|Exhibit 3.2BYLAWSOF
CASCADE BANCORPAmended and Restated as of March 1, 2001


ARTICLE I



SHAREHOLDERS:
MEETING AND VOTING



Section 1.
ANNUAL MEETINGS


The
annual meeting of the shareholders shall be held within 120 days of the end of
the corporations fiscal year, the date, time and place of which shall be
specified annually by the Board of Directors. At the annual meeting the
shareholders shall elect directors, consider reports of the affairs of the
corporation and transact such other business as may properly be brought before
the meeting.



Section 2.
SPECIAL MEETINGS


Special
meetings of shareholders may be called by the President or by a resolution of
the Board of Directors, or upon the written request of shareholders of at least
ten percent (10%) of all votes entitled to be cast on any issue proposed to be
considered at the special meeting. All special meetings shall be held in the
state of Oregon. No business other than that specified in said notice shall be
transacted at any special meeting, unless all shareholders of the corporation
are present either in person or by proxy, and not less than two-thirds (2/3) of
all stock shall consent thereto.



Section 3.
NOTICE OF MEETINGS


(a)(1)
Annual Meetings. Written or printed notice stating the place, date, day
and hour of the annual meeting shall be delivered not less than ten (10) nor
more than sixty (60) days before the date of the meeting, either personally or
by mail, by or at the direction of the President, the Secretary, or the officer
or persons calling the meeting, to each shareholder of record entitled to vote
at the meeting. If mailed, such notice shall be deemed to be delivered when
deposited in the United States mail, addressed to the shareholder at his address
as it appears on the stock transfer books of the corporation, with postage
thereon prepaid.


(2)
Special Meetings. Written or printed notice stating the place, day and
hour, and purpose or purposes of each special meeting shall be delivered not
less than ten (10) nor more than sixty (60) days before the date of the meeting,
either personally or by mail, by or at the direction of the President, the
Secretary, or the officer or persons calling the meeting, to each shareholder of
record entitled to vote at the meeting. If mailed, such notice shall be deemed
to be delivered when deposited in the United States mail, addressed to the
shareholder at his address as it appears on the stock transfer books of the
corporation, with postage thereon prepaid.


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|(b)
When a meeting is adjourned for thirty (30) days or more, or when a
redetermination of the persons entitled to receive notice of the reconvening of
an adjourned meeting is required by law, notice of the reconvening of an
adjourned meeting shall be given as for an original meeting. In all other cases,
no notice of the adjournment or of the business to be transacted at the
reconvening of the adjourned meeting need be given other than by announcement at
the meeting at which such adjournment is taken.


(c)
The presence of any shareholder, either in person or by proxy, at any meeting of
the shareholders shall constitute a waiver of notice of such meeting.


(d)
For the purposes of determining shareholders entitled to notice of, or to vote
at, any meeting of shareholders or any adjournment thereof, to demand a special
meeting of shareholders, to receive payment of any dividend, or to make a
determination of shareholders for any other purpose, the Board may fix in
advance a date as the record date for any such determination. Such record date
shall be not more than 70 days, and in case of a meeting of shareholders, not
less than 10 days, prior to the date on which the particular action requiring
such determination is to be taken. If no record date is fixed as set forth
above, the date on which the notice of the meeting is mailed or on which the
resolution of the Board declaring such dividend is adopted, as the case may be,
shall be the record date for such determination. A determination of shareholders
entitled to notice of or to vote at a shareholders meeting shall apply to
any adjournment of the meeting providing such adjournment is not set for a date
more than 120 days after the date fixed for the original meeting. The record
date for the determination of shareholders entitled to demand a special
shareholder meeting shall be the date selected by the Board of Directors within
the parameters set forth above.


Section 4.
VOTING RIGHTS


At
all meetings of the shareholders, each shareholder shall be entitled to one vote
for each share of stock standing in his name as of the record date determined by
the Board of Directors as set forth in Section 3, paragraph (d) of this Article
I.



Section 5.
QUORUM


(a)
At any meeting of the shareholders, the holders of a majority of the shares
entitled to vote being present in person or represented by proxy shall
constitute a quorum for the transaction of business. The shareholders present at
a duly organized meeting may continue to transact business until adjournment,
notwithstanding the withdrawal of enough shareholders to leave less than a
quorum.



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|(b)
In the absence of a quorum, a majority of those present in person or represented
by proxy may adjourn the meeting from time to time until a quorum shall attend.
Any business which might have been transacted at the original meeting may be
transacted at the adjourned meeting if a quorum exists.


(c)
The vote of a majority of the shareholders present either in person or by proxy
and entitled to vote at any duly authorized meeting shall decide any question
unless the vote of a greater number is required by law or the Articles of
Incorporation.



Section 6.
VOTING OF SHARES BY CERTAIN HOLDERS


(a)
Shares held by an administrator, executor, guardian or conservator may be voted
by him, either in person or by proxy, without a transfer of such shares into his
name. Shares standing in the name of a trustee may be voted by him either in
person or by proxy, but no trustee shall be entitled to vote shares held by him
without a transfer of such shares into his name.


(b)
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 thereof into his name, if authority so to do be contained
in an appropriate order of the court by which such receiver was appointed.


(c)
A shareholder whose shares are pledged shall be entitled to vote such shares
until his shares have been transferred into the name of the pledgee, and
thereafter the pledgee shall be entitled to vote the shares so transferred
unless there is an agreement to the contrary.



Section 7.
PROXIES


Every
shareholder entitled to vote or to execute any waiver or consent may do so
either in person or by written proxy duly executed and filed with the Secretary
of the corporation. No proxy shall be valid after eleven (11) months from the
date of its execution, unless otherwise provided in the proxy.



Section 8.
STOCKHOLDER LISTS




After
the Board of Directors fixes a record date for a meeting, the officer or agent
having charge of the transfer books of the corporation shall cause to be
prepared an alphabetical list of the names of all shareholders who are entitled
to notice of a shareholders meeting. The list must be arranged by voting
group, and within each voting group, by class or series of shares, and show the
address of and number of shares held by each shareholder. The shareholders
list shall be available for inspection by any shareholder, beginning two (2)
business days after notice of the meeting is given for which the list was
prepared and continuing through the meeting, at the corporations principal
office or at a place identified in the meeting notice in the city where the
meeting will be held. The corporation shall make the shareholders list
available at the meeting, and any shareholder, the shareholders agent or
attorney will be entitled to inspect the list at any time during the meeting or
any adjournment.



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|ARTICLE II



DIRECTORS



Section 1.
POWERS


The
business of this corporation shall be managed by the Board of Directors.



Section 2.
NUMBER CLASSIFICATION AND NOMINATIONS


The
Board of Directors shall consist of seven (7) members, who shall serve until
their successors shall be elected and qualified.


There
shall be three (3) classes of directors to be known as Class A, Class B and
Class C, respectively, with one (1) director in Class A, three (3) directors in
Class B and three (3) directors in Class C. At each annual meeting, a number of
directors equal to the number of directors in the class whose terms expire at
the time of such meeting shall be elected to hold office for a term of three
years. At any meeting of shareholders, the nomination of candidates for
directors shall not be allowed from the floor. Any shareholder owning
outstanding capital stock of the corporation on the record date for a particular
meeting may nominate a candidate or candidates for director by serving written
notice on the corporation of such nomination not less than ten (10) days prior
to the scheduled date of the shareholder meeting at which directors are to be
elected. Such notice shall contain the name(s) of the nominee and information as
to the nominees background and experience that would qualify the nominee
to serve as a director.



Section 3.
VACANCIES


(a)
A vacancy in the Board of Directors shall exist upon the death, resignation or
removal of any director. Vacancies in the Board of Directors may be filled by a
majority of the remaining directors. Each director so elected shall hold office
for the balance of the unexpired term of his predecessor and until his qualified
successor is elected and accepts office.


(b)
Any directorship to be filled by reason of an increase in the authorized number
of directors may be filled by an affirmative vote of the majority of the
directors at that time in office. The first such additional director shall serve
in Class B and the second such director shall serve in Class C. Thereafter any
additional directors elected by reason of an increase in the authorized number
shall be allocated evenly among all three classes of directors starting with
Class A.




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|(c)
The shareholders may at any time elect a director to fill any vacancy not filled by the
Board of Directors.


(d)
If the Board of Directors accepts the resignation of a director tendered to take
effect at a future time, a successor may be elected to take office when the
resignation becomes effective.



Section 4.
REMOVAL OF DIRECTORS


All
or any number of the directors may be removed from office with or without cause
by a majority vote of the shareholders at a special meeting called for that
purpose.



Section 5.
ANNUAL DIRECTORS MEETING


Within
one week following the annual shareholders meeting the Directors shall
meet for the purpose of organization and election of executive officers
hereinafter specified.



Section 6.
SPECIAL MEETINGS


Special
meetings of the Board of Directors may be held from time to time upon the call
of the President, Vice President or Secretary or upon call of not less than
one-half of the duly elected, qualified and acting directors. Notice of such
meeting shall be given by the person or persons calling same, by mail not later
than two (2) days before the time for such meeting, or in person not later than
twenty-four hours before the time fixed for such meeting. The presence or
consent of any director shall constitute a waiver of the notice of such meeting.



Section 7.
QUORUM AND VOTE


A
majority of the Board as it exists at any time shall constitute a quorum for the
transaction of business. Less than a quorum may adjourn until the next meeting.



Section 8.
COMPENSATION


By
resolution of the Board of Directors, the directors may be paid their expenses,
if any, of attendance at each meeting of the Board of Directors, and may be paid
a fixed sun for attendance at each meeting of the Board of Directors, or a
stated salary as director. No such payment shall preclude any director from
serving the corporation in any other capacity and receiving compensation
therefor.



Section 9.
DUTIES AND EMPLOYMENT


The
Board of Directors shall authorize the employment and prescribe the duties of
all officers of the corporation.


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|Section 10.
INVESTMENTS


The
funds of the corporation shall be invested pursuant to law and in such manner
and upon such security as the Board of Directors may determine.



Section 11.
OTHER DUTIES OF DIRECTORS


The
Board of Directors shall have power to establish rules and regulations and fix
the hours for the transaction of business, prescribe the form of books or
accounts to be used, and the general or particular manner in which the business
and affairs of the corporation shall be conducted. The manner of conducting
business and all books, accounts, and records shall conform to the provisions of
the law, and to the rules, regulations, and instructions issued by any
applicable federal or state agency having the authority to regulate the
corporation.



Section 12.
TRANSACTIONS WITH DIRECTORS


(a)
Any contract or other transaction or determination between the corporation and
one or more of the directors, or between the corporation and another party in
which one or more of the directors are interested, shall be valid,
notwithstanding the presence or participation of such director or directors in a
meeting of the Board of Directors which acts upon or in reference to such
contract, transaction or determination, if the fact of such interest shall be
disclosed or known to the Board of Directors and it shall authorize or approve
such contract, transaction or determination by a vote of a majority of the
disinterested directors present and entitled to vote.


(b)
A director or directors interested in a contract, transaction or determination
may be counted in determining whether a quorum is present at any meeting, but
shall not be entitled to vote on such contract, transaction or determination and
shall not be counted in determining the number of directors constituting the
majority necessary to carry such vote.


(c)
If not authorized or approved by a majority of the disinterested directors as
provided above, such contract, transaction or determination shall nevertheless
be valid if ratified or approved by a vote of the shareholders. Such interested
director or directors shall not be disqualified from voting as shareholders for
ratification or approval of such contract, transaction or determination.


(d)
This section shall not invalidate any contract, transaction or determination
which would otherwise be valid under applicable law.



Section 13.
OFFICIAL COMMUNICATIONS FROM REGULATORY AGENCIES


Every
official communication directed by any regulatory agency to the corporation or
to any officer of the corporation relating to an investigation or examination
conducted by such agency or containing suggestions or recommendations as to the
conduct of the business of the corporation, shall be submitted by the officer
receiving it to the Board of Directors at the next meeting of the Board and duly
noted in the minutes of the meeting of the Board in the manner prescribed by the
agency. The record of the meeting shall also show any action taken by the Board
in response to the communication. The communication, or the record of the
meeting referring to the communication, shall be signed by each director present
at the meeting at which the communication is received.


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|Section 14.
CHAIRMAN OF THE BOARD


The
Board of Directors shall elect from among them a Chairman, who shall not be an
officer of the corporation, and a Vice-Chairman who may be an officer of the
corporation. The Chairman, and in his absence, the Vice-Chairman, shall preside
at all meetings of the Board.


Section 15. DIRECTORS
MANDATORY RETIREMENT AGE


No person who is age 70 or older may serve on the Board of Directors of the
Corporation; provided,
however, that a director who turns age 70 during his or her term as director may
continue to hold office until the expiration of such directors term;
provided further that this Section 15 shall not apply to persons who were both
age 70 and a director of the Corporation as of June 1, 1995.



ARTICLE III



OFFICERS



Section 1.
OFFICERS


The
officers of this corporation shall be a President; one or more vice Presidents;
a Secretary; an Assistant Secretary; and such other officers as may be appointed
by the Board of Directors from time to time.



Section 2.
TERM OF OFFICE


Any
vacancies occurring in any of the said offices s hall be filled by the Board of
Directors. All officers shall be appointed to hold their offices at the pleasure
of the Board of Directors.



Section 3.
DUTIES OF PRESIDENT


It
shall be the duty of the President to preside at all meetings of the
shareholders. He shall be the chief executive officer of the corporation and
shall perform all such other duties as the Board of Directors may from time to
time prescribe, or as may be required by law.


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|Section 4.
DUTIES OF VICE PRESIDENT


The
Vice President shall perform the duties of the President in case of his absence,
disqualification, or inability, and such other duties as the Board of Directors
may prescribe from time to time, or as may be required by law.



Section 5.
DUTIES OF SECRETARY


The
Secretary shall keep a complete record of the proceedings of all
shareholders and directors meetings. He shall have the custody of
the corporate seal and shall attest the signature of the corporation and affix
the seal when required to do so in the usual course of business and pursuant to
law. He shall perform all such other duties as the Board of Directors may from
time to time prescribe, or as may be required by law.



Section 6.
ASSISTANTS


The
Board of Directors may appoint or authorize the appointment of assistants to any
officer. Such assistants may exercise the power of such officer and shall
perform such duties as are prescribed by the Board of Directors.



ARTICLE IV



COMMITTEES



Section 1.
COMMITTEES


The
Board of Directors may, by resolution adopted by a majority of the number of
directors fixed by the Bylaws, appoint such committees as the Board may
determine. These committees shall in each case consist of not less than two (2)
directors and shall have such powers and duties as shall from time to time be
prescribed by the Board of Directors.



Section 2.
AUTHORITY OF COMMITTEES


The
committees established by the Board of Directors, to the extent provided by
resolution, shall have and may exercise all the authority of the Board in the
management of the corporation, but no committee shall have the authority of the
Board to:
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| | (a)
Authorize distribution;
| | ---------------------------

| | (b)
Approve or propose to shareholders actions that require approval by the shareholders;
| | -----------------------------------------------------------------------------------------

| | (c)
Fill vacancies on the Board of Directors or on any of its committees;
| | -------------------------------------------------------------------------

|Page 8.  AMENDED
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|
|

| | (d)
Amend articles of incorporation;
| | ------------------------------------

| | (e)
Adopt, amend or repeal the Bylaws;
| | --------------------------------------

| | (f)
Approve a plan of merger not requiring shareholder approval;
| | ----------------------------------------------------------------

| | (g)
Authorize or approve reacquisition of shares, except according to a formula or method
prescribed by the Board of Directors; or
| | ----------------------------------------------------------------------------------------------------------------------------------

| | (h)
Authorize or approve the issuance or sale or contract for sale of shares, or determine
the designation and relative rights, preferences and limitations of a class or series of
shares, except that the Board of Directors may authorize a committee or a senior
executive officer of the corporation to do so within limits specifically prescribed by
the Board of Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Section 3.
ABOLITION OF COMMITTEES


Any
committee established by the Board of Directors may, by resolution adopted by a
majority of the number of directors fixed by the Bylaws, be abolished at any
time by the Board for any reason and the committees functions delegated
elsewhere. Any member of any committee shall hold office on such committee
solely at the pleasure of the Board of Directors.



ARTICLE V



CORPORATE
RECORDS



Section 1. INSPECTION


The
Board of Directors, from time to time, shall determine whether and to what
extent and at what times and places and under what conditions and regulations
the accounts and books of the corporation or any of them, except the stock book,
shall be opened to the inspection of the shareholders, and no shareholder shall
have any right to inspect the books or documents of the corporation except as
conferred by statute, or as authorized by the Board of Directors.



Section 2.
BYLAWS


The
original or a copy of the Bylaws and any amendments thereto, certified by the
Secretary, shall be open to inspection by the shareholders and directors in the
manner and to the extent required by law.



Section 3.
CHECKS, DRAFTS, ETC.


All
checks, drafts or other orders for payment of money, notes or other evidences of
indebtedness, issued in the name or payable to the corporation, shall be signed
or endorsed by such person or persons and in such manner as shall be determined
from time to time by resolution of the Board of Directors. But before the
corporation shall be liable upon any obligation that does not arise in the
ordinary course of business as a current transaction, the same must be
authorized by a resolution of the Board of Directors.



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|Section 4.
EXECUTION OF DOCUMENTS


The
Board of Directors may, except as otherwise provided in the Bylaws, authorize
any officer or agent to enter into any contract or execute any instrument in the
name of and on behalf of the corporation. Such authority may be general or
confined to specific instances. Unless so authorized by the Board of Directors,
no officer, agent or employee shall have any power or authority to bind the
corporation by any contract or engagement, or to pledge its credit, or to render
it liable for any purpose or for any amount.



ARTICLE VI



CERTIFICATES
AND TRANSFER OF SHARES



Section 1.
SHARES OF STOCK


The
shares of stock shall be represented by stock certificates, signed by the
President or Vice President, and Secretary or Assistant Secretary, with the
corporate seal affixed. Each stock certificate shall state upon the face thereof
that it is transferable only on the books of the corporation.



Section 2.
STOCK CERTIFICATES


Certificates
of stock shall be numbered and registered in the order in which they are issued.
All certificates shall be issued in consecutive order and the name and address
of the person owning the shares therein represented, the number of shares
represented thereby and the date of the issuance thereof shall be entered upon
the stock records of the Corporation. All certificates exchanged or returned to
the corporation shall be marked canceled, the date of cancellation
shall be noted thereon by the Secretary and the certificate shall thereupon be
retained in the stock records of the Corporation.



Section 3.
STOCK TRANSFERABLE ONLY UPON BOOKS


The
shares of stock of this corporation shall be transferable and assignable only
upon the books of the corporation. No new stock certificate shall be issued
until the old certificate has been properly assigned, transferred, and
surrendered for cancellation.


As
a condition to the transfer of shares in the stock transfer books of the
corporation, the corporation shall have the right to demand from any shareholder
requesting a transfer sufficient evidence to the corporation to assure itself
that the shareholder requesting the transfer has complied with all prior notice
requirements, if any, imposed by regulatory agencies which supervise the
corporation. In particular, but without limitation, the corporation can, as a
condition to transfer, require sufficient evidence to indicate to its
satisfaction shareholder compliance, if applicable, with the prior notification
requirements of the Change in Bank Control Act of 1978 and the Bank Holding
Company Act of 1956, as amended.




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|Before
the corporation purchases or redeems any shares of its common stock, the
appropriate officer(s) of the corporation shall, if applicable, have the
corporation comply with the prior notice requirements regarding certain
purchases or redemptions as set forth in Regulation Y at 12 C.F.R. 225.4, which
requires the corporation to provide at least sixty (60) days prior notice,
if generally, any purchase or redemption of its equity securities equals or
exceeds ten percent (10%) of the corporations consolidated net worth.



Section 4.
LOST CERTIFICATE


If
any certificate is accidently destroyed or lost, the Secretary may upon
satisfactory proof of such destruction or loss, and the receipt of satisfactory
indemnity from the shareholder, authorize the issuance of a new certificate.



Section 5.
TRANSFER AGENTS AND REGISTRARS


The
Board of Directors may from time to time appoint one or more specific transfer
agents and one or more registrars for the shares of the corporation who shall
have such powers and duties as the Board of Directors shall specify.



Section 6.
CLOSING STOCK TRANSFER BOOKS


The
Board of Directors may close the transfer books for a period not exceeding sixty
(60) days nor less than ten (10) days preceding any annual or special meeting of
the shareholders or the day appointed for the payment of a dividend.



ARTICLE VII



INDEMNIFICATION



Section 1.
AUTHORITY TO INDEMNIFY


(a)
Except as provided below, the corporation shall indemnify an individual made a
party to a proceeding because the individual is or was a director or officer
against liability incurred in the proceeding if:



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|
|

| | (1)
The conduct of the individual was in good faith;
| | ----------------------------------------------------

| | (2)
The individual reasonably believed that the individual's conduct was in the best interest
of the corporation, or at least not opposed to its best interests; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3)
In the case of any criminal proceeding, the individual had no reasonable cause to believe
the individual's conduct was unlawful.
| | ------------------------------------------------------------------------------------------------------------------------------------

|A
directors or officers conduct with respect to an employee benefit
plan for a purpose the director or officer reasonably believed to be in the
interests of the participants in and beneficiaries of the plan is conduct that
satisfies the requirement of paragraph (2) above. The termination of a
proceeding by judgment, order, settlement, conviction or upon a plea of nolo
contendere or its equivalent is not, of itself, determinative that the director
or officer did not meet the standard of conduct described in this paragraph (a)
above.


(b)
The corporation may not indemnify a director or officer:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (1)
In connection with a proceeding by or in the right of the corporation in which the
director or officer was adjudged liable to the corporation; or
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | (2)
In connection with any other proceeding charging improper personal benefit to the
director or officer in which the director or officer was adjudged liable on the basis
that personal benefit was improperly received by the director or officer.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c)
Indemnification permitted under this Section 1 in connection with a proceeding
by or in the right of the corporation is limited to reasonable expenses incurred
in connection with the proceeding.



Section 2.
MANDATORY INDEMNIFICATION


The corporation shall
indemnify a director or officer who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which the director or officer was
a party because of being a director or officer of the corporation against
reasonable expenses incurred by the director or officer in connection with the
proceeding.



Section 3.
ADVANCE FOR EXPENSES


(a)
The corporation may pay for or reimburse the reasonable expenses incurred by a
director or officer who is a party to a proceeding in advance of final
disposition of the proceeding if:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (1)
The director or officer furnishes the corporation a written affirmation of the director's
or officer's good faith belief that the director or officer has met the standard of
conduct described in Section 1(a) above; and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Page 12.  AMENDED
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|
|

| | (2)
The director or officer furnishes the corporation a written undertaking, executed
personally or on the director's or officer's behalf, to repay the advance if it is
ultimately determined that the director or officer did not meet the standard of conduct.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b)
The undertaking referred to immediately above must be an unlimited general
obligation of the director or officer but need not be secured and may be
accepted without reference to financial ability to make repayment.



Section 4.
COURT-ORDERED INDEMNIFICATION


A
director or officer of the corporation who is a party to a proceeding may apply
for indemnification to the court conducting the proceeding or to another court
of competent jurisdiction. On receipt of an application, the court after giving
any notice the court considers necessary may order indemnification if it
determines:


(a)
The director or officer is entitled to mandatory indemnification as provided by
Section 2 above, in which case the court shall also order the corporation to pay
the directors or officers reasonable expenses incurred to obtain
court-ordered indemnification; or


(b)
The director or officer is fairly and reasonably entitled to indemnification in
view of all the relevant circumstances, whether or not the director or officer
met the standard of conduct set forth in Section 1(a) above or was adjudged
liable as described in Section 1(b), whether the liability is based on a
judgment, settlement or proposed settlement or otherwise.



Section 5.
DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION


The
corporation may not indemnify a director or officer unless authorized in the
specific case after a determination has been made that indemnification of the
director or officer is permissible in the circumstances because the director or
officer has met the standard of conduct set forth in Section 1 above.


A
determination that indemnification of a director or officer is permissible shall
be made:


(a) By
the Board of Directors by a majority vote of a quorum consisting of directors not at the
time parties to the proceeding;


(b)
If a quorum cannot be obtained under paragraph (a) above, by a majority vote of
a committee duly designated by the Board of Directors consisting solely of two
or more directors not at the time parties to the proceeding. However, directors
who are parties to the proceeding may participate in designation of the
committee;



(c)
By special legal counsel selected by the Board of directors or its committee in
the manner prescribed in paragraph (a) or (b) above; if a quorum of the Board of
Directors cannot be obtained under paragraph (a) above and a committee cannot be
designated under paragraph (b) above, the special legal counsel shall be
selected by majority vote of the full Board of Directors, including directors
who are parties to the proceeding; or



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|(d) By
the shareholders.


Authorization
of indemnification and evaluation as to reasonableness of expenses shall be made
in the same manner as the determination that indemnification is permissible,
expect that if the determination is made by special legal counsel, authorization
of indemnification and evaluation as to reasonableness of expenses shall be made
by those entitled under paragraph (c) above to select counsel.



Section 6.
INSURANCE


The
corporation may purchase and maintain insurance on behalf of an individual
against liability asserted against or incurred by the individual who is or was a
director or officer of the corporation or who, while a director or officer of
the corporation, is or was serving at the request of the corporation as a
director, officer, partner, trustee, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise. The corporation may purchase and maintain the insurance
even if the corporation has no power to indemnify the individual against the
same liability under Section 1 or 2 above.



Section 7.
INDEMNIFICATION PROVISIONS NOT EXCLUSIVE


The
indemnification and provisions for advancement of expenses provided in this
Article VII shall not be deemed exclusive of any other rights to which directors
may be entitled under the corporations articles of incorporation or these
Bylaws, any agreement, general or specific action of the Board of Directors,
vote of shareholders or otherwise, and shall continue as to a person who has
ceased to be a director and shall inure to the benefit of the heirs, executors
and administrators of such a person.



ARTICLE VIII



GENERAL
PROVISIONS



Section 1. SEAL


The
corporate seal shall be circular in form, and shall have inscribed thereon the
name of the corporation and the state of its incorporation.



Section 2.
AMENDMENT OF BYLAWS


(a)
Except as otherwise provided by law, the Board of Directors may amend or repeal
these Bylaws or adopt new Bylaws by vote of a majority of their number.




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AND RESTATED BYLAWS
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|(b)
Whenever an amendment of new Bylaws is adopted, it shall be copied in the minute
book with the original Bylaws in the appropriate place. If any bylaw is
repealed, the fact of repeal and the date on which the repeal occurred shall be
stated in such book and place.



Section 3.
WAIVER OF NOTICE


Whenever any notice to any
shareholder or director is required by law, the Articles of Incorporation or the
Bylaws, a waiver of notice in writing signed at any time by the person entitled
to notice shall be equivalent to the giving of the notice.



Section 4.
MEETINGS BY TELEPHONE CONFERENCE


The
Board of Directors or any committee designated by the Board may hold any meeting
of the Board or committee by means of conference telephone or similar
communications equipment that allows all persons participating in the meeting to
hear each other. Participation in such a meeting constitutes presence in person
at the meeting.



Section 5.
ACTION WITHOUT A MEETING


Any action which the law,
the Articles of Incorporation or the Bylaws require or permit the shareholders
or directors to take at a meeting may be taken without a meeting only if a
consent in writing setting forth the action so taken is signed by all of the
shareholders or directors entitled to vote on the matter. The consent, which
shall have the same effect as a unanimous vote of the shareholders or directors,
shall be filed in the records of minutes of the corporation.



Section 6.
LIABILITY OF OFFICERS FOR DISALLOWED EXPENSES


Any payments to an officer
of the corporation such as salary, commission, bonus, interest, rent or
entertainment expense incurred by him which shall be disallowed in whole or in
part as a deductible expense by the Internal Revenue Service, shall be
reimbursed by such officer of the corporation to the corporation to the full
extent of such disallowance. It shall be the duty of the directors, as a Board,
to enforce payment by the officer. Subject to the determination of the
directors, proportionate amounts may be withheld from his future compensation
payments until the amount owed to the corporation has been recovered.


March
1, 2001
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | /s/ Greg Newton
Greg Newton, Secretary
| |  | ----------------------------------------------------

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