Exhibit 3.2
 AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
W HOLDING COMPANY, INC.
 FIRST
  SECOND
  THIRD
  FOURTH
  FIFTH




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Names and Addresses of Directors
    
    Terms EndingFidel Pino Cros
    
    
    200119 W. McKinley StreetMayaguez, Puerto Rico 00680Pedro R. Domínguez
    
    
    200119 W. McKinley StreetMayaguez, Puerto Rico 00680Fredeswinda G. Frontera
    
    
    199919 W. McKinley StreetMayaguez, Puerto Rico 00680Ángel Luis Rosas
    
    
    200019 W. McKinley StreetMayaguez, Puerto Rico 00680César A. Ruiz
    
    
    199919 \V. McKinley StreetMayaguez, Puerto Rico 00680Frank C. Stipes
    
    
    200019 W. McKinley StreetMayagüez, Puerto Rico 00680Cornelius Tamboer
    
    
    199919 W. McKinley StreetMayaguez, Puerto Rico 00680
  SIXTH
   2




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(a)
    
    the designation of such series;(b)
    
    the dividend rate of such series, the conditions and dates upon
which the dividends shall be payable, the preference or relation which such
dividends shall bear to the dividends payable on any other class or classes of
capital stock of Holding, and whether such dividends shall be cumulative or
non-cumulative;(c)
    
    whether the shares of such series shall be subject to
redemption by Holding, and if made subject to such redemption, the terms and
conditions of such redemption;(d)
    
    the terms and amount of any sinking fund provided for the
purchase or redemption of the shares of such series;(e)
    
    whether the shares of such series shall be convertible and if
provision be made for conversion, the terms of such conversion;(f)
    
    the extent, if any, to which the holders of such shares shall
be entitled to vote; provided, however, that in no event, shall any holder, of
any series of preferred stock be entitled to more than ten votes for each such
share;(g)
    
    the restrictions and conditions, if any, Upon the issue or
re-issue of any additional preferred stock ranking on a parity with or prior to
such shares as to dividends or upon dissolution; and
 3




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(h)
    
    the rights of the holders of such shares upon dissolution of,
or upon distribution of assets of Holding, which rights may be different in the
case of a voluntary dissolution.
 SEVENTH
  Designation; Ranking
    Dividend Rights
  4




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A
   Conversion Rights
 (ii) (1)
 5




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6




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A
    Liquidation Preferences
 $25
 7




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Redemption
   Year2002
    
    $
    26.002003
    
    $
    25.752004
    
    $
    25.502005
    
    $
    25.252006 and thereafter
    
    $
    25.00
 pro
rata
  8




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A
  Voting Rights
    9




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Re-acquired Shares
 EIGHTH
  Designation; Ranking
 7.25%
 7.125%
 10




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Dividend Rights
 45
     Liquidation Preferences
 $25
 11




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No Maturity Date or Mandatory Redemption
  5. Redemption
   Year2004
    
    $
    26.002005
    
    $
    25.502006 and thereafter
    
    $
    25.00
 pro
rata
  12




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Voting Rights
   13




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Re-acquired Shares
 NINTH
  Designation; Ranking
   14




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Dividend Rights.
      15




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Liquidation Preferences
    No Maturity Date or Mandatory Redemption
  Redemption.
   RedemptionYear
    
    Price2006
    
    $
    25.502007
    
    $
    25.252008 and thereafter
    
    $
    25.00
 pro
rata
 16




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Voting Rights.
  17




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Conversion
 Replacement or Lost Certificates
 No Preemptive Rights
 TENTH
  18




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19




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20




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RedemptionYear
    
    Price2006
    
    $
    25.502007
    
    $
    25.252008 and thereafter
    
    $
    25.00
 pro
rata
    21




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1
 22




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ELEVENTH
  1. Designation; Ranking.
    2. Dividend Rights.
 th
 23




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3. Liquidation Preferences.
    24




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4. No Maturity Date or Mandatory Redemption.
  5. Redemption.
   RedemptionYear
    
    Price2007
    
    $
    25.502008
    
    $
    25.252009 and thereafter
    
    $
    25.00
 pro
rata
  25




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6. Voting Rights.
    26




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7. Conversion.
 8. Replacement or Lost Certificates.
 9. No Preemptive Rights.
 TWELFTH
  1. Designation; Ranking.
   27




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2. Dividend Rights.
      3. Liquidation Preferences.
  28




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4. No Maturity Date or Mandatory Redemption.
  5. Redemption.
   RedemptionYear
    
    Price2008
    
    $
    25.502009
    
    $
    25.252010 and thereafter
    
    $
    25.00
 pro
rata
  29




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6. Voting Rights.
    30




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7. Conversion.
 8. Replacement or Lost Certificates.
 9. No Preemptive Rights.
 THIRTEENTH
  1. Designation; Ranking.
   31




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2. Dividend Rights.
     32




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3. Liquidation Preferences.
    4. No Maturity Date or Mandatory Redemption.
  5. Redemption.
   RedemptionYear
    
    Price2008
    
    $
    25.502009
    
    $
    25.252010 and thereafter
    
    $
    25.00
 pro
rata
 33




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6. Voting Rights.
  34




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7. Conversion.
 8. Replacement or Lost Certificates.
 9. No Preemptive Rights.
 FOURTEENTH
  35




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1. Designation; Ranking.
    2. Dividend Rights.
    36




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3. Liquidation Preferences.
    4. No Maturity Date or Mandatory Redemption.
  5. Redemption.
   37




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RedemptionYear
    
    Price2009
    
    $
    51.002010
    
    $
    50.502011 and thereafter
    
    $
    50.00
 pro
rata
    38




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6. Voting Rights.
     7. Conversion.
 39




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8. Replacement or Lost Certificates.
 9. No Preemptive Rights.
 FIFTEENTH
  SIXTEENTH
    SEVENTEENTH
  EIGHTEENTH
  40




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NINETEENTH
   41




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TWENTIETH
  Name:
    
    Postal and Physical Address:Frank C. Stipes
    
    19 W. McKinley StreetMayagüez, Puerto Rico 00680
 th
 By:
    /s/ Frank C. StipesName: Frank C. StipesTitle: PresidentBy:

/s/ Juan C. FronteraName: Juan C. FronteraTitle: Secretary 42