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EXHIBIT 3.2

                                        BYLAWS
                                          OF
                                   DS BANCOR, INC.
                        (hereinafter called the "Corporation")

                                      ARTICLE I
                                       OFFICES

    Section 1.  REGISTERED OFFICE.  The registered office of the Corporation
shall be in the city of Dover, County of Kent, State of Delaware.

    Section 2.  OTHER OFFICES.  The Corporation may also have offices at such
other places both within and without the State of Delaware as the board of
directors may from time to time determine.

                                      ARTICLE II
                               MEETINGS OF SHAREHOLDERS

    Section 1.  PLACE OF MEETINGS.  Meetings of shareholders for the election
of directors or for any other purpose shall be held at such time and place,
either within or without the State of Delaware, as shall be designated from time
to time by the board of directors and stated in the notice of the meeting or in
a duly executed waiver of notice thereof.

    Section 2.  ANNUAL MEETINGS.  The annual meetings of shareholders shall be
held at 306 South State Street, Dover, Delaware, on the fourth Wednesday of
April at 4:00 p.m. or at such other place, within or without the State of
Delaware, date and hour time as shall be designated from time to time by the
board of directors and stated in the notice of the meeting, at which meetings
the shareholders shall elect by a plurality vote successors to that class of
directors whose terms shall have expired and transact such other business as may
properly be brought before the meeting.  Written notice of the annual meeting
stating the place, date and hour of the meeting shall be given to each
shareholder entitled to vote at such meeting not less than 20 nor more than 50
days before the date of the meeting.

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    Section 3.  BUSINESS AT ANNUAL MEETING.  At an annual meeting of the share-
holders, only such business shall be conducted as shall have been properly
brought before the meeting.  To be properly brought before an annual meeting,
business must be (a) specified in the notice of meeting (or any supplement
thereto) given by or at the direction of the board of directors, (b) otherwise
properly brought before the meeting by or at the direction of the board of
directors or (c) otherwise properly brought before the meeting by a shareholder.

    For business to be properly brought before an annual meeting by a
shareholder, the shareholder must have given timely notice thereof in writing to
the secretary of the Corporation.  To be timely, a shareholder's notice must be
delivered to or mailed and received at the principal executive offices of the
Corporation not less than 30 days nor more than 90 days prior to the meeting;
provided, however, that in the event that less than 45 days' notice or prior
public disclosure of the date of the meeting is given or made to shareholders,
notice by the shareholder to be timely must be so received not later than the
close of business on the 15th day following the day on which such notice of the
date of the annual meeting was mailed or such public disclosure was made.  A
shareholder's notice to the secretary shall set forth as to each matter the
shareholder proposes to bring before the annual meeting (a) a brief description
of the business desired to be brought before the annual meeting and the reasons
for conducting such business at the annual meeting, (b) the name and address, as
they appear on the Corporation's books, of the shareholder proposing such
business, (c) the class and number of shares of the Corporation which are
beneficially owned by the shareholder and (d) any material interest of the
shareholder in such business.  Notwithstanding anything in these bylaws to the
contrary, no business shall be conducted at an annual meeting except in
accordance with the procedures set forth in this Section 3.  The chairman of an
annual meeting shall, if the facts warrant, determine and declare to the annual
meeting that a matter of business was not properly brought before the meeting in
accordance with the provisions of this Section 3, and if he should so determine,
he shall so declare to the meeting and any such business not properly brought
before the meeting shall not be transacted.

    Section 4.  SPECIAL MEETINGS.  Unless otherwise prescribed by law or by the
Certificate of Incorporation, special meetings of shareholders, for any purpose
or purposes, may be called by the president and shall be called at the request
of a majority of the directors then in office.  Written notice of a special
meeting stating the place, date and hour of the meeting and the purpose or
purposes for which the

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meeting is called shall be given not less than 20 nor more than 50 days before
the date of the meeting to each shareholder entitled to vote at such meeting.

    Section 5.  QUORUM.  Except as otherwise provided by law or by the
Certificate of Incorporation, the holders of one-third of the capital stock
issued and outstanding and entitled to vote thereat, present in person or
represented by proxy, shall constitute a quorum at all meetings of the
shareholders for the transaction of business.  If, however, such quorum shall
not be present or represented at any meeting of the shareholders, the
shareholders entitled to vote thereat, present in person or represented by
proxy, shall have power to adjourn the meeting from time to time to another time
and place, without notice other than announcement at the meeting, until a quorum
shall be present or represented.  At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been transacted at the meeting as originally noticed.  If the adjournment is for
more than 30 days, or if after the adjournment a new record date is fixed for
the adjourned meeting, a notice of the adjourned meeting shall be given to each
shareholder entitled to vote at the meeting.

    Section 6.  VOTING.  Except as otherwise required by law, the Certificate
of Incorporation or these bylaws, any matter brought before any meeting of
shareholders shall be decided by the affirmative vote of the majority of the
votes cast on the matter at a meeting at which a quorum is present.  Each
shareholder represented at a meeting of shareholders shall be entitled to cast
one vote for each share of the capital stock entitled to vote thereat held by
such shareholder.  The board of directors, in its discretion, may require that
any votes cast at such meeting shall be cast by written ballot.

    Section 7.  LIST OF STOCKHOLDERS ENTITLED TO VOTE.  The officer of the
Corporation who has charge of the stock ledger of the Corporation shall prepare
and make, at least ten days before every meeting of shareholders, a complete
list of the shareholders entitled to vote at the meeting, arranged in
alphabetical order, and showing the address of each shareholder and the number
and class of shares registered in the name of each shareholder.  Such list shall
be open to the examination of any shareholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least ten days prior
to the meeting, either at a place within the city where the meeting is to be
held, which place shall be specified in the notice of the meeting, or, if not so
specified, at the place where the meeting is to be held.

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The list shall also be produced and kept at the time and place of the meeting
during the whole time thereof, and may be inspected by any shareholder of the
Corporation who is present.  

    Section 8.  STOCK LEDGER.  The stock ledger of the Corporation shall be the
only evidence as to who are the shareholders entitled to examine the list
required by Section 7 of this Article II or to vote in person or by proxy at any
meeting of shareholders.

    Section 9.  PROXIES.  At all meetings of shareholders, a shareholder may
vote by proxy executed in writing by the shareholder or his duly authorized
attorney-in-fact.  Proxies solicited on behalf of the board of directors shall
be voted as directed by the shareholder or, in the absence of such direction, as
determined by a majority of the board of directors.  No proxy shall be valid
after three years from its date, unless the proxy provides for a longer period. 
A duly executed proxy shall be irrevocable if it states that it is irrevocable
and if, only as long as, it is coupled with an interest sufficient in law to
support an irrevocable power.

    Section 10.  VOTING OF SHARES IN THE NAME OF TWO OR MORE PERSONS.  If
shares or other securities having voting power stand of record in the names of
two or more persons, whether fiduciaries, members of a partnership, joint
tenants, tenants in common, tenants by the entirety or otherwise, or if two or
more persons have the same fiduciary relationship respecting the same shares,
unless the secretary of the Corporation is given written notice to the contrary
and is furnished with a copy of the instrument or order appointing them or
creating the relationship wherein it is so provided, their acts with respect to
voting shall have the following effect:  (1) if only one votes, his act binds
all; (2) if more than one vote, the act of the majority so voting binds all; (3)
if more than one vote, but the vote is evenly split on any particular matter,
each faction may vote the securities in question proportionally, or any person
voting the shares, or a beneficiary, if any, may apply to the Court of Chancery
of the State of Delaware or such other court as may have jurisdiction to appoint
an additional person to act with the persons so voting the shares, which shall
then be voted as determined by a majority of such persons and the person
appointed by the Court.  If the instrument so filed shows that any such tenancy
is held in unequal interests, a majority or even-split for the purposes of this
subsection shall be a majority or even-split in interest.

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    Section 11.  VOTING OF SHARES BY CERTAIN HOLDERS.  Shares standing in the
name of another corporation may be voted by any officer, agent or proxy as the
bylaws of such corporation may prescribe, or, in the absence of such provision,
as the board of directors of such corporation may determine.  Shares held by an
administrator, executor, guardian or conservator may be voted by him, but no
trustee shall be entitled to vote shares held by him without a transfer of such
shares into his name.  Shares standing in the name of a receiver may be voted by
such receiver, and shares held by or under the control of a receiver may be
voted by such receiver without the transfer into his name if authority so to do
is contained in an appropriate order of the court or other public authority by
which such receiver was appointed.

    A shareholder whose shares are pledged shall be entitled to vote such
shares unless in the transfer by the pledgor on the books of the Corporation he
has expressly empowered the pledgee to vote thereon, in which case only the
pledgee, or his proxy, may represent such stock and vote thereon.

    Neither treasury shares of its own stock held by the Corporation, nor
shares held by another corporation, if a majority of the shares entitled to vote
for the election of directors of such other corporation are held by the
Corporation, shall be voted at any meeting or counted in determining the total
number of outstanding shares at any given time for purposes of any meeting.

    Section 12.  INSPECTORS OF ELECTION. In advance of any meeting of share-
holders, the board of directors may appoint any persons other than nominees for
office as inspectors of election to act at such meeting or any adjournment
thereof. The number of inspectors shall be either one or three. If the board of
directors so appoints either one or three such inspectors, that appointment
shall not be altered at the meeting. If inspectors of election are not so
appointed, the chairman of the board or the president may, and on the request of
not less than ten percent of the votes represented at the meeting shall, make
such appointments at the meeting. If appointed at the meeting, the majority of
the votes present shall determine whether one or three inspectors are to be
appointed. In case any person appointed as inspector fails to appear or fails or
refuses to act, the vacancy may be filled by appointment by the board of
directors in advance of the meeting or by the chairman of the board or the
president.

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    Unless otherwise prescribed by law, the duties of such inspectors shall
include: determining the number of shares of stock entitled to vote, the voting
power of each share, the shares of stock represented at the meeting, the
existence of a quorum, the authenticity, validity and effect of proxies;
receiving votes, ballots or consents; hearing and determining all challenges and
questions in any way arising in connection with the right to vote; counting and
tabulating all votes or consents; determining the result; and such acts as may
be proper to conduct the election or the vote with fairness to all shareholders.

    Section 13. CONDUCT OF MEETINGS. Annual and special meetings shall be
conducted in accordance with rules prescribed by the presiding officer of the
meeting, unless otherwise prescribed by law or these bylaws. The board of
directors shall designate, when present, either the chairman of the board or the
president to preside at such meetings.

                                     ARTICLE III
                                      DIRECTORS

    Section 1. NUMBER AND ELECTION OF DIRECTORS. The number of directors which
shall constitute the whole board shall not be less than 9 nor more than 16 as
provided in the Certificate of Incorporation. The current board shall consist of
16 directors. Thereafter, within the limits specified, the number of directors
shall be determined by resolution of the board of directors adopted by not less
than two-thirds of the directors then in office. Directors need not be residents
of the State of Delaware.

    Directors shall be elected only by shareholders at annual meetings of
shareholders, other than the initial board of directors and except as provided
in Section 2 of this Article III in the case of vacancies and newly created
directorships. Each director elected shall hold office for the term for which he
is elected and until his successor is elected and qualified or until his earlier
resignation or removal. After May 31, 1986 each director is required to own not
less than 500 shares of the common stock of the Corporation.

    Section 2. CLASSES; TERMS OF OFFICE; VACANCIES. The board of directors
shall divide the directors into three classes. When the number of directors is
changed, the board of directors shall determine the class or classes to which
the increased or decreased number of directors shall be apportioned; provided,
that the directors in

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each class shall be as nearly equal in number as possible; provided, further,
that no decrease in the number of directors shall affect the term of any
director then in office.

    The terms of office of the directors named in the Certificate of
Incorporation of the Corporation shall be as named therein. At the 1987 annual
meeting of shareholders and at each subsequent annual meeting of shareholders,
directors elected to succeed those whose terms are expiring shall be elected for
a term of office to expire at the third succeeding annual meeting of
shareholders and when their respective successors are elected and qualified.

    Vacancies and newly created directorships resulting from any increase in
the authorized number of directors may be filled, for the unexpired term, by the
concurring vote of a majority of the directors then in office, whether or not a
quorum, and any director so chosen shall hold office for the remainder of the
full term of the class of directors in which the new directorship was created or
the vacancy occurred and until such director's successor shall have been elected
and qualified.

    Section 3. DUTIES AND POWERS. The business of the Corporation shall be
managed by or under the direction of the board of directors which may exercise
all such powers of the Corporation and do all such lawful acts and things as are
not by statute or by the Certificate of Incorporation or by these bylaws
directed or required to be exercised or done by the shareholders.

    Section 4. MEETINGS. The board of directors of the Corporation may hold
meetings, both regular and special, either within or without the State of
Delaware. The annual regular meeting of the board of directors shall be held
without other notice than this bylaw immediately after, and at the same place
as, the annual meeting of the shareholders or upon notice at such other time and
place as may be fixed by the board of directors. Additional regular meetings of
the board of directors may be held without notice at such time and at such place
as may from time to time be determined by resolution of the board of directors.
Special meetings of the board of directors may be called by the chairman of the
board, the president or a majority of directors then in office. Notice thereof
stating the place, date and hour of the meeting shall be given to each director
either by mail not less than 48 hours before the date of the meeting, or by
telephone or telegram on 24 hours' notice.

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    Section 5. QUORUM AND VOTING AT MEETINGS. Except as may be otherwise
specifically provided by law, the Certificate of Incorporation or these bylaws,
at all meetings of the board of directors, a majority of the directors then in
office shall constitute a quorum for the transaction of business and the act of
a majority of the directors present at any meeting at which there is a quorum
shall be the act of the board of directors. If a quorum shall not be present at
any meeting of the board of directors, the directors present thereat may adjourn
the meeting from time to time, without notice other than announcement at the
meeting, until a quorum shall be present.

    Section 6. ACTIONS WITHOUT MEETING. Any action required or permitted to be
taken at any meeting of the board of directors or of any committee thereof may
be taken without a meeting, if all the members of the board of directors or
committee, as the case may be, consent thereto in writing, and the writing or
writings are filed with the minutes of proceedings of the board of directors or
committee.

    Section 7. MEETINGS BY MEANS OF CONFERENCE TELEPHONE. Members of the board
of directors of the Corporation, or any committee designated by the board of
directors, may participate in a meeting of the board of directors or such
committee by means of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other,
and participation in a meeting pursuant to this Section 7 shall constitute
presence in person at such meeting.

    Section 8. COMPENSATION. The board of directors shall have the authority to
fix the compensation of directors and to provide for reasonable benefits or to
delegate such authority to an appropriate committee, irrespective of any
personal interest of one of its members. The directors may be paid their
reasonable expenses, if any, of attendance at each meeting of the board of
directors and may be paid a reasonable fixed sum for actual attendance at each
meeting of the board of directors. Directors, as such, may receive a stated
salary for their services. No such payment shall preclude any director from
serving the Corporation in any other capacity and receiving compensation
therefor. Members of special or standing committees may be allowed like
compensation for attending committee meetings.

    Section 9. INTERESTED DIRECTORS. No contract or transaction between the
Corporation and one or more of its directors or officers, or between the
Corporation and any other corporation, partnership, association, or other
organization in which one or more of its directors or officers are directors or
officers, or have a financial

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interest, shall be void or voidable solely for this reason, or solely because
the director or officer is present at or participates in the meeting of the
board of directors or committee thereof which authorizes the contract or
transaction, or solely because his or their votes are counted for such purpose
if (i) the material facts as to his or their relationship or interest and as to
the contract or transaction are disclosed or are known to the board of directors
or the committee, and the board of directors or committee in good faith
authorizes the contract or transaction by the affirmative votes of a majority of
the disinterested directors, even though the disinterested directors be less
than a quorum; or (ii) the material facts as to his or their relationship or
interest and as to the contract or transaction are disclosed or are known to the
shareholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by vote of the shareholders; or (iii) the
contract or transaction is fair as to the Corporation as of the time it is
authorized, approved or ratified, by the board of directors, a committee thereof
or the shareholders. Common or interested directors may be counted in
determining the presence of a quorum at a meeting of the board of directors or
of a committee which authorizes the contract or transaction.

    Section 10. CORPORATE BOOKS. The directors may keep the books of the
Corporation outside of the State of Delaware at such place or places as they may
from time to time determine.

    Section 11. PRESUMPTION OF ASSENT. A director of the Corporation who is
present at a meeting of the board of directors at which action on any matter is
taken shall be presumed to have assented to the action taken unless his dissent
or abstention shall be entered in the minutes of the meeting or unless he shall
file his written dissent to such action with the person acting as the secretary
of the meeting before the adjournment thereof or shall forward such dissent by
registered mail to the secretary of the Corporation within five days after the
date he receives a copy of the minutes of the meeting. Such right to dissent
shall not apply to a director who voted in favor of such action.

    Section 12. RESIGNATION. Any director may resign at any time by sending a
written notice of such resignation to the principal executive office of the
Corporation addressed to the chairman of the board, the president or the
secretary. Unless otherwise specified therein such resignation shall take effect
upon receipt thereof by the chairman or the president or the secretary.

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    Section 13. NOMINEES. Only persons who are nominated in accordance with the
procedures set forth in this Section 13 shall be eligible for election as
directors. Nominations of persons for election to the board of directors of the
Corporation may be made at a meeting of shareholders by or at the direction of
the board of directors or by any shareholder of the Corporation entitled to vote
for the election of directors at the meeting who complies with the notice
procedures set forth in this Section 13. Such nominations, other than those made
by or at the direction of the board of directors, shall be made pursuant to
timely notice in writing to the secretary of the Corporation. To be timely, a
shareholder's notice shall be delivered to or mailed and received at the
principal executive offices of the Corporation not less than 30 days nor more
than 90 days prior to the meeting; provided, however, that in the event that
less than 45 days' notice or prior public disclosure of the date of the meeting
is given or made to shareholders, notice by the shareholder to be timely must be
so received not later than the close of business on the 15th day following the
day on which such notice of the date of the meeting was mailed or such public
disclosure was made. Such shareholder's notice shall set forth (a) as to each
person whom the shareholder proposes to nominate for election or re-election as
a director, (i) the name, age, business address and residence address of such
person, (ii) the principal occupation or employment of such person, (iii) the
class and number of shares of the Corporation which are beneficially owned by
such person and (iv) any other information relating to such person that is
required to be disclosed in solicitations or proxies for election of directors,
or is otherwise required, in each case pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (including without limitation such
person's written consent to being named in the proxy statement as a nominee and
to serving as a director, if elected); and (b) as to the shareholder giving
notice (i) the name and address, as they appear on the Corporation's books, of
such shareholder and (ii) the class and number of shares of the Corporation
which are beneficially owned by such shareholder. At the request of the board of
directors, any person nominated by the board of directors for election as a
director shall furnish to the secretary of the Corporation that information
required to be set forth in a shareholder's notice of nomination which pertains
to the nominee. No person shall be eligible for election as a director of the
Corporation unless nominated in accordance with the procedures set forth in this
Section 13. The chairman of the meeting shall, if the facts warrant, determine
and declare to the meeting that a nomination was not made in accordance with
procedures prescribed by the bylaws, and if he should so determine, he shall so
declare to the meeting and the defective nomination shall be disregarded.

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    Section 14. AGE LIMITATION. No person shall be eligible for election or
re-election as a director after he has reached the age of 69 years. When any
director has reached the age of 69 years, and regardless of his remaining term
of office, he shall retire as a director at the annual meeting of shareholders
immediately following his 69th birthday, and shall be classified as an honorary
director from that time until his term as a director expires, and in the
capacity of honorary director shall retain the privilege of attending meetings,
receiving fees and participating in discussions, but shall have no vote.

                                      ARTICLE IV
                            EXECUTIVE AND OTHER COMMITTEES

    Section 1. APPOINTMENT. The board of directors, by resolution adopted by a
majority of the full board, shall designate the chief executive officer and two
or more of the other directors to constitute an executive committee. The
designation of any committee pursuant to this Article IV and the delegation of
authority thereto shall not operate to relieve the board of directors, or any
director, of any responsibility imposed by law or regulation.

    Section 2. AUTHORITY. The executive committee, when the board of directors
is not in session, shall have and may exercise all the powers and authority of
the board of directors in the management of the business and affairs of the
Corporation, and may authorize the seal of the Corporation to be affixed to all
papers which may require it, except to the extent, if any, that such powers and
authority shall be limited by the resolution appointing the executive committee;
and except also that the executive committee shall not have the power or
authority of the board of directors with reference to amending the Certificate
of Incorporation; adopting an agreement of merger or consolidation; recommending
to the shareholders the sale, lease or exchange of all or substantially all of
the Corporation's property and assets; recommending to the shareholders a
dissolution of the Corporation or a revocation of a dissolution; amending the
bylaws of the Corporation; filling a vacancy or creating a new directorship; or
approving a transaction in which any member of the executive committee, directly
or indirectly, has any material beneficial interest; and unless the resolution
or bylaws expressly so provide, the executive committee shall not have the power
or authority to declare a dividend or to authorize the issuance of stock or
securities convertible into or exercisable for stock.

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    Section 3. TENURE. Subject to the provisions of Section 8 of this Article
IV, each member of the executive committee shall hold office until the next
annual regular meeting of the board of directors following his designation and
until his successor is designated as a member of the executive committee.

    Section 4. MEETINGS. Regular meetings of the executive committee may be
held without notice at such times and places as the executive committee may fix
from time to time by resolution. Special meetings of the executive committee may
be called by the chairman of the executive committee, the chief executive
officer or any two members thereof upon not less than one day's notice stating
the place, date and hour of the meeting, which notice may be written or oral.
Any member of the executive committee may waive notice of any meeting and no
notice of any meeting need be given to any member thereof who attends in person.
The notice of a meeting of the executive committee need not state the business
proposed to be transacted at the meeting.

    Section 5. QUORUM AND VOTING. A majority of the members of the executive
committee shall constitute a quorum for the transaction of business at any
meeting thereof, and action of the executive committee must be authorized by the
affirmative vote of a majority of the members present at a meeting at which a
quorum is present. The board of directors may elect one or more directors as
alternate members of the executive committee, who may take the place of any
absent member or members at a meeting of the committee. If a member of the
executive committee shall be absent from any meeting, or disqualified from
voting thereat, the remaining member or members present and not disqualified
from voting, whether or not such member or members constitute a quorum, may, by
unanimous vote, appoint another member of the board of directors to act at the
meeting in place of an absent or disqualified member.

    Section 6. ACTION WITHOUT A MEETING. Any action required or permitted to be
taken by the executive committee at a meeting may be taken without a meeting if
a consent in writing, setting forth the action so taken, shall be signed by all
of the members of the executive committee and the writing or writings are filed
with the minutes of the proceedings of the committee.

    Section 7. VACANCIES. Any vacancy in the executive committee may be filled
by a resolution adopted by a majority of the full board of directors.

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    Section 8. RESIGNATIONS AND REMOVAL. Any member of the executive committee
may be removed at any time with or without cause by resolution adopted by a
majority of the full board of directors. Any member of the executive committee
may resign from the executive committee at any time by giving written notice to
the chairman of the executive committee or to the secretary of the Corporation.
Unless otherwise specified therein, such resignation shall take effect upon
receipt.

    Section 9. PROCEDURE. The executive committee shall elect a chairman from
its members and may fix its own rules of procedure which shall not be
inconsistent with these bylaws. It shall keep regular minutes of its proceedings
and report the same to the full board of directors for its information at the
meeting thereof held next after the proceedings shall have been taken.

    Section 10. OTHER COMMITTEES. The board of directors by resolution may
establish an audit committee and a stock option committee, composed in each case
only of directors who are not employees of the Corporation or any subsidiary
thereof. The board of directors by resolution may also establish such other
committees composed of directors as they may determine to be necessary or
appropriate for the conduct of the business of the Corporation and may prescribe
the duties and powers thereof. Such other committees shall be governed by the
provisions set forth in this Article IV for action by the executive committee.

                                      ARTICLE V
                                       OFFICERS

    Section 1. GENERAL. The officers of the Corporation shall be chosen by the
board of directors and shall be a chairman of the board, a president, a
secretary and a treasurer. The board of directors may also designate one or more
executive vice presidents, senior vice presidents, vice presidents, assistant
vice presidents, assistant secretaries, assistant treasurers and other officers.
The offices of secretary and treasurer may be held by the same person and a vice
president may also be either the secretary or the treasurer. In no event shall
the chairman of the board, the president or the secretary be the same person.

    Section 2. ELECTION. The board of directors at its first meeting held after
the annual meeting of shareholders shall elect annually the officers of the
Corporation who shall exercise such powers and perform such duties as shall be
set forth in these

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bylaws and as determined from time to time by the board of directors; and all
officers of the Corporation shall hold office until their successors are chosen
and qualified, or until their earlier resignation or removal. Any officer
elected by the board of directors may be removed at any time by the affirmative
vote of a majority of the board of directors. Any vacancy occurring in any
office of the Corporation shall be filled by the board of directors. The
salaries of all officers of the Corporation shall be fixed by the board of
directors or delegated to an appropriate committee. 

    Section 3. REMOVAL. Any officer may be removed by the board of directors
whenever in its judgment the best interests of the Corporation will be served
thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed.

    Section 4. VOTING SECURITIES OWNED BY THE CORPORATION. Powers of attorney,
proxies, waivers of notice of meeting, consents and other instruments relating
to securities owned by the Corporation may be executed in the name of and on
behalf of the Corporation by the chairman of the board, the president or any
vice president and any such officer may, in the name of and on behalf of the
Corporation, take all such action as any such officer may deem advisable to vote
in person or by proxy at any meeting of security holders of any corporation in
which the Corporation may own securities and at any such meeting shall possess
and may exercise any and all rights and powers incident to the ownership of such
securities and which, as the owner thereof, the Corporation might have exercised
and possessed if present. The board of directors may, by resolution, from time
to time confer like powers upon any other person or persons.

    Section 5. CHAIRMAN OF THE BOARD. The directors shall appoint a director to
the position of chairman of the board. The chairman shall, when present, preside
at all meetings of the board of directors and shall perform such other duties
and have such other power as may be vested in the chairman of the board by the
board of directors.

    Section 6. PRESIDENT. The president shall be a director of the Corporation
and shall serve as the chief executive officer of the Corporation. The president
shall, subject to the control of the board of directors, exercise general
supervision and direction over the business and affairs of the Corporation and
shall see that all orders and resolutions of the board of directors are carried
into effect. He shall execute all bonds, mortgages, contracts and other
instruments of the Corporation requiring a seal, under the seal of the
Corporation, except where required or permitted

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by law to be otherwise signed and executed and except that the other officers 
of the Corporation may sign and execute documents when so authorized by these 
bylaws, the board of directors or the president. The president shall be an ex 
officio member of all committees of the board of directors, except the audit 
committee and the stock option committee, and shall preside at all meetings 
of the shareholders. The president shall also perform such other duties and 
may exercise such other powers as from time to time may be assigned to him by 
these bylaws or by the board of directors.

    Section 7. VICE PRESIDENTS. At the request of the president or in his 
absence or inability to act, the vice president or the vice presidents if 
there is more than one (in the order designated by the board of directors) 
shall perform the duties of the president. Each vice president shall perform 
such other duties and have such other powers as the board of directors or the 
president from time to time may prescribe.

    Section 8. SECRETARY. The secretary shall attend all meetings of the board
of directors and all meetings of shareholders and record all the proceedings
thereat in a book or books to be kept for that purpose; the secretary shall also
perform like duties for the standing committees when required. The secretary
shall give, or cause to be given, notice of all meetings of the shareholders and
of the board of directors, and shall perform such other duties as may be
prescribed by the board of directors or the president, under whose supervision
the secretary shall serve. The secretary shall have custody of the seal of the
Corporation and shall have authority to affix the same to any instrument
requiring it and when so affixed, it may be attested by the signature of the
secretary. The board of directors may give general authority to any other
officer to affix the seal of the Corporation and to attest the affixing by his
signature. The secretary shall see that all books, reports, statements,
certificates and other documents and records required by law to be kept or filed
are properly kept or filed, as the case may be.

    Section 9. TREASURER. The treasurer shall have the custody of the corporate
funds and securities and shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation and shall deposit all moneys
and other valuable effects in the name and to the credit of the Corporation in
such depositories as may be designated by the board of directors. The treasurer
shall disburse the funds of the Corporation as may be ordered by the president
or the board of directors, taking proper vouchers for such disbursements, and
shall render to the president and to the board of directors, at its regular
meetings, or when the president

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or the board of directors so requires, an account of all his transactions as
treasurer and of the financial condition of the Corporation.

    Section 10. ASSISTANT SECRETARIES. Assistant secretaries, if there be any,
shall perform such duties and have such powers as from time to time may be
assigned to them by the board of directors, the president or the secretary. At
the request of the secretary or in his absence or inability the assistant
secretary shall perform the duties of the secretary.

    Section 11. ASSISTANT TREASURERS. Assistant treasurers, if there be any,
shall perform such duties and have such powers as from time to time may be
assigned to them by the board of directors, the president or the treasurer. At
the request of the treasurer, or in his absence or inability to act, the
assistant treasurer shall perform the duties of the treasurer.

    Section 12. OTHER OFFICERS. Such other officers as the board of directors
may choose shall perform such duties and have such powers as from time to time
may be assigned to them by the board of directors or the president. The board of
directors may delegate to any other officer of the Corporation the power to
choose such other officers and to prescribe their respective duties and powers.

                                      ARTICLE VI
                                        STOCK

    Section 1. FORM OF CERTIFICATES. Every holder of stock in the Corporation
shall be entitled to have a certificate signed by, or in the name of the
Corporation by (i) the chairman of the board or the president and (ii) by the
secretary or an assistant secretary of the Corporation, representing the number
of shares registered in certificate form.

    Section 2. SIGNATURES. Any or all of the signatures on a certificate may be
facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate shall have ceased
to be such officer before such certificate is issued, it may be issued by the
Corporation with the same effect as if he were such officer at the date of
issue.

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    Section 3. LOST CERTIFICATES. The president may direct a new certificate to
be issued in place of any certificate theretofore issued by the Corporation
alleged to have been lost, stolen or destroyed, upon the making of an affidavit
of that fact by the person claiming the certificate of stock to be lost, stolen
or destroyed. When authorizing such issue of a new certificate, the president
may, in his discretion and as a condition precedent to the issuance thereof,
require the owner of such lost, stolen or destroyed certificate, or his legal
representative to advertise the same in such manner as the president may require
and/or to give the Corporation a bond in such sum as he may direct as indemnity
against any claim that may be made against the Corporation with respect to the
certificate alleged to have been lost, stolen or destroyed.

    Section 4. TRANSFERS. Stock of the Corporation shall be transferable in the
manner prescribed by law and in these bylaws. Transfers of stock shall be made
on the books of the Corporation only by the person named in the certificate or
by his attorney lawfully constituted in writing and upon the surrender of the
certificate therefor, which shall be cancelled before a new certificate shall be
issued.

    Section 5. RECORD DATE. In order that the Corporation may determine the
shareholders entitled to notice of or to vote at any meeting of shareholders or
any adjournment thereof, or to express consent to corporate action in writing
without a meeting, or entitled to receive payment of any dividend or other
distribution or allotment of any rights, or entitled to exercise any rights in
respect of any change, conversion or exchange of stock, or for the purpose of
any other lawful action, the board of directors may fix, in advance, a record
date, which shall not be more than 60 days nor less than 25 days before the date
of such meeting, nor more than 60 days prior to any other action. A
determination of shareholders of record entitled to notice of or to vote at a
meeting of shareholders shall apply to any adjournment of the meeting; provided,
however, that the board of directors may fix a new record date for the adjourned
meeting.

    Section 6. BENEFICIAL OWNERS. The Corporation shall be entitled to
recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, and to vote as such owner, and shall not be
bound to recognize any equitable or other claim to or interest in such share or
shares on the part of any other person, whether or not the Corporation shall
have express or other notice thereof, except as otherwise required by law.

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                                     ARTICLE VII
                                       NOTICES

    Section 1. NOTICES. Whenever written notice is required by law, the
Certificate of Incorporation or these bylaws, to be given to any director,
member of a committee or shareholder, such notice may be given by mail,
addressed to such director, member of a committee or shareholder, at his address
as it appears on the records of the Corporation, with postage thereon prepaid,
and such notice shall be deemed to be given at the time when the same shall be
deposited in the United States mail. Written notice may also be given personally
or by telegram, telex or cable.

    Section 2. WAIVERS OF NOTICE. Whenever any notice is required by law, the
Certificate of Incorporation or these bylaws, to be given to any director,
member of a committee or shareholder, a waiver thereof in writing, signed by the
person or persons entitled to said notice, whether before or after the time
stated therein, shall be deemed equivalent thereto.

    Attendance of a person at a meeting shall constitute a waiver of notice of
such meeting, except when the person attends a meeting with the express purpose
of objecting, at the beginning of the meeting, to the transaction of any
business because the meeting is not lawfully called or convened. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting
of the shareholders, directors, or members of a committee of directors need be
specified in any waiver of notice unless so required by the Certificate of
Incorporation or these bylaws.

                                     ARTICLE VIII
                                  GENERAL PROVISIONS

    Section 1. DIVIDENDS. Dividends upon the capital stock of the Corporation,
subject to the provisions of the Certificate of Incorporation and the laws of
the State of Delaware, may be declared by the board of directors at any regular
or special meeting and may be paid in cash, in property, or in shares of the
capital stock.

    Subject to the provisions of the General Corporation Law of the State of
Delaware, such dividends may be paid either out of surplus, out of the net
profits for the fiscal year in which the dividend is declared and/or the
preceding fiscal year.

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    Section 2. DISBURSEMENTS. All checks or demands for money and notes of the
Corporation shall be signed by such officer or officers or such other person or
persons as the board of directors may from time to time designate.

    Section 3. FISCAL YEAR. The fiscal year of the Corporation shall be
December 31.

    Section 4. CORPORATE SEAL. The corporate seal shall have inscribed thereon
the name of the Corporation, the year of its organization and the words
"Corporate Seal, Delaware". The seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced or otherwise.

                                      ARTICLE IX
                                   INDEMNIFICATION

    Section 1. POWER TO INDEMNIFY IN ACTIONS, SUITS OR PROCEEDINGS OTHER THAN 
THOSE BY OR IN THE RIGHT OF THE CORPORATION. Subject to Section 3 of this 
Article IX, the Corporation shall indemnify any person who was or is a party 
or is threatened to be made a party to any threatened, pending or completed 
action, suit or proceeding, and any appeal therein, whether civil, criminal, 
administrative, arbitrative or investigative (other than an action by or in 
the right of the Corporation) by reason of the fact that he is or was a 
director, officer, trustee, employee or agent of the Corporation, or is or 
was serving at the request of the Corporation as a director, officer, 
trustee, employee or agent of another corporation, association, partnership, 
joint venture, trust or other enterprise, against expenses (including 
attorneys' fees), judgments, fines, penalties and amounts paid in settlement 
actually and reasonably incurred by him in connection with such action, suit 
or proceeding, and any appeal therein, if he acted in good faith and in a 
manner he reasonably believed to be in or not opposed to the best interests 
of the Corporation, and, with respect to any criminal action or proceeding, 
had no reasonable cause to believe his conduct was unlawful. The termination 
of any action, suit or proceeding, and any appeal therein, by judgment, 
order, settlement, conviction, or upon a plea of nolo contendere or its 
equivalent, shall not, of itself, create a presumption that the person did 
not act in good faith and in a manner which he reasonably believed to be in 
or not opposed to the best interests of the Corporation, and, with respect to 
any criminal action or proceeding, had reasonable cause to believe that his 
conduct was unlawful.

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    Section 2. POWER TO INDEMNIFY IN ACTIONS, SUITS OR PROCEEDINGS BY OR IN THE
RIGHT OF THE CORPORATION. Subject to Section 3 of this Article IX, the
Corporation shall indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in
the right of the Corporation to procure a judgment in its favor by reason of the
fact that he is or was a director, officer, trustee, employee or agent of the
Corporation, or is or was serving at the request of the Corporation as a
director, officer, trustee, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against amounts paid in
settlement and expenses (including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or settlement of such action or
suit, if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Corporation; provided, however, that
no indemnification shall be made against expenses in respect of any claim, issue
or matter as to which such person shall have been adjudged to be liable for
negligence or misconduct in the performance of his duty to the Corporation or
against amounts paid in settlement unless and only to the extent that there is a
determination (as set forth in Section 3 of this Article IX) that despite the
adjudication of liability or the settlement, but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses or amounts paid in settlement.

    Section 3. AUTHORIZATION OF INDEMNIFICATION. Any indemnification under this
Article IX (unless ordered by a court) shall be made by the Corporation only as
authorized in the specific case upon a determination that indemnification of the
director, officer, trustee, employee or agent is proper in the circumstances
because such director, officer, trustee, employee or agent has met the
applicable standard of conduct set forth in Section 1 or Section 2 of this
Article IX and, if applicable, is fairly and reasonably entitled to indemnity as
set forth in the proviso in Section 2 of this Article IX, as the case may be.
Such determination shall be made (i) by the board of directors by a majority
vote of a quorum consisting of directors who were not parties to such action,
suit or proceeding, (ii) if such a quorum is not obtainable, or, even if
obtainable a quorum of disinterested directors so directs, by independent legal
counsel in a written opinion, or (iii) by the shareholders. To the extent,
however, that a director, officer, trustee, employee or agent of the Corporation
has been successful on the merits or otherwise in defense of any action, suit or
proceeding described above, or in defense of any claim, issue or matter therein,
he shall be indemnified against expenses (including attorneys' fees) actually
and reasonably incurred by him in connection therewith, without the necessity of
authorization in the

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specific case. No director, officer, trustee, employee or agent of the
Corporation shall be entitled to indemnification in connection with any action,
suit or proceeding voluntarily initiated by such person unless the action, suit
or proceeding was authorized by a majority of the entire board of directors.

    Section 4. GOOD FAITH DEFINED. For purposes of any determination under 
Section 3 of this Article IX, a person shall be deemed to have acted in good 
faith and in a manner he reasonably believed to be in or not opposed to the 
best interests of the Corporation, or, with respect to any criminal action or 
proceeding, to have had no reasonable cause to believe his conduct was 
unlawful, if his action is based on the records or books of account of the 
Corporation or another enterprise, or on information supplied to him by the 
officers of the Corporation or another enterprise in the course of their 
duties, or on the advice of legal counsel for the Corporation or another 
enterprise or on information or records given or reports made to the 
Corporation or another enterprise by an independent certified public 
accountant or by an appraiser or other expert selected with reasonable care 
by the Corporation or another enterprise.  The term "another enterprise" as 
used in this Section 4 shall mean any other corporation or any association, 
partnership, joint venture, trust or other enterprise of which such person is 
or was serving at the request of the Corporation as a director, officer, 
trustee, employee or agent. The provisions of this Section 4 shall not be 
deemed to be exclusive or to limit in any way the circumstances in which a 
person may be deemed to have met the applicable standards of conduct set 
forth in Sections 1 or 2 of this Article IX, as the case may be.

    Section 5. INDEMNIFICATION BY A COURT. Notwithstanding any contrary
determination in the specific case under Section 3 of this Article IX, and
notwithstanding the absence of any determination thereunder, any director,
officer, trustee, employee or agent may apply to any court of competent
jurisdiction in the State of Delaware for indemnification to the extent
otherwise permissible under Sections 1 and 2 of this Article IX. The basis of
such indemnification by a court shall be a determination by such court that
indemnification of the director, officer, trustee, employee or agent is proper
in the circumstances because he has met the applicable standards of conduct set
forth in Sections 1 and 2 of this Article IX, as the case may be. Notice of any
application for indemnification pursuant to this Section 5 shall be given to the
Corporation promptly upon the filing of such application. Notwithstanding any of
the foregoing, unless otherwise required by law, no director, officer, trustee,
employee or agent of the Corporation shall be entitled



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to indemnification in connection with any action, suit or proceeding voluntarily
initiated by such person unless the action, suit or proceeding was authorized by
a majority of the entire board of directors.

    Section 6. EXPENSES PAYABLE IN ADVANCE. Expenses incurred in connection
with a threatened or pending action, suit or proceeding may be paid by the
Corporation in advance of the final disposition of such action, suit or
proceeding as authorized by the board of directors in the specific case upon
receipt of an undertaking by or on behalf of the director, officer, trustee,
employee or agent to repay such amount unless it shall be determined that he is
entitled to be indemnified by the Corporation as authorized in this Article IX.

    Section 7. CONTRACT, NON-EXCLUSIVITY AND SURVIVAL OF INDEMNIFICATION. The
indemnification provided by this Article IX shall be deemed to be a contract
between the Corporation and each director, officer, employee and agent who
serves in such capacity at any time while this Article IX is in effect, and any
repeal or modification thereof shall not affect any rights or obligations then
existing with respect to any state of facts then or theretofore existing or any
action, suit or proceeding theretofore or thereafter brought based in whole or
in part upon any such state of facts. Further, the indemnification provided by
this Article IX shall not be deemed exclusive of any other rights to which those
seeking indemnification may be entitled under any certificate of incorporation,
bylaw, agreement, contract, vote of shareholders or disinterested directors or
pursuant to the direction (howsoever embodied) of any court of competent
jurisdiction or otherwise, both as to action in his official capacity and as to
action in another capacity while holding such office, it being the policy of the
Corporation that, subject to the limitation in Section 3 of this Article IX
concerning voluntary initiation of actions, suits or proceedings,
indemnification of the persons specified in Sections 1 and 2 of this Article IX
shall be made to the fullest extent permitted by law. The provisions of this
Article IX shall not be deemed to preclude the indemnification of any person who
is not specified in Sections 1 or 2 of this Article IX but whom the Corporation
has the power or obligation to indemnify under the provisions of the law of the
State of Delaware. The indemnification provided by this Article IX shall
continue as to a person who has ceased to be a director, officer, trustee,
employee or agent and shall inure to the benefit of the heirs, executors and
administrators of such person.

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    Section 8. INSURANCE. The Corporation may purchase and maintain insurance
on behalf of any person who is or was a director, officer, trustee, employee or
agent of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, trustee, employee or agent of another corporation,
association, partnership, joint venture, trust or other enterprise against any
liability asserted against him and incurred by him in any such capacity, or
arising out of his status as such, whether or not the Corporation would have the
power or the obligation to indemnify him against such liability under the
provisions of this Article IX.

    Section 9. MEANING OF "CORPORATION" FOR PURPOSES OF ARTICLE IX. For
purposes of this Article IX, references to "the Corporation" shall include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers and employees or agents, so that any person
who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or agent of another corporation, association,
partnership, joint venture, trust or other enterprise, shall stand in the same
position under the provisions of this Article IX with respect to the resulting
or surviving corporation as he would have with respect to such constituent
corporation if its separate existence had continued.

                                      ARTICLE X
                                      AMENDMENTS

    The board of directors or the shareholders may from time to time amend the
bylaws of the Corporation. Such action by the board of directors shall require
the affirmative vote of at least two-thirds of the directors then in office at a
duly constituted meeting of the board of directors called for such purpose. Such
action by the shareholders shall require the affirmative vote of at least
two-thirds of the total votes eligible to be voted at a duly constituted meeting
of shareholders called for such purpose; provided, however, that if there are at
the time one or more Interested Shareholders (as defined in Article 12 of the
Certificate of Incorporation), in addition to such two-thirds vote, there must
be an affirmative vote for such action of not less than a majority of the voting
power of the issued and outstanding shares entitled to vote thereon held by
shareholders other than such Interested Shareholders.

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    The foregoing bylaws were adopted by the board of directors on March 6,
1986.


                            (Signed) John F. Costigan  
                           ------------------------------
                                       Secretary
Amended 1/27/88
    4/25/90