RESTATED CERTIFICATE OF INCORPORATION

                                       OF

                             MIDDLESEX WATER COMPANY

 

              Approved by the Board of Directors February 27, 1997

 

         MIDDLESEX  WATER COMPANY  (hereinafter  referred to as "the Company" or

"the  Corporation"),  a  corporation  of New Jersey  resulting  from Articles of

Agreement  and  Consolidation  dated June 23,  1897,  between the MIDLAND  WATER

COMPANY,  a  corporation  organized  under  "An  act  concerning  corporations",

approved  April 7,  1875,  as  supplemented  and  amended,  its  certificate  of

incorporation  having  been  amended  under  "An  act  concerning  corporations,

Revision of 1896",  and MIDDLESEX WATER COMPANY,  a corporation  organized under

"An act for the  construction,  maintenance and operation of water works for the

purpose of  supplying  cited,  towns and  villages  of this  state with  water",

approved April 21, 1876, as amended and supplemented; and also resulting from an

agreement  of  merger  and  consolidation  dated  September  10,  1907,  between

MIDDLESEX WATER COMPANY and CONSUMERS AQUEDUCT COMPANY, a corporation  organized

under the laws of the State of New Jersey;  and having  filed,  on December  21,

1925, a Certificate  of Desire to come under Chapter CXCIII of the Laws of 1876,

does  hereby  certify  that  the  certificate  of   incorporation   forming  the

Corporation,  as amended and supplemented by all certificates  filed pursuant to

law, is restated as set forth below:

 

         ARTICLE 1. The name of the corporation is MIDDLESEX WATER COMPANY.  The

period of existence of MIDDLESEX WATER COMPANY shall be perpetual.

 

         ARTICLE 2. The address of the Company's  current  registered  office is

1500 Ronson Road, Iselin, Township of Woodbridge, New Jersey 08830-3049, and the

name of the Company's  current agent therein upon whom process  against the said

Company may be served is Marion F. Reynolds.

 

         ARTICLE 3. The purpose of the  Company is to  construct,  maintain  and

operate  waterworks,  wells,  reservoirs,  mains,  pipes, and appurtenances;  to

obtain,  impound and supply water for public and private use; to acquire,  hold,

lease,  mortgage,  exchange,  sell,  convey  and  dispose  of real and  personal

property and interests therein, including the securities of any water company or

other  corporation;  and to exercise all the rights and powers which the Company

may  lawfully  possess;  including  such  rights and powers as were set forth in

statutes  under which the Company was  incorporated  as such  statutes have been

amended, extended and superseded from time to time.

 

         ARTICLE 4. The management of the affairs of the Company shall be vested

in a Board of Directors, to be selected by and from the stockholders, consisting

of not less than  five nor more  than  twelve  directors,  the  exact  number of

directors  to  be  determined  from  time  to  time  by  resolution  adopted  by

affirmative  vote of a majority of the entire Board of Directors.  The directors

shall be divided into three classes, designated Class I, Class II and Class III.

Each class shall  consist,  as nearly as may be  possible,  of  one-third of the

total number of directors  constituting  the entire Board of  Directors.  At the

1984 annual meeting of  stockholders,  Class I directors  shall be elected for a

one-year  term,  Class II directors for a two-year terms and Class III directors

for a three  year  term.  At each  succeeding  annual  meeting  of  stockholders

beginning in 1985,  successors  to the class of directors  whose term expires at

that annual  meeting  shall be elected for a three-year  term.  If the number of

directors is changed,  any increase or decrease shall be  apportioned  among the

classes so as to maintain  the number of directors in each class as nearly equal

as possible,  but in no case shall a

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   2

 

decrease in the number of directors shorten the term of any incumbent  director.

A director  shall hold office until the annual meeting for the year in which his

or her term  expires and until his or her  successor  shall be elected and shall

qualify,   subject,   however,   to  prior   death,   resignation,   retirement,

disqualification or removal from office.

 

                      (a) The term of a director elected by stockholders to fill

           a newly  created  directorship  or other  vacancy shall expire at the

           same time as the terms of the other  directors of the class for which

           the new directorship is created or in which the vacancy occurred. Any

           vacancy on the Board of  Directors  that  results from an increase in

           the number of directors and any other vacancy  occurring in the Board

           of  Directors  may be filled by a majority of the  directors  then in

           office, although less than a quorum, or by a sole remaining director.

           Any  director  so elected by the Board of  Directors  shall,  without

           regard to the class in which such vacancy occurred, hold office until

           the next  succeeding  annual  meeting of  stockholders  and until his

           successor shall be elected and shall qualify.

 

                      (b) Notwithstanding the foregoing, whenever the holders of

           any one or more  classes or series of preferred  stock or  preference

           stock,  issued by the  Company  shall  have the  right,  pursuant  to

           Article 7A (f) or Article 7E (e), respectively,  voting separately by

           class or  series,  to elect  additional  directors  at an  annual  or

           special  meeting  of  stockholders,  the  election,  term of  office,

           filling of vacancies and other features of such  directorships  shall

           be  governed  by  the   applicable   terms  of  the   Certificate  of

           Incorporation, as amended, and such directors so elected shall not be

           divided  into  classes  pursuant to this  ARTICLE 4 unless  expressly

           provided by such terms.

 

                      (c) The  directors  shall  choose by a  majority  vote the

           President and one or more Vice  Presidents,  the Secretary and one or

           more Assistant  Secretaries,  the Treasurer and one or more Assistant

           Treasurers,  all of whom  shall be chosen  annually  and  shall  hold

           office  for one  year and  until  their  successors  are  chosen  and

           qualified.  The directors  shall also appoint and remove from time to

           time such other  officers and agents as they shall think proper.  All

           of the provisions of this article are subject to alteration from time

           to time by the by-laws.

 

                      (d) The power to make and  alter  by-laws  of the  Company

           shall be in the  Board of  Directors.  By-laws  made by the  Board of

           Directors may be altered or repealed by the  affirmative  vote of the

           holders  of  two-thirds  (2/3) or more of the  outstanding  shares of

           capital stock of the Company having voting powers.

 

         ARTICLE 5. The number of directors  constituting  the current  Board of

Directors  of the  Company  is 9.  The  names  and  addresses  of the  directors

constituting its current Board of Directors as follows:

 

                  John C. Cutting                1610 Northstream Parkway

                                                 Point Pleasant, New Jersey

 

                  Ernest C. Gere                 47 Troon Court

                                                 Pawleys Island, South Carolina

 

                  John  P. Mulkerin              6 Oak Grove Lane

                                                 Edison, New Jersey

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   3

 

                  Stephen H. Mundy               1521 Duke of Windsor Road

                                                 Virginia Beach, Virginia

 

                  Philip H. Reardon              6 Knobb Hill

                                                 Byfield, Massachusetts

 

                  Richard A. Russo               1500 Ronson Road

                                                 Iselin, New Jersey

 

                  Carolina M. Schneider          1109-A Troy Towers

                                                 Bloomfield, New Jersey

 

                  William E. Scott               29 Laurel Place

                                                 Upper Montclair, New Jersey

 

                  Jeffries Shein                 30 Huntley Road

                                                 Holmdel, New Jersey

 

                  J. Richard Tompkins            1500 Ronson Road

                                                 Iselin, New Jersey

 

         ARTICLE 6. The directors  shall be chosen at the annual meetings of the

stockholders,  to be held at such  time and  place as shall be  provided  by the

by-laws of the Company.

 

         ARTICLE  7A.  The total  authorized  capital  stock of the  Company  is

6,169,418 shares,  divided into 6,000,000 shares of common stock without nominal

or par value, 69,418 shares of preferred stock without nominal or par value (out

of 100,000 shares of preferred stock  originally  authorized) and 100,000 shares

of preference  stock  without  nominal or par value.  Certain of the  originally

authorized  100,000 shares of preferred  stock without nominal or par value have

been  redeemed and canceled by the Company from time to time without the ability

to reissue such shares.  From time to time the capital  stock of the Company may

be issued and sold in such amounts,  within such authorized  limits, and in such

proportions  and  for  such  considerations  as may be  fixed  by the  Board  of

Directors of the Company,  and as may be permitted by law, and all capital stock

so issued and sold shall be deemed fully paid and  nonassessable  and the holder

of any such  shares  shall not be  liable to the  Company  or its  creditors  in

respect thereof.

 

(a) The  preferred  stock  shall be  issuable  from  time to time in one or more

series with such designation,  description and terms thereof,  in the manner and

to the  extent  permitted  by the  laws of the  State of New  Jersey,  as may be

determined  and fixed by the Board of  Directors at the time of the creation and

establishment  of any such  series  of  preferred  stock.  All of the  shares of

preferred  stock of each series  shall rank pari passu with all of the shares of

preferred  stock of each  other  series,  and  shall  have the same  rights  and

privileges,  preferences  and  voting  powers,  and shall be subject to the same

restriction or qualifications thereof, without distinction between the shares of

the respective  series except only as to variations in (i) the rates of dividend

payable thereon,  (ii) the terms on which shares of the respective series may be

redeemed,  (iii) the amount  which shall be paid to the holders of the shares of

the respective series in case of dissolution or any distribution of assets, (iv)

the terms or amount of any sinking fund  provided for the purchase or redemption

thereof,  (v) the terms upon which the  holders of the shares of the  respective

series may  convert  the same into stock of any other

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   4

 

class or  classes  or of any one or more  series of the same class or of another

class or classes, and (vi) in such other respects, if any, as may at the time be

permitted by the laws of the State of New Jersey.

 

                      (b) The holders of the preferred stock irrespective of the

           series thereof shall be entitled to receive, and the Company shall be

           obligated to pay,  when, as declared by the Board of Directors of the

           Company,  cumulative  dividends  at such  respective  rates as may be

           fixed by the Board of  Directors  of the  Company  at the time of the

           creation and  establishment  of the respective  series,  and no more,

           payable  quarterly  on the first days of  February,  May,  August and

           November of each year. Said dividends shall  accumulate from the date

           of the original issue of each shares of such preferred  stock (except

           for shares of the $7 Series  Cumulative  Preferred Stock described in

           ARTICLE 7B on which dividends shall accumulate from the date of their

           creation). Such dividends shall be payable before any dividends shall

           be paid  upon or set  apart  for  the  common  stock,  and  shall  be

           cumulative, so that if at any time dividends at the rate fixed by the

           Board of Directors and  designated by the  certificates  of shares of

           the  series of which it is a part  shall not be paid  thereon  or set

           apart  therefor,  the deficiency  shall be full paid or set apart for

           payment before any dividends  shall be paid upon or set apart for the

           common stock. Dividends shall not be paid exclusively upon any one or

           more series of preferred  stock but  dividends  shall be paid ratably

           upon all  outstanding  preferred  stock in the  proportions  that the

           annual dividend requirements of each series bears to the total annual

           dividend  requirements of all outstanding  preferred stock.  Whenever

           all cumulative unpaid dividends on the preferred stock, including the

           current quarterly  dividend,  shall have been fully paid or set apart

           for payment,  the Board of Directors may declare and pay dividends on

           the commons stock.

 

                      (c)  The  preferred  stock  of one or more  series  may be

           subject  to  redemption,  in which case such  preferred  stock may be

           redeemed and retired in whole,  or in part,  from time to time at any

           time on any  quarterly  dividend date at the option of the Company at

           such  redemption  prices as may be fixed by the Board of Directors at

           the  time  of  the  creation  and  establishment  thereof;  provided,

           however,  that all stock of any particular series shall be redeemable

           at the same  redemption  price.  The time,  place and  manner of such

           redemption  shall be in the  discretion  of the Board of Directors of

           the Company. Preferred stock which shall have been redeemed shall not

           be reissued,  and the Company  shall from time to time cause all such

           shares to be retired in the manner  provided by law. If less than all

           of the  outstanding  shares of preferred  stock subject to redemption

           are to be called for  redemption,  redemption may be less than all of

           the outstanding  shares of any one ore more series, in the discretion

           of the Board of Directors, and if less than all outstanding shares of

           any series are to be  redeemed,  the shares to be  redeemed  shall be

           determined  in such  manner  as may be  prescribed  by the  Board  of

           Directors. Redemption shall be made, however, only on at least thirty

           (30) days prior  written  notice  to the  holders  of the stock to be

           redeemed,  which  notice  shall  be  sufficient  if  contained  in  a

           post-paid  envelope addresses and mailed to the holder at his address

           of  record  as shown by the  books  of the  Company,  and the time of

           mailing  such  notice  shall be  deemed  to be the  time of  delivery

           thereof. From and after the date fixed in any such notice as the date

           of  redemption  (unless  default  shall  be  made by the  Company  in

           providing monies for the payment of the redemption price, pursuant to

           such notice) all dividends on

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   5

 

           the preferred  stock  thereby  called for  redemption  shall cease to

           accrue and all rights of the holders  thereof as  stockholders of the

           Company,  except  the right to  receive  the  redemption  price  upon

           surrender of the  certificates of stock by such holders,  shall cease

           and determine.

 

                      (d) The holders of each series of preferred stock shall be

           entitled to receive  payment out of the assets of the Company whether

           from capital or from earnings,  in an amount per share determined and

           fixed by the  Board of  Directors  at the  time of the  creation  and

           establishment of such series of preferred stock in the event of (i) a

           voluntary liquidation,  dissolution or winding up of the Company or a

           voluntary  sale  of all or  substantially  all of the  assets  of the

           Company or upon any voluntary  distribution of its capital or (ii) an

           involuntary liquidation,  dissolution or winding up of the Company or

           an involuntary sale of all or substantially  all of the assets of the

           Company, or upon any involuntary  distribution of its capital, before

           any payment shall be made or any assets distributed to the holders of

           common stock. If upon such liquidation, dissolution, winding up, sale

           of assets or distribution  of the capital of the Company,  the assets

           or  distribution  of the  capital of the  Company,  the  assets  thus

           distributed  among  the  holders  of the  preferred  stock  shall  be

           insufficient  to  permit  the  payment  to such  holders  of the full

           preferential amounts aforesaid, then the entire assets of the Company

           to be distributed  shall be distributed  ratably among the holders of

           the preferred stock in proportion to the full  preferential  amounts,

           if any, to which there are respectively entitled as aforesaid.  After

           payment  or  distribution  to  the  holders  of  preferred  stock  as

           aforesaid and after payment or distribution of remaining  assets,  if

           any,  ratably among the holders of preference  stock in proportion to

           the full  preferential  amounts,  if any,  to which such  holders are

           entitled  pursuant  to the  provisions  of Article 7E (c) below,  the

           holders of common  stock shall be entitled to receive,  ratably,  any

           remaining  assets of the Company.  A  consolidation  or merger of the

           Company  with any  other  corporation  or  corporations  shall not be

           deemed  to  be  a  liquidation,  dissolution,  winding  up,  sale  or

           distribution  of capital,  within the meaning of this clause,  but no

           such  consolidation  or merger shall in any way impair the rights and

           preferences of the preferred stock.

 

                      (e) So long as any  shares of the  preferred  stock of any

           series are  outstanding,  the Company shall not,  without the consent

           (given by vote at a meeting  called for that  purpose) of the holders

           of a majority of the total number of shares of the preferred stock of

           all  series  then  outstanding,  voting  as a class,  issue,  sell or

           otherwise  dispose of any additional  series of preferred stock or of

           any other class  ranking  prior to or on a parity with the  preferred

           stock as to dividends or  distributions,  unless (i) the stated value

           of common  stock and  surplus  earnings  on the books of the  Company

           shall  be  at  least  two  (2)  times  the  involuntary   liquidation

           preferences  of the entire  amount of preferred  stock of the Company

           already  issued and then  outstanding,  and the preferred  stock then

           proposed to be issued; and (ii) the earnings of the Company available

           for the payment of interest  determined in accordance  with generally

           accepted accounting  practices shall have been for a period of twelve

           (12)  consecutive  calendar  months  within the fifteen (15) calendar

           months  immediately  preceding the issuance of such additional stock,

           at  least  one  and  one-half   (1-1/2)  times  the  annual  interest

           requirements on all outstanding obligations for the payment of money,

           secured

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   6

 

           and unsecured,  of the Company  maturing more than twelve (12) months

           after the  issuance  of the shares  proposed to be issued plus annual

           dividend  requirements  upon all  outstanding  preferred stock of the

           Company  and all  other  classes  of stock  ranking  prior to or on a

           parity with the preferred  stock as to dividends  and  distributions,

           including the shares proposed to be issued, minus any interest on any

           such  obligations and dividends on any such  outstanding  stock to be

           retired or refunded out of the proceeds of the shares  proposed to be

           issued.

 

                      (f) Except as otherwise required by law and subject to the

           provisions of subparagraph  (e) hereof,  no holder of preferred stock

           shall have any right to vote for the election of directors or for any

           other  purpose,   anything  in  ARTICLE  4  hereof  to  the  contrary

           notwithstanding; provided, however, that if and whenever dividends on

           the  preferred  stock  shall be in  arrears  and such  arrears  shall

           aggregate an amount at least equal to four (4)  quarterly  dividends,

           which need not be  consecutive,  then, in such event,  the holders of

           the outstanding  preferred stock of all series shall be entitled,  at

           the next ensuing annual meeting of  stockholders,  voting as a class,

           to elect two members (herein called  `preferred stock  directors') of

           the Board of Directors,  which  preferred stock directors shall be in

           addition  to the  directors  holding  office  pursuant  to  ARTICLE 4

           hereof;  provided,  however,  that if and  whenever  any such  fourth

           quarterly dividend  arrearage shall occur, the Company shall,  within

           fifteen (15) days after the receipt by the Company of written request

           of not less than  twenty-five  percent  (25%) of the  holders  of the

           outstanding  preferred  stock, as a class and irrespective of series,

           cause to be called a special  meeting of the  holders of  outstanding

           preferred stock of all series, to be held on the earliest practicable

           date,  to elect the preferred  stock  directors,  as  aforesaid.  For

           purposes of any such  election  such  holder or holders of  preferred

           stock as are present in person or by proxy shall constitute a quorum,

           irrespective of whether any holders of any other capital stock of the

           Company are present at such meeting. Any vacancy in the position of a

           preferred stock  director,  which,  but for this provision,  could be

           filled  by such  person as the Board of  Directors  might  designate,

           shall be filled by the Board of Directors  from among such persons as

           the remaining  preferred  stock  director shall  designate,  and such

           successor  shall  hold  office  for the  unexpired  term of the prior

           incumbent  and until his  successor  shall be duly  chosen  and shall

           qualify. Such right of the holders of the outstanding preferred stock

           to elect two members of the Board of Directors shall continue at each

           annual  meeting  until such time as all arrears of  dividends  on the

           preferred  stock shall have been paid and  dividends  thereon for the

           current  quarterly  period  shall  have  been  paid or  declared  and

           provided  for, in which event such right of the holders of  preferred

           stock  to  elect  preferred  stock  directors  as  provided  in  this

           subparagraph  (f) shall cease at the next ensuing  annual  meeting of

           stockholders,  subject always to the same  provisions for the vesting

           of such right in the case of any such future arrearages in dividends.

 

                      In any case in which the holders of preferred  stock shall

           be entitled to vote pursuant to the  provisions of this  subparagraph

           (f) or  pursuant  to law,  each  holder of  preferred  stock shall be

           entitled to one vote for each share thereof held.

 

         ARTICLE 7B. A first series of the Company's  preferred stock,  without

nominal or par  value,  consisting  of 2,500  shares,  designated  as "$7 Series

Cumulative  Preferred  Stock"  was  created

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   7

 

and established and each of the outstanding  2,500 shares of 7% Preferred Stock,

$100 par  value,  was  changed  into and  thereby  became a share of such  first

series.

 

         The preferences, rights, qualifications, limitations and restricting of

the shares of the $7 Series Cumulative Preferred Stock, in the respects in which

the shares of such  series  vary from  shares of other  series of the  preferred

stock, are and shall be as follows:

 

                      (a)  The  dividend  rate  for  the  $7  Series  Cumulative

           Preferred Stock shall be $7 per share per annum;

 

                      (b) The shares of the $7 Series Cumulative Preferred Stock

           shall not be subject to redemption;

 

                      (c) The preferential amounts to which holders of shares of

           the $7 Series  Cumulative  Preferred Stock shall be entitled upon any

           liquidation,  dissolution  or  winding  up of  the  Company,  whether

           voluntary or otherwise,  or upon any  distribution  of the capital of

           the Company,  shall be $100 per share,  plus  accumulated  and unpaid

           dividends thereon;

 

                      (d) There shall not be any sinking fund  providing for the

           purchase  or  redemption  of  shares  of  the  $7  Series  Cumulative

           Preferred Stock; and

 

                      (e) The shares of the $7 Series Cumulative Preferred Stock

           shall not be convertible  into stock of any other class or classes or

           any one or more series of the same class or of another class.

 

           ARTICLE 7C. The Company  created and  established  a second series of

its preferred stock,  without nominal or par value, in an amount of ten thousand

(10,000)  shares,  which is  designated as "$4.75  Series  Cumulative  Preferred

Stock."

 

           The preferences, rights, qualifications, limitations and restrictions

of the shares of the $4.75 Series Cumulative Preferred Stock, in the respects in

which  the  shares  of such  series  vary  from  shares  of other  series of the

Company's preferred stock, are and shall be as follows:

 

                      (a) The  dividend  rate for the  $4.75  Series  Cumulative

           Preferred Stock shall be $4.75 per share per annum;

 

                      (b) The redemption  price for the $4.75 Series  Cumulative

           Preferred Stock shall be $104.75 per share through  February 1, 1968,

           thereafter $104 per share through February 1, 1973;  thereafter $103,

           per share through February 1, 1978; thereafter $102 per share through

           February 1, 1983; thereafter $102 per share through February 1, 1988;

           and thereafter, $100 per share, plus accumulated and unpaid dividends

           thereon in any case;  provided,  however,  that prior to  February 1,

           1968,  none of the shares of such series shall be redeemed,  directly

           or  indirectly,  out of the proceeds of, or in  anticipation  of, any

           refunding  operation  involving the incurring of any  indebtedness or

           the sale of any class of stock ranking  senior to the common stock of

           the Company,  computed by the Company in  accordance  with  generally

           accepted accounting practice, of less than 4-3/4% per annum;

 

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MWC Restated Certificate of Incorporation, February 27, 1997                   8

 

                     (c) The preferential  amounts to which holders of shares of

           the $4.75 Series  Cumulative  Preferred  Stock shall be entitled upon

           any liquidation, dissolution, or winding up of the Company shall be:

 

                         (i)  Upon any  voluntary  liquidation,  dissolution  or

               winding up of the Company, the redemption price in effect at that

               time thereof; or

 

                         (ii) upon any involuntary  liquidation,  dissolution or

               winding up of the Company,  $100 per share plus  accumulated  and

               unpaid dividends thereon;

 

                      (d) There shall not be any sinking  fund  provided for the

           purchase  or  redemption  of shares of the  $4.75  Series  Cumulative

           Preferred Stock; and

 

                      (e) The shares of the $4.75  Series  Cumulative  Preferred

           Stock  shall not be  convertible  into  stock of any  other  class or

           classes  of any one or more  series of the same  class or of  another

           class.

 

         ARTICLE 7D. The Company  created and  established a fifth series of its

preferred  stock,  without  nominal  or par  value,  in an  original  amount  of

seventeen  thousand  (17,000) shares,  which is designated as "$7 Cumulative and

Convertible   Preferred  Stock."  The  amount  of  such  shares  authorized  and

outstanding  from  time  to time  may be  reduced  by  periodic  redemption  and

cancellation of such shares by the Company, and the conversion of such shares at

the  election  of the holder  thereof  into the common  stock of the  Company as

expressly  permitted  under this Article 7D, without the ability to reissue such

shares.

 

         The preferences, rights, qualification, limitations and restrictions of

the shares of the $7 Cumulative and Convertible Preferred Stock, in the respects

in which the  shares of such  series  vary  from  shares of other  series of the

Company's preferred stock, are and shall be as follows:

 

                      (a)  The  dividend   rate  for  the  $7   Cumulative   and

           Convertible Preferred Stock shall be $7 per share per annum;

 

                      (b) the  redemption  price for any share of $7  Cumulative

           and  Convertible  Preferred  stock  shall be the  Closing  Price  (as

           defined below in this  article),  on the day the  Company's  Board of

           Directors  authorizes  such  redemption,   of  three  shares  of  the

           Company's  common  stock plus any  accumulated  and unpaid  dividends

           thereon;  provided,  that  prior  to  five  years  from  the  date of

           issuance,  none of the  shares  of such  series  shall  be  redeemed,

           directly or  indirectly,  out of the proceeds of, or in  anticipation

           of,  any   refunding   operation   involving  the  incurring  of  any

           indebtedness  or the sale of any class of stock ranking senior to the

           common stock of the Company  which  represents a cost of money to the

           Company,  computed  by  the  Company  in  accordance  with  generally

           accepted  accounting  practice,  of  less  than  $7  per  annum;  and

           provided,  further,  that,  notwithstanding any thing to the contrary

           herein,  the Board of Directors shall not redeem in any calendar year

           more than 10% of the $7 Cumulative and  Convertible  Preferred  Stock

           issued and outstanding on January 1 of such year.

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                   9

 

                      (c) The preferential amounts to which holders of shares of

           the $7 Cumulative and  Convertible  Preferred Stock shall be entitled

           upon any liquidation, dissolution, or winding up of the Company shall

           be:

 

                         (i)  Upon any  voluntary  liquidation,  dissolution  or

               winding up of the Company,  the redemption price in effect at the

               time thereof; or

 

                         (ii) Upon any involuntary  liquidation,  dissolution or

               winding up of the Company,  $100 per share plus  accumulated  and

               unpaid dividends thereon.

 

                      (d) There shall not be any sinking fund  providing for the

           purchase or redemption of shares of the $7 Cumulative and Convertible

           Preferred Stock.

 

                      (e) Unless  earlier  called for  redemption  in accordance

           with the  provisions  hereof,  each  share of the $7  Cumulative  and

           Convertible  Preferred  Stock shall be convertible at the election of

           the  holder  thereof  at any time  after  five years from the date of

           issuance of such share into:

 

                         (i) Shares of the Company's  common stock at the Common

               Equivalent  Rate  in  effect  on  the  date  of  conversion  (the

               "Conversion Date"); plus

 

                         (ii) The right to  receive  an amount in cash  equal to

               all accrued and unpaid  dividends on such share to and  including

               the  Conversion  Date,  whether  or not  declared,  out of  funds

               legally available therefor.

 

           Any holder of shares of $7 Cumulative and Convertible Preferred Stock

           electing to convert such shares into shares of the  Company's  common

           stock shall  provide  written  notice to the Company of such holder's

           election to convert,  such notice to be  sufficient if contained in a

           postage-paid  envelope addressed and mailed to the Company.  The time

           of mailing of such notice  shall be deemed to be the date of delivery

           thereof. The holder's notice shall also include the following:

 

                         (i) The  conversion  Date,  which  shall be not earlier

               than 45 days or later than 90 days from the date of  delivery  of

               such notice;

 

                         (ii) A description  of the shares of $7 Cumulative  and

               Convertible Preferred Stock to be converted;

 

                         (iii) The name or names in which such holder wishes the

               Certificate or  Certificates  for shares of the Company's  common

               stock to be issued; and

 

                         (iv) The holder's  agreement to be responsible  for the

                 reasonable  fees and expenses of the Company's  transfer  agent

                 related to such issuance of common stock upon conversion.

 

           Immediately  prior to the  effectiveness of a merger or consolidation

           of the  Company  that  results in the  conversion  or exchange of the

           common stock into, or the right to receive, other securities or other

           property  (whether  of the  Company  or any other  entity)  (any such

           merger or  consolidation  is  referred  to herein  as a

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  10

 

 

           "Merger" or "Consolidation")  each outstanding share of $7 Cumulative

           and Convertible Preferred stock shall convert into:

 

                         (i) Shares of the Company's  common stock at the Common

               Equivalent  Rate in effect on the  effective  date of a Merger or

               Consolidation; plus

 

                         (ii) The right to  receive  an amount of cash  equal to

               the accrued and unpaid  dividends on such share of $7  Cumulative

               and  Convertible  Preferred Stock to and including the Settlement

               Date (and  dividends  shall cease to accrue as of the  Settlement

               Date), unless sooner redeemed.

 

                  The Common  Equivalent Rate to be used to determine the number

           of shares of the Company's  common stock to be delivered  pursuant to

           this article shall be initially three shares of the Company's  common

           stock  for each  share of $7  Cumulative  and  Convertible  Preferred

           Stock;  provided,  however, that such Common Equivalent Rate shall be

           subject  to  adjustment  from  time to time as  provided  below.  All

           adjustments to the Common  Equivalent Rate shall be calculated to the

           nearest 1/100th of a share of the Company's  common stock.  Such rate

           in effect any any time is herein called the "Common Equivalent Rate."

 

                      (i)  If the Company shall either:

 

                                (1) pay a dividend or make a  distribution  with

                                    respect to its common stock, in either case,

                                    in shares of such common stock,

 

                                (2) subdivide or split its outstanding shares of

                                    common stock,

 

                                (3) combine  its  outstanding  shares  of common

                                    stock into a smaller number of shares, or

 

                                (4) issue by  reclassification  of its shares of

                                    common  stock any shares of common  stock of

                                    the Company,

 

           then,  in any  such  event,  the  Common  Equivalent  Rate in  effect

           immediately  prior thereto shall be adjusted so that the holders of a

           share of $7  Cumulative  and  Convertible  Preferred  Stock  shall be

           entitled to receive on the  conversion  of such share,  the number of

           shares of common  stock of the Company  which such holder  would have

           owned or been  entitled to receive  after the happening of any of the

           events   described   above  had  such  share  of  $7  Cumulative  and

           Convertible  Preferred  Stock been  surrendered for conversion at the

           Common Equivalent Rate in effect immediately prior to such time. Such

           adjustment  shall become  effective at the opening of business of the

           business  day next  following  the record date for  determination  of

           stockholders  entitled to receive such stock dividend or distribution

           in the case of a stock  dividend  or  distribution  and shall  become

           effective   immediately  after  the  effective  date  in  case  of  a

           subdivision,  split,

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  11

 

 

           combination  or  reclassification;  and any  shares of the  Company's

           common  stock  issuable  in payment of a dividend  shall be deemed to

           have been  issued  immediately  prior to the close of business on the

           record date for such dividend for purposes of calculating  the number

           of  outstanding  shares of the  Company's  common stock under clauses

           (ii) and (iii) below.

 

                   (ii) If the  Company  shall  issue  rights or warrants to all

           holders  of its  common  stock  entitling  them to  subscribe  for or

           purchase  shares of the  Company's  common stock at a price per share

           less than the Current Market Price per share  (determined as provided

           below) of the common  stock of the Company on the record date for the

           determination  of  stockholders  entitled  to receive  such rights or

           warrants,  then in each  case the  Common  Equivalent  Rate  shall be

           adjusted  by  multiplying  the  Common   Equivalent  Rate  in  effect

           immediately prior thereto by a fraction, of which the numerator shall

           be the number of shares of the Company's common stock  outstanding on

           the date of issuance of such rights or warrants, immediately prior to

           such  issuance,  plus the number of  additional  shares of its common

           stock  offered  for  subscription  or  purchase,  and  of  which  the

           denominator  shall be the  number of  shares  of common  stock of the

           Company  outstanding  on the  date  of  issuance  of such  rights  or

           warrants,  immediately  prior to such  issuance,  plus the  number of

           shares  which the  aggregate  offering  price of the total  number of

           shares so offered for subscription or purchase would purchase at such

           Current Market Price  (determined by multiplying such total number of

           shares by the exercise  price of such rights or warrants and dividing

           the product so  obtained by such  Current  Market  Price).  Shares of

           common  stock of the  Company  owned  by the  Company  or by  another

           company of which a majority  of the  shares  entitled  to vote in the

           election  of  directors  are held,  directly  or  indirectly,  by the

           Company  shall not be deemed to be  outstanding  for purposes of such

           computation. Such adjustment shall become effective at the opening of

           business on the business day next  following  the record date for the

           determination  of  stockholders  entitled  to receive  such rights or

           warrants. To the extent that shares of the Company's common stock are

           not delivered  after the  expiration of such rights or warrants,  the

           Common  Equivalent Rate shall be readjusted to the Common  Equivalent

           Rate which would then be in effect had the adjustments  made upon the

           issuance  of such  rights  or  warrants  been  made upon the basis of

           delivery  of only the  number  of shares  of  Common  Stock  actually

           delivered.

 

                   (iii)  If  the  Company  shall  pay  a  dividend  or  make  a

           distribution  to all  holders of its common  stock of evidence of its

           indebtedness  or other assets  (including  shares of capital stock of

           the Company but excluding  any cash  dividends or  distributions  and

           dividends  referred to in clause (I) above),  or shall  distribute to

           all holders of its common stock  rights or warrants to subscribe  for

           or purchase  securities of the Company  (other than those referred to

           in clause (ii) above),  then in each such case the Common  Equivalent

           Rate shall be adjusted by multiplying  the Common  Equivalent Rate in

           effect  immediately  prior  to the  date  of such  distribution  by a

           fraction,  of which the numerator  shall be the Current  Market Price

           per share of the  Company's  common  stock  (determined  pursuant  to

           clause (v) below) on the record date  mentioned  below,  and of which

           the  denominator  shall be such Current Market Price per share of the

           Company's  common stock less the fair market value (as  determined by

           the Board of Directors of the Company,  whose  determination shall be

           conclusive)  as of such

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  12

 

 

           record date of the portion of the assets or evidences of indebtedness

           so  distributed,   or  of  such  subscription   rights  or  warrants,

           applicable  to one share of the  common  stock of the  Company.  Such

           adjustment  shall become  effective on the opening of business on the

           business day next following the record date for the  determination of

           stockholders entitled to receive such distribution.

 

                   (iv)  Anything in this article  notwithstanding,  the Company

           shall be  entitled  to make such  upward  adjustments  in the  Common

           Equivalent  Rate, in addition to those  required by this article,  as

           the Company in its  discretion  shall  determine to be advisable,  in

           order that any stock dividends,  subdivision of shares,  distribution

           of rights to  purchase  stock or  securities,  or a  distribution  of

           securities  convertible  into  or  exchangeable  for  stock  (or  any

           transaction   which  would  be  treated  as  any  of  the   foregoing

           transactions  pursuant to Section 305 of the Internal Revenue Code of

           1986, as amended)  hereafter made by the Company to its  stockholders

           shall not be taxable.

 

                   (v) As used in this  article,  the Current  Market  Price per

           share of the Company's  common stock on any date shall be the average

           of the daily Closing  Prices for the five  consecutive  Trading Dates

           ending on and  including  the date of  determination  of the  Current

           Market  Price  (appropriately  adjusted  to  take  into  account  the

           occurrence  during such five-day  period of any event that results in

           an adjustment of the Common Equivalent Rate).

 

                   (vi) In any case in which this article  shall require that an

           adjustment  as a result of any event become  effective at the opening

           of business on the business day next  following a record date and the

           date fixed for  conversion  occurs after such record date, but before

           the occurrence of such event,  the Company may in its sole discretion

           elect to defer  paying to such holder any amount in cash in lieu of a

           fractional  share of common stock of the  Company,  pursuance to this

           article.

 

                             Whenever the Common  Equivalent Rate is adjusted as

               herein provided, the Company shall:

 

                            (i)  forthwith    compute   the   adjusted    Common

                                 Equivalent Rate in accordance with this article

                                 and prepare a  certificate  signed by the Chief

                                 Executive Officer, the Chairman, the President,

                                 any  Vice  President  or the  Treasurer  of the

                                 Company   setting  forth  the  adjusted  Common

                                 Equivalent  Rate,  the  method  of  calculation

                                 thereof  in  reasonable  detail  and the  facts

                                 requiring  such  adjustment and upon which such

                                 adjustment is based,  and file such certificate

                                 forthwith with the transfer agent or agents for

                                 the $7  Cumulative  and  Convertible  Preferred

                                 Stock and the Company's common stock; and

 

                            (ii) mail  a  notice   stating   that   the   Common

                                 Equivalent  Rate has been  adjusted,  the facts

                                 requiring  such  adjustment and upon which such

                                 adjustment  is  based  and  setting  forth  the

                                 adjusted Common  Equivalent Rate to the

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  13

 

 

                                  holders of record of the outstanding shares of

                                  the $7 Cumulative  and  Convertible  Preferred

                                  Stock at or  prior  to the  time  the  Company

                                  mails an interim statement to its stockholders

                                  covering the  quarterly-yearly  period  during

                                  which  the  facts  requiring  such  adjustment

                                  occurred,  but in any event  within 45 days of

                                  the end of such quarterly-yearly period.

 

No  fractional  shares  of the  Company's  common  stock  shall be  issued  upon

redemption  or  conversion  of  shares  of the  $7  Cumulative  and  Convertible

Preferred Stock but, in lieu of any fraction of a share of the Company's  common

stock which would  otherwise be issuable in respect of the  aggregate  number of

shares of the $7 Cumulative and Convertible  Preferred Stock  surrendered by the

same holder for redemption or conversion on any  redemption or conversion  date,

the holders  shall have the right to receive an amount in cash equal to the same

fraction of the Closing Price.

 

The term  "Closing  Price" on any day shall mean the closing sale price  regular

way on such day or,  in the case no such  sale  takes  place  on such  day,  the

average  closing bid and asked  prices of the common stock of the Company on the

over-the-counter  market on the day in  question  as  reported  by the  National

Quotation  Bureau  Incorporated for National Market  Securities,  or a similarly

generally accepted  reporting service,  or if not so available in such manner as

furnished by an New York Stock  Exchange  member firm selected from time to time

by the Board of Directors of the Company for that  purpose;  PROVIDED,  HOWEVER,

that if the Closing Price of the Company's common stock is to be determined with

respect to the redemption of shares of $7 Cumulative and  Convertible  Preferred

Stock at any time on or before  five  years  from the date of  issuance  of such

shares of $7 Cumulative  and  Convertible  Preferred  Stock,  such Closing Price

shall not be less than $26.00 per share.

 

The term "Current  Market Price" per share of the Company's  common stock on any

date shall be the average of the daily Closing  Prices for the five  consecutive

Trading Dates ending on and including the date of  determination  of the Current

Market Price (appropriately  adjusted to take into account the occurrence during

such  five-day  period of any event that results in an  adjustment of the Common

Equivalent Rate).

 

The term "Settlement Date" shall mean with respect to a Merger or Consolidation,

the  business  day  immediately  prior to the  effective  date of the  Merger or

Consolidation.

 

The term "Trading  Date" shall mean a date on which the New York Stock  Exchange

(or any successor exchange) is open for the transaction of business.

 

                   (f) Notwithstanding anything in this article to the contrary,

         the Common  Equivalent Rate shall not be adjusted due to or as a result

         of the issuance or  distribution to all of the holders of the Company's

         common stock of any common stock, right or warrant (i) under or as part

         of the Company's dividend  reinvestment plan (as presently in existence

         or as  hereafter  amended)  or (ii)  under  or as part of any  employee

         benefit  plan of the Company (as  presently  in  existence or hereafter

         adopted). In addition,  notwithstanding anything in this article to the

         contrary, the Common Equivalent Rate shall not be adjusted due to or as

         a result of the issuance or  distribution  to any or all of

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  14

 

 

         the  holders  of the  Company's  common  stock of any  right,  warrant,

         security  convertible  into common stock or other  security  (sometimes

         referred to collectively as "Shareholder  Rights  Securities") which is

         issued or  distributed  by the Company to deter the  occurrence  of any

         merger,  consolidation or other business combination with a third party

         and/or to obtain for the holders of common stock of the Company a value

         which the Company  believes is fair in such a merger,  consolidation or

         other business  combination,  so long as either (1) to extent permitted

         by law,  all holders of the $7  Cumulative  and  Convertible  Preferred

         Stock receive the same  Shareholder  Rights  Securities pro rata (based

         upon the number of shares of the Company's  common stock into which the

         $7 Cumulative and Convertible Preferred Stock is convertible on the day

         prior to issuance or distribution of the Shareholder Rights Securities)

         or (2) each  share of the  Company's  common  stock  into  which the $7

         Cumulative and  Convertible  Preferred Stock is converted in connection

         with any such merger,  consolidation  or other business  combination of

         the Company receives its pro rata entitlement of any Shareholder Rights

         Securities immediately upon conversion.

 

    ARTICLE  7E. The  Company  created  and  established  a sixth  series of its

    preferred  stock,  without  nominal or par value,  in an original  amount of

    twenty thousand  (20,000) shares,  which is designated as "$8 Cumulative and

    Convertible   Preferred   Stock."  The  amount  of  such  shares  authorized

    outstanding from time to time may be reduced by periodic  conversion of such

    shares at the  election of the holder  thereof  into the common stock of the

    Company as expressly permitted under this Article 7E, without the ability to

    reissue such shares.

 

         The preferences, rights, qualification, limitations and restrictions of

     the shares of the $8 Cumulative and  Convertible  Preferred  Stock,  in the

     respects  in which the  shares  of such  series  vary from  shares of other

     series of the Company's preferred stock, are and shall be as follows:

 

                  (a) The dividend  rate for the $8 Cumulative  and  Convertible

          Preferred Stock shall be $8 per share per annum;

 

                  (b) The shares of the $8 Cumulative and Convertible  Preferred

          Stock shall not be subject to redemption;

 

                  (c) The preferential amounts to which holders of shares of the

          $8 Cumulative and  Convertible  Preferred Stock shall be entitled upon

          any  liquidation,  dissolution,  or winding up of the Company  whether

          voluntary or otherwise, or upon any distribution of the capital of the

          Company,  shall  be  $120  per  share,  plus  accumulated  and  unpaid

          dividends thereon;

 

                  (d) Each share of the $8 Cumulative and Convertible  Preferred

          Stock shall be  convertible  at the election of the holder  thereof at

          any time or from  time to time  within  seven  years  from the date of

          issuance of such share into;

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  15

 

 

                             (i)  Shares of the  Company's  common  stock at the

                          Common  Equivalent  Rate  in  effect  on the  date  of

                          conversion (the "Conversion Date"); plus

 

                              (ii) The right to  receive an amount in cash equal

                           to all accrued and unpaid  dividends on such share to

                           and including  the  Conversion  Date,  whether or not

                           declared, out of funds legally available therefor.

 

          Any holder of shares of $8 Cumulative and Convertible  Preferred Stock

          electing to convert  such shares into shares of the  Company's  common

          stock shall  provide  written  notice to the Company of such  holder's

          election to convert,  such notice to be  sufficient  if contained in a

          postage-paid envelope addressed and mailed to the Company. The time of

          mailing  of such  notice  shall be deemed  to be the date of  delivery

          thereof. The holder's notice shall also include the following:

 

                              (i)  The  Conversion  Date,  which  shall  be  not

                           earlier  than 45 days or later  than 90 days from the

                           date of delivery of such notice;

 

                              (ii) A description  of the shares of $8 Cumulative

                           and Convertible Preferred Stock to be converted;

 

                              (iii)  The  name or names  in  which  such  holder

                           wishes the Certificate or Certificates  for shares of

                           the Company's common stock to be issued; and

 

                              (iv) The holder's  agreement to be responsible for

                           the  reasonable  fees and  expenses of the  Company's

                           transfer  agent  related to such  issuance  of common

                           stock upon conversion.

 

                  (e) Each share of the $8 Cumulative and Convertible  Preferred

             Stock shall be  convertible  at the  election of the Company at any

             time or from  time to time  after  seven  years  from  the  date of

             issuance of such share into:

 

                              (i) Shares of the  Company's  common  stock at the

                           Common  Equivalent  Rate  in  effect  on the  date of

                           conversion (the Conversion Date); plus

 

                              (ii) The right to  receive an amount in cash equal

                           to all accrued and unpaid  dividends on such share to

                           and including  the  Conversion  Date,  whether or not

                           declared, out of funds legally available therefor.

 

          If the  Company  elects to  convert  such  shares  into  shares of the

          Company's  common stock it shall provide written notice to the holders

          of $8  Cumulative  and  Convertible  Preferred  Stock of the Company's

          election to

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  16

 

          convert,  such notice to be sufficient if contained in a  postage-paid

          envelope  addressed  and mailed to the  holders at the  address of the

          holders last shown on the records of the Company.  The time of mailing

          of such notice shall be deemed to be the date of delivery thereof. The

          Company's notice shall also include the following:

 

                              (i)  The  Conversion  Date,  which  shall  be  not

                           earlier  than 45 days or later  than 90 days from the

                           date of such notice;

 

                              (ii) A description  of the shares of $8 Cumulative

                           and Convertible Preferred Stock to be converted;

 

                              (iii) A  request  for the  names or names in which

                           such holder wishes the  Certificate  or  Certificates

                           for  shares  of  the  Company's  common  stock  to be

                           issued; and

 

                              (iv) The Company's agreement to be responsible for

                           the  reasonable  fees and  expenses of the  Company's

                           transfer  agent  related to such  issuance  of common

                           stock upon conversion.

 

           Immediately  prior to the  effectiveness of a merger or consolidation

           of the  Company  that  results in the  conversion  or exchange of the

           common stock into, or the right to receive, other securities or other

           property  (whether  of the  Company  or any other  entity)  (any such

           merger or  consolidation  is  referred  to herein  as a  "Merger"  or

           "Consolidation")   each  outstanding   share  of  $8  Cumulative  and

           Convertible Preferred stock shall convert into:

 

                              (i) Shares of the  Company's  common  stock at the

                           Common  Equivalent  Rate in effect  on the  effective

                           date of a Merger or Consolidation;  plus the right to

                           receive  an amount of cash equal to the  accrued  and

                           unpaid  dividends on such share of $8 Cumulative  and

                           Convertible  Preferred  Stock  to and  including  the

                           Settlement  Date (and dividends shall cease to accrue

                           as of the Settlement Date).

 

             The Common  Equivalent  Rate to be used to determine  the number of

             shares of the  Company's  common stock to be delivered  pursuant to

             this  article  shall be  initially  6.857  shares of the  Company's

             common  stock  for each  share  of $8  Cumulative  and  Convertible

             Preferred Stock;  PROVIDED,  HOWEVER,  that such Common  Equivalent

             Rate shall be subject to  adjustment  from time to time as provided

             below.  All  adjustments  to the  Common  Equivalent  Rate shall be

             calculated  to the  nearest  1/100th  of a share  of the  Company's

             common stock.  Such rate in effect at any time is herein called the

             "Common Equivalent Rate."

 

                              (i) If the Company shall either:

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  17

 

 

                                        (1)   pay   a   dividend   or   make   a

                                        distribution  with respect to its common

                                        stock, in either case, in shares of such

                                        common stock,

 

                                        (2)  subdivide or split its  outstanding

                                        shares of common stock,

 

                                        (3)  combine its  outstanding  shares of

                                        common  stock  into a smaller  number of

                                        shares, or

 

                                        (4)  issue  by  reclassification  of its

                                        shares  of common  stock  any  shares of

                                        common  stock of the Company,  then,  in

                                        any such  event,  the Common  Equivalent

                                        Rate in effect immediately prior thereto

                                        shall be adjusted so that the holders of

                                        a share of $8 Cumulative and Convertible

                                        Preferred  Stock  shall be  entitled  to

                                        receive on the conversion of such share,

                                        the number of shares of common  stock of

                                        the Company which such holder would have

                                        owned or been  entitled to receive after

                                        the  happening  of  any  of  the  events

                                        described  above  had  such  share of $8

                                        Cumulative  and  Convertible   Preferred

                                        Stock been surrendered for conversion at

                                        the  Common  Equivalent  Rate in  effect

                                        immediately  prior  to such  time.  Such

                                        adjustment shall become effective at the

                                        opening of business of the  business day

                                        next   following  the  record  date  for

                                        determination  of stockholders  entitled

                                        to  receive   such  stock   dividend  or

                                        distribution  in  the  case  of a  stock

                                        dividend  or   distribution   and  shall

                                        become effective  immediately  after the

                                        effective date in case of a subdivision,

                                        split,  combination or reclassification;

                                        and any shares of the  Company's  common

                                        stock  issuable in payment of a dividend

                                        shall  be  deemed  to have  been  issued

                                        immediately   prior  to  the   close  of

                                        business  on the  record  date  for such

                                        dividend for purposes of calculating the

                                        number  of  outstanding  shares  of  the

                                        Company's  common  stock  under  clauses

                                        (ii) and (iii) below.

 

                              (ii) If the Company shall issue rights or warrants

                           to all holders of its common stock  entitling them to

                           subscribe  for or  purchase  shares of the  Company's

                           common  stock  at a price  per  share  less  than the

                           Current   Market  Price  per  share   (determined  as

                           provided below) of the common stock of the Company on

                           the record date for the determination of stockholders

                           entitled to receive such rights or warrants,  then in

                           each  case  the  Common   Equivalent  Rate  shall  be

                           adjusted by multiplying the Common Equivalent Rate in

                           effect  immediately  prior thereto by a fraction,  of

                           which the

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  18

 

                           numerator  shall  be  the  number  of  shares  of the

                           Company's  common  stock  outstanding  on the date of

                           issuance  of such  rights  or  warrants,  immediately

                           prior to such issuance, plus the number of additional

                           shares of its common stock  offered for  subscription

                           or purchase,  and of which the  denominator  shall be

                           the number of shares of common  stock of the  Company

                           outstanding on the date of issuance of such rights or

                           warrants,  immediately  prior to such issuance,  plus

                           the  number of shares  which the  aggregate  offering

                           price of the total  number of shares so  offered  for

                           subscription  or  purchase  would  purchase  at  such

                           Current Market Price  (determined by multiplying such

                           total number of shares by the exercise  price of such

                           rights  or  warrants  and  dividing  the  product  so

                           obtained by such  Current  Market  Price).  Shares of

                           common  stock of the Company  owned by the Company or

                           by another  company of which a majority of the shares

                           entitled  to vote in the  election of  directors  are

                           held,  directly or  indirectly,  by the Company shall

                           not be deemed to be outstanding  for purposes of such

                           computation.  Such adjustment  shall become effective

                           at the opening of business on the  business  day next

                           following  the record date for the  determination  of

                           stockholders  entitled  to  receive  such  rights  or

                           warrants.  To the extent that shares of the Company's

                           common stock are not delivered  after the  expiration

                           of such  rights or  warrants,  the Common  Equivalent

                           Rate shall be  readjusted  to the  Common  Equivalent

                           Rate   which   would   then  be  in  effect  had  the

                           adjustments  made upon the issuance of such rights or

                           warrants been made upon the basis of delivery of only

                           the  number  of  shares  of  Common  Stock   actually

                           delivered.

 

                              (iii) If the Company  shall pay a dividend or make

                           a distribution  to all holders of its common stock of

                           evidence  of  its   indebtedness   or  other   assets

                           (including shares of capital stock of the Company but

                           excluding  any cash  dividends or  distributions  and

                           dividends  referred to in clause (I) above), or shall

                           distribute  to all holders of its common stock rights

                           or warrants to subscribe  for or purchase  securities

                           of the  Company  (other  than  those  referred  to in

                           clause (ii) above), then in each such case the Common

                           Equivalent  Rate shall be adjusted by multiplying the

                           Common Equivalent Rate in effect immediately prior to

                           the date of such distribution by a fraction, of which

                           the numerator  shall be the Current  Market Price per

                           share  of  the  Company's  common  stock  (determined

                           pursuant  to clause  (v)  below) on the  record  date

                           mentioned below,  and of which the denominator  shall

                           be  such  Current  Market  Price  per  share  of  the

                           Company's common stock less the fair market value (as

                           determined  by the Board of Directors

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  19

 

                           of  the  Company,   whose   determination   shall  be

                           conclusive)  as of such record date of the portion of

                           the   assets  or   evidences   of   indebtedness   so

                           distributed,   or  of  such  subscription  rights  or

                           warrants, applicable to one share of the common stock

                           of  the  Company.   Such   adjustment   shall  become

                           effective  on the opening of business on the business

                           day  next   following   the   record   date  for  the

                           determination  of  stockholders  entitled  to receive

                           such distribution.

 

                              (iv) Anything in this article notwithstanding, the

                           Company   shall  be  entitled  to  make  such  upward

                           adjustments  in  the  Common   Equivalent   Rate,  in

                           addition to those  required by this  article,  as the

                           Company  in  its  discretion  shall  determine  to be

                           advisable,   in  order  that  any  stock   dividends,

                           subdivision  of  shares,  distribution  of  rights to

                           purchase  stock or securities,  or a distribution  of

                           securities convertible into or exchangeable for stock

                           (or any transaction  which would be treated as any of

                           the foregoing transactions pursuant to Section 305 of

                           the  Internal  Revenue  Code  of  1986,  as  amended)

                           hereafter  made by the  Company  to its  stockholders

                           shall not be taxable.

 

                              (v) As used in this  article,  the Current  Market

                           Price per share of the Company's  common stock on any

                           date shall be the average of the daily Closing Prices

                           for the five consecutive  Trading Dates ending on and

                           including  the date of  determination  of the Current

                           Market  Price  (appropriately  adjusted  to take into

                           account the occurrence during such five-day period of

                           any event that results in an adjustment of the Common

                           Equivalent Rate).

 

                              (vi)  In any  case in  which  this  article  shall

                           require that an  adjustment  as a result of any event

                           become  effective  at the  opening of business on the

                           business  day next  following  a record  date and the

                           date fixed for  conversion  occurs  after such record

                           date,  but before the  occurrence of such event,  the

                           Company  may in its  sole  discretion  elect to defer

                           paying to such holder any amount in cash in lieu of a

                           fractional  share of  common  stock  of the  Company,

                           pursuance to this article.

 

                   Whenever  the Common  Equivalent  Rate is  adjusted as herein

                provided, the Company shall:

 

                              (i)   forthwith   compute  the   adjusted   Common

                           Equivalent  Rate in accordance  with this article and

                           prepare a certificate  signed by the Chief  Executive

                           Officer,  the  Chairman,  the

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  20

 

                           President, any Vice President or the Treasurer of the

                           Company setting forth the adjusted Common  Equivalent

                           Rate, the method of calculation thereof in reasonable

                           detail and the facts  requiring  such  adjustment and

                           upon which such  adjustment  is based,  and file such

                           certificate  forthwith  with  the  transfer  agent or

                           agents  for  the  $8   Cumulative   and   Convertible

                           Preferred Stock and the Company's common stock; and

 

                              (ii)  mail  a  notice   stating  that  the  Common

                           Equivalent   Rate  has  been   adjusted,   the  facts

                           requiring   such   adjustment  and  upon  which  such

                           adjustment  is based and setting  forth the  adjusted

                           Common  Equivalent  Rate to the  holders of record of

                           the  outstanding  shares  of  the $8  Cumulative  and

                           Convertible  Preferred  Stock at or prior to the time

                           the  Company  mails  an  interim   statement  to  its

                           stockholders  covering  the  quarterly-yearly  period

                           during  which the  facts  requiring  such  adjustment

                           occurred,  but in any event within 45 days of the end

                           of such quarterly-yearly period.

 

      No fractional  shares of the  Company's  common stock shall be issued upon

     redemption or conversion  of shares of the $8  Cumulative  and  Convertible

     Preferred  Stock but, in lieu of any  fraction of a share of the  Company's

     common stock which would  otherwise be issuable in respect of the aggregate

     number of shares  of the $8  Cumulative  and  Convertible  Preferred  Stock

     surrendered  by  the  same  holder  for  redemption  or  conversion  on any

     redemption or conversion  date, the holders shall have the right to receive

     an amount in cash equal to the same fraction of the Closing Price.

 

      The term  "Closing  Price" on any day shall  mean the  closing  sale price

      regular  way on such day or, in the case no such sale takes  place on such

      day,  the average  closing bid and asked prices of the common stock of the

      Company on the over-the-counter  market on the day in question as reported

      by  the  National  Quotation  Bureau   Incorporated  for  National  Market

      Securities, or a similarly generally accepted reporting service, or if not

      so available  in such manner as  furnished  by an New York Stock  Exchange

      member firm  selected  from time to time by the Board of  Directors of the

      Company for that purpose.

 

      The term "Current Market Price" per share of the Company's common stock on

      any date  shall be the  average of the daily  Closing  Prices for the five

      consecutive   Trading   Dates  ending  on  and   including   the  date  of

      determination of the Current Market Price (appropriately  adjusted to take

      into account the occurrence  during such five-day period of any event that

      results in an adjustment of the Common Equivalent Rate).

 

     The  term  "Settlement  Date"  shall  mean  with  respect  to a  Merger  or

     Consolidation,  the business day immediately prior to the effective date of

     the Merger or Consolidation.

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  21

 

 

     The term  "Trading  Date"  shall  mean a date on which  the New York  Stock

     Exchange  (or any  successor  exchange)  is open  for  the  transaction  of

     business.

 

                      (f)  Notwithstanding  anything  in  this  article  to  the

               contrary, the Common Equivalent Rate shall not be adjusted due to

               or as a result  of the  issuance  or  distribution  to all of the

               holders of the Company's common stock of any common stock,  right

               or  warrant  (i)  under  or as  part  of the  Company's  dividend

               reinvestment  plan (as  presently  in  existence  or as hereafter

               amended) or (ii) under or as part of any employee benefit plan of

               the Company (as presently in existence or hereafter adopted).  In

               addition,   notwithstanding  anything  in  this  article  to  the

               contrary, the Common Equivalent Rate shall not be adjusted due to

               or as a result of the issuance or  distribution  to any or all of

               the holders of the Company's common stock of any right,  warrant,

               security   convertible   into  common  stock  or  other  security

               (sometimes   referred  to  collectively  as  "Shareholder  Rights

               Securities")  which is issued or  distributed  by the  Company to

               deter  the  occurrence  of any  merger,  consolidation  or  other

               business  combination with a third party and/or to obtain for the

               holders of common  stock of the Company a value which the Company

               believes  is  fair  in  such a  merger,  consolidation  or  other

               business  combination,  so long as either (1) to extent permitted

               by  law,  all  holders  of  the  $8  Cumulative  and  Convertible

               Preferred Stock receive the same  Shareholder  Rights  Securities

               pro rata (based upon the number of shares of the Company's common

               stock  into which the $8  Cumulative  and  Convertible  Preferred

               Stock is convertible on the day prior to issuance or distribution

               of the  Shareholder  Rights  Securities) or (2) each share of the

               Company's   common  stock  into  which  the  $8  Cumulative   and

               Convertible  Preferred  Stock is converted in connection with any

               such merger,  consolidation or other business  combination of the

               Company  receives  its pro rata  entitlement  of any  Shareholder

               Rights Securities immediately upon conversion.

 

    ARTICLE 7F. The  preference  stock  shall be  issuable  from time to time in

    series with such designations, descriptions and terms thereof, in the manner

    and to the extent  permitted by the laws of the State of New Jersey,  as may

    be determined and fixed by the Board of Directors, subject to the provisions

    of subparagraph (f) below, as the time of the creation and  establishment of

    any such series of preference  stock.  All of the shares of preference stock

    of each  series  shall rank pari passu with all of the shares of  preference

    stock of each other series,  and shall have the same rights and  privileges,

    preferences and voting powers and shall be subject to the same  restrictions

    or qualifications  thereof,  without  distinction  between the shares of the

    respective  series except only as to variations in (i) the rates of dividend

    payable thereon, (ii) the terms on which shares of the respective series may

    be  redeemed,  (iii) the amount which shall be paid to the holders of shares

    of the  respective  series in case of  dissolution  or any  distribution  of

    assets,  (iv) voting rights, if any, (v) the terms or amounts of any sinking

    fund  provided for the  purchase or  redemption  thereof,  (vi) the terms on

    which the  holders of shares of the  respective  series may convert the same

    into stock of any other class or classes or of any one or more series of the

    same class or of another class or

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  22

 

    classes,  and (vii) in such other  respects,  if any,  as may at the time be

    permitted by the laws of the State of New Jersey.

 

                      (a) The holders of preference  stock  irrespective  of the

                  series  thereof shall be entitled to receive,  and the Company

                  shall be obligated  to pay,  when and as declared by the Board

                  of Directors of the Company and subject to the  provisions  of

                  subparagraph   (f)  below,   cumulative   dividends   at  such

                  respective  rates as may be fixed by the Board of Directors of

                  the Company at the time of the creation and  establishment  of

                  the respective  series,  and no more, payable quarterly on the

                  first date of March, June,  September,  and December,  of each

                  year.  Such dividends  shall  accumulate  from the date of the

                  original issue of each share of such  preference  stock.  Such

                  dividends  shall be payable  before any dividend shall be paid

                  upon  or  set  apart  for  the  common  stock,  and  shall  be

                  cumulative, so that if at any time dividends at the rate fixed

                  by the Board of Directors and  designated by the  certificates

                  of  shares of the  series  of which it is a part  shall not be

                  paid thereon or set apart  therefor,  the deficiency  shall be

                  fully paid or set apart for payment  before any dividend shall

                  be paid  upon or set  apart for the  common  stock.  Dividends

                  shall not be paid  exclusively  upon any one or more series of

                  preference  stock but dividends shall be paid ratably upon all

                  outstanding  preference  stock  in the  proportions  that  the

                  annual dividend requirements of each series bears to the total

                  annual dividend  requirements  of all  outstanding  preference

                  stock.   Whenever  all  cumulative  unpaid  dividends  on  the

                  preference stock,  including the current  quarterly  dividend,

                  shall have been fully paid or set apart for payment, the Board

                  of  Directors  may  declare  and pay  dividends  on the common

                  stock.

 

                        (b) The  preference  stock of one or more  series may be

                  subject to redemption, in which case such preference stock may

                  be deemed and retired in whole,  or in part, from time to time

                  at any time on any  quarterly  dividend  date at the option of

                  the Company at such  redemption  prices as may be fixed by the

                  Board  of   Directors   at  the  time  of  the   creation  and

                  establishment  thereof;  provided,  however, that all stock of

                  any  particular   series  shall  be  redeemable  at  the  same

                  redemption   price.   The  time,  place  and  manner  of  such

                  redemption  shall  be  in  the  discretion  of  the  Board  of

                  Directors  of the Company.  Preference  stock which shall have

                  been  redeemed  shall not be reissued,  and the Company  shall

                  have from time to time cause all such  shares to be retired in

                  the  manner   provided  by  law.  If  less  than  all  of  the

                  outstanding  shares of preference  stock subject to redemption

                  are to be called for redemption, redemption may be made of any

                  one or more series, or redemption may be made of less than all

                  of the  outstanding  shares of any one or more series,  in the

                  discretion  of the  Board of  Directors,  and if less than all

                  outstanding  shares  of any  series  are to be  redeemed,  the

                  shares to be redeemed  shall be  determined  in such manner as

                  may be prescribed by the Board of Directors.  Redemption shall

                  be made,  however,  only on at least  thirty  (30) days' prior

                  written  notice to the  holders of the  shares to be  redeemed

                  which notice shall be

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  23

 

 

                  sufficient if contained in a post-paid  envelope addressed and

                  mailed to the holder at his  address or record as shown by the

                  books of the  Company,  and the time of  mailing  such  notice

                  shall be deemed to be the time of delivery  thereof.  From and

                  after  the  date  fixed  in any  such  notice  as the  date of

                  redemption  (unless  default  shall be made by the  Company in

                  providing  monies  for the  payment of the  redemption  price,

                  pursuant to such notice) all dividends on the preference stock

                  thereby  called for  redemption  shall cease to accrue and all

                  rights of the holders  thereof as stockholders of the Company,

                  except  the  right  to  receive  the  redemption   price  upon

                  surrender of the certificates of stock by such holders,  shall

                  cease and determine.

 

                        (c) Subject to the provisions of subparagraph (f) below,

                  the  holders  of each  series  of  preference  stock  shall be

                  entitled  to receive  payment out of the assets of the Company

                  whether from capital or from earnings,  in an amount per share

                  determined  and fixed by the Board of Directors at the time of

                  the creation and  establishment  of such series of  preference

                  stock,   in  the  event  of  (i)  a   voluntary   liquidation,

                  dissolution  or  winding up of the  Company or of a  voluntary

                  sale of all or substantially  all of the assets of the Company

                  or upon any voluntary  distribution of its capital, or (ii) an

                  involuntary  liquidation,  dissolution  or  winding  up of the

                  Company or an involuntary sale of all or  substantially all of

                  the   assets  of  the   Company,   or  upon  any   involuntary

                  distribution of its capital,  before any payment shall be made

                  or any assets  distributed to the holders of common stock.  If

                  upon such liquidation, dissolution, winding up, sale of assets

                  or  distribution  of the  capital  among  the  holders  of the

                  preference  stock shall be  insufficient to permit the payment

                  to such holders of the full  preferential  amounts  aforesaid,

                  then the entire assets of the Company to be distributed  shall

                  be  distributed  ratably  among the holders of the  preference

                  stock in proportion to the full preferential  amounts, if any,

                  to which they are  respectively  entitled as aforesaid.  After

                  payment or  distribution  of the assets of the Company ratably

                  among the holders of preferred  stock in  accordance  with the

                  provisions of Article 7A (d) and after payment or distribution

                  of  remaining  assets,  if any, to the  holders of  preference

                  stock as  provided  in this  paragraph,  the holders of common

                  stock shall be entitled to  receive,  ratably,  any  remaining

                  assets  of the  Company.  A  consolidation  or  merger  of the

                  Company with any other  corporation or corporations  shall not

                  be deemed to be a liquidation,  dissolution,  winding up, sale

                  or distribution of capital, within the meaning of this clause,

                  but no such  consolidation  or merger  shall in any way impair

                  the rights and preferences of the preference stock.

 

                        (d) So long as any shares of the preference stock of any

                  series are  outstanding,  the Company  shall not,  without the

                  consent  (given by vote at a meeting  called for that purpose)

                  of the holders of a majority of the total  number of shares of

                  the preference stock of all series then outstanding, voting as

                  a class,  issue,  sell or otherwise  dispose of any additional

                  series  of   preference   stock  ranking  prior  to  with  the

                  preference stock as to dividends or distributions,  unless (i)

                  the stated

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  24

 

                  value of common stock and surplus earnings on the books of the

                  Company  shall  be at  least  two (2)  times  the  involuntary

                  liquidation  preferences  of the entire  amount of  preference

                  stock of the Company already issued and then outstanding,  and

                  the additional stock then proposed to be issued;  and (ii) the

                  earnings of the Company  available for the payment of interest

                  determined in accordance  with generally  accepted  accounting

                  practices  shall  have  been  for  a  period  of  twelve  (12)

                  consecutive  calendar  months within the fifteen  (15)calendar

                  months  immediately  preceding the issuance of such additional

                  stock,  at least one and  one-half  (1-1/2)  times the  annual

                  interest  requirements on all outstanding  obligations for the

                  payment  of  money,  secured  and  unsecured,  of the  Company

                  maturing  more than twelve (12) months  after the  issuance of

                  the  shares   proposed  to  be  issued  plus  annual  dividend

                  requirements  upon  all  outstanding  preference  stock of the

                  Company and all other  classes of stock ranking prior to or on

                  a  parity  with  the  preference  stock  as to  dividends  and

                  distributions,  including  the shares  proposed  to be issued,

                  minus any interest on any such  obligations  and  dividends on

                  any such  outstanding  stock to be retired or refunded  out of

                  the proceeds of the shares proposed to be issued.  The Company

                  may,  without the consent of the holders of preference  stock,

                  increase the number of shares of any class of stock other than

                  preference  stock which the Company is authorized to issue and

                  may  create  and  establish  any  series   thereof  as  herein

                  provided.

 

                        (e) Except as  required  by law,  holders of  preference

                  stock shall have such voting  rights,  if any, with respect to

                  such  preference  stock as are fixed by the Board of Directors

                  at the time of the  issuance of the series of such  preference

                  stock; however, no holder of preference stock shall have or be

                  granted  voting  rights  with  respect to each or any share of

                  preference  stock  held by such  holder  which  exceed  or are

                  superior  to (with  respect to number of votes per share,  the

                  subject matter upon which voting is permitted or required,  or

                  otherwise)  the voting  rights a holder of common  stock shall

                  have with respect to each or any share of common stock held by

                  such  common  stock  holder.   However,   notwithstanding  the

                  foregoing  provisions  of  this  paragraph,  if  and  whenever

                  dividends on the preference stock shall be in arrears and such

                  arrears  shall  aggregate an amount at least equal to four (4)

                  quarterly dividends,  which need not be consecutive,  then and

                  in such event, the holders of the outstanding preference stock

                  of all series  shall be entitled,  at the next ensuing  annual

                  meeting of the  stockholders,  voting as a class, to elect two

                  members (herein called  "preference  stock  directors") of the

                  Board of Directors,  which preference stock directors shall be

                  in  addition  to the  directors  holding  office  pursuant  to

                  ARTICLE 4 hereof  and in  addition  to any  directors  holding

                  office or to be  elected as  preferred  stock  directors;  and

                  provided  further  that if and  whenever  any  such  four  (4)

                  quarterly  dividend  arrearage shall occur, the Company shall,

                  within  fifteen  (15) days after the receipt by the Company of

                  written request of not less than twenty-five per cent (25%) of

                  the holders of the outstanding  preference  stock, as a class,

                  and  irrespective  of  series,  cause to be  called a  special

                  meeting of the

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  25

 

                  holders of outstanding  preference stock of all series,  to be

                  held on the earliest practicable date, to elect the preference

                  stock  directors,  as  aforesaid.  For  purposes  of any  such

                  election  such  holder or holders of  preference  stock as are

                  present  in  person  or by proxy  shall  constitute  a quorum,

                  irrespective of whether any holders of any other capital stock

                  of the Company are present at such meeting. Any vacancy in the

                  position of preference  stock  director,  which,  but for this

                  provision,  could be  filled  by such  person  as the Board of

                  Directors  might  designate,  shall be  filled by the Board of

                  Directors from among such persons as the remaining  preference

                  stock directors shall designate, and such successor shall hold

                  office for the unexpired term of the prior incumbent and until

                  his successor  shall be duly chosen and  shall  qualify.  Such

                  right of the holders of the  outstanding  preference  stock to

                  elect two members of the Board of Directors  shall continue at

                  each  annual  meeting  until  such  time  as  all  arrears  of

                  dividends  thereon for the current quarterly period shall have

                  been paid or declared  and  provided  for, in which event such

                  right of the holders of preference  stock to elect  preference

                  stock  directors  as provided in this  subparagraph  (e) shall

                  cease at the next  ensuing  annual  meeting  of  stockholders,

                  subject always to the same  provisions for the vesting of such

                  right in the case of any such future arrearages in dividends.

 

                        (f) Notwithstanding  any of the provisions  contained in

                  subparagraphs  (a) through (e) above,  (i) the preferred stock

                  shall rank prior to the preference  stock as to both dividends

                  and the  right to  receive  payment  out of the  assets of the

                  Company upon any voluntary liquidation, dissolution or winding

                  up  of  the  Company,   or  any  voluntary   sale  of  all  or

                  substantially  all  of  the  assets  of  the  Company,  or any

                  voluntary  distribution  of its  capital,  or any  involuntary

                  liquidation,  dissolution or winding up of the Company, or any

                  involuntary sales of all or substantially all of the assets of

                  the Company,  or any involuntary  distribution of its capital,

                  (ii) the Company  shall not pay any dividends on the shares of

                  preference stock at any time outstanding  unless and until all

                  dividends payable on the shares have been paid or declared and

                  set aside for payment, and (iii) no distribution shall be made

                  on any shares of preference stock at any time outstanding, and

                  no  payment  of any kind  shall be made  thereon to any holder

                  thereof, unless all payments required to be made on the shares

                  of preferred stock outstanding at such time and to the holders

                  thereof, whether upon redemption or pursuant to the provisions

                  of any sinking  fund  provided  therefor,  or upon a voluntary

                  liquidation,  dissolution  or winding  up of the  Company or a

                  voluntary  sale of all or  substantially  all of the assets of

                  the Company or any voluntary  distribution of its capital,  or

                  an involuntary  liquidation,  dissolution or winding up of the

                  Company or an involuntary sale of all or substantially  all of

                  the assets of the Company, or any involuntary  distribution of

                  its capital, or otherwise,  shall have been paid or shall have

                  been irrevocably set aside for payment.

 

<PAGE>

MWC Restated Certificate of Incorporation, February 27, 1997                  26

 

 

         Nothing contained in subparagraph (e) above pertaining to the rights of

the holders of preference stock to elect directors shall be deemed to affect the

rights of holders of  preferred  stock to elect  directors  upon  default in the

payment of dividends on the preferred stock.

 

         ARTICLE 8. Any action which, at any meeting of  stockholders,  requires

the vote, assent or consent of two-thirds in interest of all of the stockholders

of the Company,  or of two-thirds in interest of each class of  stockholders  of

the Company  having  voting power,  or which  requires such assent or consent in

writing to be filed,  may be taken  upon the assent of and the assent  given and

filed, as the case may be, by two-thirds in interest of the  stockholders of the

Company  present  and voting at such  meeting  in person or by proxy,  but where

assent by  classes is  required  such  assent  shall be given by  two-thirds  in

interest of each class so present and voting.

 

         ARTICLE 9. Any and all action requiring  stockholder  approval may only

be taken at an annual or special  meeting of stockholders of the Company and not

by consent in lieu of such meeting.

 

         ARTICLE 10. To the full extent from time to time as  permitted  by law,

directors and officers of the Corporation  shall not be personally liable to the

Corporation or its  stockholders  for damages for breach of any duty owed to the

Corporation or its stockholders.  No amendment or repeal of this provision shall

adversely  affect  any right or  protection  of a  director  or  officer  of the

Corporation existing at the time of such amendment or repeal.

 

Dated: February 27, 1997

Iselin, New Jersey

 

                                             MIDDLESEX WATER COMPANY

                                             =======================

 

 

                                             /s/ J. Richard Tompkins

                                             -----------------------------------

                                             J. Richard Tompkins

                                             Chairman of the Board and President

 

 

 

     Attest: /s/ Marion F. Reynolds

             ---------------------------------------

             Marion F. Reynolds

             Vice President, Secretary and Treasurer

 

 

 

 

                                  CERTIFICATE

                              OF AMENDMENT TO THE

                     RESTATED CERTIFICATE OF INCORPORATION

 

To:      The Secretary of State of the State of New Jersey.

 

     Pursuant to the provisions of N.J.S.A. 14A.9-2(4) and N.J.S.A. 14A: 9.4 the

undersigned Corporation executes the following Certificate of Amendment to its

Restated Certificate of Incorporation.

 

     1. The name of the Corporation is MIDDLESEX WATER COMPANY. The principal

office of the Corporation is 1500 Ronson Road, Iselin, New Jersey 08830-3020.

 

     2. The Company adopted the following amendment:

 

     The first sentence of Article 7A of the Company's Restated Certificate of

Incorporation is amended to read as follows:

 

     ARTICLE 7A. The total authorized capital stock of the Company is 6,250,000

shares, divided into 6,000,000 shares of common stock without nominal or par

value, 150,000 shares of preferred stock without nominal or par value and

100,000 shares of preference stock without nominal or par value.

 

     3. Such amendment was adopted by the shareholders on May 28, 1997.

 

     4. The number of shares entitled to vote on the amendment was 4,219,516

shares of the Company's Common Stock, no par value.

 

     5. 2,116,563 shares were voted for the amendment, 430,091 shares were voted

against such amendment and 109,167 shares abstained from voting on such

amendment.

 

                                         MIDDLESEX WATER COMPANY

 

                                          /s/ Marion F. Reynolds               

                                         ---------------------------------------

                                         Marion F. Reynolds                    

                                         Vice President, Secretary and Treasurer

 

 

Dated: May 29, 1997

 

 

 

CERTIFICATE OF AMENDMENT

TO THE

RESTATED CERTIFICATE OF INCORPORATION

 

MIDDLESEX WATER COMPANY

 

TO:           THE SECRETARY OF STATE OF THE STATE OF NEW JERSEY

 

Pursuant to the provisions of the N.J.S.A 14A:9-2(4) and N.J.S.A. 14A:9-4(3), the undersigned Corporation executes the following Certificate of Amendment to the Restated Certificate of Incorporation:

 

1.     The name of the Corporation is MIDDLESEX WATER COMPANY.

 

2.     The following amendment to the Restated Certificate of Incorporation was approved by the Board of Directors of the Corporation on December 19, 2006, and thereafter was duly adopted by the shareholders of the Corporation on May 23, 2007.

 

NOW, THEREFORE, BE IT RESOLVED that:  the first sentence of ARTICLE 7A of the Restated Certificate of Incorporation be amended to read as follows:

 

“The total authorized capital stock of the Company is 40,239,497 shares, divided into 40,000,000 shares of common stock without par value, 139,497 shares of preferred stock without nominal or par value and 100,000 shares of preference stock without nominal or par value.”

 

3.     The said amendment of the Restated Certificate of Incorporation was submitted to a vote of the stockholders of the Corporation entitled to vote thereon, namely, the holders of common stock of record at the close of business on March 15, 2007, at the Annual Meeting of Stockholders of this Corporation held on May 23, 2007.

 

4.     The total number of shares entitled to vote thereon was 13,182,486.

 

5.           The number of shares voting for, against and abstaining from such amendment is as follows:

 

For                      Against                                Abstain                                Total

10,648,916                      659,727                      83,289                                11,391,932

 

IN WITNESS WHEREOF, the Corporation has made this Certificate of Amendment under its seal and the hands of its President and its Secretary on this 14th day of June, 2007.

 

 

MIDDLESEX WATER COMPANY

 

 

 

 

 

 

 

 

 

 

By:

 /s/ Dennis W. Doll                                   

 

 

Dennis W. Doll

 

 

President

ATTEST:

 

/s/ Kenneth J. Quinn                          

Kenneth J. Quinn

Vice President, General Counsel,

Secretary and Treasurer

 

 

Item 5.03

AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR

 

At its Board of Directors Meeting, held July 27, 2010 the Board approved an amendment to Article II, Directors, of the By-Laws of Middlesex Water Company to provide for the lead director position with associated duties and responsiblities.  The amendment adds a new Section 6 to such Article II.

 

 

Exhibits (numbered in accordance with Item 601 of Regulation S-K).

 

Exhibit No.

Description

3 (ii)

Articles II of the By-Laws of Middlesex Water Company, as amended effective July 27, 2010

 

 

RESOLVED, that Article II, Directors, of the By-Laws be amended effective immediately by adding a new Section 6 which reads as follows:

 

“Section 6                      The Board shall be constituted where appropriate with a majority of individuals who qualify as independent directors, as determined by the Board in accordance with securities law and guidelines.  In the case where the Chairman of the Board and the President/Chief Executive Officer of the Company are the same person, the Board may, consistent with applicable law and regulation, designate one of its independent directors as Lead Director to be elected annually by a majority vote of the independent directors to serve for a term of one year, or until such time as his/her successor shall be elected.  The Lead Director shall have such specific duties and responsibilities as the Board may determine from time to time, including, but not limited to, the following:

 

 

·

In consultation with the independent directors:

 

o

Advise the Chairman as to an appropriate schedule of Board meetings;

 

 

o

Review and provide the Chairman with input regarding the agendas for the Board meetings;

 

·

Preside at all meetings at which the Chairman is not present including executive sessions of the independent directors and apprise the Chairman of the issues considered;

 

 

·

Be available for consultation and direct communication with the Company’s shareholders and other members of the Board;

 

·

Call meetings of the independent directors when necessary and appropriate; and

 

 

·

Perform such other duties as the Board may from time to time delegate.”

 

 

 

 


 

 

 

 

SIGNATURE

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

MIDDLESEX WATER COMPANY

 

                 (Registrant)

 

 

 

 

 

 

 

By: s/Kenneth J. Quinn

 

Kenneth J. Quinn

 

Vice President, General Counsel,

 

Secretary and Treasurer

 

 

 

Dated:  July 30, 2010

 

[End]