**NORTHEAST      BANCORP**

**BY-LAWS**

**As        of February 1998**

**ARTICLE      I**

**MEETINGS      OF SHAREHOLDERS**

**Place of      Meeting**

**Annual      Meetings**

**Special      Meetings**

**Quorum**

**Organization**

**Voting**

|   | (1) | on                the date fixed pursuant to Section 2 of Article VI of the By-laws                as the                record date for the determination of shareholders entitled to vote                at such                meeting, notwithstanding the sale, or other disposal or transfer                on the                books of the Corporation of such share on or after the date so fixed,                or |
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|   | (2) | if                no such record date shall have been fixed, then at the date on which                notice of such meeting is mailed. |
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**Shareholders' Action Without      Meeting**

**ARTICLE      II**

**BOARD      OF DIRECTORS**

**General      Powers**

**Number, qualifications and Term of      Office**

**Manner of      Election**

**Quorum and Manner of      Acting**

**Place of Meeting,      etc**

**Books and      Records**

**First      Meeting**

**Regular      Meetings**

**Special Meetings;      Notice**

**Resignations**

**Removal of      Directors**

**Vacancies**

**Compensation**

**Directors' Participation in Meeting      by Telephone**

**Director's Action Without      Meeting**

**Presumption of      Assent.**

**Age Limitation on      Directors.**

**ARTICLE      III**

**COMMITTEES**

**Designation;      Vacancies**

**Powers**

**Procedure; Meetings;      Quorum**

**Other      Committees**

**Compensation**

**ARTICLE      IV**

**OFFICERS**

**Number**

**Election, Term of Office and      Qualifications**

**Removal**

**Resignations**

**Vacancies**

**The Chairman of the      Board**

**The      President**

**The      Vice-Presidents**

**The Clerk.**

**The      Secretary**

**The      Treasurer**

**Salaries**

**ARTICLE      V**

**CONTRACTS,      CHECKS, NOTES, ETC.**

**Execution of      Contracts**

**Loans**

**ARTICLE      VI**

**STOCK      AND DIVIDENDS**

**Certificate of      Stock**

**Closing of Transfer Books or Fixing      of Record Date**

**Lost, Destroyed or Mutilated      Certificates**

**Dividends**

**ARTICLE      VII**

**FISCAL      YEAR**

**ARTICLE      VIII**

**SEAL**

**ARTICLE      IX**

**WAIVER      OF NOTICE**

**ARTICLE      X**

**INDEMNIFICATION**

**Power to      Indemnify.**

**Right to      Indemnification.**

**Procedure to be      Followed.**

**Payment of Expenses in      Advance.**

**Other      Rights.**

**Insurance.  **

**ARTICLE      XI**

**EMERGENCY      PREPAREDNESS**

| 1. | The                officers and employees of the Company shall continue to conduct the                business of the Company under such guidance from the Board of Directors                as                may be available, except as to matters which by statue require specific                approval of the Board of Directors, and subject to any directive                of duly                constituted authority during                emergency. |
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| 2. | In                the absence or disability of any officer, or upon the refusal of                any                officer to act, the Board of Directors may delegate for the time                being                that officer's powers and duties to any other officer or                director. |
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| 3. | In                the event of an emergency so severe as to prevent the conduct and                management of the business of the Company by the Board of Directors                and                the officers as contemplated by these by-laws, any two or more available                directors shall constitute an interim Executive Committee for the                full                conduct and management of the business of the Company, subject to                such                regulations as the Board of Directors may from time to time adopt                for                emergency preparedness, until such time as the interim Executive                Committee                determines that the Company can resume the conduct and management                of the                business of the Company in the manner contemplated by the                by-laws. |
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| 4. | If,                as a consequence of an emergency, the Chief Executive Officer of                the                Company cannot be located or is unable to assume and continue his                normal                executive duties, then his powers and duties shall, without further                action                of the Board of Directors, be assumed by one of the following officers                in                the seniority set forth: |
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| 5. | If,                as a consequence of an emergency, the Treasurer of the Company cannot                be                located or is unable to assume and continue his normal duties, then                the                powers and duties of the Treasurer shall, without further action                of the                Board of Directors, be assumed by one of the following officers in                the                seniority set forth: |
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| 6. | If                during such emergency, or as a consequence thereof, the business                of the                Company cannot be conducted and managed at its main office, business                may                be conducted and managed at such temporary location or locations                as may be                designated by the Board of Directors or by its interim Executive                Committee                for which provision is made above; and the business of the Company                shall                be returned from the temporary location or locations to the main                office of                the Company as soon as practicable. |
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**ARTICLE      XII**

**AMENDMENTS,      ETC.**

**Amendments**

**Supplemental      Resolutions**