Exhibit 3.2

                              AMENDED AND RESTATED


                                     BYLAWS


                                       of


                         KERYX BIOPHARMACEUTICALS, INC.
                             a Delaware Corporation


<PAGE>



                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I             OFFICES..................................................1
   Section 1.01       Registered Office........................................1
   Section 1.02       Principal Office.........................................1
   Section 1.03       Other Offices............................................1
ARTICLE II            MEETINGS OF STOCKHOLDERS.................................1
   Section 2.01       Annual Meetings..........................................1
   Section 2.02       Special Meetings.........................................1
   Section 2.03       Place of Meetings........................................2
   Section 2.04       Notice of Meetings.......................................2
   Section 2.05       Quorum...................................................3
   Section 2.06       Voting...................................................3
   Section 2.07       List of Stockholders.....................................4
   Section 2.08       Stock Ledger.............................................5
   Section 2.09       Nomination of Directors..................................5
   Section 2.10       Notice of Business at Annual Meetings....................6
   Section 2.11       Conduct of Meetings......................................8
   Section 2.12       Inspector of Election....................................8
   Section 2.13       Stockholder Action Without Meetings......................9
   Section 2.14       Record Date..............................................9
ARTICLE III           BOARD OF DIRECTORS.......................................9
   Section 3.01       General Powers...........................................9
   Section 3.02       Number and Term.........................................10
   Section 3.03       Election of Directors...................................10
   Section 3.04       Resignation and Removal.................................10
   Section 3.05       Vacancies...............................................10
   Section 3.06       Place of Meeting; Telephone Conference Meeting..........10
   Section 3.07       First Meeting...........................................11
   Section 3.08       Regular Meetings........................................11
   Section 3.09       Special Meetings........................................11
   Section 3.10       Quorum and Action.......................................11
   Section 3.11       Action by Consent.......................................11
   Section 3.12       Compensation............................................12
   Section 3.13       Committees..............................................12
   Section 3.14       Officers of the Board...................................12
   Section 3.15       Interested Directors....................................12
ARTICLE IV            OFFICERS................................................13
   Section 4.01       Officers................................................13
   Section 4.02       Election and Term.......................................13
   Section 4.03       Subordinate Officers....................................13
   Section 4.04       Removal and Resignation.................................13
   Section 4.05       Vacancies...............................................13
   Section 4.06       President...............................................14


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<PAGE>


   Section 4.07       Chairman of the Board...................................14
   Section 4.08       Chief Executive Officer/Chief Operating Officer/Office
                      of the Chief Executive..................................14
   Section 4.09       Vice President..........................................14
   Section 4.10       Secretary...............................................14
   Section 4.11       Treasurer...............................................15
   Section 4.12       Assistant Secretaries...................................15
   Section 4.13       Assistant Treasurers....................................15
   Section 4.14       Other Officers..........................................16
   Section 4.15       Compensation............................................16
   Section 4.16       Voting Securities Owned by the Corporation..............16
ARTICLE V             CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC...........16
   Section 5.01       Execution of Contracts..................................16
   Section 5.02       Checks, Drafts, Etc.....................................16
   Section 5.03       Deposit.................................................17
   Section 5.04       General and Special Bank Accounts.......................17
   Section 5.05       Audits, Accounts and Reports............................17
   Section 5.06       Access..................................................17
   Section 5.07       Fiscal Year.............................................17
   Section 5.08       Accounting Policy.......................................17
   Section 5.09       Dividends...............................................17
ARTICLE VI            SHARES AND THEIR TRANSFER...............................18
   Section 6.01       Certificates For Stock..................................18
   Section 6.02       Transfer of Stock.......................................18
   Section 6.03       Regulations.............................................18
   Section 6.04       Lost, Stolen, Destroyed and Mutilated Certificates......19
   Section 6.05       Representation of Shares of Other Corporations..........19
ARTICLE VII           INDEMNIFICATION.........................................19
   Section 7.01       Power To Indemnify in Actions, Suits or Proceedings
                      Other Than Those by or in the Right of the Corporation..19
   Section 7.02       Power To Indemnify in Actions, Suits or Proceedings by
                      or in the Right of the Corporation......................20
   Section 7.03       Authorization of Indemnification........................20
   Section 7.04       Good Faith Defined......................................20
   Section 7.05       Indemnification by a Court..............................21
   Section 7.06       Expenses Payable in Advance.............................21
   Section 7.07       Nonexclusivity of Indemnification and Advancement of
                      Expenses................................................21
   Section 7.08       Insurance...............................................21
   Section 7.09       Certain Definitions.....................................22
   Section 7.10       Survival of Indemnification and Advancement of Expenses.22
   Section 7.11       Limitation On Indemnification...........................22
   Section 7.12       Indemnification of Employees and Agents.................22
ARTICLE VIII          MISCELLANEOUS...........................................23
   Section 8.01       Seal....................................................23
   Section 8.02       Waiver of Notices.......................................23
   Section 8.03       Loans and Guaranties....................................23


                                      -ii-
<PAGE>


   Section 8.04       Gender..................................................23
   Section 8.05       Amendments..............................................23


                                      -iii-
<PAGE>


                              AMENDED AND RESTATED


                                     BYLAWS


                                       of

                         KERYX BIOPHARMACEUTICALS, INC.
                             a Delaware Corporation


                                    ARTICLE I

                                     OFFICES

     Section  1.01   Registered   Office.   The   registered   office  of  Keryx
Biopharmaceuticals,   Inc.  (f/k/a  Paramount  Capital  Pharmaceuticals,   Inc.)
(hereinafter  called the  "Corporation")  shall be at such place in the State of
Delaware as shall be  designated by the Board of Directors  (hereinafter  called
the "Board").

     Section 1.02 Principal Office.  The principal office for the transaction of
the business of the Corporation shall be at such location, within or without the
State of Delaware, as shall be designated by the Board.

     Section  1.03 Other  Offices.  The  Corporation  may also have an office or
offices at such other  place or places,  either  within or without  the State of
Delaware, as the Board may from time to time determine or as the business of the
Corporation may require.

                                   ARTICLE II

                            MEETINGS OF STOCKHOLDERS

     Section 2.01 Annual  Meetings.  Annual meetings of the  stockholders of the
Corporation  for the purpose of electing  directors and for the  transaction  of
such other proper  business as may come before such meetings may be held at such
time, date and place as the Board,  the Chairman of the Board, if any, the Chief
Executive  Officer,  if any, or the  President,  shall  determine.  If no annual
meeting is held in accordance with the foregoing  provisions,  a special meeting
may be held in lieu of the annual meeting,  and any action taken at that special
meeting  shall  have  the same  effect  as if it had  been  taken at the  annual
meeting,  and in such case all references in these By-laws to the annual meeting
of the stockholders shall be deemed to refer to such special meeting.

     Section 2.02 Special Meetings.  Special meetings of the stockholders of the
Corporation  for any purpose or purposes may be called at any time by the Board,
the Chairman of the Board, if any, the Chief Executive  Officer,  if any, or the
President,  or by

<PAGE>


a committee of the Board which, or officer of the corporation who, has been duly
designated  by the  Board and whose  powers  and  authority,  as  provided  in a
resolution of the Board or in the Amended and Restated Bylaws, include the power
to call such meetings,  but such special meetings may not be called by any other
person or persons; provided, however, that if and to the extent that any special
meeting of stockholders  may be called by any other person or persons  specified
in any provisions of the Certificate of Incorporation  or any amendment  thereto
or any certificate filed under Section 151(g) of the General  Corporation Law of
the State of Delaware (or its  successor  statute as in effect from time to time
hereafter),  then such  special  meeting  may also be  called  by the  person or
persons, in the manner, at the time and for the purposes so specified.

     Section 2.03 Place of Meetings.  All meetings of the stockholders  shall be
held at such places,  within or without the State of Delaware,  as may from time
to time be designated by the person or persons  calling the respective  meetings
and specified in the respective notices or waivers of notice thereof.  The Board
may, in its sole discretion, determine that a meeting it has called shall not be
held  at any  place,  but  may  instead  be  held  solely  by  means  of  remote
communication in a manner consistent with the Delaware General Corporation Law.

     Section  2.04  Notice of  Meetings.  Except as  otherwise  required by law,
notice of each meeting of the stockholders,  whether annual or special, shall be
given not less than ten (10) nor more than  sixty  (60) days  before the date of
the meeting to each  stockholder of record  entitled to vote at such meeting (i)
by delivering a typewritten or printed notice thereof to him personally, (ii) by
depositing such notice in the United States mail or overnight  delivery service,
in a postage prepaid envelope,  (iii) by-hand delivery service, charges prepaid,
directed  to him at  his  address  furnished  by  him  to the  Secretary  of the
Corporation for such purpose or, if he shall not have furnished to the Secretary
his address for such purpose, then at his address last known to the Secretary or
(iv) by  transmitting  a notice  thereof to him at such  address  by  telegraph,
telecopy,  cable,  wireless or by  electronic  transmission  (consented  to in a
manner consistent with the Delaware General  Corporation Law, by the stockholder
to whom such electronic notice is given). Except as otherwise expressly required
by law, no publication of any notice of a meeting of the  stockholders  shall be
required.  Every notice of a meeting of the stockholders  shall state the place,
if any, date and hour of the meeting and means of remote communication,  if any,
by which stockholders and proxyholders may be deemed to be present in person and
vote at such meeting, and, in the case of a special meeting shall also state the
purpose  or  purposes  for which the  meeting  is  called.  Except as  otherwise
expressly  required by law, notice of any adjourned  meeting of the stockholders
need not be given if the time and place  thereof are announced at the meeting at
which the adjournment is taken. If notice is given by mail, such notice shall be
deemed given when deposited in the United States mail, postage prepaid, directed
to the stockholder at such stockholder's address as it appears on the records of
the  corporation.  If notice is given by  electronic  transmission,  such notice
shall be  deemed  given at the time  specified  in  Section  232 of the  General
Corporation Law of the State of Delaware.

     Whenever  notice is  required  to be given to any  stockholder  to whom (i)
notice of two consecutive annual meetings, and all notices of meetings or of the
taking of action by


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written  consent without a meeting to such person during the period between such
two consecutive  annual  meetings,  or (ii) all, and at least two,  payments (if
sent by first class mail) of dividends or interest on securities during a twelve
month period,  have been mailed addressed to such person at his address as shown
on the records of the  Corporation  and have been  returned  undeliverable,  the
giving  of such  notice to such  person  shall not be  required.  Any  action or
meeting which shall have been taken or held without  notice to such person shall
the same force and effect as if such  notice  had been duly  given.  If any such
person shall deliver to the  Corporation a written notice setting forth his then
current  address,  the requirement  that notice be given to such person shall be
reinstated.

     No notice need be given to any person with whom  communication is unlawful,
nor shall there be any duty to apply for any permit or license to give notice to
any such person.

     Section 2.05 Quorum.  Except as provided by law, the holders of record of a
majority in voting interest of the shares of stock of the  Corporation  entitled
to be voted,  present in person, by means of remote  communications in a manner,
if any, authorized by the Board in its sole discretion, or represented by proxy,
shall  constitute a quorum for the transaction of business at any meeting of the
stockholders  of the Corporation or any adjournment  thereof.  The  stockholders
present  at a duly  called  or held  meeting  at which a quorum is  present  may
continue to do business  until  adjournment,  notwithstanding  the withdrawal of
enough  stockholders to leave less than a quorum.  In the absence of a quorum at
any meeting or any  adjournment  thereof,  a majority in voting  interest of the
stockholders present in person, by means of remote communication in a manner, if
any, authorized by the Board in its sole discretion, or represented by proxy and
entitled to vote thereat or, in the absence  therefrom of all the  stockholders,
any officer  entitled to preside at or to act as  secretary  of such meeting may
adjourn such meeting from time to time. At any such adjourned meeting at which a
quorum  is  present  any  business  may be  transacted  which  might  have  been
transacted at the meeting as originally called.

     Section 2.06 Voting.

     (a) At each meeting of the stockholders, each stockholder shall be entitled
to vote  in  person,  by  means  of  remote  communication,  if  any,  by  which
stockholders may be deemed to be present in person and vote at such meeting,  or
by proxy,  each share or fractional share of the stock of the Corporation  which
has voting  rights on the matter in  question  and which shall have been held by
him and registered in his name on the books of the Corporation:

          (i) on the date fixed  pursuant to Section  2.14 of these  Amended and
     Restated  Bylaws as the record date for the  determination  of stockholders
     entitled to notice of and to vote at such meeting, or

          (ii) if no such record date shall have been so fixed,  then (A) at the
     close of business on the day next  preceding the day on which notice of the
     meeting shall


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<PAGE>


     be given or (B) if notice of the meeting  shall be waived,  at the close of
     business on the day next  preceding  the day on which the meeting  shall be
     held.

     (b)  Shares of its own stock  belonging  to the  Corporation  or to another
corporation,  if a majority of the shares  entitled  to vote in the  election of
directors in such other  corporation  is held,  directly or  indirectly,  by the
Corporation,  shall  neither  be  entitled  to vote nor be  counted  for  quorum
purposes. Persons holding stock of the Corporation in a fiduciary capacity shall
be entitled to vote such stock. Persons whose stock is pledged shall be entitled
to vote,  unless in the transfer by the pledgor on the books of the  Corporation
he shall have  expressly  empowered the pledgee to vote  thereon,  in which case
only the pledgee, or his proxy, may represent such stock and vote thereon. Stock
having  voting  power  standing  of record in the names of two or more  persons,
whether fiduciaries, members of a partnership, joint tenants, tenants in common,
tenants  by the  entirety  or  otherwise,  or with  respect to which two or more
persons have the same fiduciary relationship,  shall be voted in accordance with
the provisions of the General Corporation Law of Delaware.

     (c) Any such voting  rights may be  exercised by the  stockholder  entitled
thereto  in  person or by his  proxy  appointed  by an  instrument  in  writing,
subscribed  by such  stockholder  or by his attorney  thereunto  authorized  and
delivered  to the  secretary of the meeting;  provided,  however,  that no proxy
shall be voted or acted upon after  three  years from its date unless said proxy
shall  provide  for  a  longer  period.  The  attendance  at  any  meeting  of a
stockholder who may theretofore  have given a proxy shall not have the effect of
revoking  the same  unless he shall in writing so notify  the  secretary  of the
meeting prior to the voting of the proxy. At any meeting of the stockholders all
matters,  except as otherwise  provided in the Certificate of Incorporation,  in
these Amended and Restated  Bylaws or by law,  shall be decided by the vote of a
majority in voting interest of the stockholders  present in person,  by means of
remote  communications in a manner, if any,  authorized by the Board in its sole
discretion,  or  represented  by proxy and entitled to vote thereat and thereon.
The  stockholders  present at a duly called or held meeting at which a quorum is
present may  continue  to do business  until  adjournment,  notwithstanding  the
withdrawal of enough  stockholders to leave less than a quorum.  The vote at any
meeting of the  stockholders  on any question  need not be by ballot,  unless so
directed by the chairman of the meeting.  On a vote by ballot, each ballot shall
be signed by the stockholder voting, or by his proxy if there be such proxy, and
it shall state the number of shares voted.

     Section 2.07 List of Stockholders.  The Secretary of the Corporation  shall
prepare and make, at least ten (10) days before every meeting of stockholders, a
complete list of the stockholders  entitled to vote at the meeting,  arranged in
alphabetical  order,  and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to
the examination of any stockholder,  for any purpose germane to the meeting, for
a period of at least  ten (10) days  prior to the  meeting  (i) on a  reasonably
accessible  electronic network,  provided that the information  required to gain
access  to such  list is  provided  with  notice of a  meeting,  or (ii)  during
ordinary  business hours, at the principal place of business of the corporation.
If the  meeting is to be held at a place,  then the list shall be  produced  and
kept at the time


                                      -4-
<PAGE>


and place of the meeting during the whole time thereof,  and may be inspected by
any stockholder who is present.  If the meeting is to be held solely by means of
remote communication, then the list shall also be open to the examination of any
stockholder  during the whole time of the  meeting  on a  reasonably  accessible
electronic  network,  and the information  required to access such list shall be
provided with the notice of the meeting.

     Section 2.08 Stock Ledger. The stock ledger of the Corporation shall be the
only evidence as to which the  stockholders  of record of the Corporation are to
be determined.  The stockholders  are entitled to examine the stock ledger,  the
list  required  by  Section  2.07  of  this  Article  II or  the  books  of  the
Corporation,  or to vote in  person,  by means  of  remote  communications  in a
manner, if any,  authorized by the Board in its sole discretion,  or by proxy at
any meeting of stockholders.

     Section 2.09 Nomination of Directors.

     (a) Except for (i) any  directors  entitled to be elected by the holders of
preferred stock or any other  securities of the  corporation  (other than common
stock) and (ii) any directors  elected in accordance with Section 3.05 hereof by
the Board to fill a vacancy,  only persons who are nominated in accordance  with
the procedures in this Section 2.09 shall be eligible for election as directors.
Nomination  for  election  to the  Board  of the  corporation  at a  meeting  of
stockholders  may be made (i) by or at the direction of the Board or (ii) by any
stockholder of the corporation  who (x) complies with the notice  procedures set
forth in Section  2.09(b) and (y) is a stockholder  of record on the date of the
giving  of  such  notice  and  on the  record  date  for  the  determination  of
stockholders entitled to vote at such meeting.

     (b) To be timely, a stockholder's  notice must be received by the Secretary
at the principal  executive  offices of the  corporation as follows:  (x) in the
case of an election of directors at an annual meeting of stockholders,  not less
than 60 days  nor  more  than 90 days  prior  to the  first  anniversary  of the
preceding year's annual meeting;  provided,  however, that in the event that the
date of the annual  meeting is advanced by more than 20 days, or delayed by more
than 60 days, from the first anniversary of the preceding year's annual meeting,
a  stockholder's  notice must be so received not earlier than the  ninetieth day
prior to such  annual  meeting  and not later than the close of  business on the
later of (A) the sixtieth day prior to such annual meeting and (B) the tenth day
following the day on which notice of the date of such annual  meeting was mailed
or public  disclosure  of the date of such annual  meeting  was made,  whichever
first  occurs;  or (y) in the case of an  election  of  directors  at a  special
meeting  of  stockholders,  not  earlier  than the  ninetieth  day prior to such
special meeting and not later than the close of business on the later of (i) the
sixtieth day prior to such special  meeting and (ii) the tenth day following the
day on which  notice of the date of such  special  meeting  was mailed or public
disclosure of the date of such special meeting was made, whichever first occurs.

     The  stockholder's  notice to the Secretary shall set forth: (a) as to each
proposed  nominee (i) such person's name, age,  business  address and, if known,
residence address, (ii) such person's principal occupation or employment,  (iii)
the  class  and  number  of


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shares of stock of the corporation which are beneficially  owned by such person,
and (iv) any other information  concerning such person that must be disclosed as
to  nominees  in proxy  solicitations  pursuant  to  Regulation  14A  under  the
Securities  Exchange Act of 1934, as amended;  (b) as to the stockholder  giving
the  notice  (i) such  stockholder's  name and  address,  as they  appear on the
corporation's  books,  (ii) the  class  and  number  of  shares  of stock of the
corporation  which are owned,  beneficially and of record,  by such stockholder,
(iii)  a  description  of  all  arrangements  or  understandings   between  such
stockholder and each proposed nominee and any other person or persons (including
their  names)  pursuant  to  which  the  nomination(s)  are to be  made  by such
stockholder and (iv) a representation that such stockholder intends to appear in
person, by means of remote  communications,  if any,  authorized by the Board in
its sole discretion,  or by proxy at the meeting to nominate the person(s) named
in its notice;  and (c) as to the beneficial  owner, if any, on whose behalf the
nomination is being made (i) such beneficial owner's name and address,  (ii) the
class and number of shares of stock of the  corporation  which are  beneficially
owned by such beneficial  owner,  and (iii) a description of all arrangements or
understandings  between such beneficial  owner and each proposed nominee and any
other  person  or  persons   (including  their  names)  pursuant  to  which  the
nomination(s)  are to be made. In addition,  to be effective,  the stockholder's
notice must be  accompanied  by the written  consent of the proposed  nominee to
serve as a director if elected. The corporation may require any proposed nominee
to furnish such other information as may reasonably be required to determine the
eligibility of such proposed nominee to serve as a director of the corporation.

     (c) The chairman of any meeting shall, if the facts warrant, determine that
a nomination  was not made in  accordance  with the  provisions  of this Section
2.09, and if the chairman should so determine,  the chairman shall so declare to
the meeting and the defective nomination shall be disregarded.

     (d) Except as otherwise required by law, nothing in this Section 2.09 shall
obligate the corporation or the Board to include in any proxy statement or other
stockholder  communication distributed on behalf of the corporation or the Board
information with respect to any nominee for director submitted by a stockholder.

     Section 2.10 Notice of Business at Annual Meetings.

     (a) At any annual meeting of the stockholders,  only such business shall be
conducted as shall have been properly brought before the meeting. To be properly
brought before an annual  meeting,  business must be (i) specified in the notice
of meeting  (or any  supplement  thereto)  given by or at the  direction  of the
Board, (ii) otherwise properly brought before the meeting by or at the direction
of the Board, or (iii) properly brought before the meeting by a stockholder. For
business to be properly  brought before an annual meeting by a stockholder,  (i)
if such business  relates to the election of directors of the  corporation,  the
procedures  in  Section  2.09 must be  complied  with and (ii) if such  business
relates to any other matter,  the stockholder  must (x) have given timely notice
thereof in writing to the Secretary in accordance  with the procedures set forth
in Section  2.10(b) and (y) be a stockholder of record on the date of the giving
of such  notice and on


                                      -6-
<PAGE>


the record date for the  determination of stockholders  entitled to vote at such
annual meeting.

     (b) To be timely, a stockholder's  notice must be received by the Secretary
at the principal  executive offices of the corporation not less than 60 days nor
more than 90 days prior to the first  anniversary of the preceding year's annual
meeting;  provided,  however,  that in the  event  that the  date of the  annual
meeting is advanced by more than 20 days, or delayed by more than 60 days,  from
the first  anniversary of the preceding  year's annual meeting,  a stockholder's
notice must be so  received  not earlier  than the  ninetieth  day prior to such
annual  meeting and not later than the close of business on the later of (A) the
sixtieth day prior to such annual  meeting and (B) the tenth day  following  the
day on which  notice of the date of such  annual  meeting  was  mailed or public
disclosure of the date of such annual meeting was made, whichever first occurs.

     The stockholder's notice to the Secretary shall set forth as to each matter
the  stockholder  proposes  to  bring  before  the  annual  meeting  (i) a brief
description of the business  desired to be brought before the annual meeting and
the reasons for conducting  such business at the annual  meeting,  (ii) the name
and  address,  as they appear on the  corporation's  books,  of the  stockholder
proposing such business,  and the name and address of the beneficial  owner,  if
any, on whose behalf the proposal is made,  (iii) the class and number of shares
of stock of the corporation which are owned, of record and beneficially,  by the
stockholder and beneficial owner, if any, (iv) a description of all arrangements
or understandings between such stockholder or such beneficial owner, if any, and
any other  person or persons  (including  their  names) in  connection  with the
proposal of such business by such  stockholder and any material  interest of the
stockholder  or such  beneficial  owner,  if any,  in such  business,  and (v) a
representation  that such stockholder  intends to appear in person,  by means of
remote  communications,  if any, authorized by the Board in its sole discretion,
or by proxy at the annual  meeting to bring such  business  before the  meeting.
Notwithstanding  anything in these  Amended and  Restated  Amended and  Restated
Bylaws to the contrary,  no business shall be conducted at any annual meeting of
stockholders  except in accordance with the procedures set forth in this Section
2.10;  provided that any stockholder  proposal which complies with Rule 14a-8 of
the proxy rules (or any successor  provision)  promulgated  under the Securities
Exchange  Act of 1934,  as amended,  and is to be included in the  corporation's
proxy statement for an annual meeting of stockholders  shall be deemed to comply
with the requirements of this Section 2.10.

     (c) The chairman of any meeting shall, if the facts warrant, determine that
business  was not properly  brought  before the meeting in  accordance  with the
provisions of this Section 2.10,  and if the chairman  should so determine,  the
chairman  shall so declare to the meeting and such business shall not be brought
before the meeting.


                                      -7-
<PAGE>


     Section 2.11 Conduct of Meetings.

     (a) Chairman of Meeting. Meetings of stockholders shall be presided over by
the  Chairman  of the Board,  if any, or in the  Chairman's  absence by the Vice
Chairman of the Board,  if any, or in the Vice  Chairman's  absence by the Chief
Executive  Officer,  if any, or in the Chief Executive  Officer's absence by the
President,  or in the President's absence by a Vice President, or in the absence
of all of the foregoing persons by a chairman designated by the Board, or in the
absence of such  designation by a chairman chosen by vote of the stockholders at
the meeting.  The  Secretary  shall act as secretary of the meeting,  but in the
Secretary's absence the chairman of the meeting may appoint any person to act as
secretary of the meeting.

     (b)  Rules,  Regulations  and  Procedures.  The Board of  Directors  of the
corporation may adopt by resolution  such rules,  regulations and procedures for
the conduct of any meeting of  stockholders  of the corporation as it shall deem
appropriate including,  without limitation, such guidelines and procedures as it
may  deem   appropriate   regarding  the   participation   by  means  of  remote
communication  of  stockholders  and  proxyholders  not physically  present at a
meeting.  Except to the extent  inconsistent  with such rules,  regulations  and
procedures as adopted by the Board,  the chairman of any meeting of stockholders
shall have the right and  authority to  prescribe  such rules,  regulations  and
procedures  and to do all such acts as, in the  judgment of such  chairman,  are
appropriate  for the proper conduct of the meeting.  Such rules,  regulations or
procedures,  whether  adopted by the Board or  prescribed by the chairman of the
meeting, may include,  without limitation,  the following: (i) the establishment
of an agenda or order of business for the meeting; (ii) rules and procedures for
maintaining  order  at the  meeting  and the  safety  of  those  present;  (iii)
limitations on attendance at or  participation in the meeting to stockholders of
record of the corporation, their duly authorized and constituted proxies or such
other persons as shall be determined;  (iv) restrictions on entry to the meeting
after the time fixed for the  commencement  thereof;  and (v) limitations on the
time allotted to questions or comments by participants. Unless and to the extent
determined by the Board or the chairman of the meeting, meetings of stockholders
shall not be required to be held in accordance  with the rules of  parliamentary
procedure.

     (c) Closing of Polls.  The  chairman of the meeting  shall  announce at the
meeting  when the polls for each matter to be voted upon at the meeting  will be
opened and closed. If no announcement is made, the polls shall be deemed to have
opened when the meeting is convened and closed upon the final adjournment of the
meeting. After the polls close, no ballots,  proxies or votes or any revocations
or changes thereto may be accepted.

     Section  2.12  Inspector of Election.  The  directors,  the Chairman of the
Board, if any, the Chief Executive Officer, if any, or the President, in advance
of any meeting, may, but need not, appoint one or more inspectors of election to
act at the meeting or any adjournment thereof. If an inspector or inspectors are
not appointed,  the person  presiding at the meeting may, but need not,  appoint
one or more inspectors.  In case any person who may be appointed as an inspector
fails to appear or act,  the  vacancy may be filled by  appointment  made by the
directors  in advance of the meeting or at the


                                      -8-
<PAGE>


meeting by the person presiding thereat. Each inspector so appointed shall first
subscribe  an oath  faithfully  to execute  the duties of an  inspector  at such
meeting with strict impartiality and according to the best of his ability.  Such
inspectors  shall decide upon the  qualification  of the voters and shall report
the number of shares  represented  at the meeting  and  entitled to vote on such
question, shall conduct and accept the votes, and, when the voting is completed,
shall  ascertain  and  report the number of shares  voted  respectively  for and
against  the  question.  Reports  of the  inspectors  shall  be in  writing  and
subscribed and delivered by them to the Secretary of the Corporation. Inspectors
need not be stockholders of the Corporation,  and any officer of the Corporation
may be an inspector on any question  other than a vote for or against a proposal
in which he shall have a material  interest.  No director or  candidate  for the
office of director shall act as an inspector of an election of directors.

     Section 2.13 No Stockholder  Action Without  Meetings.  Stockholders of the
Corporation may not take any action by written consent in lieu of a meeting.

     Section 2.14 Record Date. In order that the  Corporation  may determine the
stockholders  entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, or entitled to receive payment of any dividend or other
distribution  or allotment of any rights,  or entitled to exercise any rights in
respect of any change, conversion or exchange of stock or for the purpose of any
other lawful  action,  the Board may fix a record date,  which record date shall
not precede the date upon which the resolution fixing the record date is adopted
by the  Board  and  which  record  date:  (i) in the  case of  determination  of
stockholders  entitled to vote at any  meeting of  stockholders  or  adjournment
thereof,  shall,  unless  otherwise  required by law, not be more than sixty nor
less than ten days  before the date of such  meeting and (ii) in the case of any
other action,  shall not be more than sixty days prior to such other action.  If
no record date is fixed, the record date for determining  stockholders  entitled
to notice of or to vote at a meeting  of  stockholders  shall be at the close of
business  on the day next  preceding  the day on which  notice is given,  or, if
notice is waived,  at the close of business on the day next preceding the day on
which the meeting is held. The record date for determining  stockholders for any
other purpose shall be at the close of business on the day on which the Board of
Directors   adopts  the  resolution   relating   thereto.   A  determination  of
stockholders  of  record  entitled  to  notice  of or to  vote at a  meeting  of
stockholders shall apply to any adjournment of the meeting;  provided,  however,
that the Board may fix a new record date for the adjourned meeting.

                                  ARTICLE III

                               BOARD OF DIRECTORS

     Section  3.01 General  Powers.  The  property,  business and affairs of the
Corporation  shall be managed by or under the direction of the Board,  which may
exercise  all of  the  powers  of the  Corporation,  except  such  as are by the
Certificate  of  Incorporation,  by these Amended and Restated  Bylaws or by law
conferred upon or reserved to the stockholders.


                                      -9-
<PAGE>


     Section  3.02  Number  and Term.  The Board  shall  consist  of one or more
members, the number of which shall be determined from time to time by resolution
of the  Board.  Directors  need not be  stockholders  of the  Corporation.  Each
director  shall hold office until the next annual  meeting of  stockholders  and
until a successor is elected and  qualified or until the director  resigns or is
removed.

     Section 3.03 Election of Directors.  The directors  shall be elected by the
stockholders of the Corporation,  and at each election the persons receiving the
greatest  number of votes,  up to the number of  directors  then to be  elected,
shall be the persons then  elected.  The election of directors is subject to any
provisions  contained in the  Certificate  of  Incorporation  relating  thereto,
including any provisions for a classified board, if any.

     Section 3.04  Resignation and Removal.  Any director of the Corporation may
resign at any time by giving  written notice to the Board or to the Secretary of
the Corporation.  Any such  resignation  shall take effect at the time specified
therein, or, if the time is not specified, it shall take effect immediately upon
its receipt;  and, unless otherwise  specified  therein,  the acceptance of such
resignation shall not be necessary to make it effective.

     Except as otherwise provided by the Certificate of Incorporation or by law,
any director or the entire Board of  Directors  may be removed,  with or without
cause,  by the  holders  of a majority  of shares  then  entitled  to vote at an
election of directors.

     Section 3.05 Vacancies.  Except as otherwise provided in the Certificate of
Incorporation,  any vacancy in the Board, whether because of death, resignation,
disqualification,  an increase in the number of  directors,  or any other cause,
may be filled by vote of the majority of the remaining directors,  although less
than a quorum, or by a sole remaining director.  Each director so chosen to fill
a vacancy  shall hold  office  until the next  annual  meeting of  stockholders,
subject to his or her successor having been elected and qualified or until he or
she shall resign or shall have been  removed.  No  reduction  of the  authorized
number of directors  shall have the effect of removing any director prior to the
expiration of his term of office.

     Upon the resignation of one or more directors from the Board,  effective at
a future date, a majority of the directors then in office,  including  those who
have so resigned,  shall have the power to fill such vacancy or  vacancies,  the
vote thereon to take effect when such  resignation or resignations  shall become
effective, and each director so chosen shall hold office as provided hereinabove
in the filling of other vacancies.

     Section  3.06  Place  of  Meeting;  Meeting  by  Conference  Communications
Equipment. The Board may hold any of its meetings at such place or places within
or  without  the  State  of  Delaware  as the  Board  may  from  time to time by
resolution  designate or as shall be designated by the person or persons calling
the meeting or in the notice or waiver of notice of any such meeting.  Directors
may  participate  in any  regular  or  special  meeting of the Board by means of
conference telephone or similar  communications  equipment pursuant to which all
persons  participating in the meeting of the Board can


                                      -10-
<PAGE>


hear each other, and such participation  shall constitute  presence in person at
such meeting.

     Section  3.07 First  Meeting.  The Board shall meet as soon as  practicable
after each annual  election of directors  and notice of such first meeting shall
not be required.

     Section 3.08 Regular Meetings. Regular meetings of the Board may be held at
such times as the Board shall from time to time by resolution determine.  If any
day fixed for a meeting  shall be a legal holiday at the place where the meeting
is to be held,  then the meeting shall be held at the same hour and place on the
next succeeding business day which is not a legal holiday. Except as provided by
law, notice of regular meetings need not be given.

     Section 3.09 Special Meetings.  Special meetings of the Board may be called
at any time by the Chairman of the Board, if any, the Chief  Executive  Officer,
if any, the President,  the Secretary or by any two (2) directors, to be held at
the  principal  office of the  Corporation,  or at such  other  place or places,
within or without the State of  Delaware,  as the person or persons  calling the
meeting may designate.

     Notice of the time and  place of  special  meetings  shall be given to each
director  either (i) by  depositing  such  notice in the United  States  mail or
overnight delivery service,  in a postage prepaid envelope,  or by-hand delivery
service,  charges  prepaid,  addressed to him at his address as it is shown upon
the records of the  Corporation,  or if it is not so shown on such records or is
not readily  ascertainable,  at the place in which the meetings of the directors
are regularly  held, or by  transmitting a notice thereof to him at such address
by telegraph, telecopy or electronic mail, at least twenty-four (24) hours prior
to the time of the holding of such meeting; or (ii) by orally  communicating the
time and place of the  special  meeting to him at least  twenty-four  (24) hours
prior to the time of the holding of such meeting. Either of the notices as above
provided shall be due, legal and personal notice to such director.

     Section  3.10  Quorum and  Action.  Except as  otherwise  provided in these
Amended  and  Restated  Bylaws or by law,  the  presence  of a  majority  of the
authorized  number of directors shall be required to constitute a quorum for the
transaction  of business at any meeting of the Board,  and all matters  shall be
decided at any such meeting, a quorum being present, by the affirmative votes of
a majority of the directors present,  subject to Section 3.15. In the absence of
a quorum,  a majority of  directors  present at any meeting may adjourn the same
from time to time  until a quorum  shall be  present.  Notice  of any  adjourned
meeting  need not be given.  The  directors  shall act only as a Board,  and the
individual directors shall have no power as such.

     Section  3.11 Action by Consent.  Any action  required or  permitted  to be
taken at any  meeting  of the  Board or of any  committee  thereof  may be taken
without a meeting if all members of the Board or Committee,  as the case may be,
consent to the action in writing or by electronic transmission,  and the written
consents and electronic  transmissions are filed with the minutes of proceedings
of the Board or Committee.


                                      -11-
<PAGE>


     Section 3.12 Compensation.  No stated salary need be paid to directors,  as
such,  for their  services  but, as fixed from time to time by resolution of the
Board, the directors may receive directors' fees, compensation and reimbursement
for expenses for  attendance at directors'  meetings,  for serving on committees
and for discharging  their duties;  provided that nothing herein contained shall
be construed to preclude any director from serving the  Corporation in any other
capacity and receiving compensation therefor.

     Section 3.13 Committees.  The Board may, by resolution passed by a majority
of the whole Board, designate one or more committees,  each committee to consist
of one or more of the directors of the Corporation.  The Board may designate one
or more  directors as alternate  members of any  committee,  who may replace any
absent or disqualified member at any meeting of the committee. In the absence or
disqualification  of a member of the  committee,  the member or members  thereof
present at any meeting and not  disqualified  from voting,  whether or not he or
they constitute a quorum, may unanimously appoint another member of the Board of
Directors  to act at the  meeting  in place of any such  absent or  disqualified
member.  Any such committee,  to the extent permitted by law and provided in the
resolution  of the  Board,  shall  have  and may  exercise  all the  powers  and
authority  of the Board in the  management  of the  business  and affairs of the
Corporation,  and may authorize the seal of the Corporation to be affixed to all
papers which may require it.

     Unless the Board otherwise provides, each committee designated by the Board
may make, alter and repeal rules for conduct of its business.  In the absence of
such rules each  committee  shall conduct its business in the same manner as the
Board conducts its business  pursuant to these Amended and Restated Bylaws.  Any
such committee shall keep written minutes of its meetings and report the same to
the Board when required.

     Section  3.14  Officers  of the Board.  A  Chairman  of the Board or a Vice
Chairman  may be  appointed  from time to time by the Board and shall  have such
powers and duties as shall be designated by the Board.

     Section 3.15 Interested  Directors.  No contract or transaction between the
Corporation  and  one or more of its  directors  or  officers,  or  between  the
Corporation  and any  other  corporation,  partnership,  association,  or  other
organization  in which one or more of its directors or officers are directors or
officers,  or have a financial  interest,  shall be void or voidable  solely for
this  reason,  or solely  because  the  director  or  officer  is  present at or
participates in the meeting of the Board of Directors or committee thereof which
authorizes the contract or transaction, or solely because his or their votes are
counted  for  such  purpose  if (i)  the  material  facts  as to  his  or  their
relationship  or interest and as to the contract or transaction are disclosed or
are known to the Board of Directors or the committee, and the Board of Directors
or  committee  in good faith  authorizes  the  contract  or  transaction  by the
affirmative votes of a majority of the disinterested directors,  even though the
disinterested  directors be less than a quorum; or (ii) the material facts as to
his or their  relationship or interest and as to the contract or transaction are
disclosed or are known to the  stockholders  entitled to vote  thereon,  and the
contract or  transaction is  specifically  approved in good faith by vote of the
disinterested  stockholders;  or (iii) the contract or transaction is fair as to
the  Corporation as of the time it is authorized,


                                      -12-
<PAGE>


approved or  ratified,  by the Board of  Directors,  a committee  thereof or the
stockholders.  Common or interested  directors may be counted in determining the
presence  of a quorum at a meeting of the Board of  Directors  or of a committee
which authorizes the contract or transaction.

                                   ARTICLE IV

                                    OFFICERS

     Section  4.01  Officers.  The  officers  of  the  Corporation  shall  be  a
President,  a Secretary and a Treasurer.  The  Corporation may also have, at the
discretion of the Board, a Chairman of the Board, a Chief Executive Officer, one
or more Vice  Presidents,  one or more  Assistant Vice  Presidents,  one or more
Assistant Secretaries,  one or more Assistant Treasurers and such other officers
as may be appointed in accordance  with the  provisions of Section 4.03 of these
Amended and Restated  Bylaws.  One person may hold two or more  offices,  except
that the Secretary may not also hold the office of President.

     Section 4.02  Election and Term.  The officers of the  Corporation,  except
such officers as may be appointed in accordance  with the  provisions of Section
4.03 or Section  4.05 of these  Amended  and  Restated  Bylaws,  shall be chosen
annually by the Board,  and each shall hold his office  until he shall resign or
shall be removed or  otherwise  disqualified  to serve,  or until his  successor
shall be elected and qualified.

     Section 4.03 Subordinate Officers.  The Board may appoint, or may authorize
the Chief  Executive  Officer,  if any, or the President to appoint,  such other
officers as the business of the Corporation may require, each of whom shall have
such  authority  and perform  such duties as are  provided in these  Amended and
Restated  Bylaws or as the Board,  the Chief Executive  Officer,  if any, or the
President  from time to time may  specify,  and shall hold office until he shall
resign or shall be removed or otherwise disqualified to serve.

     Section 4.04 Removal and Resignation.  Any officer may be removed,  with or
without  cause,  by a majority of the  directors  at the time in office,  at any
regular or special meeting of the Board, or, except in case of an officer chosen
by the Board,  by the Chief  Executive  Officer,  if any, or President upon whom
such power of removal may be conferred by the Board.

     Any officer may resign at any time by giving  written  notice to the Board,
the Chairman of the Board, the Chief Executive Officer, if any, the President or
the Secretary of the Corporation.  Any such resignation shall take effect at the
date of the receipt of such notice or at any later time specified  therein;  and
unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective.

     Section  4.05  Vacancies.  A  vacancy  in  any  office  because  of  death,
resignation, removal, disqualification or any other cause shall be filled in the
manner


                                      -13-
<PAGE>


prescribed in the Amended and Restated  Bylaws for the regular  appointments  to
such office.

     Section  4.06  President.  Except as may be  provided  in  accordance  with
Section 4.08, the President of the Corporation shall,  subject to the control of
the Board, have general  supervision,  direction and control of the business and
affairs of the Corporation. He shall preside at all meetings of stockholders and
the Board.  He shall have the general  powers and duties of  management  usually
vested in the chief  executive  officer  of a  corporation,  and shall have such
other powers and duties with respect to the  administration  of the business and
affairs of the  Corporation  as may from time to time be  assigned to him by the
Board or as prescribed by the Amended and Restated Bylaws.

     Section  4.07  Chairman of the Board.  The  Chairman of the Board,  if any,
shall preside at all meetings of the stockholders and the Board and exercise and
perform such other powers and duties with respect to the  administration  of the
business and affairs of the  Corporation as may from time to time be assigned to
him by the Board or as is prescribed by these Amended and Restated Bylaws.

     Section 4.08 Chief Executive Officer/Chief Operating  Officer/Office of the
Chief  Executive.  In the event the Board of Directors  elects a Chief Executive
Officer and/or a Chief Operating Officer,  or establishes an Office of the Chief
Executive,  the person or persons so elected or the members of such office shall
individually or jointly,  as the case may be, have general and active management
of the  property,  business  and  affairs  of the  Corporation,  subject  to the
supervision  and control of the Board.  The Chief Executive  Officer,  the Chief
Operating Officer, or members of the Office of the Chief Executive,  as the case
may be, also shall have such powers and perform such other duties as  prescribed
from time to time by the Board of Directors.

     Section 4.09 Vice President. The Vice President(s),  if any, shall exercise
and perform  such powers and duties with  respect to the  administration  of the
business and affairs of the  Corporation as from time to time may be assigned to
each of them by the President,  by the Chief Executive  Officer,  if any, by the
Chairman  of the  Board,  if any,  or by the  Board or as is  prescribed  by the
Amended and Restated Bylaws. In the absence or disability of the Chief Executive
Officer, if any, and the President, the Vice Presidents,  in order of their rank
as fixed by the Board,  or if not ranked,  the Vice President  designated by the
Board, shall perform all of the duties of the President and when so acting shall
have all of the powers of and be subject to all the restrictions  upon the Chief
Executive Officer, if any, and the President.

     Section 4.10  Secretary.  The Secretary  shall keep, or cause to be kept, a
book of minutes at the principal  office for the  transaction of the business of
the Corporation,  or such other place as the Board may order, of all meetings of
directors and stockholders,  with the time and place of holding, whether regular
or special,  and if special,  how authorized  and the notice thereof given,  the
names of those present at directors'  meetings,  the number of shares present or
represented at stockholders' meetings and the proceedings thereof.


                                      -14-
<PAGE>


     The Secretary shall keep, or cause to be kept, at the principal  office for
the  transaction  of the  business  of the  Corporation  or at the office of the
Corporation's  transfer agent, a share register,  or a duplicate share register,
showing  the names of the  stockholders  and their  addresses,  the  number  and
classes of shares held by each, the number and date of  certificates  issued for
the  same,  and  the  number  and  date of  cancellation  of  every  certificate
surrendered for cancellation.

     The Secretary shall give, or cause to be given,  notice of all the meetings
of the  stockholders  and of the Board  required by these  Amended and  Restated
Bylaws or by law to be given,  and he shall keep the seal of the  Corporation in
safe custody,  and shall have such other powers and perform such other duties as
may be prescribed by the Board or these Amended and Restated Bylaws.  If for any
reason the  Secretary  shall fail to give notice of any  special  meeting of the
Board called by one or more of the persons  identified  in Section 3.09 of these
Amended and Restated  Bylaws,  or if he shall fail to give notice of any special
meeting of the stockholders  called by one or more of the persons  identified in
Section  2.02 of these  Amended  and  Restated  Bylaws,  then any such person or
persons may give notice of any such special meeting.

     Section 4.11  Treasurer.  The Treasurer shall keep and maintain or cause to
be kept and  maintained,  adequate and correct  accounts of the  properties  and
business  transactions  of the  Corporation,  including  accounts of its assets,
liabilities,  receipts,  disbursements,  gains,  losses,  capital,  surplus  and
shares.  Any surplus,  including  earned  surplus,  paid-in  surplus and surplus
arising from a reduction of capital, shall be classified according to source and
shown in a separate account.  The books of account at all reasonable times shall
be open to inspection by any director.

     The Treasurer  shall deposit all moneys and other valuables in the name and
to the credit of the Corporation with such  depositories as may be designated by
the Board.  He shall disburse the funds of the  Corporation as may be ordered by
the Board,  shall render to the President,  to the Chief Executive  Officer,  if
any, and to the  directors,  whenever  they request it, an account of all of his
transactions as Treasurer and of the financial condition of the Corporation, and
shall have such other powers and perform such other duties as may be  prescribed
by the Board or these Amended and Restated Bylaws.

     Section 4.12 Assistant Secretaries.  Except as may be otherwise provided in
these By-Laws, Assistant Secretaries, if there be any, shall perform such duties
and have such  powers as from time to time may be  assigned to them by the Board
of Directors,  the Chief  Executive  Officer,  if any, the  President,  any Vice
President,  if  there  be  one,  or the  Secretary,  and in the  absence  of the
Secretary or in the event of his disability or refusal to act, shall perform the
duties of the Secretary, and when so acting, shall have all the powers of and be
subject to all the restrictions upon the Secretary.

     Section 4.13 Assistant Treasurers.  Assistant Treasurers,  if there be any,
shall  perform  such  duties and have such powers as from time to time may be as
signed to them by the Board of Directors,  the Chief Executive Officer,  if any,
the President, any Vice President, if there be one, or the Treasurer, and in the
absence of the  Treasurer or in the event of his  disability  or refusal to act,
shall perform the duties of the  Treasurer,  and


                                      -15-
<PAGE>


when  so  acting,  shall  have  all  the  powers  of and be  subject  to all the
restrictions  upon the  Treasurer.  If  required by the Board of  Directors,  an
Assistant  Treasurer shall give the Corporation a bond in such sum and with such
surety or sureties as shall be  satisfactory  to the Board of Directors  for the
faithful  performance of the duties of his office and for the restoration to the
Corporation,  in case of his death,  resignation,  retirement  or  removal  from
office,  of all books,  papers,  vouchers,  money and other property of whatever
kind in his possession or under his control belonging to the Corporation.

     Section 4.14 Other Officers.  Such other officers as the Board of Directors
may choose  shall  perform such duties and have such powers as from time to time
may be assigned to them by the Board of  Directors.  The Board of Directors  may
delegate to any other officer of the  Corporation the power to choose such other
officers and to prescribe their respective duties and powers.

     Section  4.15  Compensation.  The  compensation  of  the  officers  of  the
Corporation, if any, shall be fixed from time to time by the Board.

     Section  4.16  Voting  Securities  Owned  by  the  Corporation.  Powers  of
attorney,  proxies, waivers of notice of meeting, consents and other instruments
relating to securities  owned by the  Corporation may be executed in the name of
and on  behalf  of the  Corporation  by the  Chief  Executive  Officer,  if any,
President or any Vice  President and any such officer may, in the name of and on
behalf of the  Corporation,  take all such  action as any such  officer may deem
advisable  to vote in person or by proxy at any meeting of  security  holders of
any  corporation  in which the  Corporation  may own  securities and at any such
meeting shall possess and may exercise any and all rights and power  incident to
the  ownership  of  such  securities  and  which,  as  the  owner  thereof,  the
Corporation  might  have  exercised  and  possessed  if  present.  The  Board of
Directors  may,  by  resolution,  from time to time  confer like powers upon any
other person or persons.

                                   ARTICLE V

                 CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.

     Section  5.01  Execution  of  Contracts.  The  Board,  except as  otherwise
provided in these  Amended and Restated  Bylaws,  may  authorize  any officer or
officers,  agent or agents, to enter into any contract or execute any instrument
in the name and on behalf of the Corporation,  and such authority may be general
or confined to specific  instances;  and unless so authorized by the Board or by
these Amended and Restated Bylaws, no officer,  agent or employee shall have any
power or authority to bind the  Corporation  by any contract or engagement or to
pledge its credit or to render it liable for any purpose or in any amount.

     Section 5.02 Checks,  Drafts,  Etc. All checks,  drafts or other orders for
payment of money, notes or other evidence of indebtedness, issued in the name of
or payable to the  Corporation,  shall be signed or  endorsed  by such person or
persons  and in such  manner  as,  from  time to time,  shall be  determined  by
resolution  of the Board.  Each such person shall give such bond, if any, as the
Board may require.


                                      -16-
<PAGE>


     Section 5.03 Deposit.  All funds of the Corporation not otherwise  employed
shall be deposited  from time to time to the credit of the  Corporation  in such
banks,  trust companies or other depositories as the Board may select, or as may
be  selected by any  officer or  officers,  assistant  or  assistants,  agent or
agents,  attorney or attorneys, of the Corporation to whom such power shall have
been  delegated by the Board.  For the purpose of deposit and for the purpose of
collection  for  the  account  of the  Corporation,  the  President,  the  Chief
Executive Officer,  any Vice President or the Treasurer (or any other officer or
officers,  assistant or assistants, agent or agents, or attorney or attorneys of
the  Corporation  who shall be  determined  by the Board  from time to time) may
endorse,  assign and deliver checks,  drafts and other orders for the payment of
money which are payable to the order of the Corporation.

     Section 5.04 General and Special Bank Accounts. The Board from time to time
may  authorize the opening and keeping of general and special bank accounts with
such banks,  trust companies or other depositories as the Board may select or as
may be selected by an officer or  officers,  assistant or  assistants,  agent or
agents,  or attorney or  attorneys of the  Corporation  to whom such power shall
have been  delegated  by the Board.  The Board may make such  special  rules and
regulations  with  respect  to such bank  accounts,  not  inconsistent  with the
provisions of these Amended and Restated Bylaws, as it may deem expedient.

     Section  5.05 Audits,  Accounts  and  Reports.  The books of account of the
Company shall be audited at least once during each year by a firm of independent
certified accountants.

     Section 5.06 Access.  All books and records of the Company shall be kept at
the principal place of business of the Company.  Each shareholder may at its own
expense,  after giving written  notice to the Company,  audit,  investigate  and
familiarize itself with the operations of the Company using its own employees or
such certified  public  accounting  firm,  qualified  external  auditor or other
advisers as it may select.  The shareholders'  rights under this Section,  which
shall  include  the right to make  copies of any  relevant  documents,  shall be
exercised such that the actions of the shareholders or their  respective  agents
do not interfere  unreasonably with the operation of the Company in its ordinary
course of business.

     Section 5.07 Fiscal Year.  The fiscal year of the Company  shall end on the
last day of each calendar year.

     Section 5.08  Accounting  Policy.  The Company  shall  maintain  accounting
records,  accounts and related  financial  statements in accordance  with United
States generally accepted accounting principles applied on a consistent basis.

     Section  5.09   Dividends.   Dividends   upon  the  capital  stock  of  the
Corporation,  subject to the provisions of the Certificate of Incorporation,  if
any,  may be  declared  by the Board of  Directors  at any  regular  or  special
meeting,  and may be paid in cash,  in  property,  or in shares  of the  capital
stock.  Before payment of any dividend,  there may be set aside out of any funds
of the  Corporation  available  for  dividends  such sum or


                                      -17-
<PAGE>


sums as the Board of Directors  from time to time,  in its absolute  discretion,
deems proper as a reserve or reserves to meet  contingencies,  or for equalizing
dividends,  or for repairing or maintaining any property of the Corporation,  or
for any proper  purpose,  and the Board of  Directors  may modify or abolish any
such reserve.

                                   ARTICLE VI

                            SHARES AND THEIR TRANSFER

     Section  6.01  Certificates  For  Stock.   Every  owner  of  stock  of  the
Corporation  shall be entitled to have a certificate  or  certificates,  in such
form as the Board shall prescribe,  certifying the number and class of shares of
the stock of the Corporation owned by him. The certificates  representing shares
of such stock  shall be  numbered in the order in which they shall be issued and
shall be signed in the name of the Corporation by the Chairman of the Board, the
President or a Vice President and by the Secretary or an Assistant  Secretary or
by the Treasurer or an Assistant Treasurer.  Any or all of the signatures on the
certificates  may be a  facsimile.  In  case  any  officer,  transfer  agent  or
registrar who has signed or whose  facsimile  signature has been placed upon any
such certificate shall thereafter have ceased to be such officer, transfer agent
or  registrar   before  such   certificate  is  issued,   such  certificate  may
nevertheless  be issued by the  Corporation  with the same  effect as though the
person who signed such certificate, or whose facsimile signature shall have been
placed thereupon,  were such officer, transfer agent or registrar at the date of
issue. A record shall be kept of the respective  names of the persons,  firms or
corporations  owning the stock represented by such certificates,  the number and
class  of  shares  represented  by  such  certificates,  respectively,  and  the
respective dates thereof,  and in case of cancellation,  the respective dates of
cancellation.  Every certificate  surrendered to the Corporation for exchange or
transfer  shall be canceled,  and no new  certificate or  certificates  shall be
issued in exchange for any existing  certificate until such existing certificate
shall have been so  canceled,  except in cases  provided  for in Section 6.04 of
these Amended and Restated Bylaws.

     Section  6.02  Transfer  of  Stock.  Transfer  of  shares  of  stock of the
Corporation shall be made only on the books of the Corporation by the registered
holder  thereof,  or by his attorney  thereunto  authorized by power of attorney
duly  executed  and filed  with the  Secretary,  or with a  transfer  clerk or a
transfer  agent  appointed  as  provided  in Section  6.03 of these  Amended and
Restated Bylaws,  and upon surrender of the certificate or certificates for such
shares  properly  endorsed and the payment of all taxes  thereon.  The person in
whose name shares of stock stand on the books of the Corporation shall be deemed
the owner  thereof for all  purposes as regards the  Corporation.  Whenever  any
transfer of shares shall be made for collateral  security,  and not  absolutely,
such  fact  shall be stated  expressly  in the entry of  transfer  if,  when the
certificate or certificates  shall be presented to the Corporation for transfer,
both the transferor and the transferee request the Corporation to do so.

     Section 6.03 Regulations.  The Board may make such rules and regulations as
it may deem expedient,  not inconsistent with these Amended and Restated Bylaws,
concerning the issue,  transfer and  registration of certificates  for shares of
the


                                      -18-
<PAGE>


stock of the  Corporation.  The Board may appoint,  or authorize  any officer or
officers to appoint,  one or more transfer clerks or one or more transfer agents
and one or more  registrars,  and may require all certificates for stock to bear
the signature or signatures of any of them.

     Section 6.04 Lost,  Stolen,  Destroyed and Mutilated  Certificates.  In any
case of loss,  theft,  destruction,  or mutilation of any  certificate of stock,
another may be issued in its place upon proof of such loss, theft,  destruction,
or mutilation  and upon the giving of a bond of indemnity to the  Corporation in
such form and in such sums as the Board may direct;  provided,  however,  that a
new certificate  may be issued without  requiring any bond when, in the judgment
of the Board, it is proper to do so.

     Section 6.05 Representation of Shares of Other Corporations.  The President
or any Vice  President  and the  Secretary  or any  Assistant  Secretary of this
Corporation  are  authorized  to vote,  represent and exercise on behalf of this
Corporation  all  rights  incident  to all  shares of any other  corporation  or
corporations  standing in the name of this  Corporation.  The  authority  herein
granted to said officers to vote or represent on behalf of this  Corporation any
and all shares held by this Corporation in any other corporation or corporations
may be exercised  either by such officers in person or by any person  authorized
so to do by proxy or power of attorney duly executed by said officers.

                                   ARTICLE VII

                                 INDEMNIFICATION

     Section 7.01 Power To Indemnify in Actions, Suits or Proceedings Other Than
Those by or in the Right of the  Corporation.  Subject to  Section  7.03 of this
Article VII, the Corporation shall indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed 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 or officer of the Corporation,  or is or was a
director or officer of the Corporation serving at the request of the Corporation
as a director or officer, employee or agent of another corporation, partnership,
joint  venture,  trust,  employee  benefit  plan 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 the
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 the
Corporation,  and,  with  respect  to any  criminal  action or  proceeding,  had
reasonable cause to believe that his conduct was unlawful.


                                      -19-
<PAGE>


     Section 7.02 Power To Indemnify in Actions,  Suits or  Proceedings by or in
the Right of the  Corporation.  Subject to Section 7.03 of this Article VII, the
Corporation shall indemnify any person who was or is a party or is threatened to
be made a party to any threatened,  pending or completed 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 or officer of the Corporation,  or is or was a
director or officer of the Corporation serving at the request of the Corporation
as a director,  officer, employee or agent of another corporation,  partnership,
joint venture, trust, employee benefit plan 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 the Corporation;  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 to the Corporation  unless and only to the extent that the
Court of Chancery  or 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 the Court of Chancery or such
other court shall deem proper.

     Section 7.03 Authorization of Indemnification.  Any  indemnification  under
this Article VII (unless  ordered by a court)  shall be made by the  Corporation
only  as   authorized   in  the  specific   case  upon  a   determination   that
indemnification  of the  director  or  officer  is proper  in the  circumstances
because he has met the applicable  standard of conduct set forth in Section 7.01
or Section  7.02 of this  Article  VII, as the case may be.  Such  determination
shall  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,
or (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,  or (iii) by the stockholders who were not parties to such action, suit
or  proceeding.  To the  extent,  however,  that a  director  or  officer of the
Corporation  has been  successful  on the merits or  otherwise in defense of any
action, suit or proceeding described above, 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,  without
the necessity of authorization in the specific case.

     Section 7.04 Good Faith Defined.  For purposes of any  determination  under
Section 7.03 of this Article VII, a person shall be deemed to have acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best
interests  of the  Corporation,  or,  with  respect  to any  criminal  action or
proceeding, to have had no reasonable cause to believe his conduct was unlawful,
if his action is based on the records or books of account of the  Corporation or
another  enterprise,  or on  information  supplied to him by the officers of the
Corporation  or  another  enterprise  in the course of their  duties,  or on the
advice  of  legal  counsel  for the  Corporation  or  another  enterprise  or on
information  or records  given or  reports  made to the  Corporation  or another
enterprise by an independent  certified public  accountant or by an appraiser or
other  expert  selected  with  reasonable  care by the  Corporation  or  another
enterprise.  The term  "another  enterprise"  as used in this Section 7.04 shall
mean any other corporation or any


                                      -20-
<PAGE>


partnership,  joint venture, trust, employee benefit plan or other enterprise of
which such  person is or was  serving at the  request  of the  Corporation  as a
director,  officer, employee or agent. The provisions of this Section 7.04 shall
not be deemed to be exclusive or to limit in any way the  circumstances in which
a person may be deemed to have met the applicable  standard of conduct set forth
in Sections 7.01 or 7.02 of this Article VII, as the case may be.

     Section  7.05  Indemnification  by a Court.  Notwithstanding  any  contrary
determination  in the specific  case under Section 7.03 of this Article VII, and
notwithstanding  the absence of any  determination  thereunder,  any director or
officer  may  apply  to any  court of  competent  jurisdiction  in the  State of
Delaware for indemnification to the extent otherwise  permissible under Sections
7.01 and 7.02 of this Article VII. The basis of such  indemnification by a court
shall be a determination by such court that  indemnification  of the director or
officer  is  proper  in the  circumstances  because  he has met  the  applicable
standards of conduct set forth in Sections  7.01 or 7.02 of this Article VII, as
the case may be.  Neither a contrary  determination  in the specific  case under
Section 7.03 of this Article VII nor the absence of any determination thereunder
shall be a defense to such application or create a presumption that the director
or  officer  seeking  indemnification  has not met any  applicable  standard  of
conduct. Notice of any application for indemnification  pursuant to this Section
7.05  shall  be given  to the  Corporation  promptly  upon  the  filing  of such
application. If successful, in whole or in part, the director or officer seeking
indemnification  shall also be entitled  to be paid the  expense of  prosecuting
such application.

     Section 7.06 Expenses Payable in Advance.  Expenses  incurred by a director
or officer in defending or investigating a threatened or pending action, suit or
proceeding shall be paid by the Corporation in advance of the final  disposition
of such  action,  suit or  proceeding  upon receipt of an  undertaking  by or on
behalf of such  director or officer to repay such amount if it shall  ultimately
be determined  that he is not entitled to be indemnified  by the  Corporation as
authorized in this Article VII.

     Section 7.07 Nonexclusivity of Indemnification and Advancement of Expenses.
The  indemnification and advancement of expenses provided by or granted pursuant
to this  Article VII shall not be deemed  exclusive of any other rights to which
those seeking  indemnification  or advancement of expenses may be entitled under
any By-Law, agreement, contract, vote of stockholders or disinterested directors
or pursuant to the  direction  (howsoever  embodied)  of any court of  competent
jurisdiction or otherwise,  both as to action in his official capacity and as to
action in another capacity while holding such office, it being the policy of the
Corporation that  indemnification  of the persons specified in Sections 7.01 and
7.02 of this Article VII shall be made to the fullest  extent  permitted by law.
The  provisions  of this  Article  VII  shall  not be  deemed  to  preclude  the
indemnification  of any person who is not  specified in Sections 7.01 or 7.02 of
this  Article  VII but whom the  Corporation  has the  power  or  obligation  to
indemnify  under the provisions of the General  Corporation  Law of the State of
Delaware, or otherwise.

     Section 7.08 Insurance. The Corporation may purchase and maintain insurance
on behalf of any person who is or was a director or officer of the  Corporation,


                                      -21-
<PAGE>


or is or was a director or officer of the Corporation  serving at the request of
the  Corporation  as  a  director,   officer,   employee  or  agent  of  another
corporation,  partnership,  joint venture, trust, employee benefit plan 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 or the obligation to indemnify him against such
liability under the provisions of this Article VII.

     Section  7.09  Certain  Definitions.  For  purposes  of this  Article  VII,
references  to "the  Corporation"  shall  include,  in addition to the resulting
corporation,  any  constituent  corporation  (including  any  constituent  of  a
constituent)  absorbed  in a  consolidation  or merger  which,  if its  separate
existence  had  continued,  would have had power and  authority to indemnify its
directors or officers, so that any person who is or was a director or officer of
such  constituent  corporation,  or is or was a  director  or  officer  of  such
constituent  corporation serving at the request of such constituent  corporation
as a director,  officer, employee or agent of another corporation,  partnership,
joint venture, trust, employee benefit plan or other enterprise,  shall stand in
the same position  under the  provisions of this Article VII with respect to the
resulting  or  surviving  corporation  as he would  have  with  respect  to such
constituent corporation if its separate existence had continued. For purposes of
this Article VII,  references to "fines" shall include any excise taxes assessed
on a person with respect to an employee benefit plan; and references to "serving
at the  request of the  Corporation"  shall  include  any service as a director,
officer,  employee  or agent of the  Corporation  which  imposes  duties  on, or
involves  services  by,  such  director or officer  with  respect to an employee
benefit plan, its participants or beneficiaries;  and a person who acted in good
faith  and in a manner  he  reasonably  believed  to be in the  interest  of the
participants  and  beneficiaries  of an employee benefit plan shall be deemed to
have acted in a manner "not opposed to the best interests of the Corporation" as
referred to in this Article VII.

     Section 7.10 Survival of Indemnification  and Advancement of Expenses.  The
indemnification and advancement of expenses provided by, or granted pursuant to,
this Article VII shall,  unless otherwise  provided when authorized or ratified,
continue  as to a person who has ceased to be a  director  or officer  and shall
inure to the  benefit  of the  heirs,  executors  and  administrators  of such a
person.

     Section  7.11  Limitation  On  Indemnification.   Notwithstanding  anything
contained in this Article VII to the contrary, except for proceedings to enforce
rights to indemnification  (which shall be governed by Section 7.05 hereof), the
Corporation  shall not be  obligated  to  indemnify  any  director or officer in
connection  with a proceeding (or part thereof)  initiated by such person unless
such proceeding (or part thereof) was authorized or consented to by the Board of
Directors of the Corporation.

     Section 7.12  Indemnification of Employees and Agents. The Corporation may,
to the extent  authorized  from time to time by the Board of Directors,  provide
rights to  indemnification  and to the  advancement of expenses to employees and
agents of the  Corporation  similar to those  conferred  in this  Article VII to
directors and officers of the Corporation.


                                      -22-
<PAGE>


                                  ARTICLE VIII

                                  MISCELLANEOUS

     Section 8.01 Seal. The Board shall provide a corporate seal, which shall be
in the form of a circle and shall bear the name of the Corporation and words and
figures showing that the  Corporation was  incorporated in the State of Delaware
and showing the year of incorporation.

     Section  8.02  Waiver of Notices.  Whenever  notice is required to be given
under any provision of these Amended and Restated  Bylaws,  the  Certificate  of
Incorporation  or by law, a written  waiver,  signed by the person  entitled  to
notice,  whether  before  or after  the time  stated  therein,  shall be  deemed
equivalent to notice.  Attendance  of a person at a meeting  shall  constitute a
waiver of notice of such meeting, except when a person attends a meeting for the
express purpose of objecting at the beginning of the meeting, to the transaction
of any business because the meeting is not lawfully called or convened.  Neither
the  business  to be  transacted  at, nor the purpose of, any regular or special
meeting of the stockholders,  directors,  or members of a committee of directors
need be  specified  in any  written  waiver of  notice  unless  required  by the
Certificate of Incorporation.

     Section 8.03 Loans and  Guaranties.  The  Corporation may lend money to, or
guarantee any obligation of, and otherwise  assist any officer or other employee
of the  Corporation  or of its  subsidiaries,  including  any  officer  who is a
director,  whenever,  in the  judgment  of the  Board,  such loan,  guaranty  or
assistance  may  reasonably  be expected to benefit the  Corporation.  The loan,
guaranty,  or  other  assistance  may be with or  without  interest,  and may be
unsecured  or  secured in such  manner as the Board  shall  approve,  including,
without limitation, a pledge of shares of stock of the Corporation.

     Section  8.04  Gender.  All  personal  pronouns  used in these  Amended and
Restated Bylaws shall include the other genders,  whether used in the masculine,
feminine or neuter gender,  and the singular shall include the plural,  and vice
versa, whenever and as often as may be appropriate.

     Section 8.05 Amendments. These Amended and Restated Bylaws, or any of them,
may be  rescinded,  altered,  amended or repealed,  and new Amended and Restated
Bylaws  may be made (i) by the  Board,  by vote of a  majority  of the number of
directors  then in office as  directors,  acting at any  meeting of the Board or
(ii) by the  stockholders,  by the  vote of at least  seventy-five  (75%) of the
outstanding  shares of voting stock of the Corporation,  at an annual meeting of
stockholders,   without   previous   notice,   or  at  any  special  meeting  of
stockholders,  provided  that notice of such proposed  amendment,  modification,
repeal or adoption is given in the notice of special meeting; provided, however,
that  Section 2.02 of these  Amended and Restated  Bylaws can only be amended if
that Section as amended would not conflict with the Corporation's Certificate of
Incorporation.  Any Bylaw made or altered by the  stockholders may be altered or
repealed by the Board or may be altered or repealed by the stockholders.


                                      -23-