BY-LAWS

 

 

                                       OF

 

 

                         MIDWEST EXPRESS HOLDINGS, INC.

 

                       (As Amended through April 29, 1999)

 

 

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                                TABLE OF CONTENTS

 

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CAPITAL STOCK..................................................................1

   1.   Certificates...........................................................1

   2.   Record Ownership.......................................................1

   3.   Transfer...............................................................2

   4.   Lost Certificates......................................................2

   5.   Transfer Agent; Registrar..............................................2

   6.   Record Date............................................................2

 

MEETINGS OF SHAREHOLDERS.......................................................3

   7.   Annual.................................................................3

   8.   Special................................................................3

   9.   Notice of Meeting......................................................6

  10.   Quorum.................................................................7

  11.   Meeting Procedure......................................................7

  12.   Voting................................................................10

  13.   Corporation's Acceptance of Votes.....................................11

  14.   Inspectors of Election................................................12

  15.   Voting List...........................................................13

 

BOARD OF DIRECTORS............................................................13

  16.   Resignation...........................................................13

  17.   Annual Meeting........................................................13

  18.   Regular Meetings......................................................13

  19.   Special Meetings......................................................14

  20.   Telephonic Meetings...................................................14

  21.   Director's Assent.....................................................14

  22.   Quorum................................................................14

  23.   Action Without Meeting................................................15

  24.   Organization..........................................................15

  25.   Compensation..........................................................15

 

COMMITTEES OF THE BOARD.......................................................15

  26.   Standing and Other Committees.........................................15

  27.   Procedure.............................................................16

  28.   Audit Committee.......................................................16

  29.   Compensation Committee................................................16

  30.   Executive Committee...................................................16

  31.   Board Affairs and Nominating Committee................................17

  32.   Alternates; Vacancies in Committees...................................17

 

 

                                      (i)

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OFFICERS......................................................................17

  33.   Designation; Election; Qualification; Term............................17

  34.   Duties................................................................17

  35.   Resignation; Removal; Vacancies.......................................18

  36.   Chief Executive Officer...............................................18

  37.   Chairman of the Board, Vice Chairman of

         the Board and President..............................................19

  38.   Vice Presidents.......................................................19

  39.   Chief Financial Officer...............................................19

  40.   Controller............................................................20

  41.   Secretary.............................................................20

  42.   Treasurer.............................................................21

 

MISCELLANEOUS.................................................................21

  43.   Offices...............................................................21

  44.   Seal..................................................................21

  45.   Fiscal Year...........................................................22

  46.   Annual Report.........................................................22

  47.   Consideration for Shares..............................................22

  48.   Stock Regulation......................................................22

  49.   Indemnification.......................................................22

  50.   Reliance..............................................................28

  51.   Inspection of Books...................................................28

  52.   Transactions with the Corporation.....................................28

  53.   Ratification..........................................................29

  54.   Voting of Stocks......................................................29

  55.   Notice................................................................29

  56.   Waiver of Notice......................................................29

  57.   Dispensing with Notice................................................29

  58.   Amendments............................................................30

  59.   Emergency Provisions..................................................30

  60.   Terms.................................................................30

  61.   Foreign Stock Record..................................................30

  62.   Permitted Percentage..................................................31

  63.   Registration of Shares................................................31

  64.   Equity Offerings......................................................31

 

 

* This Table of Contents has not been adopted by the Board

of Directors as part of the By-laws of the corporation, but is

provided solely for the convenience of the reader.

 

 

 

 

                                      (ii)

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                                     BY-LAWS

 

                                       OF

 

                         MIDWEST EXPRESS HOLDINGS, INC.

                           (f/k/a ME WISCONSIN, INC.)

 

Note:  For  convenience,  the  masculine has been used in these By-Laws with the

intention that it include the feminine as well.

 

                                  CAPITAL STOCK

 

     1.   Certificates

 

     Every  shareholder  shall be entitled to have a certificate in such form as

the Board shall from time to time approve,  signed by the Chairman of the Board,

a Vice  Chairman of the Board,  the  President  or a Vice  President  and by the

Treasurer,  an Assistant  Treasurer,  the  Secretary or an Assistant  Secretary,

certifying  the number of shares owned by him. Any of or all the  signatures  on

the certificate  and the corporate seal may be facsimiles.  In case any officer,

transfer  agent,  or registrar who has signed or whose  facsimile  signature has

been placed upon a certificate  shall have ceased to be such  officer,  transfer

agent or registrar  before such  certificate is issued,  it may be issued by the

corporation with the same effect as if he were such officer,  transfer agent, or

registrar at the date of issue.  While the  corporation  is  authorized to issue

more than one class of stock or more than one series of any class,  there  shall

be set forth on the face or back of each certificate issued a statement that the

corporation  will furnish without charge to each  shareholder who so requests in

writing  a  summary  of  the  designations,  relative  rights,  preferences  and

limitations  applicable  to each  class of  stock,  the  variations  in  rights,

preferences and limitations  determined for each series and the authority of the

Board to determine variations for future series.

 

     2.   Record Ownership

 

     The name and  address  of the  holder of each  certificate,  the  number of

shares represented  thereby,  and the date of issuance thereof shall be recorded

in the  corporation's  books and records.  The corporation  shall be entitled to

treat the holder of record of any share 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 any share on the part of any other  person,  whether  or not it

shall have  express or other  notice  thereof,  except as required  by law.  The

corporation has not established, and nothing in these By-Laws shall be deemed to

establish, any procedure by which a beneficial owner of the corporation's shares

that are registered in the name of a nominee is recognized by the corporation as

the shareholder under Section 180.0723 of the Wisconsin Business Corporation Law

("WBCL").

 

 

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     3.   Transfer

 

     Transfer  of stock  shall be made on the books of the  corporation  only by

direction  of the person  named in the  certificate  or his  attorney,  lawfully

constituted  in writing,  and only upon the  surrender for  cancellation  of the

certificate therefor and a written assignment of the shares evidenced thereby.

 

     4.   Lost Certificates

 

     Any person  claiming a stock  certificate  in lieu of one lost or destroyed

shall give the  corporation an affidavit as to his ownership of the  certificate

and of the facts which go to prove its loss or  destruction.  He shall also,  if

required by the Board, give the corporation a bond or other indemnification,  in

such  form  as may be  approved  by  the  Board,  sufficient  to  indemnify  the

corporation  against  any claim  that may be made  against  it on account of the

alleged loss of the certificate or the issuance of a new certificate.

 

     5.   Transfer Agent; Registrar

 

     The  corporation  shall maintain one or more transfer  offices or agencies,

each in charge of a transfer agent designated by the Board,  where the shares of

stock of the  corporation  shall be  transferable.  The  corporation  shall also

maintain one or more registry offices,  each in charge of a registrar designated

by the Board,  where such shares of stock shall be  registered.  The same entity

may be both transfer agent and registrar.

 

     6.   Record Date

 

     So that the corporation may determine the  shareholders  entitled to notice

of or to vote at any meeting of shareholders,  or any adjournment  thereof,  the

Board may fix a record date which  record date shall not precede the date of any

annual or special  meeting of shareholders by more than seventy days nor be less

than ten days before the date of such meeting (the "Meeting  Record Date"),  and

only such  shareholders  as shall be shareholders of record on the date so fixed

shall be entitled to such notice of and to vote at such meeting, as the case may

be,  notwithstanding  any transfer of any stock on the books of the  corporation

after any such record date fixed as aforesaid. In the case of any Demand Special

Meeting  (as  defined in Section  8), (i) the  Meeting  Record Date shall be not

later than the 30th day after the  Delivery  Date (as  defined in Section 8) and

(ii) if the Board fails to fix the Meeting  Record Date within 30 days after the

Delivery Date,  then the close of business on such 30th day shall be the Meeting

Record Date. Except as provided by the WBCL for a court-ordered  adjournment,  a

determination  of shareholders  entitled to notice of or to vote at a meeting of

shareholders  shall apply to any  adjournment  of the meeting,  unless the Board

fixes a new Meeting Record Date, which it must do if the meeting is adjourned to

a date more than 120 days after the date fixed for the original meeting. Subject

to the  procedures  set forth in Section 8(b) relating to the fixing of a Demand

Record  Date (as defined  therein),  the Board may also fix a future date as the

record date to determine  the  shareholders  entitled to take any other  action.

Such  record  date may not be more than 70 days  before the action  requiring  a

determination  of  shareholders.  The record date for  determining  shareholders

entitled  to a  distribution  (other than a  distribution

 

 

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involving a  purchase,  redemption  or other  acquisition  of the  corporation's

shares)  or a share  dividend  is the date on which  the  Board  authorizes  the

distribution  or share  dividend,  as the case may be,  unless the Board fixes a

different record date.

 

                            MEETINGS OF SHAREHOLDERS

 

     7.   Annual

 

     The annual meeting of shareholders  ("Annual  Meeting") for the election of

directors and the  transaction of such other business as may properly be brought

before the meeting shall be held on the fourth  Wednesday in April in each year,

or on such other day, which shall not be a legal holiday, as shall be determined

by the Board. The Annual Meeting shall be held at such place and hour, within or

without the State of Wisconsin,  as shall be  determined by the Board.  The day,

place and hour of each Annual  Meeting  shall be  specified in the notice of the

Annual  Meeting.  The Annual  Meeting may be  adjourned  by the  chairman of the

meeting  from  time to time  and  place  to  place  without  notice  other  than

announcement at the meeting. At any adjourned Annual Meeting the corporation may

transact any business which might have been  transacted at the Annual Meeting as

originally  called.  In accordance  with the  provisions of applicable  law, the

Board acting by resolution may postpone and reschedule any previously  scheduled

Annual Meeting.

 

     8.   Special

 

          (a) A  special  meeting  of the  shareholders  of the  corporation  (a

"Special Meeting") may be called only by (i) the Chairman of the Board, (ii) the

President or (iii) the Board and shall be called by the Chairman of the Board or

the President upon the demand, in accordance with this Section 8, of the holders

of record of shares  representing  at least 10% of all the votes  entitled to be

cast on any issue proposed to be considered at the Special Meeting.

 

          (b) In order  that the  corporation  may  determine  the  shareholders

entitled  to  demand a  Special  Meeting,  the  Board  may fix a record  date to

determine the  shareholders  entitled to make such a demand (the "Demand  Record

Date").  The  Demand  Record  Date  shall not  precede  the date upon  which the

resolution  fixing the Demand  Record Date is adopted by the Board and shall not

be more than 10 days after the date upon which the resolution  fixing the Demand

Record Date is adopted by the Board.  Any  shareholder of record seeking to have

shareholders  demand a Special  Meeting shall,  by sending written notice to the

Secretary of the corporation by hand or by certified or registered mail,  return

receipt  requested,  request the Board to fix a Demand  Record  Date.  The Board

shall promptly, but in all events within 10 days after the date on which a valid

request to fix a Demand Record Date is received,  adopt a resolution  fixing the

Demand  Record Date and shall make a public  announcement  of such Demand Record

Date.  If no Demand Record Date has been fixed by the Board within 10 days after

the date on which such  request is  received by the  Secretary,  then the Demand

Record  Date shall be the 10th day after the first day on which a valid  written

request to set a Demand Record Date is received by the  Secretary.  To be valid,

such  written  request  shall set forth the  purpose or  purposes  for which the

Special  Meeting is to be held,  shall be signed by one or more  shareholders of

record (or their duly authorized proxies or other  representatives),  shall

 

 

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bear  the  date of  signature  of each  such  shareholder  (or  proxy  or  other

representative)  and shall set forth all information about each such shareholder

and about the beneficial owner or owners, if any, on whose behalf the request is

made that would be required to be set forth in a shareholder's  notice described

in Section 11(b) of these By-Laws.

 

          (c) In order for a  shareholder  or  shareholders  to demand a Special

Meeting,  a written  demand or demands  for a Special  Meeting by the holders of

record as of the Demand Record Date of shares  representing  at least 10% of all

the votes  entitled  to be cast on any issue  proposed to be  considered  at the

Special Meeting must be delivered to the corporation.  To be valid, each written

demand by a  shareholder  for a  Special  Meeting  shall set forth the  specific

purpose or purposes for which the Special  Meeting is to be held (which  purpose

or purposes shall be limited to the purpose or purposes set forth in the written

request to set a Demand  Record  Date  received by the  corporation  pursuant to

subsection (b) of this Section 8), shall be signed by one or more persons who as

of the Demand Record Date are  shareholders  of record (or their duly authorized

proxies or other representatives), shall bear the date of signature of each such

shareholder (or proxy or other representative), and shall set forth the name and

address, as they appear in the corporation's  books, of each shareholder signing

such demand and the class or series and number of shares of the corporation that

are owned of record and beneficially by each such shareholder,  shall be sent to

the  Secretary  by hand or by  certified  or  registered  mail,  return  receipt

requested,  and shall be  received  by the  Secretary  within 70 days  after the

Demand Record Date.

 

          (d) The  corporation  shall not be required to call a Special  Meeting

upon  shareholder  demand  unless,  in  addition  to the  documents  required by

subsection  (c) of this Section 8, the  Secretary  receives a written  agreement

signed by each  Soliciting  Shareholder (as defined  herein),  pursuant to which

each  Soliciting  Shareholder,   jointly  and  severally,   agrees  to  pay  the

corporation's  costs of holding  the  Special  Meeting,  including  the costs of

preparing and mailing proxy materials for the  corporation's  own  solicitation,

provided  that  if  each  of  the  resolutions   introduced  by  any  Soliciting

Shareholder at such meeting is adopted, and each of the individuals nominated by

or on behalf of any  Soliciting  Shareholder  for  election  as director at such

meeting is elected,  then the Soliciting  Shareholders  shall not be required to

pay such costs.  For purposes of this  subsection (d), the following terms shall

have the meanings set forth below:

 

               (i)  "Affiliate"  of any  Person  shall  mean  any  Person  that,

          directly or indirectly through one or more  intermediaries,  controls,

          is controlled by or is under common control with such first Person.

 

               (ii)  "Participant"  shall have the meaning assigned to such term

          in Rule 14a-11 promulgated under the Securities  Exchange Act of 1934,

          as amended (the "Exchange Act").

 

               (iii)  "Person"  shall mean any  individual,  partnership,  firm,

          corporation,  association, trust, unincorporated organization or other

          entity, as well as

 

 

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          any syndicate or group deemed to be a person under Section 14(d)(2) of

          the Exchange Act.

 

               (iv) "Proxy" shall have the meaning assigned to such term in Rule

          14a-1 promulgated under the Exchange Act.

 

               (v)  "Solicitation"  shall have the meaning assigned to such term

          in Rule 14a-1 promulgated under the Exchange Act.

 

               (vi)  "Soliciting  Shareholder"  shall mean,  with respect to any

          Special Meeting demanded by a shareholder or shareholders,  any of the

          following Persons:

 

                    (A) if the  number of  shareholders  signing  the  demand or

               demands for a meeting  delivered to the  corporation  pursuant to

               subsection  (c) of this  Section  8 is ten or  fewer,  then  each

               shareholder signing any such demand;

 

                    (B) if the  number of  shareholders  signing  the  demand or

               demands for a meeting  delivered to the  corporation  pursuant to

               subsection  (c) of this  Section 8 is more  than  ten,  then each

               Person who either (I) was a Participant  in any  Solicitation  of

               such demand or demands or (II) at the time of the delivery to the

               corporation of the documents  described in subsection (c) of this

               Section 8, had engaged or intended to engage in any  Solicitation

               of  Proxies  for  use  at  such  Special  Meeting  (other  than a

               Solicitation of Proxies on behalf of the corporation); or

 

                    (C) any Affiliate of a Soliciting Shareholder, if a majority

               of the directors then in office determine, reasonably and in good

               faith, that such Affiliate should be required to sign the written

               notice  described in subsection  (c) of this Section 8 and/or the

               written  agreement  described in this  subsection (d) in order to

               prevent the purposes of this Section 8 from being evaded.

 

          (e) Except as provided in the following sentence,  any Special Meeting

shall be held at such  hour and day as may be  designated  by  whichever  of the

Chairman  of the  Board,  the  President  or the Board  shall have  called  such

meeting.  In the case of any Special Meeting called by the Chairman of the Board

or the President upon the demand of shareholders  (a "Demand Special  Meeting"),

such  meeting  shall be held at such  hour and day as may be  designated  by the

Board;  provided,  however, that the date of any Demand Special Meeting shall be

not more than 70 days after the Meeting Record Date;  and provided  further that

in the event that the  directors  then in office fail to  designate  an hour and

date for a Demand  Special  Meeting  within 10 days  after  the date that  valid

written  demands  for such  meeting  by the  holders  of record as of the Demand

Record Date of shares  representing at least 10% of all the votes entitled to be

cast on any issue proposed to be considered at the Special Meeting are delivered

to the corporation (the "Delivery Date"), then such meeting shall be held on the

100th day after the  Delivery  Date or, if such 100th day is not a Business  Day

(as defined  below),  on the first  preceding  Business Day. In fixing a meeting

date for any Special  Meeting,  the Chairman of the Board,  the President or the

Board may consider such factors as he or it

 

 

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deems relevant  within the good faith exercise of his or its business  judgment,

including,  without  limitation,  the nature of the action proposed to be taken,

the facts and  circumstances  surrounding  any demand for such meeting,  and any

plan of the Board to call an Annual Meeting or a Special Meeting for the conduct

of related business. Any Special Meeting may be adjourned by the chairman of the

meeting  from  time to time  and  place  to  place  without  notice  other  than

announcement  at the meeting.  At any adjourned  Special Meeting the corporation

may  transact  any  business  which  might have been  transacted  at the Special

Meeting as originally  called.  In accordance  with the provisions of applicable

law, the Board acting by resolution  may postpone and  reschedule any previously

scheduled  Special  Meeting;  provided,  however,  that a Demand Special Meeting

shall not be postponed beyond the 100th day following the Delivery Date.

 

          (f) The  corporation  may engage  nationally or regionally  recognized

independent  inspectors of elections to act as an agent of the  corporation  for

the purpose of promptly  performing a ministerial  review of the validity of any

purported  written  demand or  demands  for a Special  Meeting  received  by the

Secretary.  For the purpose of permitting the inspectors to perform such review,

no purported  demand shall be deemed to have been  delivered to the  corporation

until the earlier of (i) 5 Business Days  following  receipt by the Secretary of

such purported demand and (ii) such date as the independent  inspectors  certify

to the corporation that the valid demands received by the Secretary represent at

least 10% of all the votes  entitled  to be cast on each  issue  proposed  to be

considered at the Special Meeting. Nothing contained in this subsection shall in

any way be construed to suggest or imply that the Board or any shareholder shall

not be entitled to contest the validity of any demand,  whether  during or after

such 5 Business  Day period,  or to take any other  action  (including,  without

limitation,  the  commencement,  prosecution or defense of any  litigation  with

respect thereto).

 

          (g) For purposes of these  By-Laws,  "Business Day" shall mean any day

other than a Saturday,  a Sunday or a day on which banking  institutions  in the

State of Wisconsin are obligated by law or executive order to close.

 

     9.   Notice of Meeting

 

     Written  notice  stating the place,  day and hour of any Annual  Meeting or

Special  Meeting  shall be delivered not less than 10 (unless a longer period is

required  by the WBCL) nor more than 70 days  before  the date of such  meeting,

either  personally or by mail, by or at the direction of the Secretary,  to each

shareholder of record entitled to vote at such meeting and to other shareholders

as may be required by the WBCL. In the event of any Demand Special Meeting, such

notice of meeting  shall be sent not more than 30 days after the Delivery  Date.

If mailed,  notice  pursuant to this  Section 9 shall be deemed to be  effective

when deposited in the United States mail,  addressed to each  shareholder at his

address as it appears on the stock record books of the corporation, with postage

thereon  prepaid.  A notice of an Annual  Meeting shall include a description of

the  purpose or  purposes  for which the  meeting is called.  In the case of any

Special Meeting,  (a) the notice of meeting shall describe any business that the

Board shall have  theretofore  determined to bring before the meeting and (b) in

the case of a Demand Special  Meeting,  the notice of meeting (i) shall describe

any  business set

 

 

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forth in the statement or purpose of the demands  received by the corporation in

accordance  with  Section 8 of these  By-Laws and (ii) shall  contain all of the

information  required in the notice  received by the  corporation  in accordance

with Section 11(c) of these By-Laws.  If an Annual Meeting or Special Meeting is

adjourned to a different date, time or place,  then the corporation shall not be

required to give notice of the new date,  time or place if the new date, time or

place is announced at the meeting before adjournment; provided, however, that if

a new Meeting Record Date for an adjourned meeting is or must be fixed, then the

corporation  shall give  notice of the  adjourned  meeting  to  persons  who are

shareholders as of the new Meeting Record Date.

 

     10.  Quorum

 

     Shares  entitled  to vote as a separate  voting  group may take action on a

matter at any Annual Meeting or Special Meeting only if a quorum of those shares

exists with respect to that  matter.  If the  corporation  has only one class of

stock then outstanding, then such class shall constitute a separate voting group

for  purposes of this Section 10.  Except as otherwise  provided in the Restated

Articles of  Incorporation,  any By-Law adopted under  authority  granted in the

Restated  Articles  of  Incorporation,  or the  WBCL,  a  majority  of the votes

entitled to be cast on the matter shall  constitute a quorum of the voting group

for action on that matter.  Once a share is  represented  for any purpose at any

Annual  Meeting or Special  Meeting,  other than for the purpose of objecting to

holding the meeting or  transacting  business at the meeting,  it is  considered

present for purposes of determining whether a quorum exists for the remainder of

the meeting and for any  adjournment of that meeting unless a new Meeting Record

Date is or must be set for the  adjourned  meeting.  In the  event  of lack of a

quorum,  the  chairman of the  meeting or a majority of the voting  power of the

shares of capital  stock present in person or  represented  by proxy may adjourn

the meeting from time to time  without  notice  other than  announcement  at the

meeting,  until a quorum shall be  obtained.  At any such  adjourned  meeting at

which there is a quorum,  any business may be  transacted  which might have been

transacted at the meeting as originally  called.  If a quorum exists,  except in

the case of the election of directors, then action on a matter shall be approved

if the votes cast within the voting group  favoring the action  exceed the votes

cast opposing the action,  unless the Restated  Articles of  Incorporation,  any

By-Law   adopted   under   authority   granted  in  the  Restated   Articles  of

Incorporation,  or the WBCL  requires  a greater  number of  affirmative  votes.

Unless otherwise  provided in the Restated Articles of Incorporation,  directors

shall be elected by a plurality of the votes cast by the shares entitled to vote

in the election of directors at any Annual Meeting or Special Meeting at which a

quorum is present.  For purposes of this Section 10,  "plurality" means that the

individuals  with the largest number of votes are elected as directors up to the

maximum  number of  directors  to be chosen at the  Annual  Meeting  or  Special

Meeting.

 

     11.  Meeting Procedure

 

          (a)  Conduct  of  Meetings.  The Chief  Executive  Officer,  or in his

absence  such other  officer  as may be  designated  by the Board,  shall be the

chairman at shareholders'  meetings.  The Secretary of the corporation  shall be

the secretary at shareholders'  meetings,

 

 

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but in his absence the  chairman of the meeting may appoint a secretary  for the

meeting. The Board may, to the extent not prohibited by law, adopt by resolution

such rules and  regulations for the conduct of the meeting of shareholders as it

shall deem  appropriate.  Except to the extent  inconsistent with such rules and

regulations as adopted by the Board, the chairman of any meeting of shareholders

shall have the right and  authority  to  prescribe  such rules,  regulations  or

procedures  and  to do all  acts  as,  in the  judgment  of  the  chairman,  are

appropriate  for the proper conduct of the meeting.  Such rules,  regulations or

procedures,  whether  adopted by the Board or  prescribed by the chairman of the

meeting,  may to the extent not prohibited by law include,  without  limitation,

the following:  (i) the  establishment of an agenda or order of business for the

meeting;  (ii) rules and procedures for maintaining order at the meeting and the

safety of those present;  (iii) limitations on attendance at or participation in

the meeting to shareholders of record of the corporation,  their duly authorized

and  constituted  proxies  (which shall be  reasonable  in number) or such other

persons as the chairman of the meeting shall  determine;  (iv)  restrictions  on

entry to the meeting after the time fixed for the commencement  thereof; and (v)

limitations on the time allotted to questions or comments by participants.

 

          (b) Annual Meetings. At an Annual Meeting, only such business shall be

conducted,  and only nominations for the election of directors shall be made, as

shall have been properly  brought  before the meeting in  accordance  with these

By-Laws.  To  be  properly  brought  before  an  Annual  Meeting,   business  or

nominations  must  (i)  be  specified  in the  notice  of the  meeting  (or  any

supplement  thereto)  given by or at the direction of the Board;  (ii) otherwise

properly be brought  before the meeting by or at the direction of the Board;  or

(iii)  otherwise (A) properly be requested to be brought before the meeting by a

shareholder  of record  entitled to vote in the election of directors  generally

and (B)  constitute  a proper  subject to be brought  before such  meeting.  For

nominations or other  business to be properly  requested to be brought before an

Annual Meeting by a shareholder of record,  any shareholder who intends to bring

any matter before an Annual  Meeting and is entitled to vote on such matter must

deliver written notice of such  shareholder's  intent to bring the matter before

the Annual  Meeting,  either by  personal  delivery  or by United  States  mail,

postage  prepaid,  to the  Secretary  of the  corporation.  Such  notice must be

received by the  Secretary  not less than 45 days nor more than 70 days prior to

the first annual  anniversary of the date set forth in the  corporation's  proxy

statement for the immediately  preceding Annual Meeting as the date on which the

corporation   first  mailed  definitive  proxy  materials  for  the  immediately

preceding Annual Meeting; provided, however, that in the event that the date for

which the Annual  Meeting is called is  advanced by more than 30 days or delayed

by more  than 30 days  from the  first  annual  anniversary  of the  immediately

preceding  Annual  Meeting,  notice by the  shareholder  to be timely must be so

delivered  not earlier  than the close of business on the 100th day prior to the

date of such  Annual  Meeting  and not later than the close of  business  on the

later of (x) the 75th day prior to the date of such  Annual  Meeting  or (y) the

10th day  following  the day on which  public  announcement  of the date of such

Annual  Meeting  is  first  made.  In no  event  shall  the  announcement  of an

adjournment of an Annual Meeting  commence a new time period for the giving of a

shareholder  notice as described above. For purposes of this Section 11, "public

announcement"  shall  mean the date  disclosure  of the date of the  meeting  of

shareholders  is first  made in a press  release  reported  by the Dow Jones New

Service,

 

 

                                        8

<PAGE>

 

 

Associated Press or comparable  national news service, or in a document publicly

filed by the corporation with the Securities and Exchange Commission pursuant to

Sections 13, 14 or 15(d) of the Exchange Act.

 

          A shareholder's notice to the Secretary required by this Section 11(b)

shall set forth as to each matter the  shareholder  proposes to bring before the

Annual  Meeting:  (i) in the case of any  proposed  nomination  for  election or

re-election as a director,  (A) the name, age, business and residence addresses,

and principal occupation or employment of each nominee; (B) a description of all

arrangements or understandings  between the shareholder and each nominee and any

other person or persons  (naming  such person or persons)  pursuant to which the

nomination  or  nominations  are to be made by the  shareholder;  (C) such other

information  regarding  each nominee  proposed by such  shareholder  as would be

required to be included in a proxy  statement  filed pursuant to the proxy rules

of the Securities and Exchange  Commission;  and (D) the written consent of each

nominee to serve as a director of the  corporation  if so  elected;  (ii) in the

case of any other  business that such  shareholder  proposes to bring before the

Annual Meeting, (A) a brief description of the business to be brought before the

meeting and the reasons for conducting  such business at the meeting and (B) any

material  interest  of the  shareholder  in such  business;  (iii)  the name and

address of the shareholder  intending to propose such business;  (iv) the number

of shares of stock of the corporation beneficially held, either personally or in

concert with  others,  by the  shareholder,  and (v) a  representation  that the

shareholder  is a holder of stock of the  corporation  entitled  to vote at such

meeting  and intends to appear in person or by proxy at the meeting to make such

nomination or present such proposal.  The  corporation  may require any proposed

nominee to furnish such other  information  as may reasonably be required by the

corporation to determine the eligibility of such proposed  nominee to serve as a

director of the corporation. No business shall be conducted at an Annual Meeting

except in accordance  with the procedures  set forth in this Section 11(b).  The

chairman  of the Annual  Meeting  shall,  if the facts  warrant,  determine  and

declare to the Annual Meeting that a nomination was not made or business was not

properly  brought before the meeting in accordance  with the  provisions  hereof

and, if he should so determine,  he shall so declare to the Annual  Meeting that

any such nomination  shall be disregarded  and/or any such business not properly

brought before the Annual Meeting shall not be transacted.

 

          Notwithstanding  anything in the fourth sentence of this Section 11(b)

to the contrary,  in the event that the number of directors to be elected to the

Board  is  increased  and  there is no  public  announcement  naming  all of the

nominees for director or specifying the size of the increased  Board made by the

corporation  at least 85 days prior to the date  specified in clause (x) or (y),

as the case may be, of such sentence,  a  shareholder's  notice required by this

Section  11(b) with  respect to any  nomination  of a person for election to the

Board shall also be considered timely, but only with respect to nominees for any

new positions created by such increase, if it shall be received by the Secretary

of the  corporation  not  later  than  the  close  of  business  on the 10th day

following  the day on  which  such  public  announcement  is  first  made by the

corporation.

 

 

                                        9

<PAGE>

 

 

          (b) Special Meeting. At a Special Meeting, only such business shall be

conducted,  and only nominations for the election of directors shall be made, as

shall have been described in the notice of meeting sent to shareholders pursuant

to Section 9 of these By-Laws.  Nominations of persons for election to the Board

may be made at a Special Meeting at which  directors are to be elected  pursuant

to such notice of meeting (i) by or at the direction of the Board or (ii) by any

shareholder  of the  corporation  who (A) is a  shareholder  of  record,  (B) is

entitled to vote in the  election of  directors  at the meeting and (C) complies

with the notice  procedures  set forth in this Section  11(c).  Any  shareholder

desiring to nominate persons for election to the Board at such a Special Meeting

must deliver written notice of such shareholder's proposed nomination, either by

personal delivery or by United States mail, postage prepaid, to the Secretary of

the corporation.  Such notice must be received by the Secretary not more than 90

days prior to such  Special  Meeting and not later than the close of business on

the later of (x) the 60th day prior to such Special  Meeting or (y) the 10th day

following the day on which public announcement is first made of the date of such

Special Meeting and of the nominees  proposed by the Board to be elected at such

meeting.

 

          A shareholder's notice to the Secretary required by this Section 11(c)

shall set forth  (i) the  name,  age,  business  and  residence  addresses,  and

principal  occupation or employment of each nominee;  (ii) a description  of all

arrangements or understandings  between the shareholder and each nominee and any

other person or persons  (naming  such person or persons)  pursuant to which the

nomination or nominations  are to be made by the  shareholder;  (iii) such other

information  regarding  each nominee  proposed by such  shareholder  as would be

required to be included in a proxy  statement  filed pursuant to the proxy rules

of the  Securities  and Exchange  Commission;  (iv) the written  consent of each

nominee to serve as a director of the  corporation  if so elected;  (v) the name

and address of the  shareholder  intending  to propose such  business;  (vi) the

number  of  shares  of  stock  of  the  corporation  beneficially  held,  either

personally  or  in  concert  with  others,  by  the  shareholder;  and  (vii)  a

representation  that the  shareholder  is a holder  of stock of the  corporation

entitled to vote at such  meeting and intends to appear in person or by proxy at

the meeting to make such  nomination.  The  corporation may require any proposed

nominee to furnish such other  information  as may reasonably be required by the

corporation to determine the eligibility of such proposed  nominee to serve as a

director of the corporation. No business shall be conducted at a Special Meeting

except in accordance  with the procedures  set forth in this Section 11(c).  The

chairman of the Special  Meeting  shall,  if the facts  warrant,  determine  and

declare to the Special  Meeting that a  nomination  was not made or business was

not properly brought before the meeting in accordance with the provisions hereof

and, if he should so determine,  he shall so declare to the Special Meeting that

any such nomination  shall be disregarded  and/or any such business not properly

brought before the Special Meeting shall not be transacted.

 

     12.  Voting

 

     Unless otherwise  provided in the Restated  Articles of  Incorporation,  at

each  meeting of  shareholders,  each holder of shares  entitled to vote at such

meeting  shall,  as to all  matters in respect of which such  shares have voting

rights,  be  entitled  to one vote in person or by written  proxy for each share

held of record by him. No vote upon any matter, except the election of

 

 

                                        10

<PAGE>

 

 

directors  or the  amendment  of the  Restated  Articles  of  Incorporation,  is

required to be by ballot  unless  demanded by the holders of at least 10% of the

voting power of the shares of capital stock  represented and entitled to vote at

the meeting.  All motions to introduce a matter for a vote by  shareholders at a

meeting thereof, except for nominations for election as directors recommended by

the Nominating Committee and approved by the Board, shall be seconded prior to a

vote thereon by shareholders.

 

     Except as  otherwise  provided by the WBCL,  a  shareholder  may  authorize

another person or persons to act for him as proxy by transmitting or authorizing

the  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,  provided  that any such  telegram,  cablegram  or other  means of

electronic  transmission  must either set forth or be submitted with information

from  which  it  can  be  determined  that  the  telegram,  cablegram  or  other

transmission  was authorized by the  shareholder.  Any proxy shall be filed with

the Secretary of the  corporation  or other person  authorized to tabulate votes

before or at the time of the  meeting.  No proxy  shall be valid after 11 months

from the date of its execution  unless otherwise  provided in the proxy.  Unless

otherwise  provided in the appointment  form, a proxy appointment may be revoked

at any time before it is voted by written  notice  filed with the  Secretary  or

other  officer or agent of the  corporation  authorized to tabulate  votes.  The

presence  of a  shareholder  who has filed his  proxy  appointment  shall not of

itself constitute a revocation.

 

     No  ballot,  proxies  or votes,  nor any  revocations  thereof  or  changes

thereto, shall be accepted by the inspectors after the closing of the polls.

 

     13.  Corporation's Acceptance of Votes

 

          (a)  If  the  name  signed  on  a  vote,  consent,  waiver,  or  proxy

appointment corresponds to the name of a shareholder, the corporation, if acting

in good  faith,  is  entitled  to accept  the vote,  consent,  waiver,  or proxy

appointment and give it effect as the act of the shareholder.

 

          (b)  If  the  name  signed  on  a  vote,  consent,  waiver,  or  proxy

appointment does not correspond to the name of its shareholder, the corporation,

if acting in good faith, is nevertheless  entitled to accept the vote,  consent,

waiver,  or proxy  appointment  and give it effect as the act of the shareholder

if:

 

               (i) the shareholder is an entity (as defined in the WBCL) and the

          name signed purports to be that of an officer or agent of the entity;

 

               (ii)  the  name  signed   purports  to  be  that  of  a  personal

          representative,  administrator,  executor,  guardian,  or  conservator

          representing  the  shareholder  and,  if  the  corporation   requests,

          evidence of fiduciary  status  acceptable to the  corporation has been

          presented  with  respect  to  the  vote,  consent,  waiver,  or  proxy

          appointment;

 

 

                                        11

<PAGE>

 

 

               (iii)  the  name  signed  purports  to be that of a  receiver  or

          trustee in  bankruptcy  of the  shareholder  and,  if the  corporation

          requests,  evidence of this status  acceptable to the  corporation has

          been presented with respect to the vote,  consent,  waiver,  and proxy

          appointment;

 

               (iv) the name signed purports to be that of a pledgee, beneficial

          owner, or  attorney-in-fact of the shareholder and, if the corporation

          requests,  evidence  acceptable to the  corporation of the signatory's

          authority to sign for the  shareholder has been presented with respect

          to the vote, consent, waiver, or proxy appointment; or

 

               (v) two or more  persons  are the  shareholder  as  cotenants  or

          fiduciaries  and the name  signed  purports to be the name of at least

          one of the  coowners  and the person  signing  appears to be acting on

          behalf of all the coowners.

 

          (c) The corporation is entitled to reject a vote, consent,  waiver, or

proxy  appointment  if the  secretary or other  officer or agent  authorized  to

tabulate votes,  acting in good faith,  has reasonable basis for doubt about the

validity of the signature on it or about the  signatory's  authority to sign for

the shareholder.

 

          (d) The  corporation and its officer or agent who accepts or rejects a

vote, consent, waiver, or proxy appointment in good faith and in accordance with

the standards of this section are not liable in damages to the  shareholder  for

the consequences of the acceptance or rejection.

 

          (e) Corporate  action based on the  acceptance or rejection of a vote,

consent, waiver, or proxy appointment under this section is valid unless a court

of competent jurisdiction determines otherwise.

 

     14.  Inspectors of Election

 

     The  Chief   Executive   Officer  shall,  in  advance  of  any  meeting  of

shareholders,  appoint one or more  inspectors  to act at the meeting and make a

written  report  thereof.  He may  designate  one or more  persons as  alternate

inspectors  to  replace  any  inspector  who fails to act.  If no  inspector  or

alternate  is able to act at a meeting  of  shareholders,  the  chairman  of the

meeting  shall  appoint  one or  more  inspectors  to act at the  meeting.  Each

inspector, before entering upon the discharge of his duties, shall take and sign

an oath  faithfully to execute the duties of inspector with strict  impartiality

and according to the best of his ability.

 

     The inspectors shall (i) ascertain the number of shares outstanding and the

voting  power of each,  (ii)  determine  the number of shares  represented  at a

meeting  and the  validity  of proxies  and  ballots,  (iii) count all votes and

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

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

(v)  certify  their  determination  of the number of shares  represented  at the

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

retain other persons or entities to assist the inspectors in the  performance of

the duties of the inspectors.

 

 

                                        12

<PAGE>

 

 

The inspectors shall determine the validity of and count the proxies and ballots

in accordance with applicable law.

 

     15.  Voting List

 

     The officer or agent having charge of the stock  transfer  books for shares

of the corporation shall make,  before each meeting of shareholders,  a complete

list of the  shareholders  entitled to vote at such meeting,  or any adjournment

thereof,  arranged in alphabetical  order, with the address of and the number of

shares held by each. The list must be arranged by voting group,  if such exists,

and within each voting group by class or series of shares. The corporation shall

make  such  shareholder  list  available  for  inspection  at the  corporation's

principal  office or other location  permitted by the WBCL by any shareholder at

any time  prior to the  meeting  during  usual  business  hours  for any  proper

purpose,  beginning  two (2) business  days after notice is given of the meeting

for which the list was prepared.  A  shareholder,  or his agent or attorney,  is

entitled on written demand to inspect and,  subject to the  requirements  of the

WBCL, to copy the list during regular  business  hours and at the  shareholder's

expense, during such period that it is available for inspection.  Such list also

shall be  produced  and kept open at the time and place of the meeting and shall

be subject to the inspection of any shareholder  during the meeting for purposes

related to the meeting.  The corporation  shall maintain the shareholder list in

written form or in another form capable of conversion into written form within a

reasonable time.  Notwithstanding  the foregoing,  the corporation's  failure or

refusal to prepare or make available the  shareholder  list shall not affect the

validity of any action taken at such shareholder meeting.

 

                               BOARD OF DIRECTORS

 

     16.  Resignation

 

     A  director  may  resign  at any  time  by  giving  written  notice  to the

corporation,  addressed to the Chief  Executive  Officer or the Secretary.  Such

resignation  shall take  effect at the date of receipt of such  notice or at any

later time specified therein. Acceptance of a resignation shall not be necessary

to make it effective unless otherwise stated in the notice.

 

     17.  Annual Meeting

 

     A meeting of the Board,  to be known as the annual Board meeting,  shall be

held without call or notice  immediately  after and at the same general place as

the annual meeting of the  shareholders.  The annual Board meeting shall be held

for the purpose of organizing the Board, electing officers,  and transacting any

other business that may properly come before the meeting.

 

     18.  Regular Meetings

 

     Regular meetings of the Board may be held without call or notice at

such place and at such time as shall be fixed by the Board.

 

 

                                        13

<PAGE>

 

 

     19.  Special Meetings

 

     Special meetings of the Board may be called by the Chief Executive Officer,

and shall be called by the  Secretary  upon the  request  in writing of not less

than two of the directors then in office.  Special  meetings of the Board may be

held at such place and at such time as shall be  designated in the call thereof.

Notice of  special  meetings  of the Board  shall  either be mailed by the Chief

Executive  Officer or the  Secretary to each director at least three days before

the meeting,  or served upon, or sent by electronic means by the Chief Executive

Officer or the  Secretary to, each director at least one day before the meeting,

but during an  emergency  as  defined in Section 22 hereof,  notice may be given

only to such of the  directors as it may be feasible to reach at the time and by

such means as may be feasible at the time, including  publications or private or

public electronic  means.  Unless required by law, the notice need not state the

purposes of the meeting.

 

     20.  Telephonic Meetings

 

     The Board,  or any  committee of the Board,  may, in addition to conducting

meetings in which each director  participates in person, and notwithstanding any

place set forth in the  notice of the  meeting  or these  By-laws,  conduct  any

regular or special meeting by the use of any electronic means of  communication,

such as by  conference  telephone,  provided  all  participating  directors  may

simultaneously  hear  each  other  during  the  meeting.  If a  meeting  will be

conducted at which any directors do not participate in person, all participating

directors  shall be informed  that a meeting is taking  place at which  official

business may be transacted.

 

     21.  Director's Assent

 

     A director  who is present at a meeting of the Board or a committee  of the

Board when  corporate  action is taken is deemed to have  assented to the action

taken  unless:  (1) the  director  objects at the  beginning  of the meeting (or

promptly  upon the  director's  arrival) to holding  the meeting or  transacting

business at the meeting;  (2) the director  dissents or abstains from the action

taken and minutes of the meeting are prepared that show the  director's  dissent

or  abstention  from the action;  (3) the director  dissents or abstains from an

action  taken,  minutes  of the  meeting  are  prepared  that  fail to show  the

director's dissent or abstention from the action taken and the director delivers

to the  corporation a written  notice of that failure that complies with Section

180.0141 of the WBCL promptly after  receiving the minutes;  or (4) the director

delivers written notice of his dissent or abstention to the presiding officer of

the meeting  before its  adjournment  or to the  corporation  immediately  after

adjournment of the meeting.  The right of dissent or abstention is not available

to a director who votes in favor of the action taken.

 

     22.  Quorum

 

     Except  during  the  existence  of an  emergency  and  except as  otherwise

provided  in  these  By-Laws  or in  the  Restated  Articles  of  Incorporation,

one-third of the total number of directors,  as fixed pursuant to Section (2) of

Article  Seven of the Restated  Articles of  Incorporation,  shall  constitute a

quorum for the  transaction  of business.  During the existence of an emergency,

three  directors shall  constitute a quorum for the transaction of business.  To

 

 

                                        14

<PAGE>

 

 

the extent required to constitute a quorum at any meeting of the Board during an

emergency,  the officers of the corporation who are present shall be deemed,  in

order of rank and within the same rank in order of seniority, directors for such

meeting.  Subject to the provisions of the Restated  Articles of  Incorporation,

the action of the majority of  directors  present at a meeting at which a quorum

is present  shall be the act of the Board.  In the event of lack of a quorum,  a

majority of the  directors  present  may  adjourn the meeting  from time to time

without  notice other than  announcement  at the meeting until a quorum shall be

obtained. At any such adjourned meeting at which there is a quorum, any business

may be transacted  which might have been  transacted  at the meeting  originally

called.

 

     An  "emergency"  for the purpose of these By-Laws shall mean a catastrophic

event that prevents a quorum of the  corporation's  directors from being readily

assembled.

 

     23.  Action Without Meeting

 

     Any action  required or  permitted  to be taken at any meeting of the Board

may be taken  without a meeting if all members of the Board  consent  thereto in

writing and such written consent is filed with the minutes of the proceedings of

the Board.

 

     24.  Organization

 

     The Chairman of the Board, or in his absence the Chief  Executive  Officer,

or in his  absence a  director  chosen by the  directors  present,  shall act as

chairman at meetings of the Board. The Secretary of the corporation shall act as

secretary  at  meetings  of the Board but in his  absence  the  chairman  of the

meeting may appoint a secretary for the meeting.

 

     25.  Compensation

 

     The  compensation  of directors for services as directors and as members of

committees  of the Board  shall be as fixed by the Board from time to time.  The

compensation,  if any, of the directors need not be uniform as between directors

and the compensation, if any, of the members of the committees of the Board need

not  be  uniform  either  as  between  members  of a  committee  or  as  between

committees.  The Board shall provide for  reimbursing the directors for expenses

incurred in attending meetings of the Board or committees thereof.

 

     Any  director  may also serve the  corporation  in any other  capacity  and

receive compensation, including fees and expenses, for such service.

 

                             COMMITTEES OF THE BOARD

 

     26.  Standing and Other Committees

 

     The directors shall from time to time designate,  by resolution passed by a

majority of the entire Board of Directors  (as defined in Section (2) of Article

7 of the Restated Articles of Incorporation),  members of an Audit Committee,  a

Compensation  Committee,  a  Board  Affairs  and  Nominating  Committee  and  an

Executive Committee, each of which shall have and may

 

 

                                        15

<PAGE>

 

 

exercise the powers of the Board in the direction of the business and affairs of

the  corporation in respect to the matters and to the extent set forth in one or

more  resolutions of the Board  similarly  adopted,  subject to the power of the

Board  to  assign  from  time to time to any  such  committees  or to any  other

committees  such  powers in  respect to  specific  matters as the Board may deem

desirable  and  subject to any  limitations  of  applicable  law,  the  Restated

Articles of Incorporation or these By-Laws.

 

     These four committees shall be the standing  committees of the corporation.

The Board  may,  by  resolution  passed by a  majority  of the  entire  Board of

Directors,  designate  such  other  committees  as it from time to time may deem

appropriate.  The  powers  of each  such  committee  shall be  limited  to those

specified in the resolution designating the committee.

 

     Each committee  shall consist of not less than two  directors,  one of whom

shall be designated chairman. In the case of standing committees,  members shall

be elected  annually by  resolution  passed by a majority of the entire Board of

Directors at the regular meeting of the Board held in connection with the Annual

Meeting.

 

     27.  Procedure

 

     Each  committee  shall fix its own rules of procedure  and shall meet where

and as provided by such rules, but the presence of a majority shall be necessary

to  constitute  a  quorum,  unless  otherwise  provided  by these  By-Laws.  The

Secretary of the corporation or a member of the appropriate committee shall keep

minutes of  proceedings.  Any action  required or  permitted  to be taken at any

meeting  of any  committee  may be taken  without a meeting  if all the  members

consent thereto in writing and such written consent is filed with the minutes of

the proceedings of such committee. Each committee shall make such reports to the

Board of its activities as the Board may request.

 

     28.  Audit Committee

 

     The Audit Committee  shall be comprised  solely of members of the Board who

shall be independent of management and free from any  relationship  that, in the

opinion  of the  Board,  would  interfere  with their  exercise  of  independent

judgment as committee  members.  The policy statement on audit committees issued

by the New York  Stock  Exchange  shall be  applicable  in  determining  whether

directors are "independent" for this purpose.

 

     29.  Compensation Committee

 

     The Board shall select the members of the Compensation Committee from among

the  directors  who are not,  and have not been for at least  one year  prior to

selection, officers or employees of the corporation.

 

     30.  Executive Committee.

 

     The Executive  Committee shall include,  by virtue of his office, the Chief

Executive  Officer,  and the Chief Executive Officer shall serve as the chairman

thereof.

 

 

                                        16

<PAGE>

 

 

 

     31.  Board Affairs and Nominating Committee.

 

     The Board shall select the members of the  Nominating  Committee from among

the  directors  who  (except in the case of the  Chairman  of the Board) are not

officers or employees of the corporation.

 

     32.  Alternates; Vacancies in Committees

 

     The Board may elect one or more of its members as alternate  members of any

committee  who may take the place of any absent member or members at any meeting

of  such  committee,  upon  request  by  the  Chief  Executive  Officer  of  the

corporation  or upon request by the chairman of the committee or the chairman of

the meeting of any  committee.  Alternate  members shall serve,  in the order in

which the Board shall determine, when one or more members of the committee shall

be absent or disqualified.  Alternate  members may attend committee  meetings as

observers,  without the right to vote when all members are  present;  when fewer

than all are present, only an alternate member serving in the place of an absent

or  disqualified  member  shall  have  the  right to vote.  If no  alternate  is

available,  the committee  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 to act at the meeting in place

of any absent or disqualified  member. All members of all committees  (including

chairmen) shall serve at the pleasure of the Board.

 

                                    OFFICERS

 

     33.  Designation; Election; Qualification; Term

 

     Each year at the annual Board meeting the directors  shall elect a Chairman

of the Board, a Chief Executive  Officer and a Treasurer.  From time to time the

Board may also elect or appoint a Vice Chairman of the Board or Vice Chairmen of

the Board, a President,  such  Executive,  Senior or other Vice Presidents as it

may deem  appropriate,  a Chief  Financial  Officer,  and such  other  officers,

including  a  Controller,  Assistant  Vice  Presidents,  Assistant  Secretaries,

Assistant Treasurers and Assistant Controllers, as it may deem appropriate.  The

Chief Executive Officer may appoint any officers of the corporation not required

to be elected by the Board,  as he may deem  appropriate.  The  Chairman  of the

Board, the Chief Executive  Officer,  and any Vice Chairman of the Board must be

directors;  no other  officer  need be a director.  Any number of offices may be

held by the  same  person.  The  term  of  each  officer,  whenever  elected  or

appointed,  shall be until the election or appointment  (as the case may be) and

qualification of his successor or until his earlier resignation or removal.

 

     34.  Duties

 

     The  officers  shall  have  such  powers  and  perform  such  duties as are

prescribed  in these  By-Laws,  or, in the case of an officer  whose  powers and

duties are not so prescribed, as may be assigned by the Board or delegated by or

through the Chief Executive Officer.

 

 

                                        17

<PAGE>

 

 

     35.  Resignation; Removal; Vacancies

 

     Any  officer  may  resign at any time by giving  notice to the  corporation

addressed to the Chief  Executive  Officer or the  Secretary.  Such  resignation

shall take effect at the date of the receipt of such notice or at any later time

specified therein. Acceptance of a resignation shall not be necessary to make it

effective unless  otherwise stated in the notice.  Any officer may be removed by

the  Board at any time with or  without  cause.  Any  appointed  officer  may be

removed by the Chief  Executive  Officer at any time with or  without  cause.  A

vacancy in any office may be filled by the Board, and a vacancy in any appointed

office may be filled by the Chief Executive  Officer,  for the unexpired portion

of the term.

 

     36. Chief Executive Officer

 

     The Chief  Executive  Officer  of the  corporation  shall be elected by the

Board.  Subject to the Board, he shall be in general and active charge,  control

and supervision over the management and direction of the business,  property and

affairs of the  corporation.  He shall keep the Board fully informed,  and shall

freely consult it, concerning the business of the corporation in his charge.

 

     He shall, subject to these By-Laws, have authority to:

 

          (i) appoint or approve the  appointment  of employees to various posts

     and positions in the corporation  bearing titles  designated or approved by

     him and to  prescribe  their  authority  and duties,  which may include the

     authority to appoint subordinates to various other posts and positions; and

 

          (ii) remove or approve the removal of employees so appointed; and

 

          (iii) sign, execute and acknowledge, on behalf of the corporation, all

     deeds, mortgages, bonds, notes, debentures, stock certificates,  contracts,

     including contracts of guaranty and suretyship,  leases,  reports and other

     documents and instruments, except where the signing or execution thereof by

     some other  officer  or  employee  of the  corporation  shall be  expressly

     authorized  and  directed  by law,  or by the Board,  or by these  By-Laws.

     Unless otherwise provided by law, or by these By-Laws,  or by the Board, he

     may authorize in a writing filed with the Secretary, any officer, employee,

     or agent of the corporation to sign, execute and acknowledge,  on behalf of

     the corporation  and in his place and stead,  any or all such documents and

     instruments.

 

     He shall have such other  authority  and perform  such other  duties as are

incident to the office of Chief Executive  Officer and as may be prescribed from

time to time by the Board and these By-Laws.

 

     In the absence or disability of the Chief Executive Officer,  or in case of

an unfilled vacancy in that office, until such time as the Board shall elect his

successor,  his duties shall be  performed  and his powers shall be exercised by

other elected  officers of the corporation  who

 

 

                                        18

<PAGE>

 

 

are also  directors  (unless  none are  directors)  in the  order in which  such

officers were listed in their respective elections.

 

     37.  Chairman of the Board, Vice Chairman of the Board and President

 

     The  Chairman  of the  Board,  any  Vice  Chairman  of the  Board  and  the

President,  each  acting  alone,  shall  have  authority  to sign,  execute  and

acknowledge on behalf of the corporation,  all deeds,  mortgages,  bonds, notes,

debentures, stock certificates,  contracts,  including contracts of guaranty and

suretyship,  leases,  reports and other documents and instruments,  except where

the signing or  execution  thereof by some other  officer or  employee  shall be

expressly  authorized  and  directed  by law,  or by the Board,  or by the Chief

Executive  Officer or by these By-Laws.  Each shall have such additional  powers

and perform such additional  duties as may be assigned to him by the Board or as

may be delegated to him by the Chief Executive Officer.

 

     38.  Vice Presidents

 

     Each Vice  President  shall have such powers and perform such duties as may

be  assigned  to him by the  Board or as may be  delegated  to him by the  Chief

Executive Officer.

 

     Each  Executive Vice  President  shall have authority to sign,  execute and

acknowledge on behalf of the corporation,  all deeds,  mortgages,  bonds, notes,

debentures,  contracts,  including contracts of guaranty and suretyship, leases,

reports  and other  documents  and  instruments,  except  where the  signing  or

execution  thereof  by  some  other  officer  or  employee  shall  be  expressly

authorized  and  directed  by law,  or by the Board,  or by the Chief  Executive

Officer, or by these By-Laws.

 

     39.  Chief Financial Officer

 

     The Chief Financial Officer shall:

 

          (i) be the principal  financial  officer of the  corporation  and have

     responsibility for all financial affairs of the corporation; and

 

          (ii) protect the cash,  securities,  receivables  and other  financial

     resources of the corporation, have responsibility for investment,  receipt,

     custody and  disbursement  of such  resources,  and establish  policies for

     granting credit to customers; and

 

          (iii) maintain the creditworthiness of the corporation; and

 

          (iv)  negotiate  and  procure  capital  required  by the  corporation,

     including  long-term  debt and equity,  maintain  adequate  sources for the

     corporation's   short-term  financing  requirements  and  maintain  banking

     relationships; and

 

          (v)  administer  the accounting  policies of the  corporation  and the

     internal controls with respect to its financial affairs; and

 

 

                                        19

<PAGE>

 

 

 

          (vi) supervise the corporation's books of account,  and have access to

     all records, including the Secretary's records; and

 

          (vii) in general, have such other powers and perform such other duties

     as may be  assigned  from  time to time by the Board or by or  through  the

     Chief Executive Officer.

 

     40.  Controller

 

     The Controller shall:

 

          (i) be the principal accounting officer of the corporation; and

 

          (ii) have  custody and charge of the  corporation's  books of account,

     and  have  access  to  all  records,  including  the  Secretary's  and  the

     Treasurer's  records,  for purpose of  obtaining  information  necessary to

     verify or complete the records of the Controller's office; and

 

          (iii) implement the policies for granting credit to customers; and

 

          (iv)  implement  the internal  controls  with respect to the financial

     affairs of the corporation; and

 

          (v) have the responsibility for processing vouchers for payment by the

     Treasurer; and

 

          (vi) in general,  have such other powers and perform such other duties

     as may be  assigned  from  time to time by the Board or by or  through  the

     Chief Executive Officer.

 

          41. Secretary

 

          The Secretary shall:

 

          (i) attend and keep the minutes of all  meetings of the  shareholders,

     the Board, and of such committees as the Board may direct; and

 

          (ii) have  custody of the  corporate  seal and all  corporate  records

     (including   transfer  books  and  stock   ledgers),   contracts,   papers,

     instruments,  documents and books of the corporation  except those required

     to be kept by other officers under these By-Laws; and

 

          (iii) sign on behalf of the corporation such documents and instruments

     as require his signature  when approved in accordance  with these  By-Laws,

     and to such  documents he shall affix the corporate seal when necessary and

     may do so when he deems it desirable; and

 

 

                                        20

<PAGE>

 

 

          (iv) see that  notices are given and records and reports are  properly

     kept and  filed by the  corporation  as  required  by these  By-Laws  or as

     required by law; and

 

          (v) in general,  have such other  powers and perform such other duties

     as are  incident to the office of  Secretary  and as may be assigned to him

     from  time  to time by the  Board  or by or  through  the  Chief  Executive

     Officer.

 

     42.  Treasurer

 

     The Treasurer shall:

 

          (i) receive and sign  receipts for all moneys paid to the  corporation

     and shall deposit the same in the name and to the credit of the corporation

     in authorized banks or depositories; and

 

          (ii) when necessary or desirable,  endorse for collection on behalf of

     the corporation all checks,  drafts, notes and other obligations payable to

     it; and

 

          (iii)  disburse the funds of the  corporation  only upon vouchers duly

     processed and under such rules and  regulations  as the Board may from time

     to time adopt; and

 

          (iv) keep full and accurate accounts of the transactions of his office

     in books belonging to the corporation; and

 

          (v) render as the Board may direct an account of the  transactions  of

     his office; and

 

          (vi) in general,  have such other powers and perform such other duties

     as are  incident to the office of  Treasurer  and as may be assigned to him

     from  time  to time by the  Board  or by or  through  the  Chief  Executive

     Officer.

 

                                  MISCELLANEOUS

 

     43.  Offices

 

     The registered office of the corporation in the State of Wisconsin shall be

located at 6744  South  Howell  Avenue,  Oak Creek,  Wisconsin  53154-1402.  The

corporation  may have  such  other  offices  as the  Board may from time to time

determine.  The  books  of the  corporation  may be kept  outside  the  State of

Wisconsin.

 

     44.  Seal

 

     The  corporation  may have a seal,  but the use of such  seal  shall not be

necessary to evidence  authority for any action on behalf of the  corporation or

to evidence the authenticity of any signature on behalf of the corporation or of

any officer of the corporation.

 

 

                                        21

<PAGE>

 

 

     45.  Fiscal Year

 

     The fiscal year of the corporation shall begin on January 1 of each year.

 

     46.  Annual Report

 

     At least fifteen days in advance of the annual meeting of shareholders, but

not later than three months after the close of the fiscal year,  the Board shall

publish  and submit to the  shareholders  a  consolidated  balance  sheet of the

corporation  and its  consolidated  subsidiaries  as of the end of the  previous

fiscal year and the related  consolidated income and cash flow statements of the

corporation and its consolidated subsidiaries for the previous fiscal year.

 

     47.  Consideration for Shares

 

     The Board may authorize shares to be issued for consideration consisting of

any tangible or  intangible  property or benefit to the  corporation,  including

cash,  promissory  notes,  services  performed,  contracts  for  services  to be

performed or other securities of the corporation.  Before the corporation issues

shares,  the Board  shall  determine  that the  consideration  received or to be

received for the shares to be issued is adequate. In the absence of a resolution

adopted by the Board expressly determining that the consideration received or to

be received is adequate,  Board  approval of the issuance of the shares shall be

deemed to constitute such a  determination.  The  determination  of the Board is

conclusive  insofar as the adequacy of consideration  for the issuance of shares

relates to whether the shares are validly issued,  fully paid and nonassessable.

The  corporation  may  place in escrow  shares  issued in whole or in part for a

contract for future services or benefits,  a promissory  note, or other property

to be issued in the future, or make other  arrangements to restrict the transfer

of the shares,  and may credit  distributions  in respect of the shares  against

their purchase price, until the services are performed, the benefits or property

are received or the promissory  note is paid. If the services are not performed,

the benefits or property are not  received or the  promissory  note is not paid,

the  corporation  may  cancel,  in whole  or in part,  the  shares  escrowed  or

restricted and the distributions credited.

 

     48.  Stock Regulation

 

     The Board shall have the power and authority to make all such further rules

and regulations not inconsistent  with the statutes of the State of Wisconsin as

it may deem  expedient  concerning  the  issue,  transfer  and  registration  of

certificates representing shares of the corporation.

 

     49.  Indemnification

 

          (a) Certain Definitions. All capitalized terms used in this Section 49

and not  otherwise  hereinafter  defined in this  Section  49(a)  shall have the

meaning set forth in Section 180.0850 of the Statute. The following  capitalized

terms  (including  any plural  forms  thereof)  used in this Section 49 shall be

defined as follows:

 

 

                                        22

<PAGE>

 

 

               (i) "Affiliate" shall include, without limitation, any Person (as

          defined  in  Section  8(d)  of  these  By-Laws)   (including   without

          limitation  an employee  benefit  plan) that,  directly or  indirectly

          through one or more  intermediaries,  controls or is controlled by, or

          is under common control with, the Corporation.

 

               (ii)  "Authority"  shall mean the entity selected by the Director

          or Officer  to  determine  his right to  indemnification  pursuant  to

          Section 49(d).

 

               (iii)  "Board"  shall mean the entire  then  elected  and serving

          Board of Directors of the  Corporation,  including all members thereof

          who are Parties to the subject Proceeding or any related Proceeding.

 

               (iv) "Breach of Duty" shall mean the Director or Officer breached

          or failed to perform his duties to the  Corporation  and his breach of

          or failure to perform those duties is determined,  in accordance  with

          Section 49(d), to constitute  misconduct under Section  180.0851(2)(a)

          1, 2, 3 or 4 of the Statute.

 

               (v)  "Corporation,"  as used herein and as defined in the Statute

          and  incorporated  by reference into the  definitions of certain other

          capitalized terms used herein, shall mean this corporation, including,

          without  limitation,  any  successor  corporation  or  entity  to this

          corporation by way of merger,  consolidation  or acquisition of all or

          substantially all of the capital stock or assets of this corporation.

 

               (vi)  "Director  or Officer"  shall have the meaning set forth in

          the Statute; provided, that, for purposes of this Section 49, it shall

          be  conclusively  presumed  that any Director or Officer  serving as a

          director,  officer,  partner,  trustee,  member  of any  governing  or

          decision-making committee,  employee or agent of an Affiliate shall be

          so serving at the request of the Corporation.

 

               (vii) "Disinterested Quorum" shall mean a quorum of the Board who

          are not Parties to the subject Proceeding or any related Proceeding.

 

               (viii)  "Party"  shall have the meaning set forth in the Statute;

          provided,  that,  for  purposes of this  Section 49, the term  "Party"

          shall  also  include  any  Director  or  Officer  or  employee  of the

          Corporation  who is or was a witness in a Proceeding at a time when he

          has not otherwise been formally named a Party thereto.

 

               (ix)  "Proceeding"  shall  have  the  meaning  set  forth  in the

          Statute;  provided,  that, in accordance with Section  180.0859 of the

          Statute  and for  purposes of this  Section 49, the term  "Proceeding"

          shall also include all  Proceedings  (i) brought under (in whole or in

          part) the Securities Act of 1933, as amended,  the Exchange Act, their

          respective   state   counterparts,   and/or  any  rule  or  regulation

          promulgated  under  any of  the  foregoing;  (ii)  brought  before  an

          Authority or otherwise to enforce rights  hereunder;  (iii) any appeal

          from a  Proceeding;  and (iv) any  Proceeding in which the Director or

          Officer is a  plaintiff  or  petitioner  because  he is a Director  or

          Officer;

 

 

                                        23

<PAGE>

 

 

          provided, however, that any such Proceeding under this subsection (iv)

          must be authorized by a majority vote of a Disinterested Quorum.

 

               (x) "Statute"  shall mean  Sections  180.0850  through  180.0859,

          inclusive,  of the Wisconsin Business  Corporation Law, Chapter 180 of

          the Wisconsin Statutes, as the same shall then be in effect, including

          any amendments thereto,  but, in the case of any such amendment,  only

          to the extent such  amendment  permits or requires the  Corporation to

          provide broader  indemnification  rights than the Statute permitted or

          required the Corporation to provide prior to such amendment.

 

          (b)  Mandatory  Indemnification  of  Directors  and  Officers.  To the

fullest  extent  permitted or required by the  Statute,  the  Corporation  shall

indemnify a Director or Officer against all Liabilities incurred by or on behalf

of such  Director  or  Officer  in  connection  with a  Proceeding  in which the

Director or Officer is a Party because he is a Director or Officer.

 

          (c) Procedural Requirements.

 

               (i) A Director or Officer who seeks indemnification under Section

          49(b)  shall  make a  written  request  therefor  to the  Corporation.

          Subject to Section  49(c)(ii),  within sixty days of the Corporation's

          receipt of such request,  the  Corporation  shall pay or reimburse the

          Director or Officer for the entire amount of  Liabilities  incurred by

          the Director or Officer in connection with the subject Proceeding (net

          of any Expenses previously advanced pursuant to Section 49(e)).

 

               (ii)  No  indemnification  shall  be  required  to be paid by the

          Corporation  pursuant  to  Section  49(b) if,  within  such  sixty-day

          period,  (A) a  Disinterested  Quorum,  by a  majority  vote  thereof,

          determines  that the  Director or Officer  requesting  indemnification

          engaged  in  misconduct  constituting  a  Breach  of  Duty  or  (B)  a

          Disinterested Quorum cannot be obtained.

 

               (iii) In either case of nonpayment pursuant to Section 49(c)(ii),

          the Board shall immediately authorize by resolution that an Authority,

          as provided in Section  49(d),  determine  whether the  Director's  or

          Officer's conduct constituted a Breach of Duty and, therefore, whether

          indemnification should be denied hereunder.

 

               (iv)  (A) If  the  Board  does  not  authorize  an  Authority  to

          determine  the  Director's  or  Officer's  right  to   indemnification

          hereunder within such sixty-day  period and/or (B) if  indemnification

          of the requested  amount of  Liabilities  is paid by the  Corporation,

          then  it  shall  be  conclusively  presumed  for all  purposes  that a

          Disinterested Quorum has affirmatively determined that the Director or

          Officer  did not engage in  misconduct  constituting  a Breach of Duty

          and, in the case of  subsection  (A) above (but not  subsection  (B)),

          indemnification   by  the  Corporation  of  the  requested  amount  of

          Liabilities shall be paid to the Director or Officer immediately.

 

          (d) Determination of Indemnification.

 

 

                                        24

<PAGE>

 

 

               (i)  If  the  Board   authorizes  an  Authority  to  determine  a

          Director's or Officer's right to  indemnification  pursuant to Section

          49(c), then the Director or Officer requesting  indemnification  shall

          have  the  absolute  discretionary  authority  to  select  one  of the

          following as such Authority:

 

                    (A)  An  independent  legal  counsel;  provided,  that  such

               counsel  shall be mutually  selected by such  Director or Officer

               and  by a  majority  vote  of a  Disinterested  Quorum  or,  if a

               Disinterested Quorum cannot be obtained,  then by a majority vote

               of the Board;

 

                    (B) A panel of three arbitrators selected from the panels of

               arbitrators of the American Arbitration Association in Wisconsin;

               provided,  that  (I) one  arbitrator  shall be  selected  by such

               Director or Officer, the second arbitrator shall be selected by a

               majority vote of a  Disinterested  Quorum or, if a  Disinterested

               Quorum cannot be obtained,  then by a majority vote of the Board,

               and the third  arbitrator shall be selected by the two previously

               selected arbitrators,  and (II) in all other respects (other than

               this  Section  49),  such panel shall be governed by the American

               Arbitration  Association's then existing  Commercial  Arbitration

               Rules; or

 

                    (C) A  court  pursuant  to and in  accordance  with  Section

               180.0854 of the Statute.

 

               (ii) In any such  determination  by the selected  Authority there

          shall exist a rebuttable  presumption that the Director's or Officer's

          conduct did not  constitute a Breach of Duty and that  indemnification

          against the requested amount of Liabilities is required. The burden of

          rebutting such a presumption by clear and convincing evidence shall be

          on  the   Corporation   or  such  other  party   asserting  that  such

          indemnification should not be allowed.

 

               (iii) The  Authority  shall make its  determination  within sixty

          days of being  selected  and  shall  submit a written  opinion  of its

          conclusion  simultaneously to both the Corporation and the Director or

          Officer.

 

               (iv) If the Authority determines that indemnification is required

          hereunder,  then the Corporation shall pay the entire requested amount

          of Liabilities (net of any Expenses  previously  advanced  pursuant to

          Section 49(e)),  including  interest  thereon at a reasonable rate, as

          determined  by the  Authority,  within  ten  days  of  receipt  of the

          Authority's  opinion;  provided,  that,  if it is  determined  by  the

          Authority  that a Director or Officer is  entitled to  indemnification

          against Liabilities'  incurred in connection with some claims,  issues

          or matters, but not as to other claims, issues or matters, involved in

          the subject  Proceeding,  the Corporation shall be required to pay (as

          set forth above) only the amount of such requested  Liabilities as the

          Authority shall deem appropriate in light of all of the  circumstances

          of such Proceeding.

 

 

                                        25

<PAGE>

 

 

               (v) The  determination by the Authority that  indemnification  is

          required hereunder shall be binding upon the Corporation regardless of

          any prior  determination  that the  Director  or Officer  engaged in a

          Breach of Duty.

 

               (vi) All Expenses  incurred in the  determination  process  under

          this  Section  49(d) by either  the  Corporation  or the  Director  or

          Officer,  including,  without limitation, all Expenses of the selected

          Authority, shall be paid by the Corporation.

 

          (e)  Mandatory Allowance of Expenses.

 

               (i) The  Corporation  shall pay or reimburse from time to time or

          at any time,  within ten days after the receipt of the  Director's  or

          Officer's  written request  therefor,  the reasonable  Expenses of the

          Director  or Officer as such  Expenses  are  incurred;  provided,  the

          following conditions are satisfied:

 

                    (A) The Director or Officer  furnishes to the Corporation an

               executed written certificate affirming his good faith belief that

               he has not engaged in  misconduct  that  constitutes  a Breach of

               Duty; and

 

                    (B) The Director or Officer  furnishes to the Corporation an

               unsecured  executed written  agreement to repay any advances made

               under this Section  49(e) if it is  ultimately  determined  by an

               Authority  that  he is  not  entitled  to be  indemnified  by the

               Corporation for such Expenses pursuant to Section 49(d).

 

               (ii)  If the  Director  or  Officer  must  repay  any  previously

          advanced  Expenses  pursuant to this Section 49(e), then such Director

          or Officer shall not be required to pay interest on such amounts.

 

          (f)  Indemnification and Allowance of Expenses of Certain Others.

 

               (i) The Board  may,  in its sole and  absolute  discretion  as it

          deems  appropriate,  pursuant to a majority vote thereof,  indemnify a

          director or officer of an Affiliate (who is not otherwise serving as a

          Director or Officer)  against all  Liabilities,  and shall advance the

          reasonable  Expenses,  incurred  by  such  director  or  officer  in a

          Proceeding to the same extent hereunder as if such director or officer

          incurred  such  Liabilities  because he was a Director or Officer,  if

          such  director  or officer is a Party  thereto  because he is or was a

          director or officer of the Affiliate.

 

               (ii) The  Corporation  shall  indemnify  an employee who is not a

          Director  or  Officer,  to the  extent he has been  successful  on the

          merits or otherwise  in defense of a  Proceeding,  for all  reasonable

          Expenses  incurred  in the  Proceeding  if the  employee  was a  Party

          because he was an employee of the Corporation.

 

               (iii) The Board may, in its sole and  absolute  discretion  as it

          deems appropriate,  pursuant to a majority vote thereof, indemnify (to

          the extent not otherwise

 

 

                                        26

<PAGE>

 

 

          provided in Section 49(f)(ii) hereof) against Liabilities incurred by,

          and/or  provide  for the  allowance  of  reasonable  Expenses  of,  an

          employee or  authorized  agent of the  Corporation  acting  within the

          scope of his duties as such and who is not  otherwise  a  Director  or

          Officer.

 

          (g) Insurance.  The Corporation may purchase and maintain insurance on

behalf of a Director or Officer or any  individual  who is or was an employee or

authorized  agent of the Corporation  against any Liability  asserted against or

incurred by such  individual  in his capacity as such or arising from his status

as such,  regardless  of whether the  Corporation  is required or  permitted  to

indemnify against any such Liability under this Section 49.

 

          (h) Notice to the Corporation.  A Director,  Officer or employee shall

promptly  notify the  Corporation  in writing when he has actual  knowledge of a

Proceeding that may result in a claim of indemnification  against Liabilities or

allowance of Expenses hereunder,  but the failure to do so shall not relieve the

Corporation  of any  liability to the  Director,  Officer or employee  hereunder

unless the Corporation  shall have been  irreparably  prejudiced by such failure

(as  determined,  in the case of  Directors  or Officers  only,  by an Authority

selected pursuant to Section 51(d)(i)).

 

          (i) Severability.  If any provision of this Section 49 shall be deemed

invalid or inoperative,  or if a court of competent jurisdiction determines that

any of the  provisions of this Section 49 contravene  public  policy,  then this

Section 49 shall be  construed  so that the  remaining  provisions  shall not be

affected,  but shall  remain in full force and effect,  and any such  provisions

that are  invalid or  inoperative  or that  contravene  public  policy  shall be

deemed, without further action or deed by or on behalf of the Corporation, to be

modified, amended and/or limited, but only to the extent necessary to render the

same valid and  enforceable;  it being  understood that it is the  Corporation's

intention  to provide the  Directors  and Officers  with the  broadest  possible

protection against personal liability allowable under the Statute.

 

          (j) Nonexclusivity of Section 49. The rights of a Director, Officer or

employee (or any other person) granted under this Section 49 shall not be deemed

exclusive  of  any  other  rights  to  indemnification  against  Liabilities  or

allowance of Expenses to which the Director,  Officer or employee (or such other

person) may be entitled under any written agreement,  Board resolution,  vote of

shareholders of the  Corporation or otherwise,  including,  without  limitation,

under the Statute. Nothing contained in this Section 49 shall be deemed to limit

the Corporation's obligations to indemnify against Liabilities or allow Expenses

to a Director, Officer or employee under the Statute.

 

          (k) Contractual  Nature of Section 49; Repeal or Limitation of Rights.

This  Section 49 shall be deemed to be a contract  between the  Corporation  and

each Director, Officer and employee of the Corporation,  and any repeal or other

limitation  of this Section 49 or any repeal or limitation of the Statute or any

other  applicable  law shall not limit  any  rights of  indemnification  against

Liabilities  or  allowance of Expenses  then  existing or arising out of events,

acts or  omissions  occurring  prior to such  repeal or  limitation,  including,

without

 

 

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limitation,  the right to  indemnification  against  Liabilities or allowance of

Expenses for  Proceedings  commenced  after such repeal or limitation to enforce

this Section 49 with regard to acts,  omissions or events  arising prior to such

repeal or limitation.

 

     50.  Reliance

 

     Unless  the  director  or  officer  has  knowledge   that  makes   reliance

unwarranted,   a  director  or  officer,   in  discharging  his  duties  to  the

corporation,  may rely on  information,  opinions,  reports or statements any of

which  may  be  written  or  oral,  formal  or  informal,   including  financial

statements, valuation reports and other financial data, if prepared or presented

by any of the following:  (a) an officer or employee of the corporation whom the

director or officer  believes in good faith to be reliable and  competent in the

matters presented;  (b) legal counsel, public accountants or other persons as to

matters  that the  director  or  officer  believes  in good faith are within the

person's professional or expert competence;  or (c) in the case of reliance by a

director,  a committee of the Board of which the director is not a member if the

director believes in good faith that the committee merits confidence.

 

     51.  Inspection of Books

 

     The  directors  shall  determine  from time to time  whether,  and, to what

extent and at what times and places and under what  conditions  and  regulations

the accounts and other books and records of the corporation  (except such as may

by statute be specifically  open to inspection) or any of them, shall be open to

the inspection of the shareholders, and the shareholders' rights in this respect

are and shall be restricted and limited accordingly.

 

     52.  Transactions with the Corporation

 

     No  transaction  with  the  corporation  in  a  which  a  director  of  the

corporation  has  a  direct  or  indirect  interest  (a  "conflict  of  interest

transaction")  shall  be  voidable  by the  corporation  solely  because  of the

director's interest in the transaction if any of the following is true:

 

          (a) the material facts of the transaction and the director's  interest

were  disclosed  or known to the Board or a committee of the Board and the Board

or committee  authorized,  approved or specifically  ratified the transaction in

accordance with Section 180.0831(4) of the WBCL;

 

          (b) the material facts of the transaction and the director's  interest

were  disclosed  or  known  to  the  shareholders  entitled  to  vote  and  they

authorized,  approved or  specifically  ratified the  transaction  under Section

180.0831(5) of the WBCL; or

 

          (c) the transaction was fair to the corporation.

 

     No other  contract  or  transaction  in which a director  or officer has an

interest and which may,  under law, be  authorized,  approved or ratified by the

Board, a committee  thereof,  or the  shareholders  shall be void or voidable if

authorized,  approved or  ratified  by the body which  under law may  authorize,

approve or ratify such contract or transaction.

 

 

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     53.  Ratification

 

     Any  transaction  questioned in any  shareholders'  derivative  suit on the

ground of lack of authority,  defective or irregular execution, adverse interest

of  director,  officer or  shareholder,  nondisclosure,  miscomputation,  or the

application  of improper  principles or practices of accounting  may be ratified

before or after judgment,  by the Board or by the shareholders in case less than

a quorum of directors  is  qualified;  and, if so ratified,  shall have the same

force and  effect as if the  questioned  transaction  had been  originally  duly

authorized,  and said ratification shall be binding upon the corporation and its

shareholders  and  shall  constitute  a bar to any  claim  or  execution  of any

judgment in respect to such questioned transaction.

 

     54.  Voting of Stocks

 

     Unless  otherwise  ordered  by the  Board,  any one of the Chief  Executive

Officer,  the Chairman of the Board,  the  President,  any Vice  Chairman of the

Board, any Executive Vice President or any Senior Vice President shall have full

power and authority,  on behalf of the corporation,  to consent to or approve of

any action by, and to attend,  act and vote at any meeting of  shareholders  of,

any company in which the  corporation  may hold  shares of stock,  and in giving

such consent or approval or at any such meeting  shall  possess and may exercise

any and all rights and powers incident to the ownership of such shares and which

as the holder thereof,  the corporation might possess and exercise if personally

present,  and may exercise  such power and  authority  through the  execution of

proxies or may delegate such power and authority to any other officer,  agent or

employee of the corporation.

 

     55.  Notice

 

     Except as  provided  in Section 9 of these  By-Laws,  any notice  which the

corporation  is required to give under these By-Laws may be given  personally or

it may be given in writing by depositing the notice in the post office or letter

box in a postpaid  envelope  directed to such address as appears on the books of

the corporation. Such notice shall be deemed to be given at the time of mailing.

 

     56.  Waiver of Notice

 

     Whenever  any notice is required to be given,  a waiver  thereof in writing

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

the time stated therein, shall be deemed equivalent thereto.

 

     57.  Dispensing with Notice

 

     No  notice  need be given to any  person  with whom  communication  is made

unlawful by any law of the United States or any rule,  regulation,  proclamation

or executive order issued under any such law.

 

 

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     58.  Amendments

 

     Subject to the provisions of the Restated Articles of Incorporation,  these

By-Laws may be altered, amended or repealed by the shareholders or by the Board.

 

     59. Emergency Provisions

 

     The  following  emergency  provisions  shall be operative to the extent and

under the circumstances set forth in Section 180.0207 of the WBCL:

 

     The board of  directors,  either before or during any such  emergency,  may

provide,  and from time to time modify,  lines of  succession  in the event that

during such emergency any or all officers or agents of the corporation shall for

any reason be rendered incapable of discharging their duties.

 

     The Board of Directors,  either before or during any such  emergency,  may,

effective  in the  emergency,  change  the  head  office  or  designate  several

alternative  head offices or regional  offices,  or authorize the officers so to

do.

 

     No officer,  director or employee  acting in  anticipation  of or during an

emergency in accordance  with any  emergency  by-laws shall be liable for action

taken in good faith to further the ordinary  business affairs of the corporation

during any such emergency.

 

     To the extent not inconsistent with any emergency  by-laws so adopted,  the

by-laws of the corporation  shall remain in effect during any emergency and upon

its termination the emergency by-laws shall cease to be operative.

 

     Unless otherwise  provided in emergency  by-laws,  notice of any meeting of

the Board of Directors during such an emergency may be given only to such of the

directors as it may be feasible to reach at the time and by such means as may be

feasible at the time, including publication or radio.

 

     60.  Terms

 

     Capitalized  terms used in  Sections 61 through 63 and not defined in these

By-Laws  are  used  as  defined  in  the  corporation's   Restated  Articles  of

Incorporation.

 

     61.  Foreign Stock Record

 

     There shall be maintained a separate stock record,  designated the "Foreign

Stock  Record",  for the  registration  of Alien Owned  Shares.  The  Beneficial

Ownership by persons of Alien Owned Shares may be determined in conformity  with

procedures prescribed by the Board.

 

 

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     62.  Permitted Percentage

 

     At no time shall ownership of shares  representing  more than the Permitted

Percentage be registered on the Foreign Stock Record.

 

     63.  Registration of Shares

 

     If at any time there exist Alien Owned  Shares that are not  registered  on

the Foreign Stock Record,  the Beneficial Owner thereof may request,  in writing

by notice to the Secretary of the  corporation,  that the  corporation  register

ownership of such shares on the Foreign Stock Record,  and the corporation shall

promptly  comply  with such  request,  subject  to the  limitation  set forth in

Section 62. The corporation shall also maintain a record of requests to register

Alien Owned  Shares on the Foreign  Stock  Record  that the  corporation  cannot

accommodate  due to the  limitation  set forth in Section 62. If at any time the

corporation  shall find that,  due to changes in ownership of Alien Owned Shares

reflected on the Foreign Stock Record,  the combined voting power of Alien Owned

Shares no longer equals or exceeds the Permitted Percentage for any reason, then

any Alien Owned Shares with respect to which a request for  registration  on the

Foreign Stock Record was made but not  accommodated  due to the  limitation  set

forth in  Section  62 shall  be so  registered  subject  to the  procedures  and

limitations  set forth  herein.  The order in which Alien Owned  Shares shall be

registered on the Foreign Stock Record shall be chronological, based on the date

the  corporation  received a written request to so register such shares of Alien

Owned  Shares;  provided,  that any person who is not a Citizen who purchases or

otherwise  acquires  Alien Owned Shares that are registered on the Foreign Stock

Record may  register  such  shares in its own name  within  thirty  days of such

acquisition,  in which event such person will assume the  position of the seller

of such shares in the  chronological  order of shares  registered on the Foreign

Stock Record. If at any time the corporation shall find that the combined voting

power of Alien Owned Shares then  registered on the Foreign Stock Record exceeds

the Permitted  Percentage  for any reason,  then there shall be removed from the

Foreign Stock Record the  registration of such number of shares so registered as

is sufficient to reduce the combined voting power of the shares so registered to

an amount  not in excess of the  Permitted  Percentage.  The order in which such

shares shall be removed shall be reverse chronological order based upon the date

the  corporation  received a written request to so register such shares of Alien

Owned Shares.

 

     64.  Equity Offerings

 

     For a period  of ninety  days  following  the  consummation  of any  Equity

Offering  (as defined  below),  the Foreign  Stock Record shall be closed to all

shareholders  seeking to register  shares on the Foreign Stock Record except for

any  purchaser of Alien Owned Shares in such Equity  Offering but if and only if

such  purchaser  provides  evidence  satisfactory  to the  corporation  that the

purchaser  was the actual  initial  purchaser  of shares of Voting  Stock of the

corporation  sold by the corporation or a shareholder of the corporation in such

Equity Offering.  The term "Equity  Offering" means the offering of Voting Stock

by the  corporation or any  shareholder of the  corporation  (excluding any such

offering  where  the  Offering   consists   solely  of  Voting  Stock  owned  by

shareholders  of the  corporation)  in either an  underwritten

 

 

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public  offering  registered  under the  Securities  Act of 1933 or an  offering

pursuant to Rule 144A under the Securities Act of 1933.