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                                                                     EXHIBIT 4.2

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                                     BYLAWS


                                       OF


                                OLIN CORPORATION



                                   As Amended
                                   Effective
                                 April 27, 2000


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                                    BY-LAWS
                                       of
                                OLIN CORPORATION

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

                                   ARTICLE I.
                           MEETINGS OF SHAREHOLDERS.


   SECTION 1.  Place of Meetings.  All meetings of the shareholders of Olin
               ------------------
Corporation (hereinafter called the "Corporation") shall be held at such place,
either within or without the Commonwealth of Virginia, as may from time to time
be fixed by the Board of Directors of the Corporation (hereinafter called the
"Board").

   SECTION 2.  Annual Meetings.  The annual meeting of the shareholders of the
               ----------------
Corporation for the election of directors and for the transaction of such other
business as may properly come before the meeting shall be held on the last
Thursday in April in each year (or, if that day shall be a legal holiday, then
on the next succeeding business day), or on such other day and/or in such other
month as may be fixed by the Board, at such hour as may be specified in the
notice thereof.

   SECTION 3.  Special Meetings.  A special meeting of the shareholders for any
               -----------------
purpose or purposes, unless otherwise provided by law or in the Articles of
Incorporation of the Corporation as from time to time amended (hereinafter
called the "Articles"), may be held at any time upon the call of the Board, the
Chairman of the Board, the President or the holders of a majority of the shares
of the issued and outstanding stock of the Corporation entitled to vote at the
meeting.

   SECTION 4.  Notice of Meetings.  Except as otherwise provided by law or the
               -------------------
Articles, not less than ten nor more than sixty days' notice in writing of the
place, day, hour and purpose or purposes of each meeting of the shareholders,
whether annual or special, shall be given to each shareholder of record of the
Corporation entitled to vote at such meeting, either by the delivery thereof to
such shareholder personally or by the mailing thereof to such shareholder in a
postage prepaid envelope addressed to such shareholder at his address as it
appears on the stock transfer books of the Corporation; provided, however, that
in the case of a special meeting of shareholders called by the shareholders,
such notice shall be given at least fifty days before the date of the meeting.
Notice of any meeting of shareholders shall not be required to be given to any
shareholder who shall attend the meeting in person or by proxy, unless
attendance is for the express purpose of objecting to the transaction of any
business because the meeting was not lawfully called or convened, or who shall
waive notice thereof in writing signed by the shareholder before, at or after
such meeting.  Notice of any adjourned meeting need not be given, except when
expressly required by law.

   SECTION 5.  Quorum.  Shares representing a majority of the votes entitled to
               -------
be cast on a matter by all classes or series which are entitled to vote thereon
and be counted

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together collectively, represented in person or by proxy at any meeting of the
shareholders, shall constitute a quorum for the transaction of business thereat
with respect to such matter, unless otherwise provided by law or the Articles.
In the absence of a quorum at any such meeting or any adjournment or
adjournments thereof, shares representing a majority of the votes cast on the
matter of adjournment, either in person or by proxy, may adjourn such meeting
from time to time until a quorum is obtained. At any such adjourned meeting at
which a quorum has been obtained, any business may be transacted which might
have been transacted at the meeting as originally called.

    SECTION 6.  Voting.  Unless otherwise provided by law or the Articles, at
                -------
each meeting of the shareholders each shareholder entitled to vote at such
meeting shall be entitled to one vote for each share of stock standing in his
name on the books of the Corporation upon any date fixed as hereinafter
provided, and may vote either in person or by proxy in writing. Unless demanded
by a shareholder present in person or represented by proxy at any meeting of the
shareholders and entitled to vote thereon or so directed by the chairman of the
meeting, the vote on any matter need not be by ballot.  On a vote by ballot,
each ballot shall be signed by the shareholder voting or his proxy, and it shall
show the number of shares voted.

    SECTION 7.  Judges.  One or more judges or inspectors of election for any
                -------
meeting of shareholders may be appointed by the chairman of such meeting, for
the purpose of receiving and taking charge of proxies and ballots and deciding
all questions as to the qualification of voters, the validity of proxies and
ballots and the number of votes properly cast.

    SECTION 8.  Conduct of Meeting.  The chairman of the meeting at each meeting
                -------------------
of shareholders shall have all the powers and authority vested in presiding
officers by law or practice, without restriction, as well as the authority to
conduct an orderly meeting and to impose reasonable limits on the amount of time
taken up in remarks by any one shareholder.

    SECTION 9.  Business Proposed by a Shareholder.  To be properly brought
                -----------------------------------
before a meeting of shareholders, business must be (i) specified in the notice
of meeting (or any supplement thereto) given by or at the direction of the Board
of Directors, (ii) otherwise properly brought before the meeting by or at the
direction of the Board of Directors or (iii) in the case of an annual meeting of
shareholders or a special meeting called at the request of shareholders in
accordance with these By-laws, properly brought before the meeting by a
shareholder.  In addition to any other applicable requirements, for business to
be properly brought before a 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 given, either by personal delivery or
by United States registered or certified mail, postage prepaid, to the Secretary
of the Corporation in the case of an annual meeting, not later than 90 days
before the anniversary of the immediately preceding annual meeting and in the
case of a special meeting called at the request of shareholders, in accordance
with the procedures set forth in Section 10 of Article I of these By-laws.  A
shareholder's notice to the Secretary shall set forth as to

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each matter the shareholder proposes to bring before the meeting (i) a brief
description of the business desired to be brought before the meeting, including
the complete text of any resolutions to be presented at the meeting with respect
to such business, and the reasons for conducting such business at the meeting,
(ii) the name and address of record of the shareholder proposing such business,
(iii) the class and number of shares of the Corporation that are beneficially
owned by the shareholder and any other person on whose behalf the proposal is
made, and (iv) any material interest of the shareholder and any other person on
whose behalf the proposal is made, in such business. In the event that a
shareholder attempts to bring business before a meeting without complying with
the foregoing procedure, the chairman of the meeting may declare to the meeting
that the business was not properly brought before the meeting and, if he shall
so declare, such business shall not be transacted.

    SECTION 10.  Special Meeting at Request of Shareholders.
                 -------------------------------------------
(a)  Any holder or holders of record of a majority of the outstanding shares of
Common Stock requesting the Corporation to call a special meeting of
shareholders pursuant to Section 2 of Article Eighth of the Restated Articles of
Incorporation (collectively, the "Initiating Shareholder") shall give written
notice of such request to the Secretary of the Corporation at its principal
executive offices (the "Notice"). The Notice shall be sent in the manner and
contain all the information that would be required in a notice to the Secretary
given pursuant to Section 9 of this Article I.

(b)  If the Initiating Shareholder owns of record a majority of the outstanding
Common Stock as determined by the Secretary of the Corporation, the Corporation
shall be required to call the special meeting of shareholders requested by the
Initiating Shareholder.

(c)  The record date for determining the shareholders of record entitled to vote
at a special meeting called pursuant to this Section 10 shall be fixed by the
Board of Directors which record date will be within 60 days of the date the
Secretary of the Corporation determines the Corporation is required to call such
special meeting. Written notice of the meeting shall be mailed by the
Corporation to shareholders of record on such record date within 10 days after
the record date (or such longer period as may be necessary for the Corporation
to file its proxy materials with, and receive and respond to the comments of,
the Securities and Exchange Commission), and the meeting will be held within 50
days after the date of mailing of the notice, as determined by the Board of
Directors.

(d)  The business to be conducted at a special meeting called pursuant to this
Section 10 shall be limited to the business set forth in the Notice and such
other business or proposals as the Board of Directors shall determine and shall
be set forth in the notice of meeting. The Board of Directors or the Chairman of
the Board of Directors may determine other rules and procedures for the conduct
of the meeting.

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                                  ARTICLE II.
                              BOARD OF DIRECTORS.


    SECTION 1.  Number, Classification, Term, Election.  The property, business
                ---------------------------------------
and affairs of the Corporation shall be managed under the direction of the Board
as from time to time constituted.  The Board shall consist of eight directors,
but the number of directors may be increased to any number, not more than
eighteen directors, or decreased to any number, not less than three directors,
by amendment of these Bylaws.  No director need be a shareholder.  The Board
shall be divided into three classes, Class I, Class II and Class III, as nearly
equal in number as possible, with the members of each class to serve for the
respective terms of office provided in the Articles, and until their respective
successors shall have been duly elected or until death or resignation or until
removal in the manner hereinafter provided.  In case the number of directors
shall be increased, the additional directors to fill the vacancies caused by
such increase shall be elected in accordance with the provisions of Section 4 of
Article VI of these By-laws.  Any increase or decrease in the number of
directors shall be so apportioned among the classes by the Board as to make all
classes as nearly equal in number as possible.

    Subject to the rights of holders of any Preferred Stock outstanding,
nominations for the election of directors may be made by the Board or a
committee appointed by the Board or by any shareholder entitled to vote in the
election of directors generally.  However, any shareholder entitled to vote in
the election of directors generally may nominate one or more persons for
election as directors at a meeting only if it is an annual meeting and written
notice of such shareholder's intent to make such nomination or nominations has
been given, either by personal delivery or by United States registered or
certified mail, postage prepaid, to the Secretary of the Corporation not later
than  90 days before the anniversary of the immediately preceding annual
meeting.  Each such notice shall set forth: (a) the name and address of the
shareholder who intends to make the nomination and of the person or persons to
be nominated; (b) a representation that the shareholder is a holder of record of
shares of the Corporation entitled to vote at such meeting (stating the class
and number thereof) and intends to appear in person or by proxy at the meeting
to nominate the person or persons specified in the notice; (c) a description of
all arrangements or understandings between the shareholder and each nominee and
any other person or persons (naming such person or persons) pursuant to which
the nomination or nominations are to be made by the shareholder; and (d) such
other information regarding each nominee proposed by such shareholder as would
be required to be included in a proxy statement filed pursuant to the proxy
rules of the Securities and Exchange Commission had the nominee been nominated
or intended to be nominated by the Board of Directors, and shall include a
consent signed by each such nominee to serve as a director of the Corporation if
so elected.  The chairman of the meeting may refuse to acknowledge the
nomination by a shareholder of any person that is not made in compliance with
the foregoing procedure.

    SECTION 2.  Compensation.  Each director, in consideration of his serving as
                -------------
such, shall be entitled to receive from the Corporation such amount per annum or
such fees for

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attendance at Board and Committee meetings, or both, in cash or other property,
including securities of the Corporation, as the Board shall from time to time
determine, together with reimbursements for the reasonable expenses incurred by
him in connection with the performance of his duties. Nothing contained herein
shall preclude any director from serving the Corporation, or any subsidiary or
affiliated corporation, in any other capacity and receiving proper compensation
therefor. If the Board adopts a resolution to that effect, any director may
elect to defer all or any part of the annual and other fees hereinabove referred
to for such period and on such terms and conditions as shall be permitted by
such resolution.

    SECTION 3.  Place of Meetings.  The Board may hold its meetings at such
                ------------------
place or places within or without the Commonwealth of Virginia as it may from
time to time by resolution determine or as shall be specified or fixed in the
respective notices or waivers of notice thereof.

    SECTION 4.  Organization Meeting.  After each annual election of directors,
                ---------------------
as soon as conveniently may be, the newly constituted Board shall meet for the
purposes of organization. At such organization meeting, the newly constituted
Board shall elect officers of the Corporation and transact such other business
as shall come before the meeting.  Notice of organization meetings of the Board
need not be given.  Any organization meeting may be held at any other time or
place which shall be specified in a notice given as hereinafter provided for
special meetings of the Board, or in a waiver of notice thereof signed by all
the directors.

    SECTION 5.  Regular Meetings.  Regular meetings of the Board may be held at
                -----------------
such time and place as may from time to time be specified in a resolution
adopted by the Board then in effect; and, unless otherwise required by such
resolution, or by law, notice of any such regular meeting need not be given.

    SECTION 6.  Special Meetings.  Special meetings of the Board shall be held
                -----------------
whenever called by the Chief Executive Officer, or by the Secretary at the
request of any three directors. Notice of a special meeting shall be mailed to
each director, addressed to him at his residence or usual place of business, not
later than the second day before the day on which such meeting is to be held, or
shall be sent addressed to him at such place by telegraph, cable or wireless, or
be delivered personally or by telephone, not later than the day before the day
on which such meeting is to be held.  Neither the business to be transacted at,
nor the purpose of, any regular or special meeting of the Board need be
specified in the notice of such meeting, unless required by the Articles.

    SECTION 7.  Quorum.  At each meeting of the Board the presence of a majority
                -------
of the number of directors fixed by these By-laws shall be necessary to
constitute a quorum.  The act of a majority of the directors present at a
meeting at which a quorum shall be present shall be the act of the Board, except
as may be otherwise provided by law or by these By-laws.  Any meeting of the
Board may be adjourned by a majority vote of the directors present at such
meeting. Notice of any adjourned meeting need not be given.

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    SECTION 8.  Waivers of Notice of Meetings.  Anything in these By-laws or in
                ------------------------------
any resolution adopted by the Board to the contrary notwithstanding, notice of
any meeting of the Board need not be given to any director if such notice shall
be waived in writing signed by such director before, at or after the meeting, or
if such director shall be present at the meeting. Any meeting of the Board shall
be a legal meeting without any notice having been given or regardless of the
giving of any notice or the adoption of any resolution in reference thereto, if
every member of the Board shall be present thereat.  Except as otherwise
provided by law or these By-laws, waivers of notice of any meeting of the Board
need not contain any statement of the purpose of the meeting.

    SECTION 9.  Telephone Meetings.  Members of the Board or any committee may
                -------------------
participate in a meeting of the Board or such committee by means of a conference
telephone or other means of communications whereby all directors participating
may simultaneously hear each other during the meeting, and participation by such
means shall constitute presence in person at such meeting.

    SECTION 10.  Actions Without Meetings.  Any action that may be taken at a
                 -------------------------
meeting of the Board or of a committee may be taken without a meeting if a
consent in writing, setting forth the action, shall be signed, either before or
after such action, by all of the directors or all of the members of the
committee, as the case may be.  Such consent shall have the same force and
effect as a unanimous vote.


                                 ARTICLE III.
                    INDEMNIFICATION AND LIMIT ON LIABILITY.


    (a) Every person who is or was a director, officer or employee of the
Corporation, or who, at the request of the Corporation, serves or has served in
any such capacity with another corporation, partnership, joint venture, trust,
employee benefit plan, or other enterprise shall be indemnified by the
Corporation against any and all liability and reasonable expense that may be
incurred by him in connection with or resulting from any claim, action or
proceeding (whether brought in the right of the Corporation or any such other
corporation, entity, plan or otherwise), civil or criminal, in which he may
become involved, as a party or otherwise, by reason of his being or having been
a director, officer or employee of the Corporation, or such other corporation,
entity or plan while serving at the request of the Corporation, whether or not
he continues to be such at the time such liability or expense shall have been
incurred, unless such person engaged in willful misconduct or a knowing
violation of the criminal law.

    As used in this Article III: (i) the terms "liability" and "expense" shall
include, but shall not be limited to, counsel fees and disbursements and amounts
of judgments, fines or penalties against, and amounts paid in settlement by, a
director, officer or employee; (ii) the terms "director," "officer" and
"employee," unless the context otherwise requires,




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include the estate or personal representative of any such person; (iii) a person
is considered to be serving an employee benefit plan as a director, officer or
employee of the plan at the Corporation's request if his duties to the
Corporation also impose duties on, or otherwise involve services by, him to the
plan or, in connection with the plan, to participants in or beneficiaries of the
plan; (iv) the term "occurrence" means any act or failure to act, actual or
alleged, giving rise to a claim, action or proceeding; and (v) service as a
trustee or as a member of a management or similar committee of a partnership or
joint venture shall be considered service as a director, officer or employee of
the trust, partnership or joint venture.

    The termination of any claim, action or proceeding, civil or criminal, by
judgment, settlement, conviction or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that a director, officer or employee
did not meet the standards of conduct set forth in this paragraph (a).  The
burden of proof shall be on the Corporation to establish, by a preponderance of
the evidence, that the relevant standards of conduct set forth in this paragraph
(a) have not been met.

    (b) Any indemnification under paragraph (a) of this Article shall be made
unless (i) the Board, acting by a majority vote of those directors who were
directors at the time of the occurrence giving rise to the claim, action or
proceeding involved and who are not at the time parties to such claim, action or
proceeding (provided there are at least five such directors), finds that the
director, officer or employee has not met the relevant standards of conduct set
forth in such paragraph (a), or (ii) if there are not at least five such
directors, the Corporation's principal Virginia legal counsel, as last
designated by the Board as such prior to the time of the occurrence giving rise
to the claim, action or proceeding involved, or in the event for any reason such
Virginia counsel is unwilling to so serve, then Virginia legal counsel mutually
acceptable to the Corporation and the person seeking indemnification, deliver to
the Corporation their written advice that, in their opinion, such standards have
not been met.

    (c) Expenses incurred with respect to any claim, action or proceeding of the
character described in paragraph (a) shall, except as otherwise set forth in
this paragraph (c), be advanced by the Corporation prior to the final
disposition thereof upon receipt of an undertaking by or on behalf of the
recipient to repay such amount if it is ultimately determined that he is not
entitled to indemnification under this Article III.  No security shall be
required for such undertaking and such undertaking shall be accepted without
reference to the recipient's financial ability to make repayment.
Notwithstanding the foregoing, the Corporation may refrain from, or suspend,
payment of expenses in advance if at any time before delivery of the final
finding described in paragraph (b), the Board or Virginia legal counsel, as the
case may be, acting in accordance with the procedures set forth in paragraph
(b), find by a preponderance of the evidence then available that the officer,
director or employee has not met the relevant standards of conduct set forth in
paragraph (a).

    (d) No amendment or repeal of this Article III shall adversely affect or
deny to any director, officer or employee the rights of indemnification provided
in this Article III with

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respect to any liability or expense arising out of a claim, action or proceeding
based in whole or substantial part on an occurrence the inception of which takes
place before or while this Article III, as adopted by the shareholders of the
Corporation at the 1986 Annual Meeting of the Corporation, is in effect. The
provisions of this paragraph (d) shall apply to any such claim, action or
proceeding whenever commenced, including any such claim, action or proceeding
commenced after any amendment or repeal to this Article III.

    (e) The rights of indemnification provided in this Article III shall be in
addition to any rights to which any such director, officer or employee may
otherwise be entitled by contraction or as a matter of law.

    (f) In any proceeding brought by or in the right of the Corporation or
brought by or on behalf of shareholders of the Corporation, no director or
officer of the Corporation shall be liable to the Corporation or its
shareholders for monetary damages with respect to any transaction, occurrence or
course of conduct, whether prior or subsequent to the effective date of this
Article III, except for liability resulting from such person's having engaged in
willful misconduct or a knowing violation of the criminal law or any federal or
state securities law.

    (g) An amendment to this Article III shall be approved only by a majority of
the votes entitled to be cast by each voting group entitled to vote thereon.



                                  ARTICLE IV.
                                  COMMITTEES.


    SECTION 1.  Executive Committee.  The Board may, by resolution or
                --------------------
resolutions adopted by a majority of the number of directors fixed by these By-
laws, appoint two or more directors to constitute an Executive Committee, each
member of which shall serve as such during the pleasure of the Board, and may
designate for such Committee a Chairman, who shall continue as such during the
pleasure of the Board.

    All completed action by the Executive Committee shall be reported to the
Board at its meeting next succeeding such action or at its meeting held in the
month following the taking of such action, and shall be subject to revision or
alteration by the Board; provided, that no acts or rights of third parties shall
be affected by any such revision or alteration.

    The Executive Committee shall fix its own rules of procedure and shall meet
where and as provided by such rules or by resolution of the Board. At all
meetings of the Executive Committee, a majority of the full number of members of
such Committee shall constitute a quorum, and in every case the affirmative vote
of a majority of members present at any meeting of the Executive Committee at
which a quorum is present shall be necessary for the adoption of any resolution.

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    During the intervals between the meetings of the Board, the Executive
Committee shall possess and may exercise all the power and authority of the
Board (including, without limitation, all the power and authority of the Board
in the management, control and direction of the financial affairs of the
Corporation) except with respect to those matters reserved to the Board by
Virginia law, in such manner as the Executive Committee shall deem best for the
interests of the Corporation, in all cases in which specific directions shall
not have been given by the Board.

    SECTION 2.  Other Committees.  To the extent permitted by law, the Board may
                -----------------
from time to time by resolution adopted by a majority of the number of directors
fixed by these By-laws create such other committees of directors, officers,
employees or other persons designated by it as the Board shall deem advisable
and with such limited authority, functions and duties as the Board shall by
resolution prescribe.  The Board shall have the power to change the members of
any such committee at any time, to fill vacancies, and to discharge any such
committee, either with or without cause, at any time.


                                   ARTICLE V.
                                   OFFICERS.


    SECTION 1.  Number, Term, Election.  The officers of the Corporation shall
                -----------------------
be a Chief Executive Officer, a Chairman of the Board, a President, one or more
Vice Presidents, a Treasurer, a Controller and a Secretary.  The Board may
appoint such other officers and such assistant officers and agents with such
powers and duties as the Board may find necessary or convenient to carry on the
business of the Corporation.  Such officers and assistant officers shall serve
until their successors shall be chosen, or as otherwise provided in these By-
laws. Any two or more offices may be held by the same person.

    SECTION 2.  Chief Executive Officer.  The Chief Executive Officer shall,
                ------------------------
subject to the control of the Board and any Executive Committee, have full
authority and responsibility for directing the conduct of the business, affairs
and operations of the Corporation.  In addition to acting as Chief Executive
Officer of the Corporation, he shall perform such other duties and exercise such
other powers as may from time to time be prescribed by the Board and shall see
that all orders and resolutions of the Board and any Executive Committee are
carried into effect.  In the event of the inability of the Chief Executive
Officer to act, the Board will designate an officer of the Corporation to
perform the duties of that office.

    SECTION 3.  Chairman of the Board.  The Chairman of the Board shall preside
                ----------------------
at all meetings of the Board and of the shareholders and, in the absence of the
Chairman of the Executive Committee, at all meetings of the Executive Committee.
He shall perform such other duties and exercise such other powers as may from
time to time be prescribed by the Board or, if he shall not be the Chief
Executive Officer, by the Chief Executive Officer.

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    SECTION 4.  President.  The President shall have such powers and perform
                ----------
such duties as may from time to time be prescribed by the Board or, if he shall
not be the Chief Executive Officer, by the Chief Executive Officer.

    SECTION 5.  Vice Presidents.  Each Vice President shall have such powers and
                ----------------
perform such duties as may from time to time be prescribed by the Board, the
Chief Executive Officer or any officer to whom the Chief Executive Officer may
have delegated such authority.

    SECTION 6.  Treasurer.  The Treasurer shall have the general care and
                ----------
custody of the funds and securities of the Corporation. He shall perform such
other duties and exercise such other powers as may from time to time be
prescribed by the Board, the Chief Executive Officer or any officer to whom the
Chief Executive Officer may have delegated such authority.  If the Board shall
so determine, he shall give a bond for the faithful performance of his duties,
in such sum as the Board may determine to be proper, the expense of which shall
be borne by the Corporation.  To such extent as the Board shall deem proper, the
duties of the Treasurer may be performed by one or more assistants, to be
appointed by the Board.

    SECTION 7.  Controller.  The Controller shall be the accounting officer of
                -----------
the Corporation.  He shall keep full and accurate accounts of all assets,
liabilities, receipts and disbursements and other transactions of the
Corporation and cause regular audits of the books and records of the Corporation
to be made.  He shall also perform such other duties and exercise such other
powers as may from time to time be prescribed by the Board, the Chief Executive
Officer or any officer to whom the Chief Executive Officer may have delegated
such authority.  If the Board shall so determine, he shall give a bond for the
faithful performance of his duties, in such sum as the Board may determine to be
proper, the expense of which shall be borne by the Corporation.  To such extent
as the Board shall deem proper, the duties of the Controller may be performed by
one or more assistants, to be appointed by the Board.

    SECTION 8.  Secretary.  The Secretary shall keep the minutes of meetings of
                ----------
shareholders, of the Board, and, when requested, of Committees of the Board; and
he shall attend to the giving and serving of notices of all meetings thereof.
He shall keep or cause to be kept such stock and other books, showing the names
of the shareholders of the Corporation, and all other particulars regarding
them, as may be required by law. He shall also perform such other duties and
exercise such other powers as may from time to time be prescribed by the Board,
the Chief Executive Officer or any officer to whom the Chief Executive Officer
may have delegated such authority.  To such extent as the Board shall deem
proper, the duties of the Secretary may be performed by one or more assistants,
to be appointed by the Board.

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<PAGE>

                                  ARTICLE VI.
                     REMOVALS, RESIGNATIONS AND VACANCIES.


    SECTION 1.  Removal of Directors.  Any director may be removed at any time
                ---------------------
but only with cause, by the affirmative vote of the holders of record of a
majority of the shares of the Corporation entitled to vote on the election of
directors, taken at an annual meeting of the shareholders.

    SECTION 2.  Removal of Officers.  Any officer, assistant officer or agent of
                --------------------
the Corporation may be removed at any time, either with or without cause, by the
Board in its absolute discretion. Any such removal shall be without prejudice to
the recovery of damages for breach of the contract rights, if any, of the
officer, assistant officer or agent removed.  Election or appointment of an
officer, assistant officer or agent shall not of itself create contract rights.

    SECTION 3.  Resignation.  Any director, officer or assistant officer of the
                ------------
Corporation may resign as such at any time by giving written notice of his
resignation to the Board, the Chief Executive Officer or the Secretary of the
Corporation. Such resignation shall take effect at the time specified therein
or, if no time is specified therein, at the time of delivery thereof, and,
unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective.

    SECTION 4.  Vacancies.  Any vacancy in the Board caused by death,
                ----------
resignation, disqualification, removal, an increase in the number of directors,
or any other cause, may be filled (a) by the holders of shares of the
Corporation entitled to vote on the election of directors, but only at an annual
meeting of shareholders, or (b) by the affirmative vote of a majority of the
remaining directors though less than a quorum of the Board at any regular or
special meeting thereof.  Each director so elected by the Board shall hold
office until the next annual election of directors, and each director so elected
by the shareholders shall hold office for a term expiring at the annual meeting
of shareholders at which the term of the class to which he has been elected
expires, and, in each case, until his successor shall be elected, or until his
death, or until he shall resign, or until he shall have been removed in the
manner hereinabove provided.  Any vacancy in the office of any officer or
assistant officer caused by death, resignation, removal or any other cause, may
be filled by the Board for the unexpired portion of the term.

                                                                            -12-
<PAGE>

                                  ARTICLE VII.
                CONTRACTS, LOANS, CHECKS, DRAFTS, DEPOSITS, ETC.


    SECTION 1.  Execution of Contracts.  Except as otherwise provided by law or
                -----------------------
by these By-laws, the Board (i) may authorize any officer, employee or agent of
the Corporation to execute and deliver any contract, agreement or other
instrument in writing in the name and on behalf of the Corporation, and (ii) may
authorize any officer, employee or agent of the Corporation so authorized by the
Board to delegate such authority by written instrument to other officers,
employees or agents of the Corporation.  Any such authorization by the Board may
be general or specific and shall be subject to such limitations and restrictions
as may be imposed by the Board.  Any such delegation of authority by an officer,
employee or agent may be general or specific, may authorize re-delegation, and
shall be subject to such limitations and restrictions as may be imposed in the
written instrument of delegation by the person making such delegation.

    SECTION 2.  Loans.  No loans shall be contracted on behalf of the
                ------
Corporation and no negotiable paper shall be issued in its name unless
authorized by the Board.  When authorized by the Board, any officer, employee or
agent of the Corporation may effect loans and advances at any time for the
Corporation from any bank, trust company or other institution, or from any firm,
corporation or individual, and for such loans and advances may make, execute and
deliver promissory notes, bonds or other certificates or evidences of
indebtedness of the Corporation and when so authorized may pledge, hypothecate
or transfer any securities or other property of the Corporation as security for
any such loans or advances.  Such authority may be general or confined to
specific instances.

    SECTION 3.  Checks, Drafts, etc.  All checks, drafts and other orders for
                --------------------
the payment of money out of the funds of the Corporation and all notes or other
evidences of indebtedness of the Corporation shall be signed on behalf of the
Corporation in such manner as shall from time to time be determined by the
Board.

    SECTION 4.  Deposits.  All funds of the Corporation not otherwise employed
                ---------
shall be deposited from time to time to the credit of the Corporation in such
banks, trust companies or other depositories as the Board may select or as may
be selected by the Treasurer or any other officer, employee or agent of the
Corporation to whom such power may from time to time be delegated by the Board.

    SECTION 5.  Voting of Securities.  Unless otherwise provided by the Board,
                ---------------------
the Chief Executive Officer may from time to time appoint an attorney or
attorneys, or agent or agents of the Corporation, in the name and on behalf of
the Corporation, to cast the votes which the Corporation may be entitled to cast
as the holder of stock or other securities in any other corporation, any of
whose stock or other securities may be held by the Corporation, at meetings of
the holders of the stock or other securities of such other corporation, or to
consent in writing, in the name of the Corporation as such holder, to any action
by such other corporation, and may instruct the person or persons so appointed
as

                                                                            -13-
<PAGE>

to the manner of casting such votes or giving such consent, and may execute
or cause to be executed in the name and on behalf of the Corporation and under
its corporate seal, or otherwise, all such written proxies or other instruments
as such officer may deem necessary or proper in the premises.


                                 ARTICLE VIII.
                                 CAPITAL STOCK.


    SECTION 1.  Certificates.  Every shareholder shall be entitled to a
                -------------
certificate, or certificates, in such form as shall be approved by the Board,
signed by the Chairman of the Board, the President or a Vice President and the
Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer
or any other officer authorized by these By-laws or a resolution of the Board,
certifying the number of shares owned by him in the Corporation.  Any such
certificate may, but need not, bear the seal of the Corporation or a facsimile
thereof.  If any such certificate is countersigned by a transfer agent or
registered by a registrar other than the Corporation or an employee of the
Corporation, the signatures of any of the officers above specified upon such
certificate may be facsimiles.  In case any such officer who shall have signed
or whose facsimile signature shall have been placed upon such certificate shall
have ceased to be such before such certificate is issued, it may be issued by
the Corporation with the same effect as if such officer had not ceased to be
such at the date of its issue.

    SECTION 2.  Transfers.  Shares of stock of the Corporation shall be
                ----------
transferable on the stock books of the Corporation by the holder in person or by
his attorney thereunto authorized by power of attorney duly executed and filed
with the Secretary or the transfer agent, but, except as hereinafter provided in
the case of loss, destruction or mutilation of certificates, no transfer of
stock shall be entered until the previous certificate, if any, given for the
same shall have been surrendered and canceled.  Except as otherwise provided by
law, no transfer of shares shall be valid as against the Corporation, its
shareholders or creditors, for any purpose, until it shall have been entered in
the stock records of the Corporation by an entry showing from and to whom
transferred.  The Board may also make such additional rules and regulations as
it may deem expedient concerning the issue and transfer of certificates
representing shares of the capital stock of the Corporation.

    SECTION 3.  Record Date.  For the purpose of determining shareholders
                ------------
entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, or entitled to receive payment of any dividend, or in order
to make a determination of shareholders for any other proper purpose, the Board
may fix in advance a date as the record date for any such determination of
shareholders, such date in any case to be not more than seventy days prior to
the date on which the particular action, requiring such determination of
shareholders, is to be taken.  When a determination of shareholders entitled to
vote at any meeting of shareholders has been made as provided in this section,
such determination shall apply to any adjournment thereof unless the Board fixes
a new record

                                                                            -14-
<PAGE>

date, which it shall do if the meeting is adjourned to a date more than 120 days
after the date fixed for the original meeting.

    SECTION 4.  Lost, Destroyed or Mutilated Certificates.  In case of loss,
                ------------------------------------------
destruction or mutilation of any certificate of stock, another may be issued in
its place upon proof of such loss, destruction or mutilation and upon the giving
of a bond of indemnity to the Corporation in such form and in such sum as the
Board may direct; provided that a new certificate may be issued without
requiring any bond when, in the judgment of the Board, it is proper so to do.

    SECTION 5.  Control Share Acquisitions.  Article 14.1 of Chapter 9 of Title
                ---------------------------
13.1 of the Code of Virginia shall not apply to acquisitions of shares of the
Corporation.


                                  ARTICLE IX.
                             INSPECTION OF RECORDS.


   The Board from time to time shall determine whether, to what extent, at what
times and places, and under what conditions and regulations the accounts and
books and papers of the Corporation, or any of them, shall be open for the
inspection of the shareholders, and no shareholder shall have any right to
inspect any account or book or paper of the Corporation except as expressly
conferred by statute or by these By-laws or authorized by the Board.


                                   ARTICLE X.
                                    AUDITOR.


   The Board shall annually appoint an independent accountant who shall
carefully examine the books of the Corporation.  One such examination shall be
made immediately after the close of the fiscal year and be ready for
presentation at the annual meeting of shareholders of the Corporation, and such
other examinations shall be made as the Board may direct.


                                  ARTICLE XI.
                                     SEAL.


   The seal of the Corporation shall be circular in form and shall bear the name
of the Corporation and the year "1892."

                                                                            -15-
<PAGE>

                                  ARTICLE XII.
                                  FISCAL YEAR.


   The fiscal year of the Corporation shall end on the 31st day of December in
each year.


                                 ARTICLE XIII.
                                  AMENDMENTS.


   The By-laws of the Corporation may be altered, amended or repealed and new
By-laws may be adopted by the Board (except as Section 1 of Article II may
otherwise require), or by the holders of the outstanding shares of the
Corporation entitled to vote generally at any annual or special meeting of the
shareholders when notice thereof shall have been given in the notice of the
meeting of shareholders.


                               EMERGENCY BY-LAWS.


   SECTION 1.  Definitions.  As used in these Emergency By-laws,
               ------------

   (a) the term "period of emergency" shall mean any period during which a
quorum of the Board cannot readily be assembled because of some catastrophic
event.

   (b) the term "incapacitated" shall mean that the individual to whom such term
is applied shall not have been determined to be dead but shall be missing or
unable to discharge the responsibilities of his office; and

   (c) the term "senior officer" shall mean the Chairman of the Board, the
President, any corporate Vice President, the Treasurer, the Controller and the
Secretary, and any other person who may have been so designated by the Board
before the emergency.

   SECTION 2.  Applicability.  These Emergency By-laws, as from time to time
               --------------
amended, shall be operative only during any period of emergency.  To the extent
not inconsistent with these Emergency By-laws, all provisions of the regular By-
laws of the Corporation shall remain in effect during any period of emergency.

   No officer, director or employee shall be liable for actions taken in good
faith in accordance with these Emergency By-laws.

   SECTION 3.  Board of Directors.  (a) A meeting of the Board may be called by
               -------------------
any director or senior officer of the Corporation.  Notice of any meeting of the
Board need be given only to such of the directors as it may be feasible to reach
at the time and by such

                                                                            -16-
<PAGE>

means as may be feasible at the time, including publication or radio, and at a
time less than twenty-four hours before the meeting if deemed necessary by the
person giving notice.

   (b) At any meeting of the Board, three directors in attendance shall
constitute a quorum.  Any act of a majority of the directors present at a
meeting at which a quorum shall be present shall be the act of the Board.  If
less than three directors should be present at a meeting of the Board, any
senior officer of the Corporation in attendance at such meeting shall serve as a
director for such meeting, selected in order of rank and within the same rank in
order of seniority.

   (c) In addition to the Board's powers under the regular By-laws of the
Corporation to fill vacancies on the Board, the Board may elect any individual
as a director to replace any director who may be incapacitated and to serve
until the latter ceases to be incapacitated or until the termination of the
period of emergency, whichever first occurs.  In considering officers of the
Corporation for election to the Board, the rank and seniority of individual
officers shall not be pertinent.

   (d) The Board, during as well as before any such emergency, may change the
principal office or designate several alternative offices or authorize the
officers to do so.

   SECTION 4.  Appointment of Officers.  In addition to the Board's powers under
               ------------------------
the regular By-laws of the Corporation with respect to the election of officers,
the Board may elect any individual as an officer to replace any officer who may
be incapacitated and to serve until the latter ceases to be incapacitated.

   SECTION 5.  Amendments.  These Emergency By-laws shall be subject to repeal
               -----------
or change by further action of the Board of Directors or by action of the
shareholders, except that no such repeal or change shall modify the provisions
of the second paragraph of Section 2 with regard to action or inaction prior to
the time of such repeal or change.  Any such amendment of these Emergency By-
laws may make any further or different provision that may be practical and
necessary for the circumstances of the emergency.

                                                                            -17-