<PAGE>

                                                                     Exhibit 3.2


                             AMENDED AND RESTATED

                                    BY-LAWS

                                      OF

                         CYPRESS COMMUNICATIONS, INC.
                              (the "Corporation")


                                   ARTICLE I
                                   ---------

                                 Stockholders
                                 ------------

     SECTION 1.  Annual Meeting.  The annual meeting of stockholders (any such
                 --------------
meeting being referred to in these By-laws as an "Annual Meeting") shall be held
at the hour, date and place within or without the United States which is fixed
by the Board of Directors, which time, date and place may subsequently be
changed at any time by vote of the Board of Directors.  If no Annual Meeting has
been held for a period of thirteen months after the Corporation's last Annual
Meeting, a special meeting in lieu thereof may be held, and such special meeting
shall have, for the purposes of these By-laws or otherwise, all the force and
effect of an Annual Meeting.  Any and all references hereafter in these By-laws
to an Annual Meeting or Annual Meetings also shall be deemed to refer to any
special meeting(s) in lieu thereof.

     SECTION 2.  Notice of Stockholder Business and Nominations.
                 ----------------------------------------------

     (a)  Annual Meetings of Stockholders.
          -------------------------------

          (1)  Nominations of persons for election to the Board of Directors of
     the Corporation and the proposal of business to be considered by the
     stockholders may be made at an Annual Meeting (a) pursuant to the
     Corporation's notice of meeting, (b) by or at the direction of the Board of
     Directors or (c) by any stockholder of the Corporation who was a
     stockholder of record at the time of giving of notice provided for in this
     By-law, who is entitled to vote at the meeting, who is present (in person
     or by proxy) at the meeting and who complies with the notice procedures set
     forth in this By-law.  In addition to the other requirements set forth in
     this By-law, for any proposal of business to be considered at an Annual
     Meeting, it must be a proper subject for action by stockholders of the
     Corporation under Delaware law.

          (2)  For nominations or other business to be properly brought before
     an Annual Meeting by a stockholder pursuant to clause (c) of paragraph
     (a)(1) of this By-law, the stockholder must have given timely notice
     thereof in writing to the Secretary of
<PAGE>

     the Corporation. To be timely, a stockholder's notice shall be delivered to
     the Secretary at the principal executive offices of the Corporation not
     later than the close of business on the 75th day nor earlier than the close
     of business on the 105th day 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 30 days before or
     delayed by more than 60 days after such anniversary date, notice by the
     stockholder to be timely must be so delivered not earlier than the close of
     business on the 105th day prior to such Annual Meeting and not later than
     the close of business on the later of the 75th day prior to such Annual
     Meeting or the 10th day following the day on which public announcement of
     the date of such meeting is first made. Notwithstanding anything to the
     contrary provided herein, for the first Annual Meeting following the
     initial public offering of common stock of the Corporation, a stockholder's
     notice shall be timely if delivered to the Secretary at the principal
     executive offices of the Corporation not later than the close of business
     on the later of the 75th day prior to the scheduled date of such Annual
     Meeting or the 10th day following the day on which public announcement of
     the date of such Annual Meeting is first made or sent by the Corporation.
     Such stockholder's notice shall set forth (a) as to each person whom the
     stockholder proposes to nominate for election or reelection as a director,
     all information relating to such person that is required to be disclosed in
     solicitations of proxies for election of directors in an election contest,
     or is otherwise required, in each case pursuant to Regulation 14A under the
     Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule
     14a-11 thereunder (including such person's written consent to being named
     in the proxy statement as a nominee and to serving as a director if
     elected); (b) as to any other business that the stockholder proposes to
     bring before the meeting, a brief description of the business desired to be
     brought before the meeting, the reasons for conducting such business at the
     meeting, any material interest in such business of such stockholder and the
     beneficial owner, if any, on whose behalf the proposal is made, and the
     names and addresses of other stockholders known by the stockholder
     proposing such business to support such proposal, and the class and number
     of shares of the Corporation's capital stock beneficially owned by such
     other stockholders; and (c) as to the stockholder giving the notice and the
     beneficial owner, if any, on whose behalf the nomination or proposal is
     made (i) the name and address of such stockholder, as they appear on the
     Corporation's books, and of such beneficial owner, and (ii) the class and
     number of shares of the Corporation which are owned beneficially and of
     record by such stockholder and such beneficial owner.

          (3)  Notwithstanding anything in the second sentence of paragraph
     (a)(2) of this By-law to the contrary, in the event that the number of
     directors to be elected to the Board of Directors of the Corporation is
     increased and there is no public announcement naming all of the nominees
     for director or specifying the size of the increased Board of Directors
     made by the Corporation at least 85 days prior to the first anniversary of
     the preceding year's Annual Meeting, a stockholder's notice required by
     this By-law shall

                                       2

<PAGE>

     also be considered timely, but only with respect to nominees for any new
     positions created by such increase, if it shall be delivered to the
     Secretary at the principal executive offices of the Corporation not later
     than the close of business on the 10th day following the day on which such
     public announcement is first made by the Corporation.

     (b)  General.
          -------

          (1)  Only such persons who are nominated in accordance with the
     provisions of this By-law shall be eligible for election and to serve as
     directors and only such business shall be conducted at an Annual Meeting as
     shall have been brought before the meeting in accordance with the
     provisions of this By-law.  The Board of Directors or a designated
     committee thereof shall have the power to determine whether a nomination or
     any business proposed to be brought before the meeting was made in
     accordance with the provisions of this By-law.  If neither the Board of
     Directors nor such designated committee makes a determination as to whether
     any stockholder proposal or nomination was made in accordance with the
     provisions of this By-law, the presiding officer of the Annual Meeting
     shall have the power and duty to determine whether the stockholder proposal
     or nomination was made in accordance with the provisions of this By-law.
     If the Board of Directors or a designated committee thereof or the
     presiding officer, as applicable, determines that any stockholder proposal
     or nomination was not made in accordance with the provisions of this By-
     law, such proposal or nomination shall be disregarded and shall not be
     presented for action at the Annual Meeting.

          (2)  For purposes of this By-law, "public announcement" shall mean
     disclosure in a press release reported by the Dow Jones News Service,
     Associated Press or comparable national news service or in a document
     publicly filed by the Corporation with the Securities and Exchange
     Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

          (3)  Notwithstanding the foregoing provisions of this By-law, a
     stockholder shall also comply with all applicable requirements of the
     Exchange Act and the rules and regulations thereunder with respect to the
     matters set forth in this By-law.  Nothing in this By-law shall be deemed
     to affect any rights of (i) stockholders to request inclusion of proposals
     in the Corporation's proxy statement pursuant to Rule 14a-8 under the
     Exchange Act or (ii) the holders of any series or class of Preferred Stock
     to elect directors under specified circumstances.

     SECTION 3.  Special Meetings.  Except as otherwise required by statute and
                 ----------------
subject to the rights, if any, of the holders of any series or class of
Preferred Stock, special meetings of the stockholders of the Corporation may be
called only by the Board of Directors acting pursuant to a resolution approved
by the affirmative vote of a majority of the Directors then in office. Only
those matters set forth in the notice of the special meeting may be considered
or acted upon at a special meeting of stockholders of the Corporation.

                                       3
<PAGE>

     SECTION 4.  Notice of Meetings; Adjournments.  A written notice of each
                 --------------------------------
Annual Meeting stating the hour, date and place of such Annual Meeting shall be
given not less than 10 days nor more than 60 days before the Annual Meeting, to
each stockholder entitled to vote thereat, by delivering such notice to such
stockholder or by mailing it, postage prepaid, addressed to such stockholder at
the address of such stockholder as it appears on the Corporation's stock
transfer books.  Such notice shall be deemed to be given when hand delivered to
such address or deposited in the mail so addressed, with postage prepaid.

     Notice of all special meetings of stockholders shall be given in the same
manner as provided for Annual Meetings, except that the written notice of all
special meetings shall state the purpose or purposes for which the meeting has
been called.

     Notice of an Annual Meeting or special meeting of stockholders need not be
given to a stockholder if a written waiver of notice is signed before or after
such meeting by such stockholder or if such stockholder attends such meeting,
unless such attendance was for the express purpose of objecting at the beginning
of the meeting to the transaction of any business because the meeting was not
lawfully called or convened.  Neither the business to be transacted at, nor the
purpose of, any Annual Meeting or special meeting of stockholders need be
specified in any written waiver of notice.

     The Board of Directors may postpone and reschedule any previously scheduled
Annual Meeting or special meeting of stockholders and any record date with
respect thereto, regardless of whether any notice or public disclosure with
respect to any such meeting has been sent or made pursuant to Section 2 of this
Article I of these By-laws or otherwise.   In no event shall the public
announcement of an adjournment, postponement or rescheduling of any previously
scheduled meeting of stockholders commence a new time period for the giving of a
stockholder's notice under Section 2 of this Article I of these By-laws.

     When any meeting is convened, the presiding officer may adjourn the meeting
if (a) no quorum is present for the transaction of business, (b) the Board of
Directors determines that adjournment is necessary or appropriate to enable the
stockholders to consider fully information which the Board of Directors
determines has not been made sufficiently or timely available to stockholders,
or (c) the Board of Directors determines that adjournment is otherwise in the
best interests of the Corporation.  When any Annual Meeting or special meeting
of stockholders is adjourned to another hour, date or place, notice need not be
given of the adjourned meeting other than an announcement at the meeting at
which the adjournment is taken of the hour, date and place to which the meeting
is adjourned; provided, however, that if the adjournment is for more than 30
days, or if after the adjournment a new record date is fixed for the adjourned
meeting, notice of the adjourned meeting shall be given to each stockholder of
record entitled to vote thereat and each stockholder who, by law or under the
Certificate of Incorporation of the Corporation (as the same may hereafter be
amended and/or restated, the "Certificate") or these By-laws, is entitled to
such notice.

                                       4
<PAGE>

     SECTION 5.  Quorum.  A majority of the shares entitled to vote, present in
                 ------
person or represented by proxy, shall constitute a quorum at any meeting of
stockholders.  If less than a quorum is present at a meeting, the holders of
voting stock representing a majority of the voting power present at the meeting
or the presiding officer may adjourn the meeting from time to time, and the
meeting may be held as adjourned without further notice, except as provided in
Section 5 of this Article I.  At such adjourned meeting at which a quorum is
present, any business may be transacted which might have been transacted at the
meeting as originally noticed.  The stockholders present at a duly constituted
meeting may continue to transact business until adjournment, notwithstanding the
withdrawal of enough stockholders to leave less than a quorum.

     SECTION 6.  Voting and Proxies.  Stockholders shall have one vote for each
                 ------------------
share of stock entitled to vote owned by them of record according to the stock
ledger of the Corporation, unless otherwise provided by law or by the
Certificate.  Stockholders may vote either (i) in person, (ii) by written proxy
or (iii) by a transmission permitted by (S)212(c) of the Delaware General
Corporation Law ("DGCL").  Any copy, facsimile telecommunication or other
reliable reproduction of the writing or transmission permitted by (S)212(c) of
the DGCL may be substituted for or used in lieu of the original writing or
transmission for any and all purposes for which the original writing or
transmission could be used, provided that such copy, facsimile telecommunication
or other reproduction shall be a complete reproduction of the entire original
writing or transmission.  Proxies shall be filed in accordance with the
procedures established for the meeting of stockholders.  Except as otherwise
limited therein or as otherwise provided by law, proxies authorizing a person to
vote at a specific meeting shall entitle the persons authorized thereby to vote
at any adjournment of such meeting, but they shall not be valid after final
adjournment of such meeting.  A proxy with respect to stock held in the name of
two or more persons shall be valid if executed by or on behalf of any one of
them unless at or prior to the exercise of the proxy the Corporation receives a
specific written notice to the contrary from any one of them.

     SECTION 7.  Action at Meeting.  When a quorum is present at any meeting of
                 -----------------
stockholders, any matter before any such meeting (other than an election of a
director or directors) shall be decided by a majority of the votes properly cast
for or against such matter, except where a larger vote is required by law, by
the Certificate or by these By-laws.  Any election of directors by stockholders
shall be determined by a plurality of the votes properly cast on the election of
directors.  The Corporation shall not directly or indirectly vote any shares of
its own stock; provided, however, that the Corporation may vote shares which it
holds in a fiduciary capacity to the extent permitted by law.

     SECTION 8.  Stockholder Lists.  The Secretary or an Assistant Secretary (or
                 -----------------
the Corporation's transfer agent or other person authorized by these By-laws or
by law) shall prepare and make, at least 10 days before every Annual Meeting or
special 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

                                       5
<PAGE>

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, during
ordinary business hours, for a period of at least 10 days prior to the meeting,
either at a place within the city where the meeting is to be held, which place
shall be specified in the notice of the meeting, or, if not so specified, at the
place where the meeting is to be held. The list shall also be produced and kept
at the hour, date and place of the meeting during the whole time thereof, and
may be inspected by any stockholder who is present.

     SECTION 9.  Presiding Officer.  The Chairman of the Board, if one is
                 -----------------
elected, or if not elected or in his or her absence, the Chief Executive
Officer, or, in the absence of the Chairman of the Board and the Chief Executive
Officer, the President, shall preside at all Annual Meetings or special meetings
of stockholders and shall have the power, among other things, to adjourn such
meeting at any time and from time to time, subject to Sections 5 and 6 of this
Article I.  The order of business and all other matters of procedure at any
meeting of the stockholders shall be determined by the presiding officer.

     SECTION 10.  Inspectors of Elections.  The Corporation shall, in advance of
                  -----------------------
any meeting of stockholders, appoint one or more inspectors to act at the
meeting and make a written report thereof.  The Corporation may designate one or
more persons as alternate inspectors to replace any inspector who fails to act.
If no inspector or alternate is able to act at a meeting of stockholders, the
presiding officer shall appoint one or more inspectors to act at the meeting.
Any inspector may, but need not, be an officer, employee or agent of the
Corporation.  Each inspector, before entering upon the discharge of his or her
duties, shall take and sign an oath faithfully to execute the duties of
inspector with strict impartiality and according to the best of his or her
ability.  The inspectors shall perform such duties as are required by the DGCL,
including the counting of all votes and ballots.  The inspectors may appoint or
retain other persons or entities to assist the inspectors in the performance of
the duties of the inspectors.  The presiding officer may review all
determinations made by the inspectors, and in so doing the presiding officer
shall be entitled to exercise his or her sole judgment and discretion and he or
she shall not be bound by any determinations made by the inspectors.  All
determinations by the inspectors and, if applicable, the presiding officer,
shall be subject to further review by any court of competent jurisdiction.


                                  ARTICLE II
                                  ----------

                                   Directors
                                   ---------

     SECTION 1.  Powers.  The business and affairs of the Corporation shall be
                 ------
managed by or under the direction of the Board of Directors except as otherwise
provided by the Certificate or required by law.

                                       6
<PAGE>

     SECTION 2.  Number and Terms.  The number of directors of the Corporation
                 ----------------
shall be fixed solely and exclusively by resolution duly adopted from time to
time by the Board of Directors.  The directors shall hold office in the manner
provided in the Certificate.

     SECTION 3.  Qualification.  No director need be a stockholder of the
                 -------------
Corporation.

     SECTION 4.  Vacancies.  Vacancies in the Board of Directors shall be filled
                 ---------
in the manner provided in the Certificate.

     SECTION 5.  Removal.  Directors may be removed from office in the manner
                 -------
provided in the Certificate.

     SECTION 6.  Resignation.  A director may resign at any time by giving
                 -----------
written notice to the Chairman of the Board, if one is elected, the Chief
Executive Officer, the President or the Secretary.  A resignation shall be
effective upon receipt, unless the resignation otherwise provides.

     SECTION 7.  Regular Meetings.  The regular annual meeting of the Board of
                 ----------------
Directors shall be held, without notice other than this Section 7, on the same
date and at the same place as the Annual Meeting following the close of such
meeting of stockholders.  Other regular meetings of the Board of Directors may
be held at such hour, date and place as the Board of Directors may by resolution
from time to time determine and publicize by means of reasonable notice given to
any director who is not present at the meeting at which such resolution is
adopted.

     SECTION 8.  Special Meetings.  Special meetings of the Board of Directors
                 ----------------
may be called, orally or in writing, by or at the request of a majority of the
directors, the Chairman of the Board, if one is elected, or the Chief Executive
Officer.  The person calling any such special meeting of the Board of Directors
may fix the hour, date and place thereof.

     SECTION 9.  Notice of Meetings.  Notice of the hour, date and place of all
                 ------------------
special meetings of the Board of Directors shall be given to each director by
the Secretary or an Assistant Secretary, or in case of the death, absence,
incapacity or refusal of such persons, by the Chairman of the Board, if one is
elected, the Chief Executive Officer or the President or such other officer
designated by the Chairman of the Board, if one is elected, the Chief Executive
Officer or the President.  Notice of any special meeting of the Board of
Directors shall be given to each director in person, by telephone, or by
facsimile, electronic mail or other form of electronic communication, sent to
his or her business or home address, at least 24 hours in advance of the
meeting, or by written notice mailed to his or her business or home address, at
least 48 hours in advance of the meeting.  Such notice shall be deemed to be
delivered when hand delivered to such address, read to such director by
telephone, deposited in the mail so addressed, with postage thereon prepaid if
mailed, dispatched or transmitted if faxed, telexed or telecopied, or when
delivered to the telegraph company if sent by telegram.

                                       7
<PAGE>

     A written waiver of notice signed before or after a meeting by a director
and filed with the records of the meeting shall be deemed to be equivalent to
notice of the meeting.  The attendance of a director at a meeting shall
constitute a waiver of notice of such meeting, except where a director attends a
meeting for the express purpose of objecting at the beginning of the meeting to
the transaction of any business because such meeting is not lawfully called or
convened.  Except as otherwise required by law, by the Certificate or by these
By-laws, neither the business to be transacted at, nor the purpose of, any
meeting of the Board of Directors need be specified in the notice or waiver of
notice of such meeting.

     SECTION 10.  Quorum.  At any meeting of the Board of Directors, a majority
                  ------
of the total number of directors shall constitute a quorum for the transaction
of business, but if less than a quorum is present at a meeting, a majority of
the directors present may adjourn the meeting from time to time, and the meeting
may be held as adjourned without further notice, except as provided in Section 9
of this Article II.  Any business which might have been transacted at the
meeting as originally noticed may be transacted at such adjourned meeting at
which a quorum is present.  For purposes of this section, the total number of
directors includes any unfilled vacancies on the Board of Directors.

     SECTION 11.  Action at Meeting.  At any meeting of the Board of Directors
                  -----------------
at which a quorum is present, the vote of a majority of the directors present
shall constitute action by the Board of Directors, unless otherwise required by
law, by the Certificate or by these By-laws.

     SECTION 12.  Action by Consent.  Any action required or permitted to be
                  -----------------
taken at any meeting of the Board of Directors may be taken without a meeting if
all members of the Board of Directors consent thereto in writing.  Such written
consent shall be filed with the records of the meetings of the Board of
Directors and shall be treated for all purposes as a vote at a meeting of the
Board of Directors.

     SECTION 13.  Manner of Participation.  Directors may participate in
                  -----------------------
meetings of the Board of Directors by means of conference telephone or similar
communications equipment by means of which all directors participating in the
meeting can hear each other, and participation in a meeting in accordance
herewith shall constitute presence in person at such meeting for purposes of
these By-laws.

     SECTION 14.  Committees.  The Board of Directors, by vote of a majority of
                  ----------
the directors then in office, may elect from its number one or more committees,
including, without limitation, an Executive Committee, a Compensation Committee,
a Stock Option Committee and an Audit Committee, and may delegate thereto some
or all of its powers except those which by law, by the Certificate or by these
By-laws may not be delegated.  Except as the Board of Directors may otherwise
determine, any such committee may make rules for the conduct of its business,
but unless otherwise provided by the Board of Directors or in such rules, its
business shall be conducted so far as possible in the same manner as is provided
by

                                       8
<PAGE>

these By-laws for the Board of Directors. All members of such committees shall
hold such offices at the pleasure of the Board of Directors. The Board of
Directors may abolish any such committee at any time. Any committee to which the
Board of Directors delegates any of its powers or duties shall keep records of
its meetings and shall report its action to the Board of Directors.

     SECTION 15.  Compensation of Directors.  Directors shall receive such
                  -------------------------
compensation for their services as shall be determined by a majority of the
Board of Directors, or a designated committee thereof, provided that directors
who are serving the Corporation as employees and who receive compensation for
their services as such, shall not receive any salary or other compensation for
their services as directors of the Corporation.


                                  ARTICLE III
                                  -----------

                                   Officers
                                   --------

     SECTION 1.  Enumeration.  The officers of the Corporation shall consist of
                 -----------
a Chief Executive Officer, a President, a Treasurer, a Secretary and such other
officers, including, without limitation, a Chairman of the Board of Directors
and one or more Vice Presidents (including Executive Vice Presidents or Senior
Vice Presidents), Assistant Vice Presidents, Assistant Treasurers and Assistant
Secretaries, as the Board of Directors may determine.

     SECTION 2.  Election.  At the regular annual meeting of the Board of
                 --------
Directors following the Annual Meeting, the Board of Directors shall elect the
Chief Executive Officer, the President, the Treasurer and the Secretary.  Other
officers may be elected by the Board of Directors at such regular annual meeting
of the Board of Directors or at any other regular or special meeting.

     SECTION 3.  Qualification.  No officer need be a stockholder or a director.
                 -------------
Any person may occupy more than one office of the Corporation at any time.  Any
officer may be required by the Board of Directors to give bond for the faithful
performance of his or her duties in such amount and with such sureties as the
Board of Directors may determine.

     SECTION 4.  Tenure.  Except as otherwise provided by the Certificate or by
                 ------
these By-laws, each of the officers of the Corporation shall hold office until
the regular annual meeting of the Board of Directors following the next Annual
Meeting and until his or her successor is elected and qualified or until his or
her earlier resignation or removal.

     SECTION 5.  Resignation.  Any officer may resign by delivering his or her
                 -----------
written resignation to the Corporation addressed to the Chief Executive Officer,
the President or the Secretary, and such resignation shall be effective upon
receipt unless it is specified to be effective at some other time or upon the
happening of some other event.

                                       9
<PAGE>

     SECTION 6.  Removal.  Except as otherwise provided by law, the Board of
                 -------
Directors may remove any officer with or without cause by the affirmative vote
of a majority of the directors then in office.

     SECTION 7.  Absence or Disability.  In the event of the absence or
                 ---------------------
disability of any officer, the Board of Directors may designate another officer
to act temporarily in place of such absent or disabled officer.

     SECTION 8.  Vacancies.  Any vacancy in any office may be filled for the
                 ---------
unexpired portion of the term by the Board of Directors.

     SECTION 9.  Chief Executive Officer.  The Chief Executive Officer shall,
                 -----------------------
subject to the direction of the Board of Directors, have general supervision and
control of the Corporation's business.  If there is no Chairman of the Board or
if he or she is absent, the Chief Executive Officer shall preside, when present,
at all meetings of stockholders and of the Board of Directors. The Chief
Executive Officer shall have such other powers and perform such other duties as
the Board of Directors may from time to time designate.

     SECTION 10.  Chairman of the Board.  The Chairman of the Board, if one is
                  ---------------------
elected, shall preside, when present, at all meetings of the stockholders and of
the Board of Directors. The Chairman of the Board shall have such other powers
and shall perform such other duties as the Board of Directors may from time to
time designate.

     SECTION 11.  President.  The President shall have such powers and shall
                  ---------
perform such duties as the Board of Directors or the Chief Executive Officer may
from time to time designate.

     SECTION 12.  Vice Presidents and Assistant Vice Presidents.  Any Vice
                  ---------------------------------------------
President (including any Executive Vice President or Senior Vice President) and
any Assistant Vice President shall have such powers and shall perform such
duties as the Board of Directors or the Chief Executive Officer may from time to
time designate.

     SECTION 13.  Treasurer and Assistant Treasurers.  The Treasurer shall,
                  ----------------------------------
subject to the direction of the Board of Directors and except as the Board of
Directors or the Chief Executive Officer may otherwise provide, have general
charge of the financial affairs of the Corporation and shall cause to be kept
accurate books of account.  The Treasurer shall have custody of all funds,
securities, and valuable documents of the Corporation.  He or she shall have
such other duties and powers as may be designated from time to time by the Board
of Directors or the Chief Executive Officer.

     Any Assistant Treasurer shall have such powers and perform such duties as
the Board of Directors or the Chief Executive Officer may from time to time
designate.

                                       10
<PAGE>

     SECTION 14.  Secretary and Assistant Secretaries.  The Secretary shall
                  -----------------------------------
record all the proceedings of the meetings of the stockholders and the Board of
Directors (including committees of the Board) in books kept for that purpose.
In his or her absence from any such meeting, a temporary secretary chosen at the
meeting shall record the proceedings thereof.  The Secretary shall have charge
of the stock ledger (which may, however, be kept by any transfer or other agent
of the Corporation).  The Secretary shall have custody of the seal of the
Corporation, and the Secretary, or an Assistant Secretary, shall have authority
to affix it to any instrument requiring it, and, when so affixed, the seal may
be attested by his or her signature or that of an Assistant Secretary.  The
Secretary shall have such other duties and powers as may be designated from time
to time by the Board of Directors or the Chief Executive Officer.  In the
absence of the Secretary, any Assistant Secretary may perform his or her duties
and responsibilities.

     Any Assistant Secretary shall have such powers and perform such duties as
the Board of Directors or the Chief Executive Officer may from time to time
designate.

     SECTION 15.  Other Powers and Duties.  Subject to these By-laws and to such
                  -----------------------
limitations as the Board of Directors may from time to time prescribe, the
officers of the Corporation shall each have such powers and duties as generally
pertain to their respective offices, as well as such powers and duties as from
time to time may be conferred by the Board of Directors or the Chief Executive
Officer.


                                  ARTICLE IV
                                  ----------

                                 Capital Stock
                                 -------------

     SECTION 1.  Certificates of Stock.  Each stockholder shall be entitled to a
                 ---------------------
certificate of the capital stock of the Corporation in such form as may from
time to time be prescribed by the Board of Directors.  Such certificate shall be
signed by the Chairman of the Board of Directors, the President or a Vice
President and by the Treasurer or an Assistant Treasurer, or the Secretary or an
Assistant Secretary.  The Corporation seal and the signatures by the
Corporation's officers, the transfer agent or the registrar may be facsimiles.
In case any officer, transfer agent or registrar who has signed or whose
facsimile signature has been placed on such certificate shall have ceased to be
such officer, transfer agent or registrar before such certificate is issued, it
may be issued by the Corporation with the same effect as if he or she were such
officer, transfer agent or registrar at the time of its issue.  Every
certificate for shares of stock which are subject to any restriction on transfer
and every certificate issued when the Corporation is authorized to issue more
than one class or series of stock shall contain such legend with respect thereto
as is required by law.

     SECTION 2.  Transfers.  Subject to any restrictions on transfer and unless
                 ---------
otherwise provided by the Board of Directors, shares of stock may be transferred
only on the books of

                                       11
<PAGE>

the Corporation by the surrender to the Corporation or its transfer agent of the
certificate theretofore properly endorsed or accompanied by a written assignment
or power of attorney properly executed, with transfer stamps (if necessary)
affixed, and with such proof of the authenticity of signature as the Corporation
or its transfer agent may reasonably require.

     SECTION 3.  Record Holders.  Except as may otherwise be required by law, by
                 --------------
the Certificate or by these By-laws, the Corporation shall be entitled to treat
the record holder of stock as shown on its books as the owner of such stock for
all purposes, including the payment of dividends and the right to vote with
respect thereto, regardless of any transfer, pledge or other disposition of such
stock, until the shares have been transferred on the books of the Corporation in
accordance with the requirements of these By-laws.

     SECTION 4.  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 of Directors 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 of Directors, and which record date: (a) in the case of
determination of stockholders entitled to vote at any meeting of stockholders,
shall, unless otherwise required by law, not be more than 60 nor less than 10
days before the date of such meeting and (b) in the case of any other action,
shall not be more than 60 days prior to such other action. If no record date is
fixed: (i) 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 and (ii) 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.

     SECTION 5.  Replacement of Certificates.  In case of the alleged loss,
                 ---------------------------
destruction or mutilation of a certificate of stock, a duplicate certificate may
be issued in place thereof, upon such terms as the Board of Directors may
prescribe.


                                   ARTICLE V
                                   ---------

                                Indemnification
                                ---------------

     SECTION 1.  Definitions.  For purposes of this Article:
                 -----------

     (a)  "Corporate Status" describes the status of a person who is serving or
has served (i) as a Director of the Corporation, (ii) as an Officer of the
Corporation, or (iii) as a director, partner, trustee, officer, employee or
agent of any other corporation, partnership, joint

                                       12
<PAGE>

venture, trust, employee benefit plan or other enterprise which such person is
or was serving at the request of the Corporation. For purposes of this Section
1(a), an Officer or Director of the Corporation who is serving or has served as
a director, partner, trustee, officer, employee or agent of a Subsidiary shall
be deemed to be serving at the request of the Corporation;

     (b)  "Director" means any person who serves or has served the Corporation
as a director on the Board of Directors of the Corporation;

     (c)  "Disinterested Director" means, with respect to each Proceeding in
respect of which indemnification is sought hereunder, a Director of the
Corporation who is not and was not a party to such Proceeding;

     (d)  "Expenses" means all reasonable attorneys' fees, retainers, court
costs, transcript costs, fees of expert witnesses, private investigators and
professional advisors (including, without limitation, accountants and investment
bankers), travel expenses, duplicating costs, printing and binding costs, costs
of preparation of demonstrative evidence and other courtroom presentation aids
and devices, costs incurred in connection with document review, organization,
imaging and computerization, telephone charges, postage, delivery service fees,
and all other disbursements, costs or expenses of the type customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, settling or otherwise
participating in, a Proceeding;

     (e)  "Non-Officer Employee" means any person who serves or has served as an
employee or agent of the Corporation, but who is not or was not a Director or
Officer;

     (f)  "Officer" means any person who serves or has served the Corporation as
an officer appointed by the Board of Directors of the Corporation;

     (g)  "Proceeding" means any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, inquiry, investigation,
administrative hearing or other proceeding, whether civil, criminal,
administrative, arbitrative or investigative; and

     (h)  "Subsidiary" shall mean any corporation, partnership, limited
liability company, joint venture, trust or other entity of which the Corporation
owns (either directly or through or together with another Subsidiary of the
Corporation) either (i) a general partner, managing member or other similar
interest or (ii) (A) 50% or more of the voting power of the voting capital
equity interests of such corporation, partnership, limited liability company,
joint venture or other entity, or (B) 50% or more of the outstanding voting
capital stock or other voting equity interests of such corporation, partnership,
limited liability company, joint venture or other entity.

                                       13
<PAGE>

     SECTION 2.  Indemnification of Directors and Officers.  Subject to the
                 -----------------------------------------
operation of Section 4 of this Article V of these By-laws, each Director and
Officer shall be indemnified and held harmless by the Corporation to the fullest
extent authorized by the DGCL, as the same exists or may hereafter be amended
(but, in the case of any such amendment, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than such law
permitted the Corporation to provide prior to such amendment) against any and
all Expenses, judgments, penalties, fines and amounts reasonably paid in
settlement that are incurred by such Director or Officer or on such Director's
or Officer's behalf in connection with any threatened, pending or completed
Proceeding or any claim, issue or matter therein, which such Director or Officer
is, or is threatened to be made, a party to or participant in by reason of such
Director's or Officer's Corporate Status, if such Director or Officer acted in
good faith and in a manner such Director or Officer reasonably believed to be in
or not opposed to the best interests of the Corporation and, with respect to any
criminal proceeding, had no reasonable cause to believe his or her conduct was
unlawful.  The rights of indemnification provided by this Section 2 shall
continue as to a Director or Officer after he or she has ceased to be a Director
or Officer and shall inure to the benefit of his or her heirs, executors,
administrators and personal representatives. Notwithstanding the foregoing, the
Corporation shall indemnify any Director or Officer seeking indemnification in
connection with a Proceeding initiated by such Director or Officer only if such
Proceeding was authorized by the Board of Directors of the Corporation, unless
such Proceeding was brought to enforce an Officer or Director's rights to
Indemnification or, in the case of Directors, advancement of Expenses under
these By-laws in accordance with the provisions set forth herein.

     SECTION 3.  Indemnification of Non-Officer Employees.  Subject to the
                 ----------------------------------------
operation of Section 4 of this Article V of these By-laws, each Non-Officer
Employee may, in the discretion of the Board of Directors of the Corporation, be
indemnified by the Corporation to the fullest extent authorized by the DGCL, as
the same exists or may hereafter be amended, against any or all Expenses,
judgments, penalties, fines and amounts reasonably paid in settlement that are
incurred by such Non-Officer Employee or on such Non-Officer Employee's behalf
in connection with any threatened, pending or completed Proceeding, or any
claim, issue or matter therein, which such Non-Officer Employee is, or is
threatened to be made, a party to or participant in by reason of such Non-
Officer Employee's Corporate Status, if such Non-Officer Employee acted in good
faith and in a manner such Non-Officer Employee reasonably believed to be in or
not opposed to the best interests of the Corporation and, with respect to any
criminal proceeding, had no reasonable cause to believe his or her conduct was
unlawful.  The rights of indemnification provided by this Section 3 shall exist
as to a Non-Officer Employee after he or she has ceased to be a Non-Officer
Employee and shall inure to the benefit of his or her heirs, personal
representatives, executors and administrators.  Notwithstanding the foregoing,
the Corporation may indemnify any Non-Officer Employee seeking indemnification
in connection with a Proceeding initiated by such Non-Officer Employee only if
such Proceeding was authorized by the Board of Directors of the Corporation.

                                       14
<PAGE>

     SECTION 4.  Good Faith.  Unless ordered by a court, no indemnification
                 ----------
shall be provided pursuant to this Article V to a Director, to an Officer or to
a Non-Officer Employee unless a determination shall have been made that such
person acted in good faith and in a manner such person reasonably believed to be
in or not opposed to the best interests of the Corporation and, with respect to
any criminal Proceeding, such person had no reasonable cause to believe his or
her conduct was unlawful.  Such determination shall be made by (a) a majority
vote of the Disinterested Directors, even though less than a quorum of the Board
of Directors, (b) a committee comprised of Disinterested Directors, such
committee having been designated by a majority vote of the Disinterested
Directors (even though less than a quorum), (c) if there are no such
Disinterested Directors, or if a majority of Disinterested Directors so directs,
by independent legal counsel in a written opinion, or (d) by the stockholders of
the Corporation.

     SECTION 5.  Advancement of Expenses to Directors Prior to Final
                 ---------------------------------------------------
Disposition.
-----------

     (a)  The Corporation shall advance all Expenses incurred by or on behalf of
any Director in connection with any Proceeding in which such Director is
involved by reason of such Director's Corporate Status within 10 days after the
receipt by the Corporation of a written statement from such Director requesting
such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding.  Such statement or statements shall reasonably
evidence the Expenses incurred by such Director and shall be preceded or
accompanied by an undertaking by or on behalf of such Director to repay any
Expenses so advanced if it shall ultimately be determined that such Director is
not entitled to be indemnified against such Expenses.

     (b)  If a claim for advancement of Expenses hereunder by a Director is not
paid in full by the Corporation within 10 days after receipt by the Corporation
of documentation of Expenses and the required undertaking, such Director may at
any time thereafter bring suit against the Corporation to recover the unpaid
amount of the claim and if successful in whole or in part, such Director shall
also be entitled to be paid the expenses of prosecuting such claim.  The failure
of the Corporation (including its Board of Directors or any committee thereof,
independent legal counsel, or stockholders) to make a determination concerning
the permissibility of such advancement of Expenses under this Article V shall
not be a defense to the action and shall not create a presumption that such
advancement is not permissible. The burden of proving that a Director is not
entitled to an advancement of expenses shall be on the Corporation.

     (c)  In any suit brought by the Corporation to recover an advancement of
expenses pursuant to the terms of an undertaking, the Corporation shall be
entitled to recover such expenses upon a final adjudication that the Director
has not met any applicable standard for indemnification set forth in the DGCL.

                                       15
<PAGE>

     SECTION 6.  Advancement of Expenses to Officers and Non-Officer Employees
                 -------------------------------------------------------------
Prior to Final Disposition.
--------------------------

     (a)  The Corporation may, at the discretion of the Board of Directors of
the Corporation, advance any or all Expenses incurred by or on behalf of any
Officer and Non-Officer Employee in connection with any Proceeding in which such
is involved by reason of the Corporate Status of such Officer or Non-Officer
Employee upon the receipt by the Corporation of a statement or statements from
such Officer or Non-Officer Employee requesting such advance or advances from
time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses incurred by
such Officer and Non-Officer Employee and shall be preceded or accompanied by an
undertaking by or on behalf of such to repay any Expenses so advanced if it
shall ultimately be determined that such Officer or Non-Officer Employee is not
entitled to be indemnified against such Expenses.

     (b)  In any suit brought by the Corporation to recover an advancement of
expenses pursuant to the terms of an undertaking, the Corporation shall be
entitled to recover such expenses upon a final adjudication that the Officer or
Non-Officer Employee has not met any applicable standard for indemnification set
forth in the DGCL.

     SECTION 7.  Contractual Nature of Rights.
                 ----------------------------

     (a)  The foregoing provisions of this Article V shall be deemed to be a
contract between the Corporation and each Director and Officer entitled to the
benefits hereof at any time while this Article V is in effect, and any repeal or
modification thereof shall not affect any rights or obligations then existing
with respect to any state of facts then or theretofore existing or any
Proceeding theretofore or thereafter brought based in whole or in part upon any
such state of facts.

     (b)  If a claim for indemnification of Expenses hereunder by a Director or
Officer is not paid in full by the Corporation within 60 days after receipt by
the Corporation of a written claim for indemnification, such Director or Officer
may at any time thereafter bring suit against the Corporation to recover the
unpaid amount of the claim, and if successful in whole or in part, such Director
or Officer shall also be entitled to be paid the expenses of prosecuting such
claim. The failure of the Corporation (including its Board of Directors or any
committee thereof, independent legal counsel, or stockholders) to make a
determination concerning the permissibility of such indemnification under this
Article V shall not be a defense to the action and shall not create a
presumption that such indemnification is not permissible.  The burden of proving
that a Director or Officer is not entitled to indemnification shall be on the
Corporation.

     (c)  In any suit brought by a Director or Officer to enforce a right to
indemnification hereunder, it shall be a defense that such Director or Officer
has not met any applicable standard for indemnification set forth in the DGCL.

                                       16
<PAGE>

     SECTION 8.  Non-Exclusivity of Rights.  The rights to indemnification and
                 -------------------------
advancement of Expenses set forth in this Article V shall not be exclusive of
any other right which any Director, Officer, or Non-Officer Employee may have or
hereafter acquire under any statute, provision of the Certificate or these By-
laws, agreement, vote of stockholders or Disinterested Directors or otherwise.

     SECTION 9.  Insurance.  The Corporation may maintain insurance, at its
                 ---------
expense, to protect itself and any Director, Officer or Non-Officer Employee
against any liability of any character asserted against or incurred by the
Corporation or any such Director, Officer or Non-Officer Employee, or arising
out of any such person's Corporate Status, whether or not the Corporation would
have the power to indemnify such person against such liability under the DGCL or
the provisions of this Article V.


                                  ARTICLE VI
                                  ----------

                           Miscellaneous Provisions
                           ------------------------

     SECTION 1.  Fiscal Year.  The fiscal year of the Corporation shall be
                 -----------
determined by the Board of Directors.

     SECTION 2.  Seal.  The Board of Directors shall have power to adopt and
                 ----
alter the seal of the Corporation.

     SECTION 3.  Execution of Instruments.  All deeds, leases, transfers,
                 ------------------------
contracts, bonds, notes and other obligations to be entered into by the
Corporation in the ordinary course of its business without director action may
be executed on behalf of the Corporation by the Chairman of the Board, if one is
elected, the Chief Executive Officer, the President or the Treasurer or any
other officer, employee or agent of the Corporation as the Board of Directors or
Executive Committee may authorize.

     SECTION 4.  Voting of Securities.  Unless the Board of Directors otherwise
                 --------------------
provides, the Chairman of the Board, if one is elected, the Chief Executive
Officer, the President or the Treasurer may waive notice of and act on behalf of
this Corporation, or appoint another person or persons to act as proxy or
attorney in fact for this Corporation with or without discretionary power and/or
power of substitution, at any meeting of stockholders or shareholders of any
other corporation or organization, any of whose securities are held by this
Corporation.

     SECTION 5.  Resident Agent.  The Board of Directors may appoint a resident
                 --------------
agent upon whom legal process may be served in any action or proceeding against
the Corporation.

     SECTION 6.  Corporate Records.  The original or attested copies of the
                 -----------------
Certificate, By-laws and records of all meetings of the incorporators,
stockholders and the Board of

                                       17
<PAGE>

Directors and the stock transfer books, which shall contain the names of all
stockholders, their record addresses and the amount of stock held by each, may
be kept outside the State of Delaware and shall be kept at the principal office
of the Corporation, at the office of its counsel or at an office of its transfer
agent or at such other place or places as may be designated from time to time by
the Board of Directors.

     SECTION 7.  Certificate. All references in these By-laws to the Certificate
                 -----------
shall be deemed to refer to the Amended and Restated Certificate of
Incorporation of the Corporation, as amended and/or restated and in effect from
time to time.

     SECTION 8.  Amendment of By-laws.
                 --------------------

     (a)  Amendment by Directors. Except as provided otherwise by law, these By-
          ----------------------
laws may be amended or repealed by the Board of Directors by the affirmative
vote of a majority of the directors then in office.

     (b)  Amendment by Stockholders. These By-laws may be amended or repealed at
          -------------------------
any Annual Meeting, or special meeting of stockholders called for such purpose,
by the affirmative vote of at least 75% of the shares present in person or
represented by proxy at such meeting and entitled to vote on such amendment or
repeal, voting together as a single class; provided, however, that if the Board
of Directors recommends that stockholders approve such amendment or repeal at
such meeting of stockholders, such amendment or repeal shall only require the
affirmative vote of the majority of the shares present in person or represented
by proxy at such meeting and entitled to vote on such amendment or repeal,
voting together as a single class. Notwithstanding the foregoing, stockholder
approval shall not be required unless mandated by the Certificate, these By-
laws, or other applicable law.


Adopted by the Board of Directors on December 21, 1999; approved by the
stockholders on December 23, 1999; and effective as of February 8, 2000.

                                       18