10

                             AMENDED
                                
                     ARTICLES OF ASSOCIATION
                               OF
               MAUI LAND & PINEAPPLE COMPANY, INC.
                                
                    (Revised:  April 2, 1998)


     THESE ARTICLES OF ASSOCIATION, made and entered into between
H P. BALDWIN, of the County of Maui, Territory of Hawaii, and L.
A. THURSTON, J. P. COOKE, W. O. SMITH and E. E. PAXTON, all
residents of the City and County of Honolulu, Territory
aforesaid.


                      W I T N E S S E T H:

     That said parties hereto do hereby covenant and agree, each
with the others, to become associated together as a joint stock
company under the laws of said Territory to obtain the rights and
benefits by said laws conferred upon joint stock companies or
corporations, and have made and entered into the following
Articles of Association, the terms whereof it is agreed shall be
equally obligatory upon the parties signing this instrument and
upon all others who from time to time hereafter may become
members of this corporation, and who may hold stock therein.


                               I.
     The name of the corporation shall be "Maui Land & Pineapple
Company, Inc."


                               II.
     The place of the principal office of the corporation shall
be at Kahului, Maui, Hawaii; there may be such subordinate or
branch offices in such place or places within Hawaii or elsewhere
as may be deemed necessary or requisite by the Board of Directors
to transact the business of the corporation, such branch or
subordinate offices to be in charge of such person or persons as
may be appointed by the Board of Directors.


                              III.
     The purposes for which said corporation is organized are:
     (a)  To operate, conduct, engage in and carry on the
business of growing and cultivating pineapples and other fruits,
vegetables and all kinds of farm produce and products of the
soil; to erect and to maintain canneries, bottling works, packing
or preserving establishings, factories and warehouses; to
manufacture containers, appliances, machines, instruments and
products, and to use, sell and dispose of the same;
     (b)  To engage in and carry on the business of cattle
ranching, dairying and in pursuits producing any and all
agricultural products;
     (c)  To purchase or otherwise acquire, sell, market and
generally deal in sugar, sugar cane, sugar beets, molasses,
syrups, melada, pineapples, pineapple products, dairy products,
ranch products and agricultural products of any kind or nature,
and by-products of any of the foregoing;
     (d)  To acquire, construct, maintain and operate pumping
plants, irrigation systems, dams and works, for the development,
storage, transmission and utilizing of water, for plantation or
other purposes, for its own use and for use of others or for
purposes of sale;
     (e)  To generate, use, sell and supply heat, power or energy
of any kind, electric or otherwise, for heating, lighting,
driving or other motive power for any industry or purpose, for
itself or others, for hire or otherwise, and acquire, construct,
maintain and use all appropriate plants and systems and their
appurtenances for the manufacture, transmission and delivery or
use thereof;
     (f)  To contract with others for the growing, production and
manufacture of any agricultural or other products or commodities
suitable for any of the purposes of the corporation, and to make
advances to others and to take security from others in connection
therewith;
     (g)  To acquire, build, charter, lease or own ships,
vessels, lighters, docks and (or) operate the same between the
ports of the Hawaiian Islands and the ports of the Hawaiian
Islands and other ports;
     (h)  To own, operate and carry on a store or stores for the
purchase and sale of goods, wares and merchandise and otherwise
to deal in the same, and to do a general export and import,
wholesale and retail merchandising business;
     (i)  To do any of the business or exercise any of its powers
either solely or on its own account or as agent, factor, broker
or representative of any other person, company, association or
corporation; and to carry on any of said business or exercise any
of the powers aforesaid, either directly or by virtue of
ownership or control of the stock or shares of any other company,
corporation or enterprise to the fullest extent permitted by law;
     (j)  To buy or otherwise acquire, own, hold, use, improve,
develop, mortgage, lease or take on lease, sell, convey, and in
any and every other manner deal in and with and dispose of real
estate, buildings, and other improvements, hereditaments,
easements and appurtenances of every kind in connection
therewith, or any estate or interests therein, of any tenure or
description, to the fullest extent permitted by law, and also any
and all kinds of chattels, goods, wares, merchandise, and
agricultural, manufacturing and mercantile products and
commodities, and patents, licenses, debentures, securities,
stocks, bonds, commercial paper, and other forms of assets,
rights and interests and evidences of property or indebtedness,
tangible or intangible;
     (k)  To undertake and carry on any business, investment,
transaction, venture or enterprise which may be lawfully
undertaken or carried on by a corporation and any business
whatsoever which may seem to the corporation convenient or
suitable to be undertaken whereby directly or indirectly to
promote any of its general purposes or interests or render more
valuable or profitable any of its property, rights, interests, or
enterprises; and, for any of the purposes mentioned in these
Articles, to acquire by purchase, lease or otherwise, the
property, rights, franchise, assets, business and goodwill of any
person, firm, association, or corporation engaged in or
authorized to conduct any business or undertaking which may be
carried on by this corporation or possessed of any property
suitable or useful for any of its own purposes, and carry on the
same, and undertake all or any part of the obligations and
liabilities in connection therewith, on such terms and conditions
and for such consideration as may be agreed upon, and to pay for
the same either all or partly in cash, stocks, bonds, debentures,
or other forms of assets or securities, either of this
corporation or otherwise; and to effect any such acquisition or
carry on any business authorized by these Articles either by
directly engaging therein, or indirectly by acquiring the shares,
stocks or other securities of such other business or entity, and
holding and voting the same and otherwise exercising and enjoying
the rights and advantages incident thereto;
     And in furtherance of said purpose and without prejudice to
the generality of the foregoing terms, the corporation shall also
have the following powers, that is to say:
     1.   To have succession by its corporate name in perpetuity
as hereinafter provided; to sue and be sued in any court; to make
and use a common seal, and alter the same at its pleasure; to
hold, purchase and convey such property as the purposes of the
corporation shall require without limit as to amount, and to
mortgage the same to secure any debt of the corporation; to
appoint such subordinate officers and/or agents as the business
of the corporation shall require, to make and adopt and from time
to time amend or repeal By-Laws not inconsistent with any
existing law for the management of its properties, the election
and removal of its officers, the regulation of its affairs and
the transfer of its stock;
     2.   To borrow money or otherwise incur indebtedness with or
without security, which indebtedness may at any time and from
time to time, without any necessity of any authorization or
consent of the stockholders of the corporation or any majority
thereof, exceed the amount of the corporation's capital stock,
and to secure any indebtedness by deed of trust, mortgage,
pledge, hypothecation or other lien upon all or any part of the
real or personal property of the corporation and to execute
bonds, promissory notes, bills of exchange, debentures or other
obligations or evidences of indebtedness of all kinds, whether
secured or unsecured;
     3.   To purchase on commission or otherwise, subscribe for,
hold, own, sell on commission or otherwise, or otherwise acquire
or dispose of and generally to deal in stocks, scrip, bonds,
notes, debentures, commercial paper, obligations and securities,
including so far as permitted by law, its own issued shares of
capital stock or other securities, and also any other securities
or evidences of indebtedness whatsoever or any interest therein,
and while owner of the same to exercise all the rights, powers
and privileges of ownership;
     4.   To draw, make, accept, endorse, assign, discount,
execute and issue all such bills of exchange, bills of lading,
promissory notes, dock and other warrants and other instruments
to be assignable, negotiable or transferable by delivery or to
order, or otherwise, as the business of the corporation shall
require;
     5.   To lend and advance money or to give credit, with or
without security, to such persons, firms or corporations and on
such terms as may be thought fit; and if with security then upon
mortgages, deeds of trust, pledges or other hypothecations or
liens upon real, personal or mixed property, or any right or
interest therein or thereto;
     6.   To aid in any manner any corporation of which any of
the bonds or other securities or evidences of indebtedness or
stock are held by this corporation, and to do any acts or things
to preserve, protect, improve or enhance the value of any such
bonds or other securities or evidences of indebtedness or stock,
including specifically the right and power to enter into and take
the management of any business enterprise of any kind or nature,
and while so managing any such business, to do the acts and
things incidental or necessary thereto;
     7.   To become a member of any general or limited
partnership and to exercise all powers and privileges of a
partner in any such partnership organized for or engaged in any
business or carrying out any purpose which the corporation is,
under these Articles of Association and the laws of Hawaii,
authorized to engage in or carry out; and to join and engage in
business as a member of any joint venture organized for or
engaged in any business or carrying out any purpose which the
corporation is, under these Articles of Association and the laws
of Hawaii, authorized to engage in or carry out;
     8.   To enter into and perform contracts, undertakings, and
obligations of every kind and character;
     9.   To promote, assist, subscribe or contribute to any
association, organization, society, company, institution or
object, charitable or otherwise, calculated to benefit the
corporation or any persons in its employ or having dealings with
the corporation, or deemed to be for the common or public
welfare, including the erection, operation and maintenance and/or
the aiding and assisting of hospitals, surgeries, clinics and
laboratories;
     10.  To become a party to and effect a merger or
consolidation with another corporation or other corporations, and
to enter into agreements and relationships not in contravention
of law with any persons, firms or corporations;
     11.  To become surety for or guarantee any dividends, bonds,
stocks, contracts, debts, or other obligations or undertakings of
any other person, firm or corporation, and to convey, transfer,
or assign by way of pledge or mortgage all or any of the
corporation's property or rights, both present and future to
secure the debts or obligations, present or future, of such
persons, firms or corporation and on such terms and conditions as
the corporation may determine.
     The foregoing clauses shall be liberally construed, both as
to purposes and powers.  The enumeration herein of the purposes
and powers of the corporation shall not be deemed to exclude by
inference any purposes or powers which this corporation is
empowered to exercise, whether expressly by force of the laws of
Hawaii now or hereafter in effect, or impliedly by the reasonable
construction of such laws.


                               IV.
     (a)  The amount of the authorized capital stock of the
corporation is Seven Million Two Hundred Thousand (7,200,000)
shares of common stock without par value; and
     (b)  The corporation shall have power from time to time to
increase and reduce its capital stock and to increase and reduce
the par value of its shares of capital stock having a par value
and to convert shares of its capital stock having a par value
into shares without par value and to convert shares of its
capital stock without par value into shares with par value, all
according to law.  The corporation shall have power from time to
time upon compliance with applicable law to issue additional
classes of capital stock, either with or without par value, with
such preferences, voting powers, restrictions and qualifications
thereof, and subject to such provisions for call and retirement
thereof or conversion thereof into common capital stock or into
other classes of capital stock, and with such other provisions as
shall be fixed in the resolution authorizing the issue thereof,
or as shall be determined pursuant to the authority contained in
such resolution in accordance with law.
     (c)  The holders of the capital stock of the corporation
having voting rights may, by the vote of the holders of not less
than two-thirds of such capital stock outstanding (or if there
are two or more classes of capital stock of the corporation
having voting rights outstanding, by vote of the holders of two-
thirds of each class of capital stock having voting rights) at
any meeting of stockholders of the corporation called for the
purpose, deny, limit or restrict any right of the stockholders of
the corporation which may exist by virtue of the common law or
any statute or otherwise to subscribe for additional shares of
capital stock of the corporation of any class, whether such
additional shares have been authorized prior to or at such
meeting of stockholders, but no such vote shall in any way deny,
limit or restrict any rights previously granted to the holders of
any class of stock of the corporation in and by the resolution
creating and authorizing such class of stock.
     (d)  If, whenever and as often as shares of capital stock of
the corporation without par value shall be authorized, the Board
of Directors is authorized and empowered to determine from time
to time the consideration for and the terms and conditions upon
which shares of capital stock of the corporation without par
value may be issued and what portion of such consideration shall
constitute capital and what portion thereof, if any, shall
constitute paid in surplus; subject always to the applicable
provisions of these Articles of Association and the provisions of
law.


                               V.
     (a)  The officers of the corporation shall be a President,
one or more Vice Presidents as may be determined in accordance
with the By-Laws, a Secretary and a Treasurer.  The corporation
may have such additional officers as may be determined in
accordance with the By-Laws from time to time.  The officers
shall have the powers, perform the duties, and be appointed and
removable as may be determined in accordance with the By-Laws.
Any person may hold two offices of the corporation if so provided
by the By-Laws.
     (b)  The Board of Directors shall consist of such number of
persons, not less then two (2), as shall be determined in
accordance with the By-Laws from time to time.  The officers and
directors of the corporation need not be stockholders of the
corporation.  The directors (and alternate directors and/or
substitute directors, if any) shall be elected or appointed in
the manner provided in the By-Laws and may be removed from office
in the manner provided in the By-Laws and all vacancies in the
office of director shall be filled in the manner provided for in
the By-Laws.
     (c)  All powers and authority of the corporation shall be
vested in and may be exercised by the Board of Directors except
as otherwise provided by law, these Articles of Association, or
the By-Laws of the corporation; and in furtherance and not in
limitation of said general powers, the Board of Directors shall
have power:  To acquire and dispose of property; to appoint a
General Manager, Branch Managers and such other Managers,
Officers or Agents of the corporation as in its judgment the
business may require, and to confer upon and to delegate to them
by power of attorney or otherwise such power and authority as it
shall determine; to fix the salaries or compensation of any or
all of the officers, agents and employees of the corporation, and
in its discretion require security of any of them for the
faithful performance of any of their duties; to declare dividends
in accordance with law when it shall deem it expedient; to make
rules and regulations not inconsistent with law or these Articles
of Association or the By-Laws for the transaction of business; to
instruct the officers or agents of the corporation with respect
to, and to authorize the voting of stock of other corporations
owned or held by this corporation; to incur such indebtedness as
may be deemed necessary, which indebtedness may exceed the amount
of the corporation's capital stock; to create such committees
(including an executive committee or committees) and to designate
as members of such committees such persons as it shall determine,
and to confer upon such committees such powers and authorities as
may by resolution be set forth for the purpose of carrying on or
exercising any of the powers of the corporation; to create and
set aside reserve funds for any purpose and to invest any funds
of the corporation in such securities or other property as it may
seem proper; to remove or suspend any officer and generally to do
any and every lawful act necessary or proper to carry into effect
the powers, purposes and objects of the corporation.
     (d)  There shall be an Auditor of the corporation who shall
be elected annually by the stockholders.  The Auditor shall audit
the books and accounts of the corporation and shall certify his
findings and report thereon, in writing, to the stockholders at
least annually; and shall make such other audits and reports as
the Board of Directors shall determine from time to time.  The
Auditor may be a person, co-partnership, or, if permitted by law,
a corporation.  The Auditor may be removed from office either
with or without cause at any time at a special meeting of the
stockholders called for the purpose, and any vacancy caused by
such removal may be filled for the balance of the unexpired term
by the stockholders at a special meeting called for the purpose.
In case of a vacancy in the office of Auditor other than by
removal, the vacancy may be filled for the unexpired term by the
Board of Directors or, if a special meeting shall be held during
the existence of such vacancy, the vacancy may be filled at such
special meeting of the stockholders.


                               VI.
     (a)  No director, officer, employee or agent of the
corporation and no person serving at the request of the
corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other
enterprise and no heir, executor or administrator of any such
person shall be liable to this corporation for any loss or damage
suffered by it on account of any action or omission by him as
such director, officer, employee or agent if he acted in good
faith and in a manner he reasonably believed to be in or not
opposed to the best interests of this corporation, unless with
respect to an action or suit by or in the right of the
corporation to procure a judgment in its favor such person shall
have been adjudged to be liable for gross negligence or willful
misconduct in the performance of his duty to this corporation.
     (b)  (1)  The corporation shall indemnify each person who
after the adoption of this Article VI is made a party or is
threatened to be made a party to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (other
than an action by or in the right of the corporation) by reason
of the fact that he is or was a director, officer, employee or
agent of the corporation or of any division of the corporation,
or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by
him in connection with such action, suit or proceeding if he
acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of this corporation, and,
with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not of itself create a presumption that the
person did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests
of this corporation and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was
unlawful.
     (2)  The corporation shall indemnify each person who after
the adoption of this Article VI is made a party or is threatened
to be made a party to any action or suit by or in the right of
the corporation to procure a judgment in its favor by reason of
the fact that he is or was a director, officer, employee or agent
of the corporation or of any division of the corporation, or is
or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses
(including attorneys' fees) actually and reasonably incurred by
him in connection with the defense or settlement of such action
or suit if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of this
corporation and except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable for gross negligence or
willful misconduct in the performance of his duty to this
corporation unless and only to the extent that the court in which
such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and
reasonably entitled to indemnity for such expenses which such
court shall deem proper.
     (3)  To the extent that a director, officer, employee or
agent of the corporation or of any division of the corporation,
or a person serving at the request of the corporation as a
director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, has been
successful on the merits or otherwise in defense of any action,
suit or proceeding referred to in paragraphs (1) and (2) of this
section, or in defense of any claim, issue or matter therein, he
shall be indemnified against expenses (including attorneys' fees)
actually and reasonably incurred by him in connection therewith.
     (4)  Any indemnification under paragraphs (1) and (2) of
this section (unless ordered by a court) shall be made by the
corporation unless a determination is made that the director,
officer, employee or agent has failed to meet the applicable
standard of conduct set forth in paragraphs (1) and (2). Such
determination may be made (i) by the Board of Directors by a
majority vote of a quorum consisting of directors who were not
parties to such action, suit or proceeding; (ii) if such a quorum
is not obtainable or even if obtainable a quorum of disinterested
directors so directs by independent legal counsel in a written
opinion to the corporation; or (iii) if a quorum of disinterested
directors so directs, by a majority vote of the stockholders.
     (5)  Expenses incurred in defending a civil or criminal
action, suit or proceeding may be paid by the corporation in
advance of the final disposition of such action, suit or
proceeding as authorized by the Board of Directors in a
particular case upon receipt of an undertaking by or on behalf of
the director, officer, employee or agent to repay such amount
unless it shall ultimately be determined that he is entitled to
be indemnified by the corporation as authorized in this Article.
     (6)  The indemnification provided by this Article shall not
be deemed exclusive of any other rights to which those
indemnified may be entitled and shall continue as to a person who
has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs, executors and administrators
of such a person.
     (7)  The benefits and protections of paragraphs (a) and (b)
of this Article shall extend to officers, directors, employees
and agents of subsidiary corporations even though such service
was not at the specific request of this corporation and shall be
in addition to the coverage, if any, provided by such subsidiary.
For purposes of this Article, subsidiary corporation shall mean
any corporation in which this corporation owns more than 50% of
the outstanding stock or any corporation more than 50% of whose
outstanding stock is owned by a subsidiary of this corporation.
For purposes of this Article, the term agent shall include those
persons acting on behalf of this corporation who (i) are not
otherwise covered by this Article as directors, officers or
employees and (ii) have been specifically designated by the Board
of Directors or management of this corporation as being entitled
to indemnification hereunder.
     (8)  The corporation shall have the power to purchase and
maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the corporation or of any
division of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise, against any liability asserted against him and
incurred by him in any such capacity or arising out of his status
as such, whether or not the corporation would have the power to
indemnify him against such liability under the provisions of this
Article.  Any such insurance may be procured from any insurance
company designated by the Board of Directors, including any
insurance company in which the corporation shall have any equity
or other interest, through stock ownership or otherwise.
     (9)  This Article shall be effective upon its adoption and
shall apply to any person or entity covered by this Article with
respect to any event or transaction occurring after adoption.
     (c) No contract, agreement, undertaking or other transaction
between the corporation and any other corporation, partnership,
joint venture or trust shall be invalidated or affected in any
way by the fact that some or all of the officers and/or directors
of the corporation are interested in or are officers, directors,
stockholders, partners, joint venturers, trustees or
beneficiaries of such other corporation, partnership, joint
venture or trust; and any director of this corporation who is
interested in or is an officer, director, stockholder, partner,
joint venturer, trustee or beneficiary of any such other
corporation, partnership, joint venture or trust may be counted
in determining the existence of a quorum at any meeting of the
Board of Directors of the corporation which shall authorize or
approve any such contract, agreement, undertaking or other
transaction, and may vote thereat to approve any such contract,
agreement, undertaking or other transaction with like force and
effect as if he were not interested in, or an officer, director,
stockholder, partner, joint venturer, trustee or beneficiary of
such other corporation, partnership, joint venture or trust.


                              VII.
     The duration of the corporation shall be perpetual.


                              VIII.
     Service of legal process may be made upon the corporation in
the manner provided by law.


                               IX.
     No stockholder shall be liable for the debts of the
corporation beyond the amount which may be due and unpaid upon
any share or shares of stock of the corporation owned by him.



     IN WITNESS WHEREOF, said parties hereto have hereunto set
their hands and seals the 17th day of December, 1909.


                              /S/  H. P. BALDWIN
                              
                              /S/  L. A THURSTON
                              
                              /S/  J. P. COOKE
                              
                              /S/  W O. SMITH
                              
                              /S/  ELMER E. PAXTON






Territory of Hawaii                )
                                   )    ss.
City and County of Honolulu        )


     On this 17th day of December, A.D. 1909, before me
personally appeared H. P. Baldwin, L. A. Thurston, J. P. Cooke,
W. O. Smith, and Elmer E. Paxton, known to me to be the persons
described in and who executed the foregoing instrument, and they
severally acknowledged that they executed the same as their free
act and deed.



                              /S/  JNO. GUILD
                              Notary Public, 1st Judicial
                              Circuit,
                              Territory of Hawaii



                              IN WITNESS WHEREOF I have hereunto
                              set my hand and the Seal of the
                              Treasurer's Office of the Territory
                              of Hawaii, this 18th day of July,
                              1929.
                              
                              /S/  E. S. SMITH
                              Treasurer of the Territory of
                              Hawaii



I hereby consent to and approve of the foregoing.

/S/  LAWRENCE M. JUDD
Governor of the Territory of Hawaii






Revised:  April 2, 1998
Revised:  April 19, 1979