** **

 

 

 

 

**BYLAWS,AS AMENDED**

**OF**

**PARKWAYPROPERTIES, INC.**

AMaryland Corporation

 

 

 

 

 

 

As Amended Through

February23, 2007

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| **TABLE OF  CONTENTS** |  
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**PAGE NO.**

 
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**ARTICLE I OFFICES**

**1**

 
         Section 1.      PRINCIPAL OFFICE

1

 
         Section 2.      ADDITIONAL OFFICES

1

 
**ARTICLE II MEETINGS OF STOCKHOLDERS**

**1**

 
         Section 1.      ANNUAL MEETING

1

 
         Section 2.      SPECIAL MEETINGS

1

 
         Section 3.      PLACE OF MEETINGS

2

 
         Section 4.      NOTICE

2

 
         Section 5.      SCOPE OF NOTICE

2

 
         Section 6.      QUORUM

2

 
         Section 7.      VOTING

3

 
         Section 8.      PROXIES

3

 
         Section 9.      VOTING OF STOCK BY CERTAIN  HOLDERS

3

 
         Section 10.    INSPECTORS

4

 
         Section 11.    NOMINATIONS AND STOCKHOLDERS  BUSINESS

4

 
         Section 12.    INFORMAL ACTION BY STOCKHOLDERS

7

 
         Section 13.    VOTING BY BALLOT

7

 
**ARTICLE III DIRECTORS**

**7**

 
**        **Section 1.      GENERAL POWERS;  QUALIFICATIONS

7

 
         Section 2.      NUMBER AND TENURE

7

 
 

 

         Section 3.      REGULAR MEETINGS

8

 
         Section 4.      SPECIAL MEETINGS

8

 
         Section 5.      NOTICE

8

 
         Section 6.      QUORUM

8

 
         Section 7.      VOTING

8

 
         Section 8.      TELEPHONE MEETINGS

9

 
         Section 9.      INFORMAL ACTION BY DIRECTORS

9

 
         Section 10.    COMPENSATION

9

 
         Section 11.    REMOVAL OF DIRECTORS

9

 
         Section 12.    LOSS OF DEPOSIT

9

 
         Section 13.    SURETY BONDS

9

 
         Section 14.    RELIANCE

10

 
         Section 15.    CERTAIN RIGHTS OF DIRECTORS

10

 
**ARTICLE IV COMMITTEES**

**10**

 
**        **Section 1.      NUMBER, TENURE AND  QUALIFICATIONS

10

 
**        **Section 2.      POWERS

10

 
**        **Section 3.      MEETINGS

11

 
**        **Section 4.      TELEPHONE MEETINGS

11

 
         Section 5.      INFORMAL ACTION BY COMMITTEES

11

 
**ARTICLE V OFFICERS**

**11**

 
**        **Section 1.      GENERAL PROVISIONS

11

 
**        **Section 2.      ELECTION, TENURE AND  REMOVAL OF OFFICERS

12

 
         Section 3.      CHIEF EXECUTIVE OFFICER

12

         Section 4.      CHIEF OPERATING OFFICER

12

         Section 5.      CHIEF FINANCIAL OFFICER

12

         Section 6.      CHAIRMAN OF THE BOARD

12

         Section 7.      PRESIDENT

13

         Section 8.      VICE PRESIDENTS

13

         Section 9.      SECRETARY

13

         Section 10.    TREASURER

13

         Section 11.    ASSISTANT SECRETARIES AND  ASSISTANT TREASURERS

14

         Section 12.    SALARIES

14

**ARTICLE VI CONTRACTS, LOANS, CHECKS AND DEPOSITS**

**14**

**        **Section 1.      CONTRACTS

14

         Section 2.      CHECKS AND DRAFTS

14

         Section 3.      DEPOSITS

14

**ARTICLE VII STOCK**

**15**

         Section 1.      CERTIFICATES

15

         Section 2.      TRANSFERS

15

         Section 3.      LOST CERTIFICATE

16

         Section 4.      CLOSING OF TRANSFER BOOKS OR  FIXING OF RECORD DATE

16

         Section 5.      STOCK LEDGER

17

         Section 6.      FRACTIONAL STOCK; ISSUANCE OF  UNITS

17

         Section 7.      EXEMPTION FROM CONTROL SHARE  ACQUISITION STATUTE

17

         Section 8.      EXEMPTION FROM CONTROL SHARE  ACQUISITION STATUTE

17

**ARTICLE VIII ACCOUNTING YEAR**

**17**

**ARTICLE IX DIVIDENDS**

**18**

**        **Section 1.      DECLARATION

18

**        **Section 2.      CONTINGENCIES

18

**ARTICLE X INVESTMENT POLICY**

**18**

**ARTICLE XI SEAL**

**18**

**        **Section 1.      SEAL

18

**        **Section 2.      AFFIXING SEAL 

19

**ARTICLE XII INDEMNIFICATION**

**19**

         Section 1.      PROCEDURES

19

         Section 2.      EXCLUSIVITY, ETC.

19

         Section 3.      SEVERABILITY; DEFINITIONS

20

**ARTICLE XIII WAIVER OF NOTICE**

**20**

**ARTICLE XIV AMENDMENT OF BYLAWS**

**20**

         

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****

**MARYLAND BYLAWS,AS AMENDED**

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**OF**

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**PARKWAYPROPERTIES, INC.**

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**ARTICLEIOFFICES**

**Section 1.        PRINCIPAL OFFICE.**

** **

**                       **Theprincipal office of the Corporation shall be located at such place as the Boardof Directors may designate.

 

**Section 2.        ADDITIONAL OFFICES.**

 

                        TheCorporation may have additional offices at such places as the Board ofDirectors may from time to time determine or the business of the Corporationmay require.

 

**ARTICLEIIMEETINGS OF STOCKHOLDERS**

 

**Section 1.        ANNUAL MEETING.**

 

                        TheCorporation shall hold an annual meeting of its stockholders to elect directorsand transact any other business within its powers, either at 9:00 am. on the first Thursday of June in each year if not a legal holiday, or at such other timeon such other day falling on or before the 30th day thereafter as shall be setby the Board of Directors.  Except as the Charter or statute providesotherwise, any business may be considered at an annual meeting without thepurpose of the meeting having been specified in the notice.  Failure to hold anannual meeting does not invalidate the Corporation's existence or affect anyotherwise valid corporate acts.

 

 

**Section 2.        SPECIAL MEETINGS.**
 
                       At any time in the interval between annual meetings, a special meeting of thestockholders may be called by the President, the Chief Executive Officer, theChairman of the Board or by a majority of the Board of Directors by vote at ameeting or in writing (addressed to the Secretary of the corporation) with orwithout a meeting.  Special meetings of the stockholders shall also becalled by the Secretary at the request of stockholders only on the writtenrequest of stockholders entitled to cast at least a majority of all the votesentitled to be cast at the meeting or a majority of the 

Board of Directors.  A request for a specialmeeting shall state the purpose of such meeting and the matters proposed to beacted on at such meeting.  The Secretary shall inform the stockholdersmaking the request of the reasonably estimated costs of preparing and mailing anotice of the meeting and, upon such stockholders' payment to the Corporation ofsuch costs, the Secretary shall give notice to each stockholder entitled tonotice of the meeting.

**Section 3.        PLACE OF MEETINGS.**

                        Meetingsof stockholders shall be held at such place in the United States as is set fromtime to time by the Board of Directors.

**Section 4.        NOTICE.**

                        Not lessthan ten nor more than 90 days before each meeting of stockholders, thesecretary shall give to each stockholder entitled to vote at such meeting andto each stockholder not entitled to vote who is entitled to notice of themeeting written or printed notice stating the time and place of the meetingand, in the case of a special meeting or as otherwise may be required bystatute, the purpose for which the meeting is called, either by mail or bypresenting it to such stockholder personally or by leaving it at his residenceor usual place of business.  If mailed, such notice shall be deemed to be givenwhen deposited in the United States mail addressed to the stockholder at hispost office address as it appears on the records of the Corporation, withpostage thereon prepaid.

**Section 5.        SCOPE OF NOTICE.**

                        Anybusiness of the Corporation may be transacted at an annual meeting ofstockholders without being specifically designated in the notice, except suchbusiness as is required by statute to be stated in such notice.  No businessshall be transacted at a special meeting of stockholders except as specificallydesignated in the notice.

**Section 6.        QUORUM.**

                       At any meeting of stockholders, the presence in person or by proxy ofstockholders entitled to cast a majority of all the votes entitled to be cast atsuch meeting shall constitute a quorum; but this section shall not affect anyrequirement under any statute or the Charter of the Corporation for the votenecessary for the adoption of any measure.  If, however, such quorum shallnot be present at any meeting of the stockholders, the stockholders entitled tovote at such meeting, present in person or by proxy, shall have power to adjournthe meeting from time to 

 

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time to a date not more than 120 days after theoriginal record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business maybe transacted which might have been transacted at the meeting as originallynotified. 

**Section 7.        VOTING.**

                        Aplurality of all the votes cast at a meeting of stockholders duly called and atwhich a quorum is present shall be sufficient to elect a director.  Each sharemay be voted for as many individuals as there are directors to be elected andfor whose election the share is entitled to be voted.  A majority of the votescast at a meeting of stockholders duly called and at which a quorum is presentshall be sufficient to approve any other matter which may properly come beforethe meeting, unless more than a majority of the votes cast is required bystatute or by the Articles of the Corporation.  Unless otherwise provided inthe Articles, each outstanding share, regardless of class, shall be entitled toone vote on each matter submitted to a vote at a meeting of stockholders.

**Section 8.        PROXIES.**

                        Astockholder may vote the stock owned of record by him, either in person or byproxy executed in writing by the stockholder or by his duly authorized attorneyin fact.  Such proxy shall be filed with the secretary of the Corporationbefore or at time of the meeting.  No proxy shall be valid after eleven monthsfrom the date of its execution, unless otherwise provided in the proxy.

**Section 9.        VOTING OF STOCK BY CERTAINHOLDERS.**

                        Stockregistered in the name of a corporation, partnership, trust or other entity, ifentitled to be voted, may be voted by the president or a vice president, ageneral partner or trustee thereof, as the case may be, or a proxy appointed byany of the foregoing individuals, unless some other person who has beenappointed to vote such stock pursuant to a bylaw or a resolution of the boardof directors of such corporation or other entity presents a certified copy ofsuch bylaw or resolution, in which case such person may vote such stock.  Anydirector or other fiduciary may vote stock registered in his name as such fiduciary,either in person or by proxy.  

                        Shares ofstock of the Corporation directly or indirectly owned by it shall not be votedat any meeting and shall not be counted in determining the total number ofoutstanding shares entitled to be voted at any given time, unless they are heldby it in a fiduciary capacity, in which case they may be voted and shall becounted in determining the total number of outstanding shares at any giventime.

                       The Board of Directors may adopt by resolution a procedure by which astockholder may certify in writing to the Corporation that any shares of stockregistered in the name of the stockholder are held for the account of aspecified person other than the stockholder.  The resolution shall setforth the class of stockholders who may make the certification, the purpose forwhich the certification may be made, the form of certification and theinformation to be contained in it; if the certification is with respect to arecord date of closing of the stock transfer books, the time after the

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record date of closingof the stock transfer books within which the certification must be received bythe Corporation; and any other provisions with respect to the procedure whichthe Board of Directors considers necessary or desirable.  On receipt of suchcertification, the person specified in the certification shall be regarded as,for the purposes set forth in the certification, the stockholder of record ofthe specified stock in place of the stockholder who makes the certification.

**Section 10.      INSPECTORS.**

                        At anymeeting of stockholders, the chairman of the meeting may, or upon the requestof any stockholder shall, appoint one or more persons as inspectors for suchmeeting.  Such inspectors shall ascertain and report the number of shares representedat the meeting based upon their determination of the validity and effect ofproxies, count all votes, report the results and perform such other acts as areproper to conduct the election and voting with impartiality and fairness to allthe stockholders.

                        Eachreport of an inspector shall be in writing and signed by him or by a majorityof them if there is more than one inspector acting at such meeting.  If thereis more than one inspector, the report of a majority shall be the report of theinspectors.  The report of the inspector or inspectors on the number of sharesrepresented at the meeting and the results of the voting shall be prima facieevidence thereof.

**Section 11.      NOMINATIONSAND STOCKHOLDERBUSINESS.**

                        (a)        AnnualMeeting of Stockholders.

(1)        Nominationsof persons for election to the Board of Directors and the proposal of businessto be considered by the stockholders may be made at an annual meeting ofstockholders (i) pursuant to the Corporation's notice of meeting, (ii) by or atthe direction of the Board of Directors or (iii) by any stockholder of theCorporation who was a stockholder of record at the meeting and who compliedwith the notice procedures set forth in this Section 11(a).

(2)        Fornominations or other business to be properly brought before an annual meetingby a stockholder pursuant to clause (iii) of paragraph (a) (1) of this Section11, the stockholder must have given timely notice thereof in writing to thesecretary of the Corporation.  To be timely, a stockholder's notice shall bedelivered to the secretary at the principal executive offices of theCorporation not less than 60 days nor more than 90 days prior to the firstanniversary of the preceding year's annual meeting; provided, however, that inthe event that the date of the annual meeting is advanced by more than 30 daysor delayed by more than 60 days from such anniversary date, notice by thestockholder to be timely must be so delivered not  

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earlier than the 90th dayprior to such annual meeting and not later than the close of business on thelater of the 60th day prior to such annual meeting or the tenth day followingthe day on which public announcement of the date of such meeting is firstmade.  Such stockholder's notice shall set forth (i) as to each person whom thestockholder proposed to nominate for election or reelection as a director allinformation relating to such person that is required to be disclosed insolicitations of proxies for election of directors, or is otherwise required,in each case pursuant to Regulation 14A under the Securities Exchange Act of1934, as amended (the "Exchange Act") (including such person'swritten consent to being named in the proxy statement as a nominee and toserving as a director if elected); (ii) as to any other business that thestockholder proposes to bring before the meeting, a brief description of thebusiness desired to be brought before the meeting, the reasons for conductingsuch business at the meeting and any material interest in such business of suchstockholder and of the beneficial owner, if any, on whose behalf the proposalis made; and (iii) as to the stockholder giving the notice and the beneficialowner, if any, on whose behalf the nomination or proposal is made, (x) the nameand address of such stockholder, as they appear on the Corporation's books, andof such beneficial owner and (y) the class and number of shares of stock of theCorporation which are owned beneficially and of record by such stockholder andsuch  beneficial owner.

(3)        Notwithstandinganything in the second sentence of paragraph (a) (2) of this Section 11 to thecontrary, in the event that the number of directors to be elected to the Boardof Directors is increased and there is no public announcement naming all of thenominees for director or specifying the size of the increased Board ofDirectors made by the Corporation at least 70 days prior to the firstanniversary of the preceding year's annual meeting, a stockholder's noticerequired by this Section 11(a) shall also be considered timely, but only withrespect to nominees for any new positions created by such increase, if it shallbe delivered to the secretary at the principal executive offices of theCorporation not later than the close of business on the tenth day following theday on which such public announcement is first made by the Corporation.

(b)        Special Meetings of Stockholders.  Only such business shallbe conducted at a special meeting of stockholders as shall have been broughtbefore the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may be made at aspecial meeting of stockholders at which directors are to be elected (i)pursuant to the Corporation's notice of meeting, (ii) by or at the direction ofthe Board of Directors or (iii) provided that the Board of Directors hasdetermined that directors shall be elected at such special meeting, by anystockholder of the Corporation who is 

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            astockholder of record at the time of giving of notice provided for in thisSection 11(b), who is entitled to vote at the meeting and who complied with thenotice procedures set forth in this Section 11(b).  In the event theCorporation calls a special meeting of stockholders for the purpose of electingone or more directors to the Board of Directors, any such stockholder maynominate a person or persons (as the case may be) for election to such positionas specified in the Corporation's notice of meeting, if the stockholder's noticerequired by paragraph (a) (2) of this Section 11(b) shall be delivered to thesecretary at the principal executive offices of the Corporation not earlier thanthe 90th day prior to such special meeting and not later than the close ofbusiness on the later of the 60th day prior to such special meeting or the tenthday following the day on which public announcement is first made of the date ofthe special meeting and of the nominees proposed by the Board of Directors to beelected at such meeting.

(c)        General.

(1)        Onlysuch persons who are nominated in accordance with the procedures set forth inthis Section 11 shall be eligible to serve as directors and only such businessshall be conducted at a meeting of stockholders as shall have been broughtbefore the meeting in accordance with the procedures set forth this Section11.  The presiding officer of the meeting shall have the power and duty todetermine whether a nomination or any business proposed to be brought beforethe meeting was made in accordance with the procedures set forth in this Section11 and, if proposed nomination or business is not in compliance with thisSection 11, to declare that such defective nomination or proposal bedisregarded.

(2)        Forpurposes of this Section 11, "public announcement" shall meandisclosure in a press release reported by the Dow Jones New Service, AssociatedPress or comparable news service or in a document publicly filed by theCorporation with the Securities and Exchange Commission pursuant to Sections13, 14 or 15(d) of the Exchange Act. 

(3)        Notwithstandingthe foregoing provisions of this Section 11, a stockholder shall also complywith all applicable requirements of state law and of the Exchange Act and therules and regulations thereunder with respect to the matters set forth in thisSection 11.  Nothing in this Section 11 shall be deemed to affect any rights ofstockholders to request inclusion of proposals in the Corporation's proxystatement pursuant to Rule 14a-8 under the Exchange Act.

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**Section 12.      INFORMAL ACTION BY STOCKHOLDERS.**

                        Anyaction required or permitted to be taken at a meeting of stockholders may betaken without a meeting if a consent in writing, setting forth such action, issigned by each stockholder entitled to vote on the matter and each stockholderentitled to notice of a meeting of stockholders (but not to vote thereat) haswaived in writing any right to dissent from such action, and such consent andwaiver are filed with the minutes of proceedings of the stockholders. Stockholders may not participate in meetings by means of a conference telephoneor similar communications equipment.

**Section 13.      VOTING BY BALLOT.**

                        Voting onany question or in any election may be via voce unless the presiding officershall order or any stockholder shall demand that voting be by ballot.  

**ARTICLEIII****DIRECTORS**

**Section 1.        GENERAL POWERS; QUALIFICATIONS.**

                        Thebusiness and affairs of the Corporation shall be managed under the direction ofits Board of Directors.  A majority of the persons serving as directors of theCorporation at any time shall be directors who are unaffiliated (in the soledetermination of the Board of Directors, which determination shall be final)with and who do not receive compensation from the Corporation (other than as aresult of status as a director of the Corporation) ("IndependentDirectors").  Notwithstanding the foregoing requirement, no actionotherwise validly taken by the Board of Directors during a period in which amajority of its members are not Independent Directors shall be invalidated orotherwise affected by such circumstance, nor shall such circumstance subjectthe directors taking any such action to a higher standard of care or toliability other than that which would have applied to such action were amajority of the members of the Board of Directors Independent Directors at thetime such action was taken.

**Section 2.        NUMBERAND TENURE.**

                        At anyregular meeting or at any special meeting called for that purpose, a majorityof the entire Board of Directors may establish, increase or decrease the numberof directors, provided that the number thereof shall never be less than theminimum number required by the Maryland General Corporation Law, nor more than15, and further provided that the tenure of office of a director shall not beaffected by any decrease in the number of directors.  Each director shall holdoffice for a term of one year and until his successor is elected and qualified,or until his resignation, removal (in accordance with the Charter), retirementor death.

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**Section 3.        REGULAR MEETINGS.**

                        The Boardof Directors may provide, by resolution, the time and place, either within orwithout the State of Maryland, for the holding of regular meetings of the Boardof Directors without other notice than such resolution.

**Section 4.        SPECIALMEETINGS.**

                        Specialmeetings of the Board of Directors may be called by or at the request of thechairman of the board, president or by a majority of the directors then inoffice.  The person or persons authorized to call special meetings of the Boardof Directors may fix any place, either within or without the State of Maryland,as the place for holding any special meeting of the Board of Directors calledby them.

**Section 5.        NOTICE.**

                        Notice ofany special meeting shall be given by written notice delivered personally, transmittedby facsimile, telegraphed or mailed to each director at his business orresidence address.  Personally delivered, facsimile  transmitted aretelegraphed notices shall be given at least twenty-four hours prior to themeeting.  Notice by mail shall be given at least five days prior to themeeting.  If mailed, such notice shall be deemed to be given when deposited inthe United States mail properly addressed, with postage thereon prepaid.  Ifgiven by telegram, such notice shall be deemed to be given when the telegram isdelivered to the telegraph company.  Neither the business to be transacted at,nor the purpose of, any annual, regular or special meeting of the Board ofDirectors need be stated in this notice, unless specifically required by statuteor these Bylaws.

**Section 6.        QUORUM.**

                        Amajority of the directors shall constitute a quorum for transaction of businessat any meeting of the Board of Directors, provided that, if less than amajority of such directors are present at said meeting, a majority of thedirectors present may adjourn the meeting from time to time without furthernotice, and provided - further that if, pursuant to the Articles of theCorporation or these Bylaws, the vote of a majority of a particular group ofdirectors is required for action, a quorum must also include a majority of suchgroup. 

**Section 7.        VOTING.**

                        Theaction of the majority of the directors present at a meeting at which a quorumis present shall be the action of the Board of Directors, unless the concurrenceof a greater or lesser proportion is required for such action by the Articles,these Bylaws or applicable statute.

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**Section 8.        TELEPHONE MEETINGS.**

                        Directorsmay participate in a meeting by means of a conference telephone or similarcommunications equipment if all persons participating in the meeting can heareach other at the same time.  Participation in a meeting by these means shallconstitute presence in person at the meeting.

**Section 9.        INFORMAL ACTION BY DIRECTORS.**

                        Anyaction required or permitted to be taken at any meeting of the Board ofDirectors may be taken without a meeting, if a consent in writing to suchaction is signed by each director and such written consent is filed with theminutes of proceedings of the Board of Directors.

**Section 10.      COMPENSATION.**

                        Unlessrestricted by the Charter, the Board of Directors shall have the authority tofix the compensation of directors.

**Section 11.      REMOVALOF DIRECTORS.**

                        Thestockholders may remove any director in the manner provided in the Charter ofthe Corporation.

**Section 12.      LOSS OFDEPOSIT.**

                        Nodirector shall be liable for any loss which may occur by reason of the failureof the bank, trust company, savings and loan association or other institutionwith whom moneys or stock have been deposited.

**Section 13.      SURETY BONDS.**

                        Unlessrequired by law, no director shall be obligated to give any bond or surety orother security for the performance of any of his duties.

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**Section 14.      RELIANCE.**

                        Eachdirector, officer, employee and agent of the Corporation shall, in theperformance of his duties with respect to the Corporation, be fully justifiedand protected with regard to any act or failure to act in reliance in goodfaith upon the books of account or other records of the Corporation, upon anopinion of counsel or upon reports made to the Corporation by any of itsofficers or employees or by the advisers, accountants, appraisers or otherexperts or consultants selected by the Board of Directors or officers of theCorporation, regardless of whether such counsel or expert may also be adirector.

**Section 15.      CERTAIN RIGHTS OF DIRECTORS.**

                        Thedirectors shall have no responsibility to devote their full time to the affairsof the Corporation.  Any director, officer, employee or agent of theCorporation, in his personal capacity or in a capacity as an affiliate,employee, or agent of any other person, or otherwise, may have businessinterests and engage in business activities similar to or in addition to thoseof or relating to the Corporation.

**ARTICLEIVCOMMITTEES**

**Section 1.        NUMBER, TENUREANDQUALIFICATIONS.**

                        The Boardof Directors may appoint from among its members an Executive Committee, anAudit Committee and other committees, composed of one or more directors, toserve at the pleasure of the Board of Directors.

**Section 2.        POWERS.**

                        The Boardof Directors may delegate to committees appointed under Section 1 of thisArticle IV any of the powers of the Board of Directors, except the power toauthorize dividends on stock, elect directors, issue stock other than asprovided below, recommend to the stockholders any action which requiresstockholder approval, amend these Bylaws, or approve any merger or shareexchange which does not require stockholder approval.  If the Board of Directorshas given general authorization for the issuance of stock providing for orestablishing a method or procedure for determining the maximum number of sharesto be issued, a committee of the board, in accordance with that generalauthorization or any stock option or other plan or program adopted by the Boardof Directors, may authorize or fix the terms of stock subject to classificationor reclassification and the terms on which any stock may be issued, includingall terms and conditions required or permitted to be established or authorizedby the Board of Directors.

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**Section 3.        MEETINGS.**

                        At everymeeting of any such committee, the presence of a majority of all the membersthereof shall constitute a quorum and the affirmative vote of a majority of themembers present shall be necessary for the adoption by it of any resolution. In the absence of any member of any such committee, the members thereof presentat any meeting, whether or not they constitute a quorum, may appoint anotherdirector to act in the place of such absent member.

**Section 4.        TELEPHONEMEETINGS.**

                        Membersof a committee of the Board of Directors may participate in a meeting by meansof a conference telephone or similar communications equipment if all personsparticipating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in personat the meeting.

**Section 5.        INFORMALACTION BY COMMITTEES.**

                        Anyaction required or permitted to be taken at any meeting of a committee of theBoard of Directors may be taken without a meeting if a consent in writing tosuch action is signed by each member of the committee and such written consentis filed with the minutes of proceedings of such committee. 

**ARTICLEVOFFICERS**

**Section 1.        GENERAL PROVISIONS.**

                        Theofficers of the Corporation shall include a chief executive officer, apresident, one or more vice presidents, a secretary and a treasurer and mayinclude a chairman of the board, a chief operating officer, a chief financialofficer, a treasurer, one or more assistant secretaries and one or moreassistant treasurers.  In addition, the Board of Directors may from time totime appoint such other officers with such powers and duties as they shall deemnecessary or desirable.  The Chairman of the Board shall be a director, otherofficers need not be directors.  Any two or more offices except president andsecretary may be held by the same person.  In its discretion, the Board ofDirectors may leave unfilled any office except that of president, treasurer andsecretary. 

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**Section 2.        ELECTION, TENURE AND REMOVAL OF OFFICERS.**

                        The Boardof Directors shall elect the officers.  The Board of Directors may from time totime authorize any committee or officer to appoint assistant and subordinateofficers. Election or appointment of an officer, employee or agent shall not ofitself create contract rights.  All officers shall be appointed to hold theiroffices, respectively, during the pleasure of the Board.  The Board ofDirectors (or, as to any assistant or subordinate officer, any committee orofficer authorized by the Board) may remove an officer at any time.  Theremoval of an officer does not prejudice any of his contract rights.  The Boardof Directors (or, as to any assistant or subordinate officer, any committee orofficer authorized by the Board) may fill a vacancy which occurs in any officefor the unexpired portion of the term.

**Section 3.        CHIEFEXECUTIVE OFFICER.**

                        ThePresident shall be the chief executive officer of the Corporation unless theBoard of Directors designates the Chairman of the Board as chief executiveofficer.  Subject to the control of the Board of Directors and the executivecommittee (if any), the chief executive officer shall have general executivecharge, management and control of the properties, business and operations ofthe Corporation with all such powers as may be reasonably incident to suchresponsibilities; he may agree upon and execute all leases, contracts,evidences of indebtedness and other obligations in the name of the Corporationand may sign all certificates for shares of capital stock of the Corporation;and shall have such other powers and duties as designated in accordance withthese bylaws and as from time to time may be assigned to him by the Board ofDirectors. 

**Section 4.        CHIEF OPERATING OFFICER.**

                        The Boardof Directors may designate a chief operating officer.  The chief operatingofficer shall have the responsibilities and duties as set forth by the Board ofDirectors or the chief executive officer.

**Section 5.        CHIEFFINANCIAL OFFICER.**

                        The Boardof Directors may designate a chief financial officer.  The chief financialofficer shall have the responsibilities and duties as set forth by the Board ofDirectors or the chief executive officer.

**Section 6.        CHAIRMANOF THE BOARD.**

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                        Ifelected, the Chairman of the Board shall preside at all meetings of thestockholders and of the Board of Directors; and the Chairman shall have suchother powers and duties as designated in these bylaws and as from time to timemay be assigned to the Chairman by the Board of Directors.

**Section 7.        PRESIDENT.**

                        Unlessthe Board of Directors otherwise determines, the President shall have theauthority to agree upon and execute all leases, contracts, evidences of indebtednessand other obligations in the name of the Corporation; and, unless the Board ofDirectors otherwise determines, he shall, in the absence of the Chairman of theBoard or if there be no Chairman of the Board, preside at all meetings of thestockholders and (should the President be a director) of the Board ofDirectors; and the President shall have such other powers and duties asdesignated in accordance with these bylaws and as from time to time may be

assigned to the President by the Board of Directors.

**Section 8.        VICE PRESIDENTS.**

                        The VicePresidents shall perform such duties and have such powers as the Board ofDirectors may from time to time prescribe.

**Section 9.        SECRETARY.**

                        TheSecretary shall keep the minutes of all meetings of the Board of Directors andthe minutes of all meetings of the stockholders, in books provided for thatpurpose; he shall attend to the giving and serving of all notices; he may inthe name of the Corporation affix the seal of the Corporation to all contractsof the Corporation and attest thereto; he may sign with the other appointedofficers all certificates for shares of capital stock of the Corporation; theSecretary shall have charge of the certificate books, transfer books and stockledgers, and such other books and papers as the Board of Directors may direct,all of which shall at all reasonable times be open to inspection of anydirector upon application at the office of the Corporation during businesshours, and he shall in general perform all duties incident to the office ofSecretary, subject to the control of the chief executive officer and the Boardof Directors.

**Section 10.      TREASURER.**

                        TheTreasurer shall have responsibility for the custody and control of all thefunds and securities of the Corporation. He shall perform all acts incident tothe position of Treasurer subject to the control of the chief executive officerand the Board of Directors; and the Treasurer shall, if required by the Boardof Directors, give such bond for the faithful discharge of the Treasurer'sduties in such form as the Board of Directors may require.

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**Section 11.      ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.**

                        EachAssistant Treasurer and Assistant Secretary shall have the usual powers andduties pertaining to his office, together with such other powers and duties asmay be assigned to him by the chief executive officer or the Board ofDirectors.  The Assistant Treasurers shall exercise the powers of the Treasurerduring that officer's absence or inability or refusal to act.  The AssistantSecretaries shall exercise the powers of the Secretary during that officer'sabsence or inability or refusal to act.

**Section 12.      SALARIES.**

                        Thesalaries of the officers shall be fixed from time to time by the Board ofDirectors and no officer shall be prevented from receiving such salary byreason of the fact that he is also a director.

**ARTICLEVICONTRACTS, LOANS, CHECKS AND DEPOSITS**

**Section 1.        CONTRACTS.**

                        The Boardof Directors may authorize any officer or agent to enter into any contract orto execute and deliver any instruments in the name of and on behalf of theCorporation and such authority may be general or confined to specificinstances.  Any agreement, deed, mortgage, lease or other document executed byone or more of the directors or by an authorized person shall be valid andbinding upon the Board of Directors and upon the Corporation when authorized orratified by action of the Board of Directors.

**Section 2.        CHECKSAND DRAFTS.**

                        Allchecks, drafts or other orders for the payment of money, notes or otherevidences of indebtedness in the name of the Corporation shall be signed bysuch officer or officers, agent or agents of the Corporation and in such manneras shall from time to time be determined by the Board of Directors.

**Section 3.        DEPOSITS.**

                        All fundsof the Corporation not otherwise employed shall be deposited from time to timeto the credit of the Corporation in such banks, trust companies or otherdepositories as the Board of Directors may designate.

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**ARTICLEVIISTOCK**

**Section 1.        CERTIFICATES.**

                        TheCorporation's Excess Stock (the "Excess Stock"), shall be issued inbook entry form only, and without certificates.  For that purpose, theCorporation shall cause appropriate records to be maintained of all registeredholders of the Excess Stock and the number of shares of Excess Stock,respectively, held by each, from time to time. 

                        Except asprovided above with respect to the Excess Stock, each stockholder shall beentitled to a certificate or certificates which shall represent and certify thenumber of shares of each class of stock held by him in the Corporation. Eachcertificate shall be signed by the chief executive officer, the president or avice president and countersigned by the secretary or an assistant secretary orthe treasurer or an assistant treasurer and may be sealed with the seal, ifany, of the Corporation.  The signatures may be either manual or facsimile. Certificates shall be consecutively numbered; and if the Corporation shall,from time to time, issue several classes or series of stock, each class orseries may have its own number sequence.  A certificate is valid and may beissued whether or not an officer who signed it is still an officer when it isissued.  Each certificate representing shares which are restricted as to theirtransferability or voting powers, which are preferred or limited as to theirdividends or as to their allocable portion of the assets upon liquidation orwhich are redeemable at the option of the Corporation, shall have a statementof such restriction, limitation, preference or redemption provision, or asummary thereof, plainly stated on the certificate.  In lieu of such statementor summary, the Corporation may set forth upon the face or back of thecertificate a statement that the Corporation will furnish to any   stockholder,upon request and without charge, a full statement of such information.

**Section 2.        TRANSFERS.**

                        Uponsurrender to the Corporation or the transfer agent  of the Corporation of astock certificate duly endorsed or accompanied by proper evidence ofsuccession, assignment or authority to transfer, the Corporation shall issue anew certificate to the person entitled thereto, cancel the old certificate andrecord the transaction upon its books. 

                        TheCorporation shall be entitled to treat the holder of record of any share ofstock as the holder in fact thereof and, accordingly, shall not be bound torecognize any equitable or other claim to or interest in such share on the partof any other person, whether or not it shall have express or other noticethereof, except as otherwise provided by the laws of the State of Maryland.

                        Notwithstandingthe foregoing, transfers of shares of any class of stock will be subject in allrespects to the Charter of the Corporation.

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**Section 3.        LOST CERTIFICATE.**

                        The Boardof Directors (or any officer designated by it) may direct a new certificate tobe issued in place of any certificate previously issued by the Corporationalleged to have been lost, stolen or destroyed upon the making of an affidavitof that fact by the person claiming the certificate to be lost, stolen ordestroyed.  When authorizing the issuance of a new certificate, the Board ofDirectors may, in its discretion and as a condition precedent to the issuancethereof, require the owner of such lost, stolen or destroyed certificate or hislegal representative to advertise the same in such manner as they shall requireand/or to give bond, with sufficient surety, to the Corporation to indemnify itagainst any loss or claim which may arise as a result of the issuance of a newcertificate.

**Section 4.        CLOSING OF TRANSFER BOOKS ORFIXING OF RECORD DATE.**

                        The Boardof Directors may set, in advance, a record date for the purpose of determiningstockholders entitled to notice of or to vote at any meeting of stockholders,or stockholders entitled to receive payment of any dividend or the allotment ofany other rights, or in order to make a determination of stockholders for anyother proper purpose.  Such date, in any case, shall not be prior to the closeof business on the day the record date is fixed and shall be not more than 90days and, in the case of a meeting of stockholders, not less than ten days,before the date on which the meeting or particular action requiring such determinationof stockholders is to be held or taken.

                        In lieuof fixing a record date, the Board of Directors may provide that the stocktransfer books shall be closed for a stated period but not longer than 20days.  If the stock transfer books are closed for the purpose of determiningstockholders entitled to notice of or to vote at a meeting of stockholders,such books shall be closed for at least ten days before the date of suchmeeting.

                        If norecord date is fixed and the stock transfer books are not closed for thedetermination of stockholders, (a) the record date for the determination ofstockholders entitled to notice of or to vote at a meeting of stockholdersshall be at the close of business on the day on which the notice of meeting ismailed; and (b) the record date for the determination of stockholders entitledto receive payment of a dividend or an allotment of any other rights shall bethe close of business on the day on which the resolution of the directors,declaring the dividend or allotment of rights, is adopted.

                        When adetermination of stockholders entitled to vote at any meeting of stockholdershas been made as provided in this section, such determination shall apply toany adjournment thereof, except where the determination has been made throughthe closing of the transfer books and the stated period of closing has expired.

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**Section 5.        STOCK LEDGER.**

                        TheCorporation shall maintain at its principal office or at the office of itscounsel, accountants or transfer agent, an original or duplicate share ledgercontaining the name and address of each stockholder and the number of shares ofeach class held by such stockholder.

**Section 6.        FRACTIONALSTOCK; ISSUANCE OF UNITS.**

                        The Boardof Directors may issue fractional stock or provide for the issuance of scrip,all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Articles or these Bylaws, the Boardof Directors may issue units consisting of different securities of the Corporation. Any security issued in a unit shall have the same characteristics as anyidentical securities issued by the Corporation, except that the Board ofDirectors may provide that for a specified period securities of the Corporationissued in such unit may be transferred on the books of the Corporation only insuch unit.

**Section 7.        EXEMPTIONFROM CONTROL SHARE ACQUISITION STATUTE.**

                        Theprovisions of Sections 3-701 to 3-709 of the Corporations and AssociationsArticle of the Annotated Code of Maryland ("Control Share AcquisitionStatute") shall not apply to any (i) share of Series B Preferred Stock,and any share of Common Stock into which it is convertible, or (ii) share ofCommon Stock issued pursuant to the Warrant, issued pursuant to the InvestmentAgreement between the Corporation and Five Arrows Realty Securities III L.L.C.("Five Arrows") dated October 6, 2000.  Such shares of capital stock are exempted from the Control Share Acquisition Statute to the fullestextent permitted by Maryland law.

**Section 8.        EXEMPTION FROM CONTROL SHAREACQUISITION STATUTE.**

                        Theprovisions of Section 3-701 to 3-709 of the Maryland General Corporation Lawshall not apply to any share of the capital stock of the Corporation.  Suchshares of capital stock are exempted from such Sections to the fullest extentpermitted by Maryland law.

**ARTICLEVIIIACCOUNTING YEAR**

                        The Boardof Directors shall have the power, from time to time, to fix the fiscal year ofthe Corporation by a duly adopted resolution.

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**ARTICLEIXDIVIDENDS**

**Section 1.        DECLARATION.**

                        Dividendsupon the stock of the Corporation may be declared by the Board of Directors,subject to the provisions of law and the Articles of the Corporation. Dividends may be paid in cash, property or stock of the Corporation, subject tothe provisions of law and the Articles.

**Section 2.        CONTINGENCIES.**

                        Beforepayment of any dividends, there may be set aside out of any funds of theCorporation available for dividends such sum or sums as the Board of Directorsmay from time to time, in its absolute discretion, think proper as a reservefund for contingencies, for equalizing dividends, for repairing or maintainingany property of the Corporation or for such other purpose as the Board ofDirectors shall determine to be in the best interest of the Corporation, andthe Board of Directors may modify or abolish any such reserve in the manner inwhich it was created.

**ARTICLEXINVESTMENT POLICY**

                        Subjectto the provisions of the Charter of the Corporation, the Board of Directors mayfrom time to time adopt, amend, revise or terminate any policy or policies withrespect to investments by the Corporation as it shall deem appropriate in itssole discretion.

**ARTICLEXISEAL**

**Section 1.        SEAL.**

                        The Boardof Directors may authorize the adoption of a seal by the Corporation.  The sealshall have inscribed thereon the name of the Corporation and the year of itsorganization.  The Board of Directors may authorize one or more duplicate sealsand provide for the custody thereof.

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**Section 2.        AFFIXING SEAL.**

                        Wheneverthe Corporation is required to place its seal to a document, it shall besufficient to meet the requirements of any law, rule or regulation relating toa seal to place the word "(SEAL)" adjacent to the signature of theperson authorized to execute the document on behalf of the Corporation.

**ARTICLEXIIINDEMNIFICATION**

**Section 1.        PROCEDURE.**

                        Anyindemnification, or payment of expenses in advance of the final disposition ofany proceeding, shall be made promptly, and in any event within 60 days, uponthe written request of the director or officer entitled to seek indemnification(the "Indemnified Party").  The right to indemnification and advanceshereunder shall be enforceable by the Indemnified Party in any court ofcompetent jurisdiction, if (i) the Corporation denies such request, in whole orin part, or (ii) no disposition thereof is made within 60 days.  TheIndemnified Party's costs and expenses incurred in connection with successfullyestablishing his right to indemnification, in whole or in part, in any such actionshall also be reimbursed by the Corporation.  It shall be a defense to anyaction for advance for expenses that (a) a determination has been made that thefacts then known to those making the determination would precludeindemnification or (b) the Corporation has not received both (i) an undertakingas required by law to repay such advances in the event it shall ultimately bedetermined that the standard of conduct has not been met and (ii) a writtenaffirmation by the Indemnified Party of such Indemnified Party's good faithbelief that the standard of conduct necessary for indemnification by theCorporation has been met.

**Section 2.        EXCLUSIVITY, ETC.**

                       The indemnification and advance of expenses provided by the Charter and theseBylaws shall not be deemed exclusive of any other rights to which a personseeking indemnification or advance of expenses may be entitled under any law(common or statutory), or any agreement, vote of stockholders or disinteresteddirectors or other Provision that is consistent with law, both as to action inhis official capacity and as to action in another capacity while holding officeor while employed by or acting as agent for the Corporation, shall continue inrespect of all events occurring while a person was a director or officer aftersuch person has ceased to be a director or officer, and shall inure to thebenefit of the estate, heirs, executors and administrators of such person. All rights to indemnification and advance of expenses under the Charter of theCorporation and 

 

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hereunder shall be deemed to be a contract between theCorporation and each director or officer of the Corporation who serves orserved in such capacity at any time while this Bylaw is in effect.  Nothingherein shall prevent the amendment of this Bylaw, provided that no suchamendment shall diminish the rights of any person hereunder with respect toevents occurring or claims made before its adoption or as to claims made afterits adoption in respect of events occurring before its adoption.  Any repeal ormodification of this Bylaw shall not in any way diminish any rights toindemnification or advance of expenses of such director or officer or theobligations of the Corporation arising hereunder with respect to eventsoccurring, or claims made, while this Bylaw or any provision hereof is inforce.

**Section 3.        SEVERABILITY; DEFINITIONS.**

                        Theinvalidity or unenforceability of any provision of this Article XII shall notaffect the validity or enforceability of any other provision hereof.  Thephrase "this Bylaw" in this Article XII means this Article XII in itsentirety. 

**ARTICLEXIIIWAIVER OF NOTICE**

                        Wheneverany notice is required to be given pursuant to the Charter of the Corporationor these Bylaws or pursuant to applicable law, a waiver thereof in writing,signed by the person or persons entitled to such notice, whether before orafter the time stated herein, shall be deemed equivalent to the giving of suchnotice.  Neither the business to be transacted at nor the purpose of anymeeting need be set forth in the waiver of notice, unless specifically requiredby statute.  The attendance of any person at any meeting shall constitute awaiver of notice of such meeting, except where such person attends a meetingfor the express purpose of objecting to the transaction of any business on theground that the meeting is not lawfully called or convened.

**ARTICLEXIVAMENDMENT OF BYLAWS**

            In accordance withthe Charter, these Bylaws may be repealed, altered, amended or rescinded (a) bythe stockholders of the Corporation (considered for this purpose as one class)by the affirmative vote of not less than 80% of all of the votes entitled to becast generally in the election of directors which are cast on the matter at anymeeting of stockholders called for that purpose (provided that notice of suchproposed repeal, alteration, amendment or rescission is included in the noticeof such meeting) or (b) by vote of a majority of the Board of Directors at ameeting held in accordance with the provisions of these Bylaws.

 

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