Exhibit 4.2
 
                                CONCORD EFS, INC.
 
                                    BY-LAWS
 
                               TABLE OF CONTENTS
 
TITLE    PAGE
 
Article I - General                                                        1
  Section 1.1.  Offices                                                    1
  Section 1.2.  Seal                                                       1
  Section 1.3.  Fiscal Year                                                1
 
Article II - Stockholders                                                  1
  Section 2.1.  Place of Meeting                                           1
  Section 2.2.  Annual Meeting                                             1
  Section 2.3.  Quorum                                                     1
  Section 2.4.  Right to Vote; Proxies                                     2
  Section 2.5.  Voting                                                     2
  Section 2.6.  Notice of Annual Meetings                                  3
  Section 2.7.  Stockholders' List                                         3
  Section 2.8.  Special Meetings                                           3
  Section 2.9.  Notice of Special Meetings                                 3
  Section 2.10. Inspectors                                                 3
  Section 2.11. Stockholders' Consent in Lieu of Meeting                   4
 
Article III - Directors                                                    4
  Section 3.1.  Number of Directors                                        4
  Section 3.2.  Change in Number of Directors; Vacancies                   5
  Section 3.3.  Resignation                                                5
  Section 3.4.  Removal                                                    5
  Section 3.5.  Place of Meetings and Books                                5
  Section 3.6.  General Powers                                             5
  Section 3.7.  Executive Committee                                        5
  Section 3.8.  Other Committees                                           6
  Section 3.9.  Powers Denied to Committees                                6
  Section 3.10. Substitute Committee Member                                6
  Section 3.11. Compensation of  Directors                                 7
  Section 3.12. Annual Meetings                                            7
  Section 3.13. Regular Meetings                                           7
  Section 3.14. Special Meetings                                           7
  Section 3.15. Quorum                                                     7
  Section 3.16. Telephonic Participation in Meetings                       8
 
 
<PAGE>  12
 
 
 
  Section 3.17. Action by Consent                                          8
 
Article IV - Officers                                                      8
  Section 4.1.  Selection; Statutory Officers                              8
  Section 4.2.  Time of Election                                           8
  Section 4.3.  Additional Officers                                        8
  Section 4.4.  Terms of Office                                            8
  Section 4.5.  Compensation of Officers                                   8
  Section 4.6.  Chairman of the Board.                                     9
  Section 4.7.  President                                                  9
  Section 4.8.  Vice-Presidents                                            9
  Section 4.9.  Treasurer                                                  9
  Section 4.10. Secretary                                                 10
  Section 4.11. Assistant Secretary                                       10
  Section 4.12. Assistant Treasurer                                       10
  Section 4.13. Subordinate Officers                                      10
 
Article V - Stock                                                         11
  Section 5.1.  Stock                                                     11
  Section 5.2.  Fractional Share Interests                                11
  Section 5.3.  Transfers of Stock                                        11
  Section 5.4.  Record Date                                               12
  Section 5.5.  Transfer Agent and Registrar                              12
  Section 5.6.  Dividends                                                 12
    1.  Power to Declare                                                  12
    2.  Reserves                                                          13
  Section 5.7.  Lost, Stolen or Destroyed Certificates                    13
  Section 5.8.  Inspection of Books                                       13
 
Article VI - Miscellaneous Management Provisions                          13
  Section 6.1.  Checks, Drafts and Notes                                  13
  Section 6.2.  Notices                                                   13
  Section 6.3.  Conflict of Interest                                      14
  Section 6.4.  Voting of Securities Owned by this Corporation            14
 
Article VII - Indemnification                                             15
  Section 7.1.  Right to Indemnification                                  15
  Section 7.2.  Right to Indemnitee to Bring Suit                         16
  Section 7.3.  Non-Exclusivity of Rights                                 17
  Section 7.4.  Insurance                                                 17
  Section 7.5.  Indemnification of Employees and Agents
    of the Corporation                                                    17
 
Article VIII - Amendments                                                 17
  Section 8.1.  Amendments                                                17
                              
 
 
<PAGE>  13
 
 
                                CONCORD EFS, INC.
 
                                 B Y - L A W S
 
                              ARTICLE I - GENERAL
 
          SECTION 1.1.  OFFICES.  The registered  office shall be in the City of
Wilmington,  County of New Castle,  State of Delaware.  The Corporation 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.
 
          SECTION 1.2. SEAL. The seal of the Corporation shall be in the form of
a circle and shall have inscribed thereon the name of the Corporation,  the year
of its organization and the words "Corporate Seal, Delaware".
 
          SECTION 1.3. FISCAL YEAR. The fiscal year of the Corporation  shall be
the twelve months ending at December 31 of each year.
 
                           ARTICLE II - STOCKHOLDERS
 
          SECTION 2.1. PLACE OF MEETINGS. All meetings of the stockholders shall
be held at the office of the  Corporation in the State of Tennessee  except such
meetings as the Board of Directors  expressly determine shall be held elsewhere,
in which case meetings may be held upon notice as  hereinafter  provided at such
other  place or places  within or without the in the State of  Tennessee  as the
Board of Directors shall have determined and as shall be stated in such notice.
 
          SECTION 2.2. ANNUAL MEETING. The annual meeting of the stockholders
shall be held in the  month of May of each year on such date and at such time as
the Board of Directors may determine.  At each annual  meeting the  stockholders
entitled to vote shall elect a Board of Directors  by plurality  vote by ballot,
and they may transact such other  corporate  business as may properly be brought
before the  meeting.  At the annual  meeting  any  business  may be  transacted,
irrespective  of whether the notice  calling such meeting shall have contained a
reference  thereto,  except where notice is required by law, the  Certificate of
Incorporation, or these by-laws.
 
          SECTION 2.3.  QUORUM.  At all meetings of the stockholders the holders
of a majority of the stock issued and  outstanding and entitled to vote thereat,
present in person or represented by proxy,  shall  constitute a quorum requisite
for the  transaction  of business  except as  otherwise  provided by law, by the
Certificate of  Incorporation  or by these by-laws.  If, however,  such majority
shall not be present or  represented  at any  meeting of the  stockholders,  the
stockholders  entitled  to vote  thereat,  present  in person or by proxy,  by a
majority vote, shall have power to adjourn the meeting from time to time without
notice other than  announcement  at the meeting  until the  requisite  amount of
voting stock shall be present.  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.  At such adjourned meeting, at which the
requisite amount of voting stock shall be
 
 
<PAGE>  14
 
 
 
represented,  any business may be transacted which might have been transacted if
the meeting had been held as originally called.
 
          SECTION 2.4. RIGHT TO VOTE; PROXIES. Each stockholder having the right
to vote at any  meeting  shall be  entitled  to one vote for each share of stock
held by him. Any stockholder entitled to vote at any meeting of stockholders may
vote  either in person or by proxy,  but no proxy which is dated more than three
years prior to the meeting at which it is offered shall confer the right to vote
thereat  unless  the  proxy  provides  that it shall be  effective  for a longer
period.  A proxy may be granted by a writing  executed by the stockholder or his
authorized  officer,   director,   employee  or  agent  or  by  transmission  or
authorization  of  transmission  of a  telegram,  cablegram,  or other  means of
electronic  transmission to the person who will be the holder of the proxy or to
a proxy solicitation firm, proxy support service organization or like agent duly
authorized  by the person  who will be the  holder of the proxy to receive  such
transmission, subject to the conditions set forth in Section 212 of the Delaware
General  Corporation  Law, as it may be amended from time to time (the "Delaware
GCL").
 
          SECTION  2.5.  VOTING.  At all  meetings  of  stockholders,  except as
otherwise expressly provided for by statute, the Certificate of Incorporation or
these  by-laws,  (i) in all matters  other than the election of  directors,  the
affirmative  vote of a majority of shares  present in person or  represented  by
proxy at the meeting and entitled to vote on such matter shall be the act of the
stockholders  and (ii) 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.  Except as otherwise expressly provided by
law, the  Certificate  of  Incorporation  or these  by-laws,  at all meetings of
stockholders the voting shall be by voice vote, but any stockholder qualified to
vote on the matter in question may demand a stock vote, by shares of stock, upon
such question, whereupon such stock vote shall be taken by ballot, each of which
shall state the name of the stockholder voting and the number of shares voted by
him, and, if such ballot be cast by a proxy, it shall also state the name of the
proxy.
 
          SECTION 2.6. NOTICE OF ANNUAL  MEETINGS.  Written notice of the annual
meeting of the stockholders shall be mailed to each stockholder entitled to vote
thereat at such  address as appears  on the stock  books of the  Corporation  at
least ten (10) days (and not more than sixty (60) days) prior to the meeting. It
shall  be the duty of every  stockholder  to  furnish  to the  Secretary  of the
Corporation  or to the  transfer  agent,  if any, of the class of stock owned by
him, his  post-office  address and to notify said Secretary or transfer agent of
any change therein.
 
          SECTION 2.7.  STOCKHOLDERS'  LIST. A complete list of the stockholders
entitled to vote at any meeting of stockholders,  arranged in alphabetical order
and showing the address of each stockholder, and the number of shares registered
in the name of each  stockholder,  shall be prepared by the  Secretary and filed
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,  at least ten days before such  meeting,
and shall at all times during the usual hours for business, and during the whole
time of said  election,  be open to the  examination  of any  stockholder  for a
purpose germane to the meeting.
 
 
 
<PAGE>  15
 
 
 
          SECTION 2.8.  SPECIAL  MEETINGS.  Special meetings of the stockholders
for any purpose or purposes, unless otherwise provided by statute, may be called
by the Board of Directors,  the Chairman of the Board,  if any, the President or
any Vice President.
 
          SECTION 2.9. NOTICE OF SPECIAL  MEETINGS . Written notice of a special
meeting of stockholders,  stating the time and place and object thereof shall be
mailed,  postage  prepaid,  not less than ten (10) nor more than sixty (60) days
before such  meeting,  to each  stockholder  entitled to vote  thereat,  at such
address  as  appears  on  the  books  of the  corporation.  No  business  may be
transacted  at such  meeting  except that  referred to in said  notice,  or in a
supplemental notice given also in compliance with the provisions hereof, or such
other business  as may be germane or supplementary to that stated in said notice
or notices.
 
          SECTION 2.10.  INSPECTORS.  One or more inspectors may be appointed by
the Board of Directors before or at any meeting of stockholders,  or, if no such
appointment   shall  have  been  made,  the  presiding  officer  may  make  such
appointment at the meeting. At the meeting for which the inspector or inspectors
are  appointed,  he or they  shall open and close the  polls,  receive  and take
charge of the  proxies and  ballots,  and decide all  questions  touching on the
qualifications  of voters,  the  validity  of  proxies  and the  acceptance  and
rejection of votes. If any inspector  previously  appointed shall fail to attend
or refuse  or be  unable  to serve,  the  presiding  officer  shall  appoint  an
inspector  in his  place.  At any time at which the  Corporation  has a class of
voting  stock  that  is (i)  listed  on a  national  securities  exchange,  (ii)
authorized  for quotation on an  inter-dealer  quotation  system of a registered
national  securities  association,  or (iii)  held of record by more than  2,000
stockholders,  the provisions of Section 231 of the Delaware GCL with respect to
inspectors  of  election  and  voting  procedures  shall  apply,  in lieu of the
previous provisions of this ss.2.10.
 
          SECTION  2.11.  STOCKHOLDERS'  CONSENT  IN  LIEU  OF  MEETING.  Unless
otherwise  provided in the Certificate of Incorporation,  any action required by
law to be  taken  at any  annual  or  special  meeting  of  stockholders  of the
Corporation,  or any action which may be taken at any annual or special  meeting
of such stockholders,  may be taken without a meeting,  without prior notice and
without a vote,  if a consent  in  writing,  setting  forth the action so taken,
shall be signed by the  holders of  outstanding  stock  having not less than the
minimum number of votes that would be necessary to authorize or take such action
at a meeting at which all shares entitled to vote thereon were present and voted
and shall be delivered 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.  Every  written  consent shall bear the date of signature of
each stockholder who signs the consent and no written consent shall be effective
to take the corporate  action referred to therein  unless,  within sixty days of
the earliest dated consent  delivered in the manner  required by this ss.2.11 to
the Corporation,  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.  Delivery  made to the  Corporation's
registered  office shall be by hand or by certified or registered  mail,  return
receipt requested. Prompt notice of the taking of the corporate action without a
 
 
<PAGE>  16
 
 
 
meeting  by less  than  unanimous  written  consent  shall  be  given  to  those
stockholders who have not consented in writing.
 
                            ARTICLE III - DIRECTORS
 
          SECTION 3.1. NUMBER OF DIRECTORS. Except as otherwise provided by law,
the Certificate of Incorporation or these by-laws,  the property and business of
the  Corporation  shall be managed by or under the  direction  of a board of not
less than one nor more than thirteen directors. Within the limits specified, the
number of directors  shall be determined by resolution of the Board of Directors
or  by  the   stockholders  at  the  annual  meeting.   Directors  need  not  be
stockholders,  residents  of  Delaware or  citizens  of the United  States.  The
directors  shall be elected by ballot at the annual meeting of the  stockholders
and each director shall be elected to serve until his successor shall be elected
and shall qualify or until his earlier resignation or removal;  provided that in
the event of  failure  to hold such  meeting  or to hold such  election  at such
meeting,  such election may be held at any special  meeting of the  stockholders
called for that purpose.  If the office of any director becomes vacant by reason
of  death,  resignation,   disqualification,   removal,  failure  to  elect,  or
otherwise,  the remaining  directors,  although more or less than a quorum, by a
majority  vote of such  remaining  directors may elect a successor or successors
who shall hold office for the unexpired term.
 
          SECTION 3.2.  CHANGE IN NUMBER OF  DIRECTORS;  VACANCIES.  The maximum
number of directors may be increased by an amendment to these by-laws adopted by
a majority  vote of the Board of Directors or by a majority  vote of the capital
stock  having  voting  power,  and if the number of directors is so increased by
action of the Board of Directors or of the  stockholders or otherwise,  then the
additional directors may be elected in the manner provided above for the filling
of vacancies in the Board of Directors or at the annual meeting of  stockholders
or at a special meeting called for that purpose.
 
          SECTION 3.3. RESIGNATION.  Any director of this Corporation may resign
at any time by giving written  notice to the Chairman of the Board,  if any, the
President  or the  Secretary of the  Corporation.  Such  resignation  shall take
effect  at the time  specified  therein,  at the time of  receipt  if no time is
specified  therein and at the time of  acceptance if the  effectiveness  of such
resignation is  conditioned  upon its  acceptance.  Unless  otherwise  specified
therein,  the acceptance of such  resignation  shall not be necessary to make it
effective.
 
          SECTION  3.4.  REMOVAL.  Any director or the entire Board of Directors
may be  removed,  with or without  cause,  by the  holders of a majority  of the
shares then entitled to vote at an election of directors.
 
          SECTION 3.5.  PLACE OF MEETINGS AND BOOKS.  The Board of Directors may
hold their meetings and keep the books of the  Corporation  outside the State of
Delaware, at such places as they may from time to time determine.
 
          SECTION 3.6.  GENERAL POWERS.  In addition to the powers and authority
expressly conferred upon them by these by-laws,  the board may exercise all such
powers of the Corporation and do
 
 
<PAGE>  17
 
 
 
all such lawful acts and things as are not by statute or by the  Certificate  of
Incorporation  or by these by-laws  directed or required to be exercised or done
by the stockholders.
 
          SECTION 3.7. EXECUTIVE COMMITTEE.  There may be an executive committee
of one or more  directors  designated by resolution  passed by a majority of the
whole board. The act of a majority of the members of such committee shall be the
act of the  committee.  Said  committee may meet at stated times or on notice to
all by any of their own number,  and shall have and may exercise those powers of
the Board of Directors in the management of the business  affairs of the Company
as are  provided  by law and may  authorize  the seal of the  Corporation  to be
affixed to all papers which may require it.  Vacancies in the  membership of the
committee shall be filled by the Board of Directors at a regular meeting or at a
special meeting called for that purpose.
 
          SECTION  3.8.  OTHER  COMMITTEES.  The  Board  of  Directors  may also
designate  one or more  committees in addition to the  executive  committee,  by
resolution  or  resolutions  passed  by a  majority  of the  whole  board;  such
committee  or  committees  shall  consist  of  one  or  more  directors  of  the
Corporation,  and to  the  extent  provided  in the  resolution  or  resolutions
designating  them,  shall have and may exercise  specific powers of the Board of
Directors in the  management of the business and affairs of the  Corporation  to
the extent  permitted by statute and shall have power to  authorize  the seal of
the Corporation to be affixed to all papers which may require it. Such committee
or committees  shall have such name or names as may be  determined  from time to
time by resolution adopted by the Board of Directors.
 
          SECTION 3.9.  POWERS DENIED TO COMMITTEES . Committees of the Board of
Directors  shall not,  in any event,  have any power or  authority  to amend the
Certificate  of  Incorporation,  (except  that a  committee  may,  to the extent
authorized in the resolution or resolutions providing for the issuance of shares
adopted by the Board of Directors as provided in Section  151(a) of the Delaware
GCL, 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),  adopt an agreement  of merger or  consolidation,  recommend to the
stockholders  the sale,  lease or  exchange of all or  substantially  all of the
Corporation's  property and assets,  recommend to the stockholders a dissolution
of the  Corporation  or a revocation or a dissolution or to amend the by-laws of
the Corporation.  Further, no committee of the Board of Directors shall have the
power or authority to declare a dividend,  to authorize the issuance of stock or
to adopt a certificate  of ownership  and merger  pursuant to Section 253 of the
Delaware GCL,  unless the resolution or resolutions  designating  such committee
expressly so provides.
 
          SECTION 3.10.  SUBSTITUTE  COMMITTEE  MEMBER. In the absence or on the
disqualification  of a 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 such  absent or  disqualified
member.  Any committee  shall keep regular minutes of its proceedings and report
the same to the board as may be required by the board.
 
 
<PAGE>  18
 
 
 
 
          SECTION 3.11. COMPENSATION OF DIRECTORS.  The Board of Directors shall
have the power to fix the compensation of directors and members of committees of
the Board.  The directors may be paid their  expenses,  if any, of attendance at
each  meeting  of the  Board  of  Directors  and  may be  paid a  fixed  sum for
attendance  at each  meeting  of the Board of  Directors  or a stated  salary as
director.  No  such  payment  shall  preclude  any  director  from  serving  the
Corporation in any other capacity and receiving compensation  therefor.  Members
of special or standing committees may be allowed like compensation for attending
committee meetings.
 
          SECTION 3.12. ANNUAL MEETING. The newly elected board may meet at such
place and time as shall be fixed and announced by the  presiding  officer at the
annual meeting of  stockholders,  for the purpose of  organization or otherwise,
and no further  notice of such meeting  shall be necessary to the newly  elected
directors in order legally to constitute the meeting, provided a quorum shall be
present,  or they may meet at such place and time as shall be stated in a notice
given to such directors two (2) days prior to such meeting, or as shall be fixed
by the consent in writing of all the directors.
 
          SECTION 3.13.  REGULAR MEETINGS.  Regular meetings of the board may be
held  without  notice  at such  time and  place as  shall  from  time to time be
determined by the board.
 
          SECTION 3.14.  SPECIAL MEETINGS.  Special meetings of the board may be
called by the Chairman of the Board, if any, or the President,  on two (2) days'
notice to each  director,  or such shorter  period of time before the meeting as
will  nonetheless be sufficient for the convenient  assembly of the directors so
notified;  special  meetings shall be called by the Secretary in like manner and
on like notice, on the written request of two or more directors.
 
          SECTION 3.15.  QUORUM.  At all meetings of the Board of  Directors,  a
majority of the total number of directors  shall be necessary and  sufficient to
constitute a quorum for the  transaction of business,  and the act of a majority
of the directors  present at any meeting at which there is a quorum shall be the
act of the Board of Directors, except as may be otherwise specifically permitted
or provided by statute,  or by the  Certificate  of  Incorporation,  or by these
by-laws.  If at any  meeting  of the  board  there  shall be less  than a quorum
present,  a majority of those  present may adjourn the meeting from time to time
until a quorum is obtained,  and no further  notice  thereof need be given other
than by announcement at said meeting which shall be so adjourned.
 
 
          SECTION 3.16.  TELEPHONIC  PARTICIPATION  IN MEETINGS.  Members of the
Board of Directors or any committee  designated by such board may participate in
a meeting of the board or committee by means of conference  telephone or similar
communications  equipment  by means of which all  persons  participating  in the
meeting can hear each other,  and  participation  in a meeting  pursuant to this
section shall constitute presence in person at such meeting.
 
          SECTION 3.17.  ACTION BY CONSENT.  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 written consent
 
 
<PAGE>  19
 
 
 
thereto is signed by all members of the board or of such  committee  as the case
may be and such written  consent is filed with the minutes of proceedings of the
board or committee.
 
                             ARTICLE IV - OFFICERS
 
          SECTION  4.1.  SELECTION;  STATUTORY  OFFICERS.  The  officers  of the
Corporation  shall  be  chosen  by the  Board  of  Directors.  There  shall be a
President, a Secretary and a Treasurer, and there may be a Chairman of the Board
of Directors,  one or more Vice Presidents,  one or more Assistant  Secretaries,
and one or more Assistant  Treasurers,  as the Board of Directors may elect. Any
number of offices  may be held by the same  person,  except  that the offices of
President and Secretary shall not be held by the same person simultaneously.
 
          SECTION  4.2.  TIME OF  ELECTION.  The  officers  above named shall be
chosen by the Board of Directors at its first meeting after each annual  meeting
of stockholders. None of said officers need be a director.
 
          SECTION  4.3.  ADDITIONAL  OFFICERS.  The board may appoint such other
officers and agents as it shall deem necessary, who shall hold their offices for
such terms and shall  exercise  such powers and perform  such duties as shall be
determined from time to time by the board.
 
          SECTION 4.4. TERMS OF OFFICE.  Each officer of the  Corporation  shall
hold office until his  successor is chosen and  qualified,  or until his earlier
resignation  or  removal.  Any  officer  elected  or  appointed  by the Board of
Directors may be removed at any time by the Board of Directors.
 
 
          SECTION 4.5.  COMPENSATION  OF OFFICERS.  The Board of Directors shall
have power to fix the  compensation of all officers of the  Corporation.  It may
authorize any officer,  upon whom the power of appointing  subordinate  officers
may have been conferred, to fix the compensation of such subordinate officers.
 
          SECTION  4.6.  CHAIRMAN  OF THE BOARD . The  Chairman  of the Board of
Directors shall preside at all meetings of the stockholders  and directors,  and
shall have such other  duties as may be assigned to him from time to time by the
Board of Directors.
 
          SECTION  4.7.  PRESIDENT.  Unless  the  Board of  Directors  otherwise
determines,  the President shall be the chief executive  officer and head of the
Corporation.  Unless  there is a Chairman  of the  Board,  the  President  shall
preside at all meetings of directors and stockholders.  Under the supervision of
the Board of Directors and of the executive committee,  the President shall have
the  general  control and  management  of its  business  and  affairs,  subject,
however,  to the right of the Board of Directors and of the executive  committee
to confer any  specific  power,  except  such as may be by  statute  exclusively
conferred  on  the  President,  upon  any  other  officer  or  officers  of  the
Corporation.  The President shall perform and do all acts and things incident to
the position of  President  and such other duties as may be assigned to him from
time to time by the Board of Directors or the executive committee.
 
 
 
<PAGE>  20
 
 
 
          SECTION 4.8.  VICE-PRESIDENTS . The Vice-Presidents shall perform such
of  the  duties  of  the  President  on  behalf  of  the  Corporation  as may be
respectively  assigned to them from time to time by the Board of Directors or by
the  executive  committee  or by the  President.  The Board of  Directors or the
executive  committee may designate one of the  Vice-Presidents  as the Executive
Vice-President,  and in the absence or inability of the  President to act,  such
Executive  Vice-President shall have and possess all of the powers and discharge
all of the duties of the  President,  subject to the control of the board and of
the executive committee.
 
          SECTION 4.9. TREASURER.  The Treasurer shall have the care and custody
of all the funds and securities of the Corporation which may come into his hands
as Treasurer,  and the power and authority to endorse  checks,  drafts and other
instruments for the payment of money for deposit or collection when necessary or
proper and to deposit the same to the credit of the  Corporation in such bank or
banks or depository as the Board of Directors or the executive committee, or the
officers or agents to whom the Board of Directors or the executive committee may
delegate  such  authority,  may  designate,  and he may endorse  all  commercial
documents  requiring  endorsements for or on behalf of the  Corporation.  He may
sign all receipts and vouchers  for the  payments  made to the  Corporation.  He
shall render an account of his  transactions to the Board of Directors or to the
executive  committee as often as the board or the  committee  shall  require the
same.  He shall enter  regularly in the books to be kept by him for that purpose
full and adequate  account of all moneys  received and paid by him on account of
the  Corporation.  He  shall  perform  all  acts  incident  to the  position  of
Treasurer, subject to the control of the Board of Directors and of the executive
committee.  He shall when requested,  pursuant to vote of the Board of Directors
or the executive committee,  give a bond to the Corporation  conditioned for the
faithful  performance of his duties, the expense of which bond shall be borne by
the Corporation.
 
          SECTION 4.10.  SECRETARY.  The Secretary shall keep the minutes of all
meetings of the Board of Directors and of the  stockholders;  he shall attend to
the giving and serving of all notices of the  Corporation.  Except as  otherwise
ordered by the Board of Directors or the  executive  committee,  he shall attest
the seal of the Corporation  upon all contracts and  instruments  executed under
such  seal and  shall  affix  the  seal of the  Corporation  thereto  and to all
certificates  of shares of the Capital Stock.  He shall have charge of the stock
certificate  book,  transfer  book and stock  ledger,  and such other  books and
papers as the Board of  Directors  or the  executive  committee  may direct.  He
shall, in general,  perform all the duties of Secretary,  subject to the control
of the Board of Directors and of the executive committee.
 
          SECTION 4.11. ASSISTANT  SECRETARY.  The Board of Directors or any two
of the officers of the  Corporation  acting jointly may appoint or remove one or
more Assistant Secretaries of the Corporation.  Any Assistant Secretary upon his
appointment  shall  perform such duties of the  Secretary,  and also any and all
such other  duties as the  executive  committee or the Board of Directors or the
President or the Executive  Vice-President or the Treasurer or the Secretary may
designate.
 
          SECTION 4.12. ASSISTANT  TREASURER.  The Board of Directors or any two
of the officers of the  Corporation  acting jointly may appoint or remove one or
more Assistant  Treasurers of the Corporation.  Any Assistant Treasurer upon his
appointment shall perform such of the duties of
 
 
<PAGE>  21
 
 
 
the Treasurer, and also any and all such other duties as the executive committee
or the Board of Directors or the  President or the Executive  Vice-President  or
the Treasurer or the Secretary may designate.
 
          SECTION 4.13.  SUBORDINATE OFFICERS. The Board of Directors may select
such subordinate officers as it may deem desirable. Each such officer shall hold
office for such  period,  have such  authority,  and perform  such duties as the
Board of Directors may prescribe. The Board of Directors may, from time to time,
authorize  any  officer  to  appoint  and  remove  subordinate  officers  and to
prescribe the powers and duties thereof.
 
                               ARTICLE V - STOCK
 
          SECTION  5.1.  STOCK.   Each  stockholder   shall  be  entitled  to  a
certificate  or  certificates  of stock of the  Corporation  in such form as the
Board of Directors may from time to time prescribe. The certificates of stock of
the  Corporation  shall be  numbered  and shall be  entered  in the books of the
Corporation as they are issued.  They shall certify the holder's name and number
and class of shares and shall be signed by both of (a) either the President or a
Vice-President,  and (b) any one of the  Treasurer or an Assistant  Treasurer or
the Secretary or an Assistant Secretary,  and shall be sealed with the corporate
seal of the Corporation.  If such certificate is countersigned (l) by a transfer
agent other than the  Corporation or its employee,  or, (2) by a registrar other
than the  Corporation  or its  employee,  the  signature  of the officers of the
Corporation  and the corporate  seal may be  facsimiles.  In case any officer or
officers who shall have signed, or whose facsimile signature or signatures shall
have been used on, any such  certificate or certificates  shall cease to be such
officer or officers of the Corporation, whether because of death, resignation or
otherwise,  before such certificate or certificates shall have been delivered by
the Corporation, such certificate or certificates may nevertheless be adopted by
the  Corporation and be issued and delivered as though the person or persons who
signed such certificate or certificates or whose facsimile  signature shall have
been  used  thereon  had  not  ceased  to be such  officer  or  officers  of the
Corporation.
 
          SECTION 5.2.  FRACTIONAL  SHARE  INTERESTS.  The corporation  may, but
shall not be required to, issue fraction of a share. If the corporation does not
issue  fractions  of a share,  it  shall  (a)  arrange  for the  disposition  of
fractional  interests by those entitled thereto,  (b) pay in cash the fair value
of  fractions  of a share as of the time when those  entitled  to  receive  such
fractions are determined, or (c) issue scrip or warrants in registered or bearer
form which shall  entitle the holder to receive a  certificate  for a full share
upon the  surrender  of such  scrip or  warrants  aggregating  a full  share.  A
certificate for a fractional share shall, but scrip or warrants shall not unless
otherwise  provided  therein,  entitle the holder to exercise voting rights,  to
receive  dividends  thereon,  and to  participate  in any of the  assets  of the
corporation in the event of liquidation.  The Board of Directors may cause scrip
or warrants to be issued subject to the  conditions  that they shall become void
if not exchanged for  certificates  representing  full shares before a specified
date, or subject to the  conditions  that the shares for which scrip or warrants
are  exchangeable  may be  sold by the  corporation  and  the  proceeds  thereof
distributed  to the  holders  of scrip or  warrants,  or  subject  to any  other
conditions which the Board of Directors may impose.
 
 
 
<PAGE>  22
 
 
          SECTION 5.3. TRANSFERS OF STOCK. Subject to any transfer  restrictions
then in force, the shares of stock of the Corporation shall be transferable only
upon its books by the  holders  thereof  in person or by their  duly  authorized
attorneys or legal  representatives  and upon such transfer the old certificates
shall be surrendered to the Corporation by the delivery thereof to the person in
charge of the stock and  transfer  books and ledgers or to such other  person as
the directors may designate by whom they shall be cancelled and new certificates
shall thereupon be issued. The Corporation shall be entitled to treat the holder
of record of any share or  shares  of stock as the  holder in fact  thereof  and
accordingly  shall not be bound to recognize  any equitable or other claim to or
interest in such share on the part of any other  person  whether or not it shall
have express or other notice  thereof save as expressly  provided by the laws of
Delaware.
 
          SECTION  5.4.   RECORD  DATE.  For  the  purpose  of  determining  the
stockholders  entitled to notice of or to vote at any meeting of stockholders or
any adjournment  thereof,  or to express consent to corporate  action in writing
without a meeting,  or  entitled  to receive  payment of any  dividend  or other
distribution or the allotment of any rights,  or entitled to exercise any rights
in respect of any change, conversion, or exchange of stock or for the purpose of
any other lawful  action,  the Board of Directors may fix, in advance,  a record
date,  which  shall not be more than sixty (60) days nor less than ten (10) days
before  the date of such  meeting,  nor more than  sixty  (60) days prior to any
other  action.  If no such 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; the record date for determining  stockholders  entitled to express consent
to corporate  action in writing  without a meeting,  when no prior action by the
Board of Directors  is  necessary,  shall be the day on which the first  written
consent is expressed;  and the record date for determining  stockholders for any
other purpose shall be at the close of business on the day on which the Board of
Directors   adopts  the  resolution   relating   thereto.   A  determination  of
stockholders  of  record  entitled  to notice  of or to vote at any  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.
 
          SECTION 5.5. TRANSFER AGENT AND REGISTRAR.  The Board of Directors may
appoint  one or  more  transfer  agents  or  transfer  clerks  and  one or  more
registrars  and may require all  certificates  of stock to bear the signature or
signatures of any of them.
 
         SECTION 5.6.  DIVIDENDS.
 
         1.  POWER  TO  DECLARE.   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  at any  regular  or  special
meeting,  pursuant to law.  Dividends  may be paid in cash,  in property,  or in
shares of the capital  stock,  subject to the  provisions of the  Certificate of
Incorporation and the laws of Delaware.
 
         2. RESERVES. 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
directors from time to time,
 
 
<PAGE>  23
 
 
 
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 directors  shall
think conducive to the interest of the Corporation, and the directors may modify
or abolish any such reserve in the manner in which it was created.
 
          SECTION 5.7. LOST, STOLEN OR DESTROYED  CERTIFICATES.  No certificates
for  shares  of  stock  of the  Corporation  shall  be  issued  in  place of any
certificate  alleged  to have  been  lost,  stolen  or  destroyed,  except  upon
production  of  such  evidence  of the  loss,  theft  or  destruction  and  upon
indemnification  of the  Corporation  and its agents to such  extent and in such
manner as the Board of Directors may from time to time prescribe.
 
          SECTION 5.8. INSPECTION OF BOOKS. The stockholders of the Corporation,
by a majority vote at any meeting of  stockholders  duly called,  or in case the
stockholders  shall fail to act,  the Board of  Directors  shall have power from
time to time to  determine  whether  and to what  extent  and at what  times and
places and under what  conditions and  regulations the accounts and books of the
Corporation  (other  than the  stock  ledger)  or any of them,  shall be open to
inspection of stockholders;  and no stockholder  shall have any right to inspect
any  account or book or  document  of the  Corporation  except as  conferred  by
statute  or  authorized  by the Board of  Directors  or by a  resolution  of the
stockholders.
 
                ARTICLE VI - MISCELLANEOUS MANAGEMENT PROVISIONS
 
          SECTION 6.1. CHECKS,  DRAFTS AND NOTES.  All checks,  drafts or orders
for the payment of money, and all notes and acceptances of the Corporation shall
be signed by such officer or officers, agent or agents as the Board of Directors
may designate.
 
         SECTION 6.2. NOTICES.
 
         1. Notices to directors may, and notices to  stockholders  shall, be in
writing and delivered  personally or mailed to the directors or  stockholders at
their addresses appearing on the books of the Corporation.  Notice by mail shall
be  deemed  to be given at the time  when the same  shall be  mailed.  Notice to
directors may also be given by telegram or orally, by telephone or in person.
 
         2. Whenever any notice is required to be given under the  provisions of
the statutes or of the  Certificate of  Incorporation  of the corporation of the
Corporation  or of these  by-laws,  a written  waiver of  notice,  signed by the
person or persons  entitled  to said  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.
 
 
          SECTION 6.3. CONFLICT OF INTEREST.  No contract or transaction between
the  Corporation  and one or more of its  directors or officers,  or between the
Corporation and any other corporation,
 
 
<PAGE>  24
 
 
 
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 or
committee  thereof  which  authorized  the  contract or  transaction,  or solely
because his or their votes are counted for such  purpose,  if: (a) the  material
facts as to his  relationship  or interest and as to the contract or transaction
are  disclosed or are known to the Board of Directors or the  committee  and the
board or committee in good faith  authorizes  the contract or transaction by the
affirmative vote of a majority of the disinterested  directors,  even though the
disinterested  directors be less than a quorum;  or (b) the material facts as to
his relationship or interest and as to the contract or transaction are disclosed
or are known to the  stockholders of the  Corporation  entitled to vote thereon,
and the contract or transaction as  specifically  approved in good faith by vote
of such  stockholders;  or (c) the  contract  or  transaction  is fair as to the
Corporation as of the time it is authorized,  approved or ratified, by the Board
of Directors,  a committee 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 6.4. VOTING OF SECURITIES OWNED BY THIS  CORPORATION.  Subject
always to the specific  directions of the Board of Directors,  (a) any shares or
other securities issued by any other Corporation and owned or controlled by this
Corporation  may be voted in person at any meeting of  security  holders of such
other  corporation by the President of this Corporation if he is present at such
meeting, or in his absence by the Treasurer of this Corporation if he is present
at such  meeting,  and (b)  whenever,  in the judgment of the  President,  it is
desirable for this  corporation to execute a proxy or written consent in respect
to any shares or other securities  issued by any other  Corporation and owned by
this  Corporation,  such proxy or consent  shall be executed in the name of this
Corporation by the President,  without the necessity of any authorization by the
Board  of  Directors,  affixation  of  corporate  seal  or  countersignature  or
attestation  by another  officer,  provided  that if the  President is unable to
execute  such proxy or consent by reason of  sickness,  absence  from the United
States or other similar cause,  the Treasurer may execute such proxy or consent.
Any person or persons  designated  in the  manner  above  stated as the proxy or
proxies of this Corporation  shall have full right,  power and authority to vote
the shares or other  securities  issued by such other  corporation  and owned by
this  Corporation the same as such shares or other  securities might be voted by
this Corporation.
 
                         ARTICLE VII - INDEMNIFICATION
 
          SECTION 7.1. RIGHT TO INDEMNIFICATION.  Each person who was or is made
a party or is threatened  to be made a party to or is otherwise  involved in any
action,  suit  or  proceeding,   whether  civil,  criminal,   administrative  or
investigative (a "Proceeding"),  by reason of being or having been a director or
officer of the  Corporation  or serving or having  served at the  request of the
Corporation  as a  director,  trustee,  officer,  employee  or agent of  another
corporation  or of a  partnership,  joint  venture,  trust or other  enterprise,
including  service with respect to an employee  benefit plan (an  "Indemnitee"),
whether the basis of such  proceeding is alleged  action or failure to act in an
official capacity as a director,  trustee,  officer, employee or agent or in any
other capacity while serving as a director, trustee, officer, employee or agent,
shall be indemnified  and held harmless by the Corporation to the fullest extent
authorized by the Delaware General Corporation Law, as the
 
 
<PAGE>  25
 
 
 
same exists or may hereafter be amended (but, in the case of any such amendment,
only to the  extent  that such  amendment  permits  the  Corporation  to provide
broader  indemnification  rights than permitted  prior thereto) (as used in this
Article VII,  the  "Delaware  Law"),  against all  expense,  liability  and loss
(including  attorneys' fees,  judgments,  fines, ERISA excise taxes or penalties
and  amounts  paid  in  settlement)  reasonably  incurred  or  suffered  by such
Indemnitee in connection therewith and such indemnification shall continue as to
an Indemnitee  who has ceased to be a director,  trustee,  officer,  employee or
agent and shall inure to the benefit of the  Indemnitee's  heirs,  executors and
administrators;  provided,  however,  that,  except as  provided  in Section 7.2
hereof with respect to  Proceedings to enforce  rights to  indemnification,  the
Corporation  shall indemnify any such Indemnitee in connection with a Proceeding
(or part thereof)  initiated by such Indemnitee only if such Proceeding (or part
thereof) was authorized by the board of directors of the Corporation.  The right
to  indemnification  conferred in this Article VII shall be a contract right and
shall include the right to be paid by the Corporation  the expenses  incurred in
defending  any  such  Proceeding  in  advance  of  its  final   disposition  (an
"Advancement  of  Expenses");  provided,  however,  that, if the Delaware Law so
requires,  and Advancement of Expenses  incurred by an Indemnitee  shall be made
only upon delivery to the Corporation of an undertaking (an  "Undertaking"),  by
or on behalf of such  Indemnitee,  to repay all  amounts so advanced if it shall
ultimately  be  determined  by final  judicial  decision  from which there is no
further  right to appeal (a "Final  Adjudication")  that such  Indemnitee is not
entitled  to be  indemnified  for  such  expenses  under  this  Article  VII  or
otherwise.
 
          SECTION  7.2.  RIGHT OF  INDEMNITEE  TO BRING  SUIT.  If a claim under
Section  7.1  hereof is not paid in full by the  Corporation  within  sixty days
after a written claim has been received by the  Corporation,  except in the case
of a claim for an Advancement of Expenses,  in which case the applicable  period
shall be twenty  days,  the  Indemnitee  may at any time  thereafter  bring suit
against the Corporation to recover the unpaid amount of the claim. If successful
in while or in part in any such suit, or in a suit brought by the Corporation to
recover an Advancement of Expenses pursuant to the terms of an Undertaking,  the
Indemnitee  shall be  entitled  to be paid also the  expense of  prosecuting  or
defending  such suit.  In (i) any suit  brought by the  Indemnitee  to enforce a
right to indemnification  hereunder (but not in a suit brought by the Indemnitee
to enforce a right to an  Advancement  of Expenses) it shall be a defense  that,
and (ii) in any suit by the  Corporation  to recover an  Advancement of Expenses
pursuant to the terms of an  Undertaking  the  Corporation  shall be entitled to
recover such expenses upon a Final Adjudication that, the Indemnitee has not met
the  applicable  standard of conduct set forth in the Delaware Law.  Neither the
failure of the Corporation (including its board of directors,  independent legal
counsel,  or its  stockholders)  to  have  made  a  determination  prior  to the
commencement  of such suit that  indemnification  of the Indemnitee is proper in
the  circumstances  because the Indemnitee  has met the  applicable  standard of
conduct  set  forth in the  Delaware  Law,  nor an actual  determination  by the
Corporation (including its board of directors, independent legal counsel, or its
stockholders)  that the  Indemnitee  has not met  such  applicable  standard  of
conduct,  shall  create  a  presumption  that  the  Indemnitee  has  not met the
applicable  standard  of conduct  or, in the case of such a suit  brought by the
Indemnitee,  be a defense to such suit. In any suit brought by the Indemnitee to
enforce a right to indemnification  or to an Advancement of Expenses  hereunder,
or by the  Corporation  to recover an  Advancement  of Expenses  pursuant to the
terms of an Undertaking, the burden of proving that
 
 
<PAGE>  26
 
 
 
the  Indemnitee is not entitled to be  indemnified,  or to such  Advancement  of
Expenses, under this Article VII or otherwise shall be on the Corporation.
 
          SECTION 7.3.  NON-EXCLUSIVITY OF RIGHTS. The rights to indemnification
and to the  Advancement  of Expenses  conferred in this Article VII shall not be
exclusive  of any other  right  which any person may have or  hereafter  acquire
under any statute,  the  Corporation's  Certificate  or  Incorporation,  by-law,
agreement, vote of stockholders or disinterested directors or otherwise.
 
          SECTION 7.4. INSURANCE. The Corporation may maintain insurance, at its
expense, to protect itself and any director,  officer,  employee or agent of the
Corporation or another corporation,  partnership,  joint venture, trust or other
enterprise  against  any  expense,   liability  or  loss,  whether  or  not  the
Corporation  would have the power to indemnify such person against such expense,
liability or loss under this Article VII or under the Delaware Law.
 
          SECTION  7.5.   INDEMNIFICATION   OF  EMPLOYEES   AND  AGENTS  OF  THE
CORPORATION.  The Corporation may, to the extent authorized from time to time by
the board of directors, grant rights to indemnification,  and to the Advancement
of Expenses,  to any employee or agent of the  Corporation to the fullest extent
of the  provisions of this Article VII with respect to the  indemnification  and
Advancement of Expenses of directors and officers of the Corporation.
 
                           ARTICLE VIII - AMENDMENTS
 
          SECTION  8.1.  AMENDMENTS.  The  by-laws  of  the  Corporation  may be
altered,  amended or  repealed  at any  meeting of the Board of  Directors  upon
notice  thereof in  accordance  with  these  by-laws,  or at any  meeting of the
stockholders  by the vote of the holders of the majority of the stock issued and
outstanding  and  entitled  to vote at such  meeting,  in  accordance  with  the
provisions of the  Certificate of  Incorporation  of the  corporation and of the
laws of Delaware.