or shall sign a written waiver of notice, or a consent
to holding  such  meeting,  or an approval of the minutes  thereof.  Neither the
business to be transacted at, nor the purpose of, any regular or special meeting
of the Board of Directors  need be specified in any written  waiver of notice or
consent unless so required by the Certificate of  Incorporation or these Bylaws.
All such  waivers,  consents  or  approvals  shall be filed  with the  corporate
records or made a part of the minutes of the meeting.  (Del.  Code Ann., tit. 8,
ss. 229).
 
                                       10
<PAGE>
 
 
SECTION 21.   QUORUM AND VOTING.
 
       (a)    Unless the Certificate of Incorporation  requires a greater number
and except with respect to  indemnification  questions  arising under Section 42
hereof,  for which a quorum  shall be one-third of the exact number of Directors
fixed from time to time in accordance with Section 15 hereof,  but not less than
one (1), a quorum of the Board of Directors  shall  consist of a majority of the
exact number of Directors  fixed from time to time in accordance with Section 15
of these Bylaws,  but not less than one (1); provided,  however,  at any meeting
whether a quorum be present or otherwise,  a majority of the  Directors  present
may adjourn from time to time until the time fixed for the next regular  meeting
of the Board of  Directors,  without  notice other than by  announcement  at the
meeting. (Del. Code Ann., tit. 8,ss. 141(b)).
 
       (b)    At each  meeting  of the Board of  Directors  at which a quorum is
present all questions  and business  shall be determined by a vote of a majority
of the  Directors  present,  unless a different  vote be  required  by law,  the
Certificate  of  Incorporation  or these Bylaws.  (Del.  Code Ann.,  tit.  8,ss.
141(b)).
 
SECTION 22.   ACTION WITHOUT MEETING.
 
       Unless otherwise  restricted 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
members of the Board of  Directors  or  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  in the  minutes  of the
proceedings of the Board.  Such filing shall be in paper form if the minutes are
maintained  in paper  form or shall be in  electronic  form if the  minutes  are
maintained in electronic form. (Del. Code Ann., tit. 8, ss. 141(f)).
 
SECTION 23.   FEES AND COMPENSATION.
 
       Directors  shall be entitled to such  compensation  for their services as
may be  approved  by the  Board  of  Directors  including,  if so  approved,  by
resolution of the Board of Directors, a fixed sum and expenses of attendance, if
any, for attendance at each regular or special meeting of the Board of Directors
and at any  meeting of a committee  of the Board of  Directors.  Nothing  herein
contained  shall  be  construed  to  preclude  any  Director  from  serving  the
corporation in any other capacity as an officer,  agent,  employee, or otherwise
and receiving compensation therefor. (Del. Code Ann., tit. 8, ss. 141(h)).
 
SECTION 24.   COMMITTEES.
 
       (A)    EXECUTIVE  COMMITTEE.  The Board of  Directors  may by  resolution
passed by a majority  of the whole  Board of  Directors,  appoint  an  Executive
Committee to consist of one (1) or more members of the Board of  Directors.  The
Executive Committee,  to the extent permitted by law and specifically granted by
the Board of Directors,  shall have and may exercise when the Board of Directors
is not in session all powers of the Board of Directors in the  management of the
business and affairs of the  corporation,  including,  without  limitation,  the
power and authority to declare a dividend or to authorize the issuance of stock,
except  such  committee  shall  not have the  power or
 
 
                                       11
<PAGE>
 
 
authority to amend the  Certificate of  Incorporation,  to adopt an agreement of
merger or  consolidation,  to recommend to the  stockholders  the sale, lease or
exchange of all or substantially all of the  corporation's  property and assets,
to  recommend  to the  stockholders  of the  corporation  a  dissolution  of the
corporation  or a revocation  of a dissolution  or to amend these Bylaws.  (Del.
Code Ann., tit. 8, ss. 141(c)).
 
       (B)    OTHER COMMITTEES. The Board of Directors may, by resolution passed
by a majority of the whole Board of  Directors,  from time to time  appoint such
other committees as may be permitted by law. Such other committees  appointed by
the Board of Directors  shall consist of one (1) or more members of the Board of
Directors,  and  shall  have  such  powers  and  perform  such  duties as may be
prescribed by the resolution or resolutions creating such committees,  but in no
event shall such committee have the powers denied to the Executive  Committee in
these Bylaws. (Del. Code Ann., tit. 8, ss. 141(c)).
 
       (C)    TERM.  The  members of all  committees  of the Board of  Directors
shall serve a term  coexistent  with that of the Board of Directors  which shall
have appointed such committee. The Board of Directors, subject to the provisions
of  subsections  (a) or (b) of this  Section  24,  may at any time  increase  or
decrease the number of members of a committee or  terminate  the  existence of a
committee.  The membership of a committee  member shall terminate on the date of
his  death or  voluntary  resignation  from the  committee  or from the Board of
Directors.  The Board of  Directors  may at any time for any  reason  remove any
individual  committee  member and the Board of Directors  may fill any committee
vacancy  created by death,  resignation,  removal or  increase  in the number of
members of the  committee.  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 the committee,  and, in addition,  in the
absence or disqualification of any member of a committee,  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 such  absent or
disqualified member. (Del. Code Ann., tit. 8, ss. 141(c)).
 
       (D)    MEETINGS.  Unless the Board of Directors shall otherwise  provide,
regular  meetings of the Executive  Committee or any other  committee  appointed
pursuant  to this  Section  24 shall be held at such  times  and  places  as are
determined by the Board of Directors, or by any such committee,  and when notice
thereof has been given to each member of such  committee,  no further  notice of
such regular  meetings need be given  thereafter.  Special  meetings of any such
committee may be held at any place,  if any, which has been determined from time
to time by such committee,  and may be called by any Director who is a member of
such  committee,  upon notice in writing or by  electronic  transmission  to the
members of such committee of the time and place, if any, of such special meeting
given in the manner provided for the giving of notice to members of the Board of
Directors  of the time and place,  if any,  of special  meetings of the Board of
Directors.  Notice of any  special  meeting  of any  committee  may be waived in
writing (or by electronic  transmission) at any time before or after the meeting
and will be  waived by any  Director  by  attendance  thereat,  except  when the
Director  attends such special meeting for the express purpose of objecting,  at
the beginning of the meeting,  to the  transaction  of any business  because the
meeting is not lawfully called or convened.  A majority of the authorized number
of members of any such committee  shall  constitute a quorum for the
 
 
                                       12
<PAGE>
 
 
transaction  of  business,  and the act of a  majority  of those  present at any
meeting at which a quorum is present shall be the act of such  committee.  (Del.
Code Ann., tit. 8, ss.ss. 141(c), 229).
 
SECTION 25.   ORGANIZATION.
 
       At  every  meeting  of  the  Directors,  the  Chairman  of the  Board  of
Directors, or, if a Chairman has not been appointed or is absent, the President,
or if the President is absent, a chairman of the meeting chosen by a majority of
the Directors present, shall preside over the meeting. The Secretary,  or in his
absence, an Assistant Secretary directed to do so by the President, shall act as
secretary of the meeting.
 
SECTION 26.   QUALIFICATION REQUIREMENT.
 
       No person  shall be  qualified  to be elected to, or  appointed to fill a
vacancy on, the Board of Directors of the  corporation  during the pendency of a
Business Combination  transaction,  as defined herein, if such person is, or (in
the case of a person  described  in clause (i),  (ii) or (iii) below) was within
the two  years  preceding  the  date of such  election  or  appointment:  (i) an
officer,  director,  employee  or  affiliate  (as  defined  in  Rule  144 of the
Securities and Exchange  Commission  ("SEC")) of a party to such transaction (an
"Interested  Party") or of any affiliate of an Interested  Party;  (ii) an agent
subject to the direction of an Interested  Party;  (iii) a consultant or advisor
to an Interested  Party; (iv) a person having a material  financial  interest in
the transaction  (other than through the ownership of stock or securities of the
corporation);  or (v) a person  having  any  business,  financial,  or  familial
relationship  with any person  referred to in clauses  (i)-(iv) above that would
reasonably be expected to affect such person's  judgment in a manner  adverse to
this  corporation.   A  person  shall  not  be  disqualified  from  election  or
appointment  to the  Board of  Directors  by reason  of this  Section  26 solely
because  such person is a director or officer of this  corporation  who receives
normal and customary  compensation  as such and/or is a stockholder or affiliate
of this corporation.
 
       A Business  Combination shall mean any of the following:  (i) a merger or
consolidation of this corporation with another corporation,  or a sale of all or
substantially  all of the  business and assets of this  corporation;  or (ii) an
acquisition  (including  by  tender  offer or any  other  means)  by any  person
(including any two or more persons comprising a group, within the meaning of SEC
Rule 13(d)(5), of beneficial ownership, within the meaning of SEC Rule 13(d)(3),
of 15% or more of the outstanding common stock of this corporation.
 
       A Business  Combination  shall be deemed  pending  for  purposes  of this
Section 26  commencing  on the date any offer or proposal  for such  transaction
shall be made and until such time as the  proposed  transaction  is abandoned or
until such time as: (i) the party proposing such transaction shall have acquired
beneficial  ownership,  as defined above,  of 50% or more of this  corporation's
outstanding  voting  stock;  and (ii)  ten  business  days  shall  have  elapsed
thereafter. A business day shall mean any day other than a Saturday, a Sunday or
a day on which banking  institutions  in the State of New York are authorized or
obligated by law or executive order to close.  [Adopted by Board of Directors on
11/5/98]
 
                                       13
<PAGE>
 
 
                              ARTICLE V - OFFICERS
 
SECTION 27.   OFFICERS DESIGNATED.
 
       The  officers of the  corporation  shall be the  Chairman of the Board of
Directors,  the President,  one or more Vice  Presidents,  the Secretary and the
Chief Financial Officer or Treasurer, all of whom shall be elected at the annual
organizational meeting of the Board of Directors.  The order of the seniority of
the Vice Presidents shall be in the order of their nomination,  unless otherwise
determined  by the Board of  Directors.  The Board of Directors may also appoint
one or more Assistant Secretaries, Assistant Treasurers, and such other officers
and agents with such powers and duties as it shall deem necessary.  The Board of
Directors may assign such additional titles to one or more of the officers as it
shall  deem  appropriate.  Any one  person may hold any number of offices of the
corporation at any one time unless specifically prohibited therefrom by law. The
salaries  and other  compensation  of the officers of the  corporation  shall be
fixed by or in the manner designated by the Board of Directors. (Del. Code Ann.,
tit. 8, ss.ss. 122(5), 142(a), (b)).
 
SECTION 28.   TENURE AND DUTIES OF OFFICERS.
 
       (A)    GENERAL.  All  officers  shall hold office at the  pleasure of the
Board of Directors and until their  successors  shall have been duly elected and
qualified,  unless sooner removed. Any officer elected or appointed by the Board
of Directors may be removed at any time by the Board of Directors. If the office
of any officer  becomes vacant for any reason,  the vacancy may be filled by the
Board of Directors. (Del. Code Ann., tit. 8,ss.ss. 141(b), (e)).
 
       (B)    DUTIES OF CHAIRMAN OF THE BOARD OF DIRECTORS.  The Chairman of the
Board  of  Directors,  when  present,  shall  preside  at  all  meetings  of the
stockholders and the Board of Directors.  The Chairman of the Board of Directors
shall  perform  other  duties  commonly  incident  to his  office and shall also
perform  such other  duties and have such other powers as the Board of Directors
shall  designate from time to time. If there is no President,  then the Chairman
of the Board of Directors shall also serve as the Chief Executive Officer of the
corporation and shall have the powers and duties  prescribed in paragraph (c) of
this Section 27. (Del. Code Ann., tit. 8, ss. 142(a)).
 
       (C)    DUTIES OF PRESIDENT.  The President  shall preside at all meetings
of the  stockholders  and at all meetings of the Board of Directors,  unless the
Chairman  of the Board of  Directors  has been  appointed  and is  present.  The
President  shall be the Chief  Executive  Officer of the  corporation and shall,
subject to the  control of the Board of  Directors,  have  general  supervision,
direction  and control of the  business  and  officers of the  corporation.  The
President shall perform other duties  commonly  incident to his office and shall
also  perform  such  other  duties  and have such  other  powers as the Board of
Directors  shall  designate  from time to time.  (Del.  Code Ann.,  tit.  8, ss.
142(a)).
 
       (D)    DUTIES OF VICE PRESIDENTS.  The Vice Presidents,  as designated by
the Board of Directors may assume and perform the duties of the President in the
absence or  disability  of the  President or whenever the office of President is
vacant.  The Vice  Presidents  shall perform other duties  commonly  incident to
their office and shall also perform such other duties and have such other powers
as the Board of Directors or the President  shall  designate  from time to time.
(Del. Code Ann., tit. 8, ss. 142(a)).
 
                                       14
<PAGE>
 
 
       (E)    DUTIES OF SECRETARY.  The  Secretary  shall attend all meetings of
the  stockholders  and of the Board of Directors,  and shall record all acts and
proceedings  thereof in the minute book of the corporation.  The Secretary shall
give notice in conformity with these Bylaws of all meetings of the stockholders,
and of all  meetings  of the  Board  of  Directors  and  any  committee  thereof
requiring  notice.  The  Secretary  shall  perform all other duties given him in
these  Bylaws and other  duties  commonly  incident to his office and shall also
perform  such other  duties and have such other powers as the Board of Directors
shall  designate  from time to time.  The  President  may direct  any  Assistant
Secretary  to assume and perform the duties of the  Secretary  in the absence or
disability of the Secretary,  and each Assistant  Secretary  shall perform other
duties commonly  incident to his office and shall also perform such other duties
and have such other  powers as the Board of  Directors  or the  President  shall
designate from time to time. (Del. Code Ann., tit. 8, ss. 142(a)).
 
       (F)    DUTIES OF TREASURER.  The  Treasurer,  subject to the order of the
Board of  Directors,  shall have the custody of all funds and  securities of the
corporation.  The Treasurer shall perform other duties commonly  incident to his
office and shall also  perform  such other  duties and have such other powers as
the Board of Directors or the President  shall  designate from time to time. The
President may direct any Assistant Treasurer to assume and perform the duties of
the Treasurer in the absence or disability of the Treasurer,  and each Assistant
Treasurer shall perform other duties  commonly  incident to his office and shall
also  perform  such  other  duties  and have such  other  powers as the Board of
Directors or the president shall  designate from time to time.  (Del. Code Ann.,
tit. 8, ss. 142(a)).
 
       (G)    DUTIES OF  CONTROLLER.  The  Controller  shall keep or cause to be
kept the books of account of the  corporation  in a thorough and proper  manner,
and shall render  statements of the financial affairs of the corporation in such
form and as often as required by the Board of  Directors or the  President.  The
Controller shall perform other duties commonly  incident to his office and shall
also  perform  such other  duties and have such other duties and have such other
powers as he Board of Directors or the President  shall  designate  from time to
time.  The president  may direct any Assistant  Controller to assume and perform
the duties of the  Controller in absence or disability  of the  Controller,  and
each Assistant  Controller  shall perform other duties commonly  incident to his
office and shall also  perform  such other  duties and have such other powers as
the Board of Directors or the president shall designate from time to time.
 
SECTION 29.   DELEGATION OF AUTHORITY.
 
       The Board of  Directors  may from  time to time  delegate  the  powers or
duties  of any  officer  to any other  officer  or  agent,  notwithstanding  any
provision hereof.
 
SECTION 30.   RESIGNATIONS.
 
       Any officer may resign at any time by giving  written notice to the Board
of Directors or to the President or to the Secretary. Any such resignation shall
be  effective  when  received  by the person or  persons to whom such  notice is
given,  unless a later time is specified therein, in which event the resignation
shall become effective at such later time.  Unless  otherwise  specified in such
notice, the acceptance of any such resignation shall not be necessary to make it
effective.  Any resignation shall
 
                                       15
<PAGE>
 
 
be  without  prejudice  to the  rights,  if any,  of the  corporation  under any
contract with the resigning officer. (Del. Code Ann., tit. 8, ss. 142(b)).
 
SECTION 31.   REMOVAL.
 
       Any  officer  may be  removed  from  office at any time,  either  with or
without cause, by the vote or written consent  (including  consent by electronic
transmission)  of a majority of the  Directors in office at the time,  or by any
committee  or  superior  officers  upon whom such power of removal may have been
conferred by the Board of Directors.
 
           ARTICLE VI - EXECUTION OF CORPORATE INSTRUMENTS AND VOTING
                     OF SECURITIES OWNED BY THE CORPORATION
 
SECTION 32.   EXECUTION OF CORPORATE INSTRUMENTS.
 
       The Board of Directors may, in its  discretion,  determine the method and
designate  the  signatory  officer or officers,  or other person or persons,  to
execute on behalf of the corporation any corporate instrument or document, or to
sign on behalf of the corporation the corporate name without  limitation,  or to
enter  into  contracts  on behalf of the  corporation,  except  where  otherwise
provided  by law or these  Bylaws,  and such  execution  or  signature  shall be
binding upon the corporation.  (Del. Code Ann., tit.  8,ss.ss.  103(a),  142(a),
158).
 
       Unless  otherwise  specifically  determined  by the Board of Directors or
otherwise required by law, promissory notes, deeds of trust, mortgages and other
evidences of indebtedness of the corporation, and other corporate instruments or
documents  requiring the corporate  seal,  and  certificates  of shares of stock
owned by the corporation,  shall be executed, signed or endorsed by the Chairman
of the Board of Directors or the President.  All other instruments and documents
requiring the corporate signature,  but not requiring the corporate seal, may be
executed as aforesaid or in such other manner as may be directed by the Board of
Directors. (Del. Code Ann., tit. 8, ss.ss. 103(a), 142(a), 158).
 
       All checks and drafts  drawn on banks or other  depositories  on funds to
the credit of the corporation or in special accounts of the corporation shall be
signed by such person or persons as the Board of Directors shall authorize so to
do.
 
       Unless  authorized  or ratified by the Board of  Directors  or within the
agency power of an officer,  no officer,  agent or employee shall have any power
or authority to bind the  corporation by any contract or engagement or to pledge
its credit or to render it liable for any purpose or for any amount.  (Del. Code
Ann., tit. 8,ss.ss. 103(a), 142(a), 158).
 
SECTION 33.   VOTING OF SECURITIES OWNED BY THE CORPORATION.
 
       All stock and other securities of other corporations owned or held by the
corporation  for itself,  or for other parties in any capacity,  shall be voted,
and all proxies with respect thereto shall be executed, by the person authorized
so to do by  resolution  of the Board of  Directors,  or, in the absence
 
                                       16
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of  such  authorization,  by the  Chairman  of the  Board  of  Directors  or the
President. (Del. Code Ann. tit. 8,ss. 123).
 
                          ARTICLE VII - SHARES OF STOCK
 
SECTION 34.   FORM AND EXECUTION OF CERTIFICATES.
 
       Certificates for the shares of stock of the corporation  shall be in such
form as is consistent with the Certificate of Incorporation  and applicable law.
Every holder of stock in the corporation shall be entitled to have a certificate
signed  by or in the name of the  corporation  by the  Chairman  of the Board of
Directors or the President or the Secretary or Assistant  Secretary,  certifying
the number of shares owned by him in the corporation.  Where such certificate is
countersigned by a transfer agent other than the corporation or its employee, or
by a registrar other than the  corporation or its employee,  any other signature
on the certificate may be a facsimile.  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 with the same effect as if
he were such officer  transfer  agent,  or registrar at the date of issue.  Each
certificate  shall state upon the face or back  thereof,  in full or in summary,
all of the designations preferences,  limitations,  restrictions on transfer and
relative rights of the shares  authorized to be issued.  (Del. Code Ann. tit. 8,
ss. 158).
 
SECTION 35.   LOST CERTIFICATES.
 
       A new  certificate  or  certificates  shall  be  issued  in  place of any
certificate or certificates  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. The corporation may require, as a condition precedent to the issuance
of a new  certificate  or  certificates  the  owner  of such  lost,  stolen,  or
destroyed certificate or certificates, or his legal representative, to advertise
the same in such manner as it shall require or to give the  corporation a surety
bond in such form and amount 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. (Del. Code Ann., tit. 8, ss. 167).
 
SECTION 36.   TRANSFERS.
 
       (a)    Transfers of record of shares of stock of the corporation shall be
made only upon its books by the holders  thereof,  in person or by attorney duly
authorized,  and  upon the  surrender  of a  properly  endorsed  certificate  or
certificates for a like number of shares.  (Del. Code Ann., tit. 8,ss. 201, tit.
6,ss. 8-401(1)).
 
       (b)    The  corporation  shall have power to enter into and  perform  any
agreement with any number of stockholders of any one or more classes of stock of
the  corporation to restrict the transfer of shares of stock of the  corporation
of any  one or more  classes  owned  by  such  stockholders  in any  manner  not
prohibited by the General  Corporation  Law of Delaware.  (Del.  Code Ann., tit.
8,ss. 160(a)).
 
                                       17
<PAGE>
 
 
SECTION 37.   FIXING RECORD DATES.
 
       (a)    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, the Board of Directors may fix, in advance, a record date,
which  record date shall not precede the date upon which the  resolution  fixing
the record  date is adopted by the Board of  Directors,  and which  record  date
shall not be more than sixty (60) nor less than ten (10) days before the date of
such meeting.  If no record date is fixed by the Board of Directors,  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. A  determination
of  stockholders  of record  entitled  to  notice of or to vote at a meeting  of
stockholders shall apply to any adjournment of the meeting;  provided,  however,
that the Board of Directors may fix a new record date for the adjourned meeting.
 
       (b)    In order  that the  Corporation  may  determine  the  stockholders
entitled to consent to corporate action in writing without a meeting,  the Board
of Directors  may fix, in advance,  a record  date,  which record date shall not
precede the date upon which the resolution  fixing the record date is adopted by
the  Board of  Directors,  and which  date  shall not be more than ten (10) days
after the date upon which the  resolution  fixing the record  date is adopted by
the  Board of  Directors.  If no  record  date has  been  fixed by the  Board of
Directors,  the record date for determining  stockholders entitled to consent to
corporate action in writing without a meeting, when no prior action by the Board
of  Directors  is  required  by law,  shall be the first  date on which a signed
written  consent  setting  forth the  action  taken or  proposed  to be taken is
delivered 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.  Delivery made to a Corporation's  registered  office
shall be by hand or by certified or registered  mail,  return receipt  requested
or, if approved by the Board of  Directors,  by electronic  transmission.  If no
record  date has been fixed by the Board of  Directors  and prior  action by the
Board  of  Directors  is  required  by law,  the  record  date  for  determining
stockholders  entitled  to consent  to  corporate  action in  writing  without a
meeting  shall be at the  close of  business  on the day on which  the  Board of
Directors adopts the resolution taking such prior action.
 
       (c)    In order  that the  corporation  may  determine  the  stockholders
entitled to receive  payment of any dividend or other  distribution or allotment
of any rights or the stockholders  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
record  date shall not  precede  the date upon which the  resolution  fixing the
record date is adopted,  and which record date shall be not more than sixty (60)
days prior to such  action.  If no record  date is fixed,  the  record  date for
determining  stockholders for any such purpose shall be at the close of business
on the day on which  the  Board of  Directors  adopts  the  resolution  relating
thereto. (Del. Code Ann., tit. 8, ss. 213).
 
SECTION 38.   REGISTERED STOCKHOLDERS.
 
       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 shall not be bound
 
                                       18
<PAGE>
 
 
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 the laws of Delaware. (Del. Code
Ann., tit. 8,ss.ss. 213(a), 219).
 
               ARTICLE VIII - OTHER SECURITIES OF THE CORPORATION
 
SECTION 39.   EXECUTION OF OTHER SECURITIES.
 
       All bonds,  debentures and other corporate securities of the corporation,
other than stock  certificates  (covered  in Section  33),  may be signed by the
Chairman of the Board of Directors,  the President,  or such other person as may
be  authorized  by the Board of  Directors,  and the  corporate  seal  impressed
thereon or a  facsimile  of such seal  imprinted  thereon  and  attested  by the
signature of the  Secretary or an Assistant  Secretary,  or the Chief  Financial
Officer or Treasurer or an Assistant Treasurer;  provided,  however,  that where
any such bond,  debenture or other corporate  security shall be authenticated by
the manual  signature  of a trustee  under an  indenture  pursuant to which such
bond,  debenture or other corporate  security shall be issued, the signatures of
the persons signing and attesting the corporate seal on such bond,  debenture or
other  corporate  security may be the imprinted  facsimile of the  signatures of
such persons. Interest coupons appertaining to any such bond, debenture or other
corporate security  authenticated by a trustee as aforesaid,  shall be signed by
the Treasurer or an Assistant  Treasurer of the corporation or such other person
as may be authorized by the Board of Directors,  or bear  imprinted  thereon the
facsimile signature of such person. In case any officer who shall have signed or
attested any bond,  debenture or other  corporate  security,  or whose facsimile
signature shall appear thereon or on any such interest coupon, shall have ceased
to be such officer  before the bond,  debenture or other  corporate  security so
signed or  attested  shall have been  delivered,  such bond  debenture  or other
corporate security nevertheless may be adopted by the corporation and issued and
delivered as though the person who signed the same or whose facsimile  signature
shall  have  been  used  thereon  had  not  ceased  to be  such  officer  of the
corporation.
 
                             ARTICLE IX - DIVIDENDS
 
SECTION 40.   DECLARATION OF DIVIDENDS.
 
       Dividends  upon the  capital  stock of the  corporation,  subject  to the
provisions of the Certificate of  Incorporation,  if any, may be declared by the
Board of Directors pursuant to law at any regular or special meeting.  Dividends
may be paid in cash, in property,  or in shares of the capital stock, subject to
the  provisions  of the  Certificate  of  Incorporation.  (Del.  Code Ann.  tit.
8,ss.ss. 170, 173).
 
                                       19
<PAGE>
 
 
SECTION 41.   DIVIDEND RESERVE.
 
       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 their  absolute  discretion,  think 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 such other
purpose as the Board of Directors  shall think conducive to the interests of the
corporation,  and the Board of Directors  may modify or abolish any such reserve
in the manner in which it was created. (Del. Code Ann., tit. 8,ss. 171).
 
                             ARTICLE X - FISCAL YEAR
 
SECTION 42.   FISCAL YEAR.
 
       The fiscal year of the  corporation  shall be fixed by  resolution of the
Board of Directors.
 
                          ARTICLE XI - INDEMNIFICATION
 
SECTION 43.   INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND
              OTHER AGENTS.
 
       (A)    DIRECTORS AND EXECUTIVE OFFICERS.  The corporation shall indemnify
its Directors and executive officers to the fullest extent not prohibited by the
Delaware General  Corporation Law; PROVIDED,  HOWEVER,  that the corporation may
limit the  extent  of such  indemnification  by  individual  contracts  with its
Directors and executive  officers;  and, PROVIDED FURTHER,  that the corporation
shall not be  required  to  indemnify  any  Director  or  executive  officer  in
connection with any proceeding (or part thereof) initiated by such person or any
proceeding by such person against the  corporation  or its Directors,  officers,
employees or other agents unless (i) such  indemnification is expressly required
to be made by law, (ii) the  proceeding was authorized by the Board of Directors
of the corporation or (iii) such indemnification is provided by the corporation,
in its sole discretion,  pursuant to the powers vested in the corporation  under
the Delaware General Corporation Law.
 
       (B)    OTHER OFFICERS,  EMPLOYEES AND OTHER AGENTS. The corporation shall
have power to indemnify  its other  officers,  employees and other agents as set
forth in the Delaware General Corporation Law.
 
       (C)    GOOD FAITH.
 
              (1)    For  purposes  of any  determination  under this  Bylaw,  a
Director or executive officer shall be deemed to have acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, to have
had no reasonable cause to believe that his conduct was unlawful,  if his action
is based on information,  opinions,  reports and statements  including financial
statements and other financial data, in each case prepared or presented by:
 
                     (i)    one or more officers or employees of the corporation
whom the Director or executive  officer believed to be reliable and competent in
the matters presented;
 
                                       20
<PAGE>
 
 
                     (ii)   counsel, independent accountants or other persons as
to matters  which the Director or executive  officer  believed to be within such
person's professional competence; and
 
                     (iii)  with respect to a Director, a committee of the Board
upon which such Director does not serve,  as to matters within such  Committee's
designated authority, which committee the Director believes to merit confidence;
so long as, in each  case,  the  Director  or  executive  officer  acts  without
knowledge that would cause such reliance to be unwarranted.
 
              (2)    The  termination  of any  proceeding  by  judgment,  order,
settlement, conviction or upon a plea of nolo contendere or its equivalent shall
not, of itself,  create a presumption  that the person did not act in good faith
and in a manner which he reasonably believed to be in or not opposed to the best
interests of the corporation, and, with respect to any criminal proceeding, that
he had reasonable cause to believe that his conduct was unlawful.
 
              (3)    The provisions of this paragraph (c) shall not be deemed to
be exclusive or to limit in any way the  circumstances  in which a person may be
deemed to have met the applicable  standard of conduct set forth by the Delaware
General Corporation Law.
 
       (D)    EXPENSES.  The  corporation  shall  advance,  prior  to the  final
disposition of any proceeding, promptly following request therefor, all expenses
incurred by any Director or executive officer in connection with such proceeding
upon  receipt  of an  undertaking  by or on behalf of such  person to repay said
amounts if it should be determined  ultimately  that such person is not entitled
to be indemnified under this Bylaw or otherwise.
 
       Notwithstanding  the foregoing,  unless otherwise  determined pursuant to
paragraph (e) of this Bylaw,  no advance shall be made by the  corporation  if a
determination is reasonably and promptly made (1) by the Board of Directors by a
majority  vote of a quorum  consisting  of Directors who were not parties to the
proceeding,  or (2) if such quorum is not obtainable,  or, even if obtainable, a
quorum of disinterested  directors so directs, by independent legal counsel in a
written  opinion,  that the facts known to the decision making party at the time
such determination is made demonstrate clearly and convincingly that such person
acted in bad faith or in a manner  that such  person did not believe to be in or
not opposed to the best interests of the corporation.
 
       (E)    ENFORCEMENT.  Without the  necessity  of entering  into an express
contract,  all rights to indemnification and advances to Directors and executive
officers  under  this  Bylaw  shall be deemed to be  contractual  rights  and be
effective  to the same extent and as if provided  for in a contract  between the
corporation and the Director or executive officer.  Any right to indemnification
or advances  granted by this Bylaw to a Director or executive  officer  shall be
enforceable  by or on behalf of the  person  holding  such right in any court of
competent  jurisdiction  if (i) the claim for  indemnification  or  advances  is
denied, in whole or in part, or (ii) no disposition of such claim is made within
ninety (90) days of request therefor.  The claimant in such enforcement  action,
if successful in whole or in part, shall be entitled to be paid also the expense
of  prosecuting  his claim.  The  corporation  shall be  entitled  to raise as a
defense  to any such  action  that the  claimant  has not met the  standards  of
conduct that make it permissible under the Delaware General  Corporation Law for
the  corporation to indemnify the claimant for the amount  claimed.  Neither the
failure of the corporation (including its Board of Directors,  independent legal
counsel  or  its  stockholders)  to  have
 
                                       21
<PAGE>
 
 
made  a   determination   prior  to  the   commencement   of  such  action  that
indemnification  of the claimant is proper in the  circumstances  because he has
met the  applicable  standard  of  conduct  set  forth in the  Delaware  General
Corporation Law, nor an actual  determination by the corporation  (including its
Board of  Directors,  independent  legal counsel or its  stockholders)  that the
claimant has not met such applicable standard of conduct,  shall be a defense to
the action or create a  presumption  that  claimant  has not met the  applicable
standard of conduct.
 
       (F)    NON-EXCLUSIVITY  OF RIGHTS.  The rights conferred on any person by
this Bylaw shall not be  exclusive of any other right which such person may have
or  hereafter  acquire  under  any  statute,  provision  of the  Certificate  of
Incorporation,   Bylaws,   agreement,  vote  of  stockholders  or  disinterested
Directors or  otherwise,  both as to action in his  official  capacity and as to
action in another capacity while holding office. The corporation is specifically
authorized to enter into individual  contracts with any or all of its Directors,
officers,  employees or agents respecting  indemnification and advances,  to the
fullest extent not prohibited by the Delaware General Corporation Law.
 
       (G)    SURVIVAL  OF RIGHTS.  The rights  conferred  on any person by this
Bylaw shall  continue  as to a person who has ceased to be a Director,  officer,
employee or other  agent and shall inure to the benefit of the heirs,  executors
and administrators of such a person.
 
       (H)    INSURANCE. To the fullest extent permitted by the Delaware General
Corporation Law, the corporation,  upon approval by the Board of Directors,  may
Purchase  insurance  on  behalf  of  any  person  required  or  permitted  to be
indemnified pursuant to this Bylaw.
 
       (I)    AMENDMENTS. Any repeal or modification of this Bylaw shall only be
prospective  and shall not affect  the rights  under this Bylaw in effect at the
time of the  alleged  occurrence  of any action or  omission  to act that is the
cause of any proceeding against any agent of the corporation.
 
       (J)    SAVING  CLAUSE.  If this  Bylaw  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 executive officer to
the full  extent not  prohibited  by any  applicable  portion of this Bylaw that
shall not have been invalidated, or by any other applicable law.
 
       (K)    CERTAIN DEFINITIONS. For the purposes of this Bylaw, the following
definitions shall apply:
 
              (1)    The term "proceeding"  shall be broadly construed and shall
include  without  limitation,  the  investigation,   preparation,   prosecution,
defense, settlement,  arbitration and appeal of, and the giving of testimony in,
any threatened,  pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative.
 
              (2)    The term  "expenses"  shall be broadly  construed and shall
include, without limitation,  court costs, attorneys' fees, witness fees, fines,
amounts paid in  settlement  or judgment and any other costs and expenses of any
nature or kind incurred in connection with any proceeding.
 
                                       22
<PAGE>
 
 
              (3)    The term the  "corporation"  shall include,  in addition to
the  resulting   corporation,   any  constituent   corporation   (including  any
constituent of a constituent)  absorbed in a  consolidation  or merger which, if
its separate  existence  had  continued,  would have had power and  authority to
indemnify its directors,  officers,  and employees or agents, so that any person
who is or was a  director,  officer,  employee  or  agent  of  such  constituent
corporation, or is or was serving at the request of such constituent corporation
as a director,  officer, employee or agent of another corporation,  partnership,
joint venture, trust or other enterprise, shall stand in the same position under
the  provisions  of this  Bylaw  with  respect  to the  resulting  or  surviving
corporation as he would have with respect to such constituent corporation if its
separate existence had continued.
 
              (4)    References  to  a  "director,"  "officer,"  "employee,"  or
"agent" of the corporation shall include,  without limitation,  situations where
such person is serving at the request of the corporation as a director, officer,
employee, trustee or agent of another corporation,  partnership,  joint venture,
trust or other enterprise.
 
              (5)    References to "other  enterprises"  shall include  employee
benefit plans;  references to "fines" shall include any excise taxes assessed on
a person with respect to an employee benefit plan; and references to "serving at
the  request of the  corporation"  shall  include  any  service  as a  director,
officer,  employee  or agent of the  corporation  which  imposes  duties  on, or
involves services by, such director, officer, employee, or agent with respect to
an employee benefit plan, its participants,  or beneficiaries;  and a person who
acted in good faith and in a manner he reasonably believed to be in the interest
of the  participants  and  beneficiaries  of an employee  benefit  plan shall be
deemed to have  acted in a manner  "not  opposed  to the best  interests  of the
corporation" as referred to in this Bylaw.
 
                              ARTICLE XII - NOTICES
 
SECTION 44.   NOTICES.
 
       (A)    NOTICE TO STOCKHOLDERS.
 
              (i)    Whenever,  under any provisions of these Bylaws,  notice is
required to be given to any  stockholder,  it shall be given in writing,  timely
and duly deposited in the United States mail, postage prepaid,  and addressed to
his  last  known  post  office  address  as  shown by the  stock  record  of the
corporation or its transfer agent. (Del. Code Ann., tit. 8,ss. 222).
 
              (ii)   Without  limiting the manner by which notice may  otherwise
be given effectively to the stockholders,  any notice to the stockholders  given
by the corporation under any provision of the Delaware General  Corporation Law,
the  certificate of  incorporation  of the  corporation or these bylaws shall be
effective  if given by a form of  electronic  transmission  consented  to by the
stockholder to whom the notice is given.  Any such consent shall be revocable by
the stockholder in written notice to the corporation.  Any such consent shall be
deemed  revoked  if: (1) the  corporation  is unable to  deliver  by  electronic
transmission two consecutive notices given by the corporation in accordance with
such  consent  and (2)  such  inability  becomes  known to the  secretary  or an
assistant secretary of the corporation or to the transfer agent, or other person
 
                                       23
<PAGE>
 
 
responsible for the giving of notice;  PROVIDED,  HOWEVER,  that the inadvertent
failure to treat such inability as a revocation shall not invalidate any meeting
or other action.
 
       (B)    NOTICE  TO  DIRECTORS.  Any  notice  required  to be  given to any
Director may be given by the method stated in subsection (a)  (including  notice
by  electronic  transmission  to which such  Director has consented in advance),
except that such notice  other than one which is delivered  personally  shall be
sent to such  address as such  Director  shall  have  filed in writing  with the
Secretary,  or, in the  absence of such  filing,  to the last known post  office
address of such Director.
 
       (C)    ADDRESS  UNKNOWN.  If no address of a  stockholder  or Director be
known,  notice  may be sent to the  office  of the  corporation  required  to be
maintained pursuant to Section 2 hereof.
 
       (D)    AFFIDAVIT OF MAILING OR ELECTRONIC  TRANSMISSION.  An affidavit of
the secretary or an assistant  secretary or of the transfer agent or other agent
of the  corporation  that  the  notice  has been  given by a form of  electronic
transmission  or  otherwise  shall,  in the  absence  of fraud,  be prima  facie
evidence of the facts stated therein.(Del. Code Ann., tit. 8, ss. 222, 232).
 
       (E)    TIME NOTICES  DEEMED  GIVEN.  All notices  given by mail, as above
provided,  shall be deemed to have been given as at the time of mailing.  Notice
given pursuant to subsection  (a)(ii) of this section shall be deemed given: (1)
if by  facsimile  telecommunication,  when  directed  to a number  at which  the
stockholder  has consented to receive  notice;  (2) if by electronic  mail, when
directed to an electronic mail address at which the stockholder has consented to
receive  notice;  (3) if by posting on an  electronic  network  together  with a
separate notice to the stockholder of such specific  posting,  upon the later of
(A) such posting and (B) the giving of such separate  notice;  and (4) if by any
other form of electronic transmission, when directed to the stockholder.
 
       (F)    METHODS OF NOTICE.  It shall not be necessary that the same method
of giving notice be employed in respect of all  Directors,  but one  permissible
method may be employed in respect of any one or more, and any other  permissible
method or methods may be employed in respect of any other or others.
 
       (G)    FAILURE TO RECEIVE NOTICE. The period or limitation of time within
which any stockholder may exercise any option or right or enjoy any privilege or
benefit,  or be required to act, or within  which any  Director may exercise any
power or right,  or enjoy any privilege,  pursuant to any notice sent him in the
manner  above  provided,  shall not be affected or extended in any manner by the
failure of such stockholder or such Director to receive such notice.
 
       (H)    NOTICE TO PERSON WITH WHOM  COMMUNICATION  IS  UNLAWFUL.  Whenever
notice is required to be given, under any provision of law or of the Certificate
of  Incorporation  or  Bylaws  of the  corporation,  to  any  person  with  whom
communication is unlawful, the giving of such notice to such person shall not be
required  and there shall be no duty to apply to any  governmental  authority or
agency for a license or permit to give such notice to such person. Any action or
meeting which shall be taken or held without notice to any such person with whom
communication is unlawful shall have the same force and effect as if such notice
had been duly given.  In the event that the action taken by the  corporation  is
such as to  require  the  filing of a  certificate  under any  provision  of the
Delaware General  Corporation  Law, the certificate  shall state, if such is the
fact and if notice is required, that
 
                                       24
<PAGE>
 
 
notice was given to all persons  entitled to receive  notice except such persons
with whom communication is unlawful.
 
       (I)    NOTICE TO PERSON WITH  UNDELIVERABLE  ADDRESS.  Whenever notice is
required  to be  given,  under  any  provision  of  law or  the  Certificate  of
Incorporation  or  Bylaws of the  corporation,  to any  stockholder  to whom (A)
notice of two consecutive annual meetings, and all notices of meetings or of the
taking of action by written  consent without a meeting to such person during the
period between such two consecutive  annual  meetings,  or (B) all, and at least
two,  payments  (if sent by  first  class  mail) of  dividends  or  interest  on
securities  during a twelve  month  period,  have been mailed  addressed to such
person at his address as shown on the records of the  Corporation  and have been
returned  undeliverable,  the giving of such notice to such person  shall not be
required.  Any action or meeting which shall be taken or held without  notice to
such person shall have the same force and effect as if such notice had been duly
given.  If any such person shall  deliver to the  corporation  a written  notice
setting forth his then current address,  the requirement that notice be given to
such  person  shall be  reinstated.  In the event that the  action  taken by the
corporation  is such  as to  require  the  filing  of a  certificate  under  any
provision of the Delaware  General  Corporation  Law, the  certificate  need not
state that notice was not given to persons to whom notice was not required to be
given  pursuant to this  paragraph.  The exception in subsection  (i)(A) of this
section to the  requirement  that notice be given shall not be applicable to any
notice  returned  as  undeliverable  if  the  notice  was  given  by  electronic
transmission. (Del. Code Ann., tit. 8, ss. 230).
 
                            ARTICLE XIII - AMENDMENTS
 
SECTION 45.   AMENDMENTS.
 
       Except as  otherwise  provided  in  paragraph  (i) of Section 42 of these
Bylaws,  these Bylaws may be amended or repealed  and new Bylaws  adopted by the
stockholders by a vote of the holders of 75% or more of the  outstanding  Common
Stock entitled to vote. The Board of Directors shall also have the power, unless
such power is expressly  prohibited  by the  Certificate  of  Incorporation,  to
adopt, amend or repeal Bylaws (including,  without limitation,  the amendment of
any Bylaw setting forth the number of Directors who shall  constitute  the whole
Board of Directors). (Del. Code Ann. tit. 8, ss.ss. 109(a), 122(6)). [Adopted by
Board of Directors on 11/5/98]
 
                         ARTICLE XIV - LOANS TO OFFICERS
 
SECTION 46.   LOANS TO OFFICERS.
 
       The  corporation  may lend money to, or guarantee any  obligation  of, or
otherwise  assist any  officer or other  employee of the  corporation  or of its
subsidiaries,  including  any  officer  or  employee  who is a  Director  of the
corporation  or its  subsidiaries,  whenever,  in the  judgment  of the Board of
Directors,  such loan,  guarantee or  assistance  may  reasonably be expected to
benefit the corporation.  The loan, guarantee or other assistance may be with or
without interest and may be unsecured, or secured in such manner as the Board of
Directors shall approve,  including,  without limitation,  a pledge of shares of
stock of the  corporation.  Nothing in this  Section 45 shall be deemed to deny,
limit or restrict  the powers of guaranty  or  warranty  of the  corporation  at
common law or under any statute. (Del. Code Ann., tit. 8, ss. 143).
 
                                       25
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SECTION 47.   ELECTRONIC TRANSMISSION.
 
       For purposes of these Bylaws, "electronic transmission" means any form of
communication,  not directly involving the physical  transmission of paper, that
creates a record that may be  retained,  retrieved,  and reviewed by a recipient
thereof,  and that may be directly  reproduced in paper form by such a recipient
through an automated process.