Exhibit 3.2
                            
                          AMENDED AND RESTATED BY-LAWS
                                       OF
                         PROVIDIAN FINANCIAL CORPORATION
 
 
                                    ARTICLE I
 
                                  Stockholders
 
     Section 1.1 Annual Meetings. (a) An annual meeting of stockholders shall be
held for the election of the  directors  and for the  transaction  of such other
business as may properly come before the meeting,  at such date, time and place,
either  within  or  without  the  State of  Delaware,  as may be  designated  by
resolution of the Board of Directors from time to time.
 
     (b) The Board of Directors  or the  Chairman of the Board,  as the case may
be,  may  designate  the  place  of  meeting  for  any  annual  meeting  of  the
stockholders.  If no  designation  is so made, the place of meeting shall be the
principal office of the Corporation.
 
     Section 1.2 Special  Meetings.  (a) Subject to the rights of the holders of
any class or series of stock  having a  preference  over the Common  Stock as to
dividends or upon  liquidation,  any action required or permitted to be taken by
the  stockholders of the Corporation must be effected at a duly called annual or
special  meeting of  stockholders  of the Corporation and may not be effected by
any consent in writing by such stockholders. Except as otherwise required by law
and subject to the rights of the holders of any class or series of stock  having
a  preference  over the Common  Stock as to  dividends  or upon  liquidation,  a
special  meeting of  stockholders  of the  Corporation may be called only by the
Chairman  of the Board or by the Board of  Directors  pursuant  to a  resolution
stating the purpose or purposes of such special meeting adopted by a majority of
the total  number  of  authorized  directors  (whether  or not  there  exist any
vacancies in previously authorized directorships at the time any such resolution
is presented to the Board for adoption) (the "Whole Board").
 
     (b) The Board of Directors  or the  Chairman of the Board,  as the case may
be,  may  designate  the  place  of  meeting  for  any  special  meeting  of the
stockholders  called by the Board of Directors or the Chairman of the Board.  If
no designation is so made, the place of meeting shall be the principal office of
the Corporation.
 
     Section 1.3 Notice of Meetings; Waiver of Notice. Whenever stockholders are
required  or  permitted  to take any action at a  meeting,  a written or printed
notice of the meeting shall be given which shall state the place,  date and hour
of the meeting,  and, in the case of a special meeting,  the purpose or purposes
for which the  meeting is called.  No  business  may be  conducted  at a special
meeting except such business as has been brought before the meeting  pursuant to
the  Corporation's  notice of meeting.  Unless  otherwise  provided by law,  the
written  notice  of any  meeting  shall be given not less than ten (10) nor more
than sixty (60) days before the date of the  meeting,  either  personally  or by
mail, to each stockholder of record entitled to vote at such meeting. If mailed,
such  notice  shall be deemed to be given when  deposited  in the United  States
mail, postage prepaid, addressed to the stockholder at his address as it appears
on the records of the  Corporation.  A written  waiver of notice,  signed by the
person or persons  entitled  thereto,  whether  before or after the time  stated
therein,  shall be deemed  equivalent  to  notice.  Attendance  of a person at a
meeting of  stockholders  shall  constitute a waiver of notice of such  meeting,
except  when the  stockholder  attends  a meeting  for the  express  purpose  of
objecting,  at the beginning of the meeting,  to the transaction of any business
because the meeting is not lawfully called or convened.  Neither the business to
be  transacted  at, nor the purpose  of, any  regular or special  meeting of the
stockholders need be specified in any written waiver of notice.  Any previously
scheduled  meeting  of  the  stockholders  may be  postponed,  and  (unless  the
Certificate  of  Incorporation  otherwise  provides) any special  meeting of the
stockholders  may be cancelled,  by  resolution  of the Board of Directors  upon
public notice given prior to the date  previously  scheduled for such meeting of
stockholders.
 
     Section  1.4  Adjournments.  At any  meeting  of  stockholders,  annual  or
special,  the Chairman of the meeting may,  without a  stockholder  vote, or the
stockholders  present  may,  by  majority  vote,  adjourn  from  time to time to
reconvene at the same or some other  place,  and notice need not be given of any
such  adjourned  meeting  if the time and place  thereof  are  announced  at the
meeting  at which  the  adjournment  is  taken.  At the  adjourned  meeting  the
Corporation  may transact any business  which might have been  transacted at the
original  meeting.  If the  adjournment is for more than thirty (30) days, or if
after the  adjournment a new record date is fixed for the adjourned  meeting,  a
notice of the  adjourned  meeting shall be given to each  stockholder  of record
entitled to vote at the meeting.
 
     Section 1.5 Quorum. Except as otherwise provided by law, the Certificate of
Incorporation  or these  By-Laws,  the holders of a majority of the  outstanding
shares  of the  Corporation  entitled  to  vote  generally  in the  election  of
directors,  represented  in person or by proxy,  shall  constitute a quorum at a
meeting of stockholders,  except that when specified  business is to be voted on
by a class or series of stock  voting as a class,  the  holders of a majority of
the shares of such class or series  shall  constitute  a quorum of such class or
series for the  transaction  of such business.  In the absence of a quorum,  the
Chairman of the meeting may, without a stockholder  vote, or the stockholders so
present  may, by  majority  vote,  adjourn the meeting  from time to time in the
manner provided by Section 1.4 of these By-laws until a quorum shall attend. The
stockholders  present at a duly called  meeting at which a quorum is present may
continue to transact business until adjournment,  notwithstanding the withdrawal
of enough stockholders to leave less than a quorum.
 
     Section 1.6 Organization.  Meetings of stockholders  shall be presided over
by the Chairman of the Board or in the Chairman's absence by the President or in
their absence by a chairman  chosen at the meeting.  The Secretary  shall act as
secretary of the  meeting,  but in the  Secretary's  absence the chairman of the
meeting may appoint any person to act as secretary of the meeting.
 
     Section 1.7 Voting;  Proxies. Except where otherwise provided by law or the
Certificate of Incorporation,  each stockholder  entitled to vote at any meeting
of  stockholders  shall be  entitled to one vote for each share of stock held by
such  stockholder  which has  voting  power upon the  matter in  question.  Each
stockholder  entitled to vote at a meeting of stockholders may authorize another
person or persons to act for such  stockholder by proxy, but no such proxy shall
be voted or acted upon more than three  years  after its date,  unless the proxy
provides for a longer period.  Voting at meetings of stockholders need not be by
written  ballot or,  except as may be required by law,  need not be conducted by
inspectors  unless the  holders of a majority of the  outstanding  shares of all
classes of stock entitled to vote thereon  present in person or by proxy at such
meeting  shall so  determine.  At all meetings of  stockholders  for election of
directors a plurality of the votes cast shall be sufficient to elect.  All other
elections  and  questions  shall,  unless  otherwise  provided  by law or by the
Certificate of Incorporation or by these By-laws,  be decided by the vote of the
holders of a majority of the outstanding shares of all classes of stock entitled
to vote thereon present in person or by proxy at the meeting.
 
     Section 1.8 Notice of Stockholder Business and Nominations.
 
     (a) Annual  Meetings  of  Stockholders.  (1)  Nominations  of  persons  for
election  to the Board of  Directors  of the  Corporation  and the  proposal  of
business to be considered by the  stockholders  may be made at an annual meeting
of stockholders (a) pursuant to the Corporation's  notice of meeting,  (b) by or
at the  direction  of the Board of Directors  or (c) by any  stockholder  of the
Corporation  who was a  stockholder  of  record  at the time of giving of notice
provided  for in this  By-Law,  who is  entitled  to vote at the meeting and who
complies with the notice procedures set forth in this By-Law.
 
     (2) For  nominations  or other  business to be properly  brought  before an
annual  meeting by a stockholder  pursuant to clause (c) of paragraph  (a)(1) of
this By-Law, the stockholder must have given timely notice thereof in writing to
the Secretary of the  Corporation  and such other  business must  otherwise be a
proper matter for stockholder action. To be timely, a stockholder's notice shall
be  delivered  to  the  Secretary  at the  principal  executive  offices  of the
Corporation  not later than the close of  business  on the 90th day nor  earlier
than the close of  business on the 120th day prior to the first  anniversary  of
the preceding year's annual meeting;  provided,  however, that in the event that
the date of the annual  meeting is more than 30 days before or more than 60 days
after such anniversary  date,  notice by the stockholder to be timely must be so
delivered  not earlier than the close of business on the 120th day prior to such
annual meeting and not later than the close of business on the later of the 90th
day prior to such  annual  meeting  or the 10th day  following  the day on which
public  announcement  of  the  date  of  such  meeting  is  first  made  by  the
Corporation.  In no event shall the public  announcement of an adjournment of an
annual  meeting  commence a new time  period  for the giving of a  stockholder's
notice as described above. Such  stockholder's  notice shall set forth (a) as to
each person whom the stockholder proposes to nominate for election or reelection
as a director  all  information  relating  to such person that is required to be
disclosed in  solicitations  of proxies for election of directors in an election
contest, or is otherwise required, in each case pursuant to Regulation 14A under
the Securities  Exchange Act of 1934, as amended (the "Exchange  Act"), and Rule
14a-11 thereunder (including such person's written consent to being named in the
proxy statement as a nominee and to serving as a director if elected); (b) as to
any other business that the stockholder  proposes to bring before the meeting, a
brief description of the business desired to be brought before the meeting,  the
reasons for conducting such business at the meeting and any material interest in
such business of such  stockholder  and the beneficial  owner,  if any, on whose
behalf the proposal is made; and (c) as to the stockholder giving the notice and
the beneficial owner, if any, on whose behalf the nomination or proposal is made
(i)  the  name  and  address  of  such  stockholder,   as  they  appear  on  the
Corporation's  books, and of such beneficial owner and (ii) the class and number
of shares of the Corporation which are owned  beneficially and of record by such
stockholder and such beneficial owner.
 
     (3) Notwithstanding  anything in the second sentence of paragraph (a)(2) of
this By-Law to the  contrary,  in the event that the number of  directors  to be
elected to the Board of Directors of the  Corporation  is increased and there is
no  public  announcement  by the  Corporation  naming  all of the  nominees  for
director or specifying  the size of the  increased  Board of Directors at least
100 days prior to the first  anniversary of the preceding year's annual meeting,
a stockholder's  notice required by this By-Law shall also be considered timely,
but  only  with  respect  to  nominees  for any new  positions  created  by such
increase,  if it shall be delivered to the Secretary at the principal  executive
offices 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.
 
     (b) Special Meetings of Stockholders. Only such business shall be conducted
at a special  meeting  of  stockholders  as shall have been  brought  before the
meeting pursuant to the Corporation's notice of meeting.  Nominations of persons
for  election  to the Board of  Directors  may be made at a special  meeting  of
stockholders at which directors are to be elected pursuant to the  Corporation's
notice of meeting (a) by or at the  direction  of the Board of  Directors or (b)
provided  that the Board of Directors has  determined  that  directors  shall be
elected  at  such  meeting,  by  any  stockholder  of the  Corporation  who is a
stockholder  of record at the time of  giving  of  notice  provided  for in this
By-Law,  who shall be entitled to vote at the meeting and who complies  with the
notice procedures set forth in this By-Law. In the event the Corporation calls a
special  meeting  of  stockholders  for  the  purpose  of  electing  one or more
directors to the Board of Directors,  any such stockholder may nominate a person
or persons (as the case may be), for election to such  position(s)  as specified
in the Corporation's  notice of meeting, if the stockholder's notice required by
paragraph  (a)(2) of this By-Law  shall be  delivered  to the  Secretary  at the
principal  executive  offices of the  Corporation  not earlier than the close of
business on the 120th day prior to such  special  meeting and not later than the
close of business on the later of the 90th day prior to such special  meeting or
the 10th day following the day on which public announcement is first made of the
date of the  special  meeting  and of the  nominees  proposed  by the  Board  of
Directors  to  be  elected  at  such  meeting.  In no  event  shall  the  public
announcement of an adjournment of a special  meeting  commence a new time period
for the giving of a stockholder's notice as described above.
 
     (c) General. (1) Only such persons who are nominated in accordance with the
procedures  set forth in this By-Law shall be eligible to serve as directors and
only such business shall be conducted at a meeting of stockholders as shall have
been brought  before the meeting in accordance  with the procedures set forth in
this By-Law.  Except as  otherwise  provided by law, the Chairman of the meeting
shall have the power and duty to determine  whether a nomination or any business
proposed to be brought before the meeting was made or proposed,  as the case may
be, in  accordance  with the  procedures  set forth in this  By-Law  and, if any
proposed  nomination  or  business is not in  compliance  with this  By-Law,  to
declare that such defective proposal or nomination shall be disregarded.
 
     (2)  For  purposes  of  this  By-Law,   "public  announcement"  shall  mean
disclosure in a press release reported by the Dow Jones News Service, Associated
Press or comparable national news service or in a document publicly filed by the
Corporation with the Securities and Exchange  Commission pursuant to Section 13,
14 or 15(d) of the Exchange Act.
 
     (3) Notwithstanding the foregoing  provisions of this By-Law, a stockholder
shall also comply with all applicable  requirements  of the Exchange Act and the
rules and  regulations  thereunder with respect to the matters set forth in this
By-Law.  Nothing  in this  By-Law  shall be deemed to affect  any  rights (i) of
stockholders  to request  inclusion  of  proposals  in the  Corporation's  proxy
statement  pursuant to Rule 14a-8 under the  Exchange Act or (ii) of the holders
of any class or series of stock having a preference  over the Common Stock as to
dividends or upon liquidation to elect directors under specified circumstances.
 
     Section 1.9  Inspectors  of Elections;  Opening and Closing the Polls.  The
Board of Directors by  resolution  shall appoint one or more  inspectors,  which
inspector or inspectors  may include  individuals  who serve the  Corporation in
other capacities, including, without limitation, as officers, employees, agents
or  representatives,  to act at the meetings of stockholders  and make a written
report thereof. One or more persons may be designated as alternate inspectors to
replace any  inspector  who fails to act. If no inspector or alternate  has been
appointed to act or is able to act at a meeting of stockholders, the Chairman of
the meeting  shall appoint one or more  inspectors  to act at the meeting.  Each
inspector,  before  discharging  his or her duties,  shall take and sign an oath
faithfully  to execute  the duties of  inspector  with strict  impartiality  and
according  to the best of his or her  ability.  The  inspectors  shall  have the
duties prescribed by law.
 
     The Chairman of the meeting  shall fix and announce at the meeting the date
and time of the  opening and the closing of the polls for each matter upon which
the stockholders will vote at a meeting.
 
 
                                   ARTICLE II
 
                               Board of Directors
 
     Section  2.1  General  Powers.  The Board of  Directors  shall  manage  the
business  and affairs of the  Corporation,  and may  exercise  all powers of the
Corporation,  and do all such lawful acts and things as are not by statute or by
the Certificate of Incorporation or by these By-Laws required to be exercised or
done by the stockholders.
 
     Section 2.2 Number and Term of Directors.  (a) Except as otherwise fixed by
or  pursuant  to  the  provisions  of  Article  FOURTH  of  the  Certificate  of
Incorporation  relating  to the rights of the  holders of any class or series of
stock  having  a  preference  over the  Common  Stock  as to  dividends  or upon
liquidation to elect  additional  directors under specified  circumstances,  the
number of directors shall be fixed from time to time exclusively by the Board of
Directors  pursuant to a resolution  adopted by the Whole Board, but such number
shall not be less than the  minimum  number  prescribed  in the  Certificate  of
Incorporation. The directors, other than those who may be elected by the holders
of any class or series of stock having a preference  over the Common Stock as to
dividends or upon  liquidation,  shall be divided into three classes,  as nearly
equal in number as  possible,  as  determined  by the Board of  Directors of the
Corporation,  with the term of office of the first class to expire at the annual
meeting  of  stockholders  to be held in 1998,  the term of office of the second
class to expire at the annual  meeting of  stockholders  to be held in 1999, and
the term of office  of the  third  class to  expire  at the  annual  meeting  of
stockholders  to be held in 2000, with each director to hold office until his or
her successor shall have been duly elected and qualified. At each annual meeting
of the  stockholders of the  Corporation,  the successors of the directors whose
terms expire at that meeting shall be elected to hold office for a term expiring
at the annual meeting of stockholders  held in the third year following the year
of their election,  with each director to hold office until his or her successor
shall have been duly elected and qualified. If authorized by a resolution of the
Board of Directors, directors may be elected to fill any vacancy on the Board of
Directors, regardless of how such vacancy shall have been created.
 
     (b) Advance notice of stockholder nominations for the election of directors
shall be given in the  manner  provided  in  Section  1.8 of  Article I of these
By-laws.
 
     (c) No person  shall be  eligible  to serve as a director  after the annual
meeting of stockholders next after such person reaches seventy-two (72) years of
age. When the employment status of a director who is employed by the Corporation
or any of its  affiliates  changes so that such director is no longer an officer
of the Corporation or any of its affiliates,  that person shall offer his or her
resignation from the Board of Directors.
 
     (d)  Except  as  otherwise  provided  for or  fixed by or  pursuant  to the
provisions of Article FOURTH of the Certificate of Incorporation relating to the
rights of the holders of any class or series of stock having a  preference  over
the  Common  Stock as to  dividends  or upon  liquidation  to  elect  additional
directors under specified  circumstances,  newly created directorships resulting
from any increase in the authorized number of directors and any vacancies on the
Board   of   Directors   resulting   from   death,   resignation,    retirement,
disqualification, removal or other cause shall be filled by the affirmative vote
of a majority of the remaining directors then in office, even though less than a
quorum of the Board of Directors.  Any director  elected in accordance  with the
preceding  sentence  shall hold office for the remainder of the full term of the
class of  directors  in which the new  directorship  was  created or the vacancy
occurred and until such  director's  successor  shall have been duly elected and
qualified.  No decrease  in the number of  directors  constituting  the Board of
Directors shall shorten the term of any incumbent director.
 
     (e)  Subject to the  rights of the  holders of any class or series of stock
having a preference over the Common Stock as to dividends or upon liquidation to
elect additional directors under specified  circumstances,  any director, or the
entire Board of Directors,  may be removed from office at any time, but only for
cause and only by the  affirmative  vote of the holders of at least  eighty (80)
percent of the combined  voting power of all of the then  outstanding  shares of
the Corporation entitled to vote generally in the election of directors,  voting
together as a single class.
 
     Section 2.3 Regular  Meetings.  Regular  meetings of the Board of Directors
may be held at such places  within or without the State of Delaware  and at such
times as the  Board of  Directors  may from  time to time  determine,  and if so
determined  notices  thereof need not be given.  The Board of Directors  may, by
resolution,  provide  the time and place for the holding of  additional  regular
meetings without other notice than such resolution.
 
     Section 2.4 Special  Meetings.  Special  meetings of the Board of Directors
may be held at any  time or place  within  or  without  the  State  of  Delaware
whenever  called by the  Chairman  of the Board or by a majority of the Board of
Directors.  The person or persons  authorized  to call  special  meetings of the
Board of Directors may fix the place and time of the meetings.
 
     Section 2.5 Notice.  Notice of any special  meeting of  directors  shall be
given to each director at his business or residence in writing by hand delivery,
first-class  or  overnight  mail  or  courier  service,  telegram  or  facsimile
transmission, or orally by telephone. If mailed by first-class mail, such notice
shall be deemed  adequately  delivered when deposited in the United States mails
so addressed,  with postage thereon prepaid,  at least five (5) days before such
meeting. If by telegram, overnight mail or courier service, such notice shall be
deemed  adequately  delivered  when the telegram is  delivered to the  telegraph
company or the notice is  delivered  to the  overnight  mail or courier  service
company at least  twenty-four  (24) hours before such  meeting.  If by facsimile
transmission,  such notice shall be deemed adequately  delivered when the notice
is transmitted  at least twelve (12) hours before such meeting.  If by telephone
or by hand delivery,  the notice shall be given at least twelve (12) hours prior
to the time set for the meeting.  Neither the business to be transacted  at, nor
the purpose of, any regular or special meeting of the Board of Directors need be
specified in the notice of such meeting, except for amendments to these By-Laws,
as provided under Section 7.4. A written waiver of notice,  signed by the person
or persons  entitled  thereto,  whether before or after the time stated therein,
shall be deemed  equivalent  to notice.  Attendance  of a person at a meeting of
directors shall  constitute a waiver of notice of such meeting,  except when the
director  attends  a  meeting  for the  express  purpose  of  objecting,  at the
beginning of the meeting, to the transaction of any business because the meeting
is not lawfully  called or convened.  Neither the business to be transacted  at,
nor the  purpose  of, any regular or special  meeting of the  directors  need be
specified in any written waiver of notice.
 
     Section 2.6 Quorum.  Subject to Section 2.2(d), a whole number of directors
equal to at least a majority of the Whole Board  shall  constitute  a quorum for
the  transaction  of business  at any  meeting of the Board,  except that if the
number of directors constituting the Whole Board is an even number, one- half of
such number  shall  constitute a quorum.  Whether or not a quorum is present,  a
majority  of the  directors  present at any meeting of the Board may adjourn the
meeting to some later time without further notice.  Unless otherwise provided in
the Certificate of Incorporation or elsewhere in these By-laws, when a quorum is
present,  the vote of a  majority  of the  directors  present  shall  decide any
question.  The  directors  present at a duly  organized  meeting may continue to
transact business until  adjournment,  notwithstanding  the withdrawal of enough
directors to leave less than a quorum.
 
     Section  2.7  Organization.  Meetings  of the Board of  Directors  shall be
presided over by the Chairman of the Board or in his absence by the President or
in their absence by a chairman chosen at the meeting. The Secretary shall act as
secretary of the  meeting,  but in the  Secretary's  absence the chairman of the
meeting may appoint any person to act as secretary of the meeting.
 
     Section 2.8 Informal Action by Directors.  Any action required or permitted
to be taken  at any  meeting  of the  Board of  Directors,  or of any  committee
thereof, may be taken without a meeting if all members of the Board of Directors
or of such committee,  as the case may be, consent  thereto in writing,  and the
writing or writings  are filed with the minutes or  proceedings  of the Board of
Directors or committee.
 
     Section 2.9  Compensation.  Fees for service as a director  and/or fees and
reimbursement  for  expenses  for  attendance  at  meetings  of the Board or any
committee thereof may be fixed by resolution of the Board.
 
 
                                   ARTICLE III
 
                                   Committees
 
     Section 3.1 Committees.  The Board of Directors may, by resolution  adopted
by a majority of the Whole Board,  designate an Executive Committee to exercise,
subject  to  applicable  provisions  of law,  all the powers of the Board in the
management of the business and affairs of the Corporation  when the Board is not
in session,  including  without  limitation the power to declare  dividends,  to
authorize  the seal of the  Corporation  to be affixed  to all papers  which may
require it, to authorize the issuance of the Corporation's  capital stock and to
adopt a  certificate  of  ownership  and merger  pursuant  to Section 253 of the
General  Corporation  Law of the  State  of  Delaware,  and may,  by  resolution
similarly  adopted,  designate  one or  more  other  committees.  The  Executive
Committee and each such other  committee  shall consist of two or more directors
of the  Corporation.  The Board may designate one or more directors as alternate
members of any committee,  who may replace any absent or disqualified  member at
any  meeting of the  committee.  Any such  committee,  other than the  Executive
Committee  (the powers of which are expressly  provided for herein),  may to the
extent   permitted   by  law   exercise   such   powers   and  shall  have  such
responsibilities  as shall be specified in the  designating  resolution.  In the
absence or disqualification  of any member of such committee or committees,  the
member or members  thereof  present at any  meeting  and not  disqualified  from
voting,  whether or not constituting a quorum,  may unanimously  appoint another
member of the  Board to act at the  meeting  in the place of any such  absent or
disqualified   member.   Each  committee  shall  keep  written  minutes  of  its
proceedings and shall report such proceedings to the Board when required.
 
     A majority of any  committee  may determine its action and fix the time and
place of its meetings,  unless the Board shall otherwise provide. Notice of such
meetings  shall be given to each member of the committee in the manner  provided
for in Section 2.5 of these  By-Laws.  The Board shall have power at any time to
fill  vacancies  in, to  change  the  membership  of,  or to  dissolve  any such
committee.  Nothing herein shall be deemed to prevent the Board from  appointing
one or more  committees  consisting  in whole or in part of persons  who are not
directors of the Corporation;  provided,  however,  that no such committee shall
have or may exercise any authority of the Board.
 
 
                                   ARTICLE IV
 
                                    Officers
 
     Section 4.1 Executive Officers; Election;  Qualifications;  Term of Office;
Resignation;  Vacancies.  The Board of  Directors  shall  choose a  Chairman,  a
President,  a Secretary and a Treasurer.  The Board of Directors (or a committee
thereof),  the Chairman of the Board,  or the President,  may also choose one or
more  Vice  Presidents,  one or  more  Assistant  Secretaries  and  one or  more
Assistant  Treasurers.  Each such officer shall, subject to the last sentence of
this  Section,  hold office  until the first  meeting of the Board of  Directors
after  the  annual  meeting  of  stockholders  next  succeeding  such  officer's
election,  and until such  officer's  successor is duly elected and qualified or
until the earlier resignation or removal of such officer. Any officer may resign
at any time upon written notice to the Corporation. Any number of offices may be
held by the same person.
 
     Section 4.2 Chairman of the Board.  The Chairman of the Board shall preside
at all meetings of the Board of Directors and of the  stockholders  at which the
Chairman shall be present. The Chairman shall be the chief executive officer and
shall have general charge and  supervision  of the business of the  Corporation;
and, in general, the Chairman shall perform all duties incident to the office of
chairman of a  corporation,  and such other duties as, from time to time, may be
assigned by the Board of Directors or as may be provided by law.
 
     Section 4.3  President.  In the absence of the  Chairman of the Board,  the
President or such other  officer as shall be  designated  by the Chairman  shall
preside at all meetings of the Board of  Directors  and of the  stockholders  at
which the President shall be present.  The President shall have and may exercise
such powers as are from time to time  assigned by the Board of  Directors  or by
the Chairman or as may be provided by law.
 
     Section 4.4 Vice  Presidents.  The Vice President or Vice Presidents  shall
perform  such duties and exercise  such  functions as may be assigned to them by
the Board of Directors  or the Chairman of the Board or the  President or as may
be provided by law.
 
     Section 4.5 Secretary or Assistant Secretary. The Secretary, or if there be
none, the Assistant Secretary,  shall record all the proceedings of the meetings
of the stockholders and directors and of any committees in a book to be kept for
that purpose;  shall see that all notices are duly given in accordance  with the
provisions  of these  By-laws or as required by law;  shall be  custodian of the
records of the  Corporation;  shall see that the corporate seal is affixed where
required to documents the execution of which, on behalf of the  Corporation,  is
duly authorized, and when so affixed may attest the same; and, in general, shall
perform all duties  incident to the office of  Secretary of a  Corporation,  and
such  other  duties  as,  from  time to time,  may be  assigned  by the Board of
Directors or the Chairman or the President or as may be provided by law.
 
     Section  4.6  Treasurer.   The  Treasurer  shall  have  charge  of  and  be
responsible  for  all  funds,  securities,  receipts  and  disbursements  of the
Corporation,  and shall  deposit  or cause to be  deposited,  in the name of the
Corporation, all moneys or other valuable effects in such banks, trust companies
or other  depositories  as shall,  from time to time,  be  selected  by or under
authority  of the Board of  Directors;  if required  by the Board of  Directors,
shall give a bond for the faithful discharge of the duties,  with such surety or
sureties as the Board of Directors may determine; shall keep or cause to be kept
full and  accurate  records of all receipts  and  disbursements  in books of the
Corporation;  shall  render to the  Chairman  and to the Board of Directors,
whenever  requested,  an account of the financial  condition of the Corporation;
and,  in  general,  shall  perform  all the  duties  incident  to the  office of
Treasurer  of a  Corporation,  and such other  duties as may be  assigned by the
Board of  Directors  or the  Chairman or the  President or as may be provided by
law.
 
     Section 4.7 Other Officers. The Board of Directors (or a committee thereof)
the  Chairman of the Board or the  President  may from time to time appoint such
other  officers,  agents or employees,  and may delegate to them such powers and
duties as it may deem desirable.
 
     Section 4.8 Removal. Any officer elected, or agent appointed,  by the Board
of Directors may be removed by the  affirmative  vote of a majority of the Whole
Board whenever,  in their judgment,  the best interests of the Corporation would
be served  thereby.  Any officer or agent appointed by the Chairman of the Board
or the President may be removed by him or her whenever,  in his or her judgment,
the best  interests  of the  Corporation  would be served  thereby.  No  elected
officer  shall  have  any   contractual   rights  against  the  Corporation  for
compensation  by virtue of such election  beyond the date of the election of his
or her  successor,  his or her death,  resignation or removal,  whichever  event
shall first occur,  except as otherwise  provided in an  employment  contract or
under an employee deferred compensation plan.
 
     Section 4.9 Vacancies.  A newly created elected office and a vacancy in any
elected  office because of death,  resignation,  or removal may be filled by the
Board of Directors for the  unexpired  portion of the term at any meeting of the
Board of  Directors.  Any vacancy in an office  appointed by the Chairman of the
Board or the President because of death,  resignation,  or removal may be filled
by the Chairman of the Board or the President.
 
 
                                    ARTICLE V
 
                                      Stock
 
     Section  5.1  Certificates.   The  interest  of  each  stockholder  of  the
Corporation  shall be evidenced by certificates for shares of stock in such form
as the appropriate  officers of the Corporation may from time to time prescribe.
The shares of the stock of the Corporation  shall be transferred on the books of
the  Corporation  by the  holder  thereof  in person or by his attorney,  upon
surrender  for  cancellation  of  certificates  for at least the same  number of
shares,  with an assignment and power of transfer  endorsed  thereon or attached
thereto, duly executed,  with such proof of the authenticity of the signature as
the Corporation or its agents may reasonably require.
 
     The certificates of stock shall be signed,  countersigned and registered in
such  manner  as the  Board of  Directors  may by  resolution  prescribe,  which
resolution may permit all or any of the signatures on such certificates to be in
facsimile.  In case any officer,  transfer  agent or registrar who has signed or
whose  facsimile  signature has been placed upon a certificate  has 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 or she were such
officer, transfer agent or registrar at the date of issue.
 
     Section 5.2 Lost, Stolen or Destroyed Stock  Certificates;  Issuance of New
Certificates.  The Corporation may issue a new certificate of stock in the place
of any certificate  theretofore  issued by it, alleged to have been lost, stolen
or destroyed,  and the Corporation may require the owner of the lost,  stolen or
destroyed  certificate,  or the legal  representative of such owner, to give the
Corporation a bond sufficient to indemnify it against any claim that may be made
against it on account of the  alleged  loss,  theft or  destruction  of any such
certificate or the issuance of such new certificate.
 
 
                                   ARTICLE VI
 
                                    Indemnity
 
     Section 6.1  Indemnification  and Insurance.  (a) Each person who was or is
made a  party  or is  threatened  to be made a party  to or is  involved  in any
action,  suit,  or  proceeding,  whether  civil,  criminal,   administrative  or
investigative  (hereinafter  a  "proceeding"),  by  reason of the fact that such
person or a person for whom such person is the legal representative, is or was a
director  or officer of the  Corporation  or is or was serving at the request of
the Corporation as a director, officer, employee or agent of another corporation
or of a partnership, joint venture, trust or other enterprise, including service
with respect to employee benefit plans,  whether the basis of such proceeding is
alleged action in an official capacity as a director, officer, employee or agent
or in any other  capacity  while  serving as a  director,  officer,  employee or
agent,  shall be indemnified and held harmless by the Corporation to the fullest
extent authorized by the Delaware General Corporation Law, as the same exists or
may hereafter be amended (but, in the case of any such amendment,  to the extent
permitted by law, only to the extent that such amendment permits the Corporation
to  provide  broader   indemnification   rights  than  said  law  permitted  the
Corporation to provide prior to such amendment),  against all expense, liability
and loss (including  attorneys' fees,  judgments,  fines,  ERISA excise taxes or
penalties and amounts paid or to be paid in settlement)  reasonably  incurred or
suffered by such person in connection therewith and such  indemnification  shall
continue  as to a person who has ceased to be a director,  officer,  employee or
agent  and  shall  inure  to the  benefit  of his or her  heirs,  executors  and
administrators;  provided,  however, that except as provided in paragraph (c) of
this  By-Law,   the   Corporation   shall  indemnify  any  such  person  seeking
indemnification  in connection with a proceeding (or part thereof)  initiated by
such person only if such  proceeding  (or part  thereof) was  authorized  by the
Board of Directors of the Corporation. The right to indemnification conferred in
this By-Law shall be a contract  right and shall include the right to be paid by
the  Corporation  the expenses  incurred in  defending  any such  proceeding  in
advance of its final  disposition,  such advances to be paid by the  Corporation
within 20 days after the receipt by the Corporation of a statement or statements
from the  claimant  requesting  such  advance  or  advances  from  time to time;
provided,  however,  that if the Delaware General Corporation Law requires,  the
payment of such  expenses  incurred  by a director  or officer in such  person's
capacity  as a  director  or  officer  (and not in any other  capacity  in which
service  was or is  rendered  by  such  person  while  a  director  or  officer,
including,  without limitation,  service to an employee benefit plan) in advance
of the final  disposition  of a proceeding,  shall be made only upon delivery to
the  Corporation  of an undertaking by or on behalf of such director or officer,
to repay all amounts so advanced if it shall  ultimately be determined that such
director  or officer is not  entitled  to be  indemnified  under this  By-Law or
otherwise.
 
     (b) To obtain indemnification under this By-Law, a claimant shall submit to
the  Corporation  a  written  request,   including  therein  or  therewith  such
documentation and information as is reasonably  available to the claimant and is
reasonably  necessary  to  determine  whether and to what extent the claimant is
entitled  to   indemnification.   Upon   written   request  by  a  claimant  for
indemnification  pursuant  to the  first  sentence  of  this  paragraph  (b),  a
determination,  if required by applicable  law,  with respect to the  claimant's
entitlement thereto shall be made as follows:  (1) if requested by the claimant,
by Independent Counsel (as hereinafter defined), or (2) if no request is made by
the claimant for a  determination  by Independent  Counsel,  (i) by the Board of
Directors by a majority vote of a quorum  consisting of Disinterested  Directors
(as  hereinafter  defined),  or (ii)  if a  quorum  of the  Board  of  Directors
consisting of Disinterested  Directors is not obtainable or, even if obtainable,
such quorum of Disinterested  Directors so directs,  by Independent Counsel in a
written opinion to the Board of Directors, a copy of which shall be delivered to
the claimant, or (iii) if a quorum of Disinterested Directors so directs, by the
stockholders of the Corporation.  In the event the  determination of entitlement
to  indemnification  is to be made by Independent  Counsel at the request of the
claimant,  the  Independent  Counsel shall be selected by the Board of Directors
unless  there  shall have  occurred  within  two years  prior to the date of the
commencement  of the action,  suit or proceeding  for which  indemnification  is
claimed a "Change of Control" as defined in the Corporation's  1997 Stock Option
Plan,  in which case the  Independent  Counsel shall be selected by the claimant
unless the claimant  shall  request that such  selection be made by the Board of
Directors.   If  it  is  so   determined   that  the  claimant  is  entitled  to
indemnification, payment to the claimant shall be made within 10 days after such
determination.
 
     (c) If a claim  under  paragraph  (a) of this By-Law is not paid in full by
the  Corporation  within thirty days after a written claim pursuant to paragraph
(b) of this By-Law has been received by the Corporation, the claimant may at any
time there after bring suit against the Corporation to recover the unpaid amount
of the claim and,  if  successful  in whole or in part,  the  claimant  shall be
entitled to be paid also the expense of  prosecuting  such claim.  It shall be a
defense to any such action (other than an action  brought to enforce a claim for
expenses   incurred  in  defending  any  proceeding  in  advance  of  its  final
disposition  where  the  required  undertaking,  if any is  required,  has  been
tendered  to the  Corporation)  that the  claimant  has not met the  standard of
conduct which makes it permissible  under the Delaware  General  Corporation Law
for the  Corporation to indemnify the claimant for the amount  claimed,  but the
burden of proving such defense shall be on the Corporation.  Neither the failure
of the  Corporation  (including its Board of Directors,  Independent  Counsel or
stockholders)  to have made a  determination  prior to the  commencement of such
action  that  indemnification  of the  claimant  is proper in the  circumstances
because the claimant has met the applicable  standard of conduct,  nor an actual
determination by the Corporation (including its Board of Directors, Independent
Counsel or stockholders) that the claimant has not met such applicable  standard
of conduct,  shall be a defense to the action or create a  presumption  that the
claimant has not met the applicable standard of conduct.
 
     (d) If a  determination  shall have been made  pursuant to paragraph (b) of
this By-Law that the claimant is entitled to  indemnification,  the  Corporation
shall  be bound  by such  determination  in any  judicial  proceeding  commenced
pursuant to paragraph (c) of this By-Law.
 
     (e) The  Corporation  shall be  precluded  from  asserting  in any judicial
proceeding  commenced  pursuant  to  paragraph  (c)  of  this  By-Law  that  the
procedures  and  presumptions  of  this  By-Law  are  not  valid,   binding  and
enforceable and shall stipulate in such proceeding that the Corporation is bound
by all the provisions of this By-Law.
 
     (f) The right to  indemnification  and the payment of expenses  incurred in
defending a  proceeding  in advance of its final  disposition  conferred in this
By-Law  shall not be  exclusive  of any other right which any person may have or
hereafter   acquire  under  any  statute,   provision  of  the   Certificate  of
Incorporation,   By-Law,   agreement,  vote  of  stockholders  or  Disinterested
Directors or otherwise.  No repeal or  modification  of this By-Law shall in any
way diminish or adversely affect the rights of any director,  officer,  employee
or agent of the  Corporation  hereunder in respect of any  occurrence  or matter
arising prior to any such repeal or modification.
 
     (g) The  Corporation  may maintain  insurance,  at its expense,  to protect
itself  and any  director,  officer,  employee  or agent of the  Corporation  or
another  corporation,  partnership,  joint  venture,  trust or other  enterprise
against any expense,  liability or loss,  whether or not the  Corporation  would
have the power to indemnify such person against such expense,  liability or loss
under the Delaware  General  Corporation Law. To the extent that the Corporation
maintains any policy or policies providing such insurance, each such director or
officer, and each such agent or employee to which rights to indemnification have
been  granted as provided in paragraph  (h) of this By-Law,  shall be covered by
such  policy or policies  in  accordance  with its or their terms to the maximum
extent of the coverage  thereunder for any such director,  officer,  employee or
agent.
 
     (h) The Corporation may, by action of the Board of Directors, to the extent
permitted   by  the  Delaware   General   Corporation   Law,   grant  rights  to
indemnification,  and rights to be paid by the Corporation the expenses incurred
in defending any proceeding in advance of its final disposition, to any employee
or agent of the  Corporation  to the  fullest  extent of the provisions of this
By-Law  with  respect to the  indemnification  and  advancement  of  expenses of
directors and officers of the Corporation.
 
     (i) If any  provision  or  provisions  of this  By-Law  shall be held to be
invalid,  illegal or unenforceable for any reason whatsoever:  (1) the validity,
legality  and  enforceability  of  the  remaining   provisions  of  this  By-Law
(including,  without  limitation,  each portion of any  paragraph of this By-Law
containing any such provision held to be invalid, illegal or unenforceable, that
is not itself held to be invalid, illegal or unenforceable) shall not in any way
be affected or impaired  thereby;  and (2) to the fullest extent  possible,  the
provisions of this By-Law (including,  without limitation,  each such portion of
any paragraph of this By-Law  containing  any such provision held to be invalid,
illegal or unenforceable)  shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable.
 
     (j) For purposes of this By-Law:
 
          (1)  "Disinterested  Director" means a director of the Corporation who
     is  not  and  was  not  a  party  to  the   matter  in   respect  of  which
     indemnification is sought by the claimant.
 
          (2) "Independent Counsel" means a law firm, a member of a law firm, or
     an independent practitioner,  that is experienced in matters of corporation
     law and shall  include any person who,  under the  applicable  standards of
     professional conduct then prevailing, would not have a conflict of interest
     in  representing  either the  Corporation  or the  claimant in an action to
     determine the claimant's rights under this By-Law.
 
     (k) Any notice,  request or other communication required or permitted to be
given to the  Corporation  under  this  By-Law  shall be in  writing  and either
delivered  in person or sent by telecopy,  telex,  telegram,  overnight  mail or
courier  service,  or certified or  registered  mail,  postage  prepaid,  return
receipt  requested,  to the Secretary of the  Corporation and shall be effective
only upon receipt by the Secretary.
 
 
                                   ARTICLE VII
 
                                  Miscellaneous
 
     Section 7.1 Fiscal Year.  The fiscal year of the  Corporation  shall be the
calendar  year,  or such other period as may hereafter be approved by resolution
of the Board of Directors.
 
     Section 7.2 Seal. The corporate seal shall have the name of the Corporation
inscribed thereon.
 
     Section 7.3 Books and Records. The books and records of the Corporation may
be kept  outside  the State of Delaware at such place or places as may from time
to time be designated by the Board of Directors.
 
     Section  7.4  Amendment  of  By-laws.  Subject  to the laws of the State of
Delaware and the provisions of the Certificate of  Incorporation,  these By-Laws
may be altered, amended, or repealed at any meeting of the Board of Directors or
of the  stockholders,  provided  notice of the proposed  change was given in the
notice of the meeting.
 
     Section 7.5  Voting Stock in Other Corporations.  The Chairman of the Board
or the  President  or such  other  officer as the  Chairman  of the Board or the
President may designate may act on behalf of the  Corporation  to vote the stock
held by this  Corporation  in any other  corporation  to cast the votes that the
Corporation  may be entitled to cast as a stockholder  or otherwise in any other
corporation; or either such officer or such other designated officer may consent
in writing to any action by any such other corporation.
 
     Section 7.6 Transfer of Shares.  Prior to due  presentment of a certificate
for shares for registration of transfer the Corporation may treat the registered
owner of such  shares as the person  exclusively  entitled  to vote,  to receive
notifications  and  otherwise to exercise all the rights and powers of an owner.
Where a certificate for shares is presented to the Corporation with a request to
register for transfer,  the Corporation  shall not be liable to the owner or any
other person suffering loss as a result of such  registration of transfer if (a)
there were on or with the  certificate the necessary  endorsements,  and (b) the
Corporation  had no duty to inquire into adverse  claims or has  discharged  any
such  duty.  The  Corporation  may  require   reasonable   assurance  that  said
endorsements  are  genuine  and  effective  and in  compliance  with such  other
regulations as may be prescribed under the authority of the Board of Directors.