BY-LAWS

 

                                       OF

 

                          COMMONWEALTH INDUSTRIES, INC.

 

 

ARTICLE I

 

                                  Stockholders

 

Section 1.1. Annual  Meetings.  An annual meeting of stockholders  shall be held

for the  election of directors  at such date,  time and place  either  within or

without  the State of Delaware as may be  designated  by the Board of  Directors

from time to time.  Any other proper  business may be  transacted  at the annual

meeting.

 

Section 1.2. Special Meetings. Special meetings of stockholders may be called at

any time by the Chairman of the Board,  if any, the Vice  Chairman of the Board,

if any, the President or the Board of Directors,  to be held at such date,  time

and place either within or without the State of Delaware as may be stated in the

notice of the meeting.

 

Section 1.3. Notice of Meetings. Whenever stockholders are required or permitted

to take any action at a meeting,  a written notice of the meeting shall be given

which shall state the place, date and hour of the meeting, and, in the case of a

special meeting, the purpose or purposes for which the meeting is called. Unless

otherwise  provided by law, the written notice of any meeting shall be given not

less than ten nor more than  sixty days  before the date of the  meeting to each

stockholder  entitled to vote at such meeting.  If mailed,  such notice shall be

deemed to be given when  deposited in the United States mail,  postage  prepaid,

directed to the stockholder at such  stockholder's  address as it appears on the

records of the Corporation.

 

Section 1.4. Adjournments.  Any meeting of stockholders,  annual or special, may

be  adjourned  from time to time,  to reconvene at the same or some other place,

and notice need not be given of any such adjourned meeting if the time and place

thereof are announced at the meeting at which the  adjournment is taken.  At the

adjourned  meeting the  Corporation  may transact any business  which might have

been  transacted at the original  meeting.  If the  adjournment is for more than

thirty  days,  or if after the  adjournment  a new record  date is fixed for the

adjourned  meeting,  a notice of the  adjourned  meeting  shall be given to each

stockholder of record entitled to vote at the meeting.

 

Section 1.5.  Quorum.  At each meeting of  stockholders,  except where otherwise

provided  by law or the  certificate  of  incorporation  or these  by-laws,  the

holders of a majority of the  outstanding  shares of stock entitled to vote on a

matter  at the  meeting,  present  in  person or  represented  by  proxy,  shall

constitute a quorum.  For purposes of the  foregoing,  where a separate  vote by

class or classes is required  for any  matter,  the holders of a majority of the

outstanding shares of such class or classes, present in person or represented by

proxy,  shall  constitute  a quorum to take action with  respect to that vote on

that matter. Two or more classes or series of stock shall be considered a single

class if the holders  thereof are entitled to vote together as a single class at

the meeting.

 

                  In the  absence  of a quorum  of the  holders  of any class of

stock  entitled  to vote on a matter,  the  holders  of such class so present or

represented  may, by majority vote,  adjourn the meeting of such class from time

to time in the manner provided by Section 1.4 of these by-laws until a quorum of

such class shall be so present or represented.

 

                  Shares of its own capital  stock  belonging on the record date

for the meeting to the Corporation or to another  corporation,  if a majority of

the  shares  entitled  to vote  in the  election  of  directors  of  such  other

corporation is held, directly or indirectly,  by the Corporation,  shall neither

be entitled to vote nor be counted for quorum purposes;  provided, however, that

the  foregoing  shall  not limit the  right of the  Corporation  to vote  stock,

including but not limited to its own stock, held by it in a fiduciary capacity.

 

Section 1.6.  Organization.  Meetings of stockholders  shall be presided over by

the  Chairman of the Board,  if any,  or in the  absence of the  Chairman of the

Board by the Vice  Chairman of the Board,  if any, or in the absence of the Vice

Chairman of the Board by the President,  or in the absence of the President by a

Vice  President,  or in the  absence  of the  foregoing  persons  by a  chairman

designated by the Board of Directors, or in the absence of such designation by a

chairman  chosen  at  the  meeting.  The  Secretary,  or in the  absence  of the

Secretary an Assistant Secretary,  shall act as secretary of the meeting, but in

the absence of the  Secretary  and any  Assistant  Secretary the chairman of the

meeting may appoint any person to act as secretary of the meeting.

 

                  The  order  of  business  at each  such  meeting  shall  be as

determined  by the  chairman of the meeting.  The chairman of the meeting  shall

have the right and authority to prescribe such rules, regulations and procedures

and to do all such acts and things as are  necessary or desirable for the proper

conduct of the meeting,  including,  without  limitation,  the  establishment of

procedures  for the  maintenance  of order and safety,  limitations  on the time

allotted  to  questions   or  comments  on  the  affairs  of  the   Corporation,

restrictions  on  entry  to such  meeting  after  the  time  prescribed  for the

commencement thereof and the opening and closing of the voting polls.

 

Section  1.7.  Inspectors.  Prior to any meeting of  stockholders,  the Board of

Directors or the President  shall appoint one or more  inspectors to act at such

meeting and make a written  report thereof and may designate one or more persons

as  alternate  inspectors  to  replace  any  inspector  who fails to act.  If no

inspector or alternate is able to act at the meeting of stockholders, the person

presiding  at the meeting  shall  appoint one or more  inspectors  to act at the

meeting.

 

                  Each  inspector,  before entering upon the discharge of his or

her  duties,  shall take and sign an oath  faithfully  to execute  the duties of

inspector  with  strict  impartiality  and  according  to the best of his or her

ability.

 

                  The   inspectors   shall   ascertain   the  number  of  shares

outstanding  and the voting power of each,  determine the shares  represented at

the  meeting  and the  validity  of  proxies  and  ballots,  count all votes and

ballots,  determine  and  retain  for  a  reasonable  period  a  record  of  the

disposition of any challenges  made to any  determination  by the inspectors and

certify their  determination of the number of shares  represented at the meeting

and their count of all votes and ballots.  The  inspectors may appoint or retain

other persons to assist them in the performance of their duties.

 

                  The date and time of the  opening and closing of the polls for

each  matter  upon  which  the  stockholders  will  vote at a  meeting  shall be

announced at the meeting.  No ballot,  proxy or vote, nor any revocation thereof

or change thereto,  shall be accepted by the inspectors after the closing of the

polls.

 

                  In  determining  the  validity  and  counting  of proxies  and

ballots,  the inspectors shall be limited to an examination of the proxies,  any

envelopes  submitted  therewith,  any information  provided by a stockholder who

submits a proxy by telegram,  cablegram or other  electronic  transmission  from

which it can be determined  that the proxy was  authorized  by the  stockholder,

ballots and the regular books and records of the corporation,  and they may also

consider  other  reliable  information  for the limited  purpose of  reconciling

proxies and ballots submitted by or on behalf of banks, brokers,  their nominees

or  similar  persons  which  represent  more votes than the holder of a proxy is

authorized by the record owner to cast or more votes than the stockholder  holds

of record.  If the  inspectors  consider  other  reliable  information  for such

purpose,  they  shall,  at the time they make their  certification,  specify the

precise  information  considered  by them,  including the person or persons from

whom they obtained the information, when the information was obtained, the means

by which the information  was obtained and the basis for the inspectors'  belief

that such information is accurate and reliable.

 

Section 1.8. Voting;  Proxies.  Unless otherwise  provided in the certificate of

incorporation,  each stockholder entitled to vote at any meeting of stockholders

shall be entitled  to one vote for each share of stock held by such  stockholder

which has voting power upon the matter in question.

 

                  Each stockholder entitled to vote at a meeting of stockholders

or to  express  consent  or dissent  to  corporate  action in writing  without a

meeting may authorize  another person or persons to act for such  stockholder by

proxy, but no such proxy shall be voted or acted upon after three years from its

date, unless the proxy provides for a longer period. A duly executed proxy shall

be irrevocable if it states that it is irrevocable  and if, and only as long as,

it is coupled  with an  interest  sufficient  in law to  support an  irrevocable

power,  regardless  of  whether  the  interest  with  which it is  coupled is an

interest  in the stock  itself or an interest in the  Corporation  generally.  A

stockholder  may revoke any proxy  which is not  irrevocable  by  attending  the

meeting and voting in person or by filing an instrument in writing  revoking the

proxy or another duly executed  proxy bearing a later date with the Secretary of

the Corporation.

 

 

                  Voting at  meetings  of  stockholders  need not be by  written

ballot unless the holders of a majority of the outstanding shares of all classes

of stock  entitled to vote thereon  present in person or represented by proxy at

such meeting shall so determine.

 

 

                  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.  In all other  matters,  unless  otherwise

provided by law or by the  certificate of  incorporation  or these by-laws,  the

affirmative vote of the holders of a majority of the shares present in person or

represented  by proxy at the meeting and entitled to vote on the subject  matter

shall be the act of the stockholders.  Where a separate vote by class or classes

is required,  the affirmative vote of the holders of a majority of the shares of

such class or classes  present in person or  represented by proxy at the meeting

shall be the act of such class or classes,  except as otherwise  provided by law

or by the certificate of incorporation or these by-laws.

 

Section 1.9. Fixing Date for  Determination of Stockholders of Record.  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 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 nor less than ten

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.

 

 

                  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 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 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 the Corporation's registered office shall be by hand

or by certified or registered mail, return receipt requested.  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.

 

 

                  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 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 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.

 

Section 1.10. List of Stockholders Entitled to Vote. The Secretary shall prepare

and make,  at least ten days before every  meeting of  stockholders,  a complete

list  of  the  stockholders  entitled  to  vote  at  the  meeting,  arranged  in

alphabetical  order,  and showing the address of each stockholder and the number

of shares registered in the name of each stockholder. Such list shall be open to

the  examination  of any  stockholder,  for any purpose  germane to the meeting,

during ordinary  business hours,  for a period of at least ten days prior to the

meeting,  either at a place  within  the city  where the  meeting is to be held,

which  place  shall be  specified  in the notice of the  meeting,  or, if not so

specified,  at the place where the meeting is to be held. The list shall also be

produced  and kept at the time and place of the  meeting  during  the whole time

thereof and may be inspected by any stockholder who is present.

 

Section 1.11. Advance Notice of Stockholder Proposals.  At any annual or special

meeting of  stockholders,  proposals by stockholders  and persons  nominated for

election as directors by stockholders shall be considered only if advance notice

thereof  has been  timely  given  as  provided  herein  and  such  proposals  or

nominations are otherwise proper for consideration  under applicable law and the

certificate of incorporation and by-laws of the Corporation.

 

 

                  Notice of any proposal to be presented by any  stockholder  or

of the name of any person to be nominated by any  stockholder  for election as a

director of the Corporation at any meeting of stockholders shall be delivered to

the Secretary of the Corporation at its principal executive office not less than

60 nor more than 90 days prior to the date of the  meeting;  provided,  however,

that if the date of the meeting is first  publicly  announced or disclosed (in a

public filing or otherwise)  less than 70 days prior to the date of the meeting,

such  advance  notice  shall be given not more than ten days  after such date is

first so  announced  or  disclosed.  Public  notice shall be deemed to have been

given  more than 70 days in advance  of the  annual  meeting if the  Corporation

shall have previously disclosed, in these by-laws or otherwise,  that the annual

meeting in each year is to be held on a determinable  date, unless and until the

Board determines to hold the meeting on a different date.

 

 

                  Any  stockholder  who gives notice of any such proposal  shall

deliver  therewith  the text of the proposal to be presented and a brief written

statement  of the reasons why such  stockholder  favors the proposal and setting

forth such stockholder's name and address, the number and class of all shares of

each class of stock of the Corporation  beneficially  owned by such  stockholder

and any material  interest of such  stockholder in the proposal (other than as a

stockholder).

 

 

                  Any  stockholder  desiring to nominate any person for election

as a director of the  Corporation  shall deliver with such notice a statement in

writing  setting  forth the name of the person to be  nominated,  the number and

class of all shares of each class of stock of the Corporation beneficially owned

by such person,  the  information  regarding such person  required by paragraphs

(a), (e) and (f) of Item 401 of  Regulation  S-K adopted by the  Securities  and

Exchange   Commission  (or  the  corresponding   provisions  of  any  regulation

subsequently adopted by the Securities and Exchange Commission applicable to the

Corporation),  such  person's  signed  consent  to  serve as a  director  of the

Corporation if elected,  such  stockholder's name and address and the number and

class of all shares of each class of stock of the Corporation beneficially owned

by such stockholder.

 

 

                  As used  herein,  shares  "beneficially  owned" shall mean all

shares as to which such  person,  together  with such  person's  affiliates  and

associates (as defined in Rule 12b-2 under the Securities Exchange Act of 1934),

may be deemed to  beneficially  own  pursuant to Rules 13d-3 and 13d-5 under the

Securities  Exchange Act of 1934, as well as all shares as to which such person,

together with such person's  affiliates and associates,  has the right to become

the  beneficial  owner pursuant to any agreement or  understanding,  or upon the

exercise of  warrants,  options or rights to convert or exchange  (whether  such

rights are  exercisable  immediately  or only  after the  passage of time or the

occurrence of conditions).

 

 

                  The person presiding at the meeting, in addition to making any

other  determinations  that may be  appropriate  to the conduct of the  meeting,

shall  determine  whether  such notice has been duly given and shall direct that

proposals and nominees not be considered if such notice has not been given.

 

ARTICLE II

 

                               Board of Directors

 

Section 2.1.  Powers;  Number;  Qualifications.  The business and affairs of the

Corporation  shall  be  managed  by or  under  the  direction  of the  Board  of

Directors,  except as may be otherwise  provided by law or in the certificate of

incorporation.  The Board of Directors shall consist of one or more members, the

number thereof to be determined from time to time by the Board.

Directors need not be stockholders.

 

Section 2.2. Election; Term of Office;  Resignation;  Removal;  Vacancies.  Each

director  shall hold office until the next  election of the class for which such

director  shall have been chosen,  and until his or her successor is elected and

qualified or until his or her earlier resignation or removal.

 

                  Any director may resign at any time upon written notice to the

Board of Directors or to the President or the Secretary of the Corporation. Such

resignation  shall  take  effect  at the  time  specified  therein,  and  unless

otherwise specified therein no acceptance of such resignation shall be necessary

to make it effective.

 

                  Any director or the entire Board of Directors  may be removed,

with cause,  by the holders of a majority of the shares then entitled to vote at

an election of directors.

 

                  Unless otherwise  provided in the certificate of incorporation

or these by-laws,  vacancies and newly created directorships  resulting from any

increase  in  the  authorized   number  of  directors  elected  by  all  of  the

stockholders  having the right to vote as a single class or from any other cause

may be filled by a majority of the directors then in office,  although less than

a quorum, or by the sole remaining director.

 

                  Whenever  the  holders  of any  class or  classes  of stock or

series thereof are entitled to elect one or more directors by the certificate of

incorporation,  vacancies  and  newly  created  directorships  of such  class or

classes or series may be filled by a majority of the  directors  elected by such

class or classes or series  thereof  then in  office,  or by the sole  remaining

director so elected.

 

                  Any director elected or appointed to fill a vacancy shall hold

office until the next  election of the class of directors of the director  which

such  director  replaced,  and until and his or her  successor  is  elected  and

qualified or until his or her earlier resignation or removal.

 

Section 2.3. Regular Meetings. Regular meetings of the Board of Directors may be

held at such places within or without the State of Delaware and at such times as

the Board may from time to time determine,  and if so determined  notice thereof

need not be given.

 

Section 2.4. Special Meetings. Special meetings of the Board of Directors may be

held at any time or place  within  or  without  the State of  Delaware  whenever

called by the Chairman of the Board,  if any, by the Vice Chairman of the Board,

if any, by the  President or by any two  directors.  Reasonable  notice  thereof

shall be given by the person or persons calling the meeting.

 

Section 2.5. Participation in Meetings by Conference Telephone Permitted. Unless

otherwise  restricted by the  certificate  of  incorporation  or these  by-laws,

members of the Board of Directors, or any committee designated by the Board, may

participate in a meeting of the Board or of such committee,  as the case may be,

by means of conference telephone or similar communications equipment by means of

which  all  persons  participating  in the  meeting  can hear  each  other,  and

participation in a meeting pursuant to this by-law shall constitute  presence in

person at such meeting.

 

Section 2.6. Quorum;  Vote Required for Action.  At all meetings of the Board of

Directors  one-third  of the  entire  Board  shall  constitute  a quorum for the

transaction  of business.  The vote of a majority of the directors  present at a

meeting  at which a quorum is present  shall be the act of the Board  unless the

certificate of  incorporation or these by-laws shall require a vote of a greater

number.  In case at any meeting of the Board a quorum shall not be present,  the

members of the Board  present may adjourn the meeting  from time to time until a

quorum shall be present.

 

Section 2.7. Organization.  Meetings of the Board of Directors shall be presided

over by the Chairman of the Board,  if any, or in the absence of the Chairman of

the Board by the Vice  Chairman  of the Board,  if any, or in the absence of the

Vice Chairman of the Board by the  President,  or in their absence by a chairman

chosen at the  meeting.  The  Secretary,  or in the absence of the  Secretary an

Assistant  Secretary,  shall act as secretary of the meeting, but in the absence

of the  Secretary  and any  Assistant  Secretary the chairman of the meeting may

appoint any person to act as secretary of the meeting.

 

Section 2.8. Action by Directors Without a Meeting.  Unless otherwise restricted

by the  certificate of  incorporation  or these by-laws,  any action required or

permitted  to be taken at any  meeting  of the  Board  of  Directors,  or of any

committee thereof, may be taken without a meeting if all members of the Board or

of such  committee,  as the case may be,  consent  thereto in  writing,  and the

writing or writings  are filed with the minutes of  proceedings  of the Board or

committee.

 

Section 2.9. Compensation of Directors.  Unless otherwise restricted by the

certificate of incorporation or these by-laws, the Board of Directors shall have

the authority to fix the compensation of directors.

 

ARTICLE III

 

                                   Committees

 

Section 3.1.  Committees.  The Board of Directors may, by resolution passed by a

majority of the whole Board, designate one or more committees, each committee to

consist  of one or more of the  directors  of the  Corporation.  The  Board  may

designate one or more directors as alternate  members of any committee,  who may

replace any absent or  disqualified  member at any meeting of the committee.  In

the  absence  or  disqualification  of a member of a  committee,  the  member or

members thereof present at any meeting and not disqualified from voting, whether

or not such  member or members  constitute  a quorum,  may  unanimously  appoint

another  member  of the  Board to act at the  meeting  in the  place of any such

absent or disqualified member.

 

                  Any such  committee,  to the extent provided in the resolution

of the Board of Directors or in these  by-laws,  shall have and may exercise all

the powers and  authority  of the Board of Directors  in the  management  of the

business  and  affairs of the  Corporation,  and may  authorize  the seal of the

Corporation  to be  affixed  to all  papers  which may  require  it; but no such

committee  shall  have the power or  authority  in  reference  to  amending  the

certificate  of  incorporation  (except  that a  committee  may,  to the  extent

authorized in the resolution or resolutions providing for the issuance of shares

of stock adopted by the Board of Directors,  fix the designations and any of the

preferences  or  rights  of  such  shares  relating  to  dividends,  redemption,

dissolution,  any  distribution  of assets of the  Corporation or the conversion

into,  or the exchange of such shares for,  shares of any other class or classes

or any other  series of the same or any other  class or  classes of stock of the

Corporation  or fix the number of shares of any series of stock or authorize the

increase or  decrease of the shares of any  series),  adopting an  agreement  of

merger or  consolidation,  recommending to the  stockholders  the sale, lease or

exchange of all or substantially all of the  Corporation's  property and assets,

recommending  to  the  stockholders  a  dissolution  of  the  Corporation  or  a

revocation  of  a  dissolution  or  amending  these  by-laws;  and,  unless  the

resolution,  these  by-laws or the  certificate  of  incorporation  expressly so

provides,  no such  committee  shall  have the power or  authority  to declare a

dividend,  to  authorize  the  issuance  of  stock,  to adopt a  certificate  of

ownership and merger or to remove or indemnify directors.

 

Section 3.2. Committee Rules.  Unless the Board of Directors otherwise provides,

each committee designated by the Board may adopt, amend and repeal rules for the

conduct  of its  business.  In the  absence  of a  provision  by the  Board or a

provision  in the rules of such  committee  to the  contrary,  a majority of the

entire  authorized number of members of such committee shall constitute a quorum

for the  transaction of business,  the vote of a majority of the members present

at a meeting at the time of such vote if a quorum is then  present  shall be the

act of such  committee,  and in other respects each committee  shall conduct its

business  in the same  manner as the Board  conducts  its  business  pursuant to

Article II of these by-laws.

 

ARTICLE IV

 

                                    Officers

 

Section 4.1. Officers; Election. As soon as practicable after the annual meeting

of stockholders in each year, the Board of Directors shall elect a President and

a  Secretary,  and it may, if it so  determines,  elect from among its members a

Chairman of the Board and a Vice Chairman of the Board. The Board may also elect

one or more Vice Presidents,  one or more Assistant Vice Presidents, one or more

Assistant Secretaries, a Treasurer and one or more Assistant Treasurers and such

other officers as the Board may deem  desirable or appropriate  and may give any

of them such further designations or alternate titles as it considers desirable.

Any number of offices may be held by the same person unless the  certificate  of

incorporation or these by-laws otherwise provide.

 

Section 4.2. Term of Office;  Resignation;  Removal; Vacancies. Unless otherwise

provided in the resolution of the Board of Directors electing any officer,  each

officer  shall hold office until the first meeting of the Board after the annual

meeting of stockholders next succeeding his or her election and until his or her

successor is elected and  qualified or until his or her earlier  resignation  or

removal.

 

                  Any officer may resign at any time upon written  notice to the

Board or to the President or the Secretary of the Corporation.  Such resignation

shall take effect at the time specified therein,  and unless otherwise specified

therein  no  acceptance  of  such  resignation  shall  be  necessary  to make it

effective.

 

                  The Board may remove any officer with or without  cause at any

time. Any such removal shall be without  prejudice to the contractual  rights of

such officer, if any, with the Corporation, but the election of an officer shall

not of itself create contractual rights.

 

                  Any  vacancy  occurring  in any office of the  Corporation  by

death,  resignation,  removal  or  otherwise  may be  filled by the Board at any

regular or special meeting.

 

Section 4.3. Powers and Duties.  The officers of the Corporation shall have such

powers and duties in the  management  of the  Corporation  as shall be stated in

these  by-laws  or in a  resolution  of the  Board  of  Directors  which  is not

inconsistent  with these by-laws and, to the extent not so stated,  as generally

pertain to their  respective  offices,  subject to the control of the Board. The

Secretary  shall have the duty to record the  proceedings of the meetings of the

stockholders, the Board of Directors and any committees in a book to be kept for

that  purpose.  The Board may  require  any  officer,  agent or employee to give

security for the faithful performance of his or her duties.

 

ARTICLE V

 

                                      Stock

 

Section 5.1.  Certificates.  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  or Vice  Chairman  of the  Board  of  Directors,  if any,  or the

President or a Vice President,  and by the Treasurer or an Assistant  Treasurer,

or the Secretary or an Assistant Secretary, of the Corporation, representing the

number of  shares  of stock in the  Corporation  owned by such  holder.  If such

certificate  is manually  signed by one officer or manually  countersigned  by a

transfer agent or by a registrar,  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  by the  Corporation  with the same  effect as if such

person were such officer, transfer agent or registrar at the date of issue.

 

                  If the  Corporation is authorized to issue more than one class

of stock  or more  than one  series  of any  class,  the  powers,  designations,

preferences  and relative,  participating,  optional or other special  rights of

each class of stock or series thereof and the  qualifications or restrictions of

such  preferences  and/or rights shall be set forth in full or summarized on the

face or back of the certificate  which the Corporation  shall issue to represent

such class or series of stock,  provided that,  except as otherwise  provided by

law, in lieu of the foregoing  requirements,  there may be set forth on the face

or back of the certificate  which the Corporation  shall issue to represent such

class or series of stock a statement that the  Corporation  will furnish without

charge to each stockholder who so requests the powers, designations, preferences

and relative,  participating,  optional or other special rights of each class of

stock or series thereof and the  qualifications,  limitations or restrictions of

such preferences and/or rights.

 

Section 5.2.  Lost,  Stolen or  Destroyed  Stock  Certificates;  Issuance of New

Certificates.  The Corporation may issue a new certificate of stock in the place

of any certificate  theretofore  issued by it, alleged to have been lost, stolen

or destroyed,  and the Corporation may require the owner of the lost,  stolen or

destroyed  certificate,  or such  owner's  legal  representative,  to  give  the

Corporation a bond sufficient to indemnify it against any claim that may be made

against it on account of the  alleged  loss,  theft or  destruction  of any such

certificate or the issuance of such new certificate.

 

ARTICLE VI

 

                                  Miscellaneous

 

Section  6.1.  Fiscal  Year.  The fiscal year of the  Corporation  shall be

determined by the Board of Directors. -----------

 

Section 6.2.  Seal. The  Corporation  may have a corporate seal which shall have

the name of the Corporation  inscribed  thereon and shall be in such form as may

be approved from time to time by the Board of Directors.  The corporate seal may

be used by causing it or a facsimile  thereof to be  impressed  or affixed or in

any other manner reproduced.

 

Section  6.3.  Waiver of Notice  of  Meetings  of  Stockholders,  Directors  and

Committees.  Whenever  notice  is  required  to be  given  by law or  under  any

provision of the certificate of incorporation or these by-laws, a written waiver

thereof,  signed by the person  entitled to notice,  whether before or after the

time stated  therein,  shall be deemed  equivalent  to notice.  Attendance  of a

person at a meeting shall constitute a waiver of notice of such meeting,  except

when the person 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.  Neither the business to be transacted  at,

nor the  purpose  of,  any  regular  or  special  meeting  of the  stockholders,

directors  or members of a  committee  of  directors  need be  specified  in any

written waiver of notice unless so required by the certificate of  incorporation

or these by-laws.

 

Section 6.4. Indemnification of Directors,  Officers and Others. The Corporation

shall  indemnify  to the  full  extent  permitted  by law  any  person  made  or

threatened to be made a party to any action, suit or proceeding,  whether civil,

criminal,  administrative  or  investigative,  by  reason  of the fact that such

person or such person's testator or intestate is or was a director or officer of

the  Corporation or serves or served at the request of the Corporation any other

enterprise as a director, officer or employee.

 

                  Expenses,  including  attorneys'  fees,  incurred  by any such

person  in  defending  any  such  action,  suit or  proceeding  shall be paid or

reimbursed by the  Corporation  promptly upon receipt by it of an undertaking of

such person to repay such expenses if it shall  ultimately  be  determined  that

such person is not entitled to be indemnified by the Corporation.

 

                  The  rights  provided  to any person by this  by-law  shall be

enforceable against the Corporation by such person who shall be presumed to have

relied  upon it in  serving or  continuing  to serve as a  director,  officer or

employee as provided  above. No amendment of this by-law shall impair the rights

of any person arising at any time with respect to events occurring prior to such

amendment.

 

                  For  purposes of this  by-law,  the term  "Corporation"  shall

include any  predecessor  of the  Corporation  and any  constituent  corporation

(including any  constituent of a constituent)  absorbed by the  Corporation in a

consolidation  or  merger;   the  term  "other  enterprise"  shall  include  any

corporation, partnership, joint venture, trust or employee benefit plan; service

"at the request of the Corporation" shall include service as a director, officer

or employee of the Corporation which imposes duties on, or involves services by,

such director, officer or employee with respect to an employee benefit plan, its

participants  or  beneficiaries;  any excise  taxes  assessed  on a person  with

respect  to an  employee  benefit  plan  shall  be  deemed  to be  indemnifiable

expenses;  and action by a person with respect to an employee benefit plan which

such person  reasonably  believes to be in the interest of the  participants and

beneficiaries  of such plan shall be deemed to be action not opposed to the best

interests of the Corporation.

 

                  The Corporation,  by a resolution of its Board of Directors or

by an  agreement  approved  by its Board of  Directors,  may, to the full extent

permitted  by  law,  indemnify  and pay or  reimburse  expenses  to any  person,

including  any  person   entitled  to   indemnification   and  the  payment  and

reimbursement of expenses under this Section 6.4, but nothing herein shall limit

or affect the rights of any such person under this Section.

 

                  If  a  request  to  be  indemnified  or  for  the  payment  or

reimbursement  of expenses  pursuant  to this  Section  6.4 or a  resolution  or

agreement  authorized as provided in this Section 6.4 is not paid in full by the

Corporation  within 30 days after a written claim  therefor has been received by

the President or Secretary of the Corporation and the claimant thereafter brings

suit against the  Corporation to recover the unpaid amount of the claim which is

successful in whole or in part,  the  Corporation  shall be obligated to pay the

claimant the expenses,  including reasonable attorneys' fees, of prosecuting the

claim.

 

                  The  indemnification  or payment or  reimbursement of expenses

provided by or granted  pursuant to the  provisions of this Section 6.4 shall be

in addition to and shall not be exclusive of any other rights to indemnification

and payment or  reimbursement  of expenses to which such person may otherwise be

entitled  by  law,  certificate  of  incorporation,  by-law,  insurance  policy,

contract or otherwise.

 

Section 6.5.  Interested  Directors;  Quorum. No contract or transaction between

the  Corporation  and one or more of its  directors or officers,  or between the

Corporation  and  any  other  corporation,  partnership,  association  or  other

organization  in which one or more of its directors or officers are directors or

officers,  or have a financial  interest,  shall be void or voidable  solely for

this  reason,  or solely  because  the  director  or  officer  is  present at or

participates in the meeting of the Board of Directors or committee thereof which

authorizes  the contract or  transaction,  or solely because his or her or their

votes are counted for such purpose,  if: (1) the material facts as to his or her

relationship  or interest and as to the contract or transaction are disclosed or

are known to the Board or the  committee,  and the  Board or  committee  in good

faith  authorizes  the contract or  transaction  by the  affirmative  votes of a

majority of the disinterested directors, even though the disinterested directors

be less than a quorum;  or (2) the material facts as to his or her  relationship

or interest and as to the contract or transaction  are disclosed or are known to

the  stockholders  entitled to vote thereon,  and the contract or transaction is

specifically  approved  in good  faith by vote of the  stockholders;  or (3) the

contract  or  transaction  is fair as to the  Corporation  as of the  time it is

authorized,  approved or  ratified,  by the Board,  a  committee  thereof or the

stockholders.  Common or interested  directors may be counted in determining the

presence  of a quorum at a meeting of the Board of  Directors  or of a committee

which authorizes the contract or transaction.

 

Section 6.6. Form of Records.  Any records  maintained by the Corporation in the

regular course of its business, including its stock ledger, books of account and

minute books, may be kept on, or be in the form of, punch cards,  magnetic tape,

photographs,  microphotographs or any other information storage device, provided

that the records so kept can be  converted  into  clearly  legible form within a

reasonable  time. The Corporation  shall so convert any records so kept upon the

request of any person entitled to inspect the same.

 

Section 6.7. Amendment of By-Laws. These by-laws may be amended or repealed, and

new by-laws adopted, by the Board of Directors, but the stockholders entitled to

vote may adopt additional  by-laws and may amend or repeal any by-law whether or

not adopted by them.

 

 

April 17, 1997