<PAGE>
 
                             REGULATION S-B EXHIBIT

                                 EXHIBIT 3(II)
<PAGE>
 
                                    BY-LAWS

                                       OF

                       MID-MISSOURI HOLDING COMPANY, INC.

                            (A Missouri Corporation)



          ARTICLE I                 Offices and Records

          ARTICLE II                Corporate Seal

          ARTICLE III               Shareholders

          ARTICLE IV                Directors

          ARTICLE V                 Officers

          ARTICLE VI                Shares of Stock

          ARTICLE VII               Indemnification

          ARTICLE VIII              General Provisions
<PAGE>
 
                                   ARTICLE I
                              Offices and Records
                              -------------------

     Section 1.  Registered Office and Registered Agent.  The location of the
     ---------   --------------------------------------                      
registered office and the name of the registered agent of the corporation in the
State of Missouri shall be determined from time to time by the Board of
Directors and shall be on file in the appropriate office of the State of
Missouri pursuant to applicable provisions of law.

     Section 2.  Corporate Offices.  The corporation may have such corporate
     ---------   -----------------                                          
offices, anywhere within and without the State of Missouri as the Board of
Directors from time to time may appoint, or the business of the corporation may
require.  The "principal place of business" or "principal business" or
"executive office or offices" of the corporation may be fixed and so designated
from time to time by the Board of Directors, but the location or residence of
the corporation in Missouri shall be deemed for all purposes to be in the county
in which its registered office in Missouri is maintained.

     Section 3.  Records.  The corporation shall keep at its registered office
     ---------   -------                                                      
in Missouri, at its principal place of business, or at the office of its
transfer agent in Missouri, original or duplicate books in which shall be
recorded the number of its shares subscribed, the names of the owners of its
shares, the numbers owned of record by them respectively, the amount of shares
paid, and by whom, the transfer of said shares with the date of transfer, the
amount of its assets and liabilities, and the names and places of residence of
its officers, and from time to time such other or additional records,
statements, lists, and information as may be required by law, including the
shareholder lists mentioned in these By-laws.

     Section 4.  Inspection of Records.  A shareholder, if he is entitled and
     ---------   ---------------------                                       
demands to inspect the records of the corporation pursuant to any statutory or
other legal right, shall be privileged to inspect such records only during the
usual and customary hours of business and in such manner as will not unduly
interfere with the regular conduct of the business of the corporation.  In order
to exercise this right of examination, a shareholder must make written demand
upon the corporation, stating with particularity the records sought to be
examined and the purpose therefor.  A shareholder may delegate his right of
inspection to his representative on the condition that, if the representative is
not an attorney, the shareholder and representative agree with the corporation
to furnish to the corporation, promptly as completed or made, a true and correct
copy of each report with respect to such inspection made by such representative.
No shareholder shall use or permit to be used or acquiesce in the use by other
of any information so obtained, to the detriment competitively of the
corporation, nor shall he furnish or permit to be furnished any information so
obtained to any competitor or prospective competitor of the corporation.

     The corporation may, as a condition precedent to any shareholder's
inspection of the record of the corporation, require the shareholder to


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 1
<PAGE>
 
indemnify the corporation against any loss or damage which may be suffered by it
arising out of or resulting from any unauthorized disclosure made or permitted
to be made by such shareholder or any representative or financial advisor of the
shareholder of information obtained in the course of such inspection.  The
corporation may, as a further condition precedent to any shareholder's
inspection of the records of the corporation, also require the shareholder to
execute and deliver to the corporation a confidentiality agreement in which the
shareholder:  (i) acknowledges that the corporation is engaged in a highly
competitive economic environment, that the nonpublic records of the corporation
would suffer material adverse financial consequences if competitors or other
entities with which the corporation does business should gain access to
nonpublic information contained in the records of the corporation; (ii) agrees
that he will not, directly or indirectly, without the corporation's prior
written consent, disclose any nonpublic information obtained from the records of
the corporation to any party other than the shareholder's representative or
personal financial advisor; and (iii) agrees to instruct his representative and
any personal financial advisor not to disclose, directly or indirectly, without
the corporation's prior written consent, any such nonpublic information received
and that no applicable professional-client privileges shall be waived.  The
corporation may also require any representative or personal financial advisor of
a shareholder to sign a confidentiality agreement containing substantially the
provisions described above as a condition precedent to inspection of the records
of the corporation.  As used herein, "nonpublic" information is all information
other than:  (a) what the corporation has filed with a governmental agency and
which (i) was not designated as confidential, secret, proprietary, or the like
and (ii) is generally open to public inspection in accordance with applicable
laws, rules, and regulations; and (b) what the corporation has released to the
press and other media for general publication.

                                   ARTICLE II
                                 Corporate Seal
                                 --------------

     Section 1.  Corporate Seal.  The corporate seal, if any, shall have
     ---------   --------------                                         
inscribed thereon the name of the corporation and the words:  Corporate Seal--
Missouri.  Said seal may be used by causing it or a facsimile thereof to be
impressed or affixed or in any manner reproduced.

                                  ARTICLE III
                                  Shareholders
                                  ------------

     Section 1.  Place of Meetings.  All meetings of the shareholders shall
     ---------   -----------------                                         
beheld at the principal business office of the corporation, except such meetings
as the Board of Directors to the extent permissible by law expressly determines
shall be held elsewhere, in which case such meetings may be held, upon notice
thereof as herein provided, at such other place or places, within or without the
State of Missouri, as said Board of Directors shall determine and as shall be
stated in such notice; and, unless specifically prohibited by law, any meeting
may be held at any


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 2
<PAGE>
 
place and time, and for any purpose if consented to in writing by all of the
shareholders entitled to vote thereat.

     Section 2.  Annual Meeting.  An annual meeting of shareholders shall be
     ---------   --------------                                             
held on the first Monday in January of each year, if not a legal holiday, and if
a legal holiday then on the next business day following, at 10:00 a.m. when the
shareholders shall elect directors to succeed those whose terms expire and
transact such other business as may properly be brought before the meeting.

     Section 3.  Special Meetings.  Special meetings of the shareholders may be
     ----------  ----------------                                              
called by the Chairman of the Board (if any), the President, or by the Board of
Directors, and shall be held on such date and at such time as he or they shall
fix.

     The holders of not less than one-fifth of all of the issued and outstanding
shares of the corporation entitled to vote for the election of directors may
also call a special meeting of the shareholders by affixing their signatures to
a written notice given as otherwise provided herein, which notice shall fix the
date and time of such meeting.

     Section 4.  Action in Lieu of Meeting.  Any action required to be taken at
     ---------   -------------------------                                     
a meeting of the shareholders or any other action which maybe taken at a meeting
of the shareholders may be taken without a meeting if consents in writing
setting forth the action so taken shall be signed by all of the shareholders
entitled to vote with respect to the subject matter thereof.

     Section 5.  Notice of Meetings.  Written or printed notice stating the
     ---------   ------------------                                        
place, day and hour of the meeting and, in the case of a special meeting, the
purpose or purposes for which the meeting is called, shall be given not less
than ten nor more than fifty days before the date of the meeting, either
personally or by mail, by or at the direction of the Board of Directors, the
Chairman of the Board (if any), the President, or the Secretary, to each
shareholder of record entitled to vote at such meeting.  If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail in a
sealed envelope addressed to the shareholder at his address as it appears on the
records of the corporation, with postage thereon prepaid.

     Section 6.  Presiding Officials.  Every meeting of the shareholders for
     ----------  -------------------                                        
whatever object, shall be convened (in the order shown, unless otherwise
determined by resolution of the Board of Directors) by the Chairman of the Board
(if any), or by the President, or by the officer who called the meeting by
notice as above provided; but it shall be presided over by the officers
specified elsewhere in these By-laws.

     Section 7.  Waiver of Notice.  Whenever any notice is required to be given
     ---------   ----------------                                              
under the provisions of these By-laws, the Articles of Incorporation of the
corporation, or any law, a waiver thereof in writing signed by the person or
persons entitled to such notice, whether before, at, or after the time stated
therein, shall be deemed the equivalent of the giving of


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 3
<PAGE>
 
such notice.  To the extent provided by law, attendance at any meeting shall
constitute a waiver of notice of such meeting.

     Section 8.  Business Transacted at Annual Meetings.  At each annual meeting
     ---------   --------------------------------------                         
of the shareholders, the shareholders shall elect a Board of Directors to hold
office until the next succeeding annual meeting, or, in the case of a classified
Board of Directors, the shareholders shall elect Directors to fill those
director positions the terms of which are set to expire at that annual meeting
of shareholders; and they may transact such other business as may be desire,
whether or not the same was specified in the notice of the meeting, unless the
consideration of such other business without its having been specified in the
notice of the meeting as one of the purposes thereof is prohibited by law.

     Section 9.  Business Transacted at Special Meetings.  Business transacted
     ---------   ---------------------------------------                      
at all special meetings of the shareholders shall be confined to the purposes
stated in the notice of such meetings, unless the transaction of other business
is consented to by the holders of all of the outstanding shares of stock of the
corporation entitled to vote thereat.

     Section 10.  Quorum.  Except as may be otherwise provided by law or by the
     ----------   ------                                                       
Articles of Incorporation, the holders of a majority of the voting shares issued
and outstanding and entitled to vote for the election of directors, whether
present in person or by proxy, shall constitute a quorum for the transaction of
business at all meetings of the shareholders.  Every decision of a majority in
amount of shares of such quorum shall be valid as a corporate act, except in
those specific instances in which a larger vote is required by law, by these By-
laws, or by the Articles of Incorporation.  If, however, such quorum should not
be present at any meeting, the shareholders present and entitled to vote shall
have the power successively to adjourn the meeting, without notice other than
announcement at the meeting, to a specified date not longer than ninety days
after such adjournment.  At any such adjourned meeting at which a quorum is
present any business may be transacted which might have been transacted at the
meeting of which the shareholders were originally notified.  However, if the
adjournment is for more than thirty days, or if after the adjournment a new
record date is fixed for the adjourned meeting, notice of the adjourned meeting
shall be given in the manner otherwise provided herein to each shareholder of
record entitled to vote at such adjourned meeting.  Withdrawal of shareholders
from any meeting shall not cause the failure of a duly constituted quorum at
such meeting.

     Section 11.  Proxies.  At any meeting of the shareholders every shareholder
     ----------   -------                                                       
having the right to vote shall be entitled to vote in person, or by vesting
another person with authority to exercise the voting power of any or all of his
stock by executing in writing any voting trust agreement, proxy, or any other
type of appointment form or agreement, except as may be expressly limited by law
or by the Articles of Incorporation.  Any copy, facsimile telecommunication, or
other reliable reproduction of any writing referred to in this Section may be
used in lieu of the original writing for any and all purposes for which the


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 4
<PAGE>
 
original writing could be used, provided that such copy, facsimile
telecommunication, or other reproduction shall be a complete reproduction of the
entire original writing.  No proxy shall be valid after eleven months from the
date of its execution, unless otherwise provided in the proxy.

     Section 12.  Voting.  Each shareholder shall have one vote (or such other
     ----------   ------                                                      
number of votes as may be specifically provided) for each share of stock
entitled to vote under the provisions of the Articles of Incorporation which is
registered in his name on the books of the corporation; but in the election of
directors, cumulative voting shall prevail; that is to say, each shareholder
shall have the right to cast as many votes in the aggregate as shall equal the
number of voting shares so held by him, multiplied by the number of directors to
be elected at such election, and he may cast the whole number of such votes for
any one or more candidates.  Directors shall not be elected at such election,
and he may cast the whole number of such votes for any one or more candidates.
Directors shall not be elected in any other manner, unless such cumulative
voting be unanimously waived by all shareholders present, in person or by proxy,
and such waiver is permitted by law.  All other matters, except as required by
law or the Articles of Incorporation, shall be determined by a majority of the
votes cast.  Any shareholder who is in attendance at a meeting of the
shareholders either in person or by proxy, but who abstains from voting on any
matter, shall not be deemed present or represented at such meeting for purposes
of the preceding sentence with respect to such vote, but shall be deemed present
or represented for all other purposes.

     The rights and powers of the holders of any class or series of preferred
stock with respect to the election of directors shall be only as may be duly
designated with respect to such class or series and as is consistent with the
provisions of the Articles of Incorporation.

     No person shall be permitted to vote any shares belonging to the
corporation.

     Shares standing in the name of another corporation, domestic or foreign,
may be voted by such officer, agent, or proxy as the by-laws of such corporation
may prescribe, or, in the absence of such provision, as the board of directors
of such corporation may determine.

     Shares standing in the name of a deceased person may be voted by his
personal representative either in person or by proxy.  Shares standing in the
name of a conservator or trustee may be voted by such fiduciary, either in
person or by proxy, but no conservator or trustee shall be entitled as such
fiduciary to vote shares held by him without transfer of such shares into his
name.

     Shares standing in the name of a receiver, and shares held by or under the
control of a receiver may be voted by such receiver without the transfer thereof
into his name if authority to do so is contained in an appropriate order of the
court by which such receiver was appointed.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 5
<PAGE>
 
     A shareholder whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledge, and
thereafter the pledgee shall be entitled to vote the shares transferred.

     Shares standing in the names of two or more persons shall be voted or
represented in accordance with the vote or consent of a majority of the persons
in whose names the shares are registered.  If only one such person is present in
person or by proxy, he may vote all of the shares, and all of the shares
standing in the names of such persons shall be deemed represented for purposes
of determining a quorum.  The foregoing provisions shall also apply to shares
held by two or more personal representatives, trustees, or other fiduciaries
unless the instrument or order appointing them otherwise directs.

     Section 13.  Registered Shareholders.  The corporation shall be entitled to
     ----------   -----------------------                                       
treat the holder of any share or shares of stock of the corporation, as recorded
on the stock record or transfer books of the corporation, as the holder of
record and as the holder and owner in fact thereof and, accordingly, shall not
be required to recognize any equitable or other claim to or interest in such
share(s) on the part of any other person, firm, partnership, corporation or
association, whether or not the corporation shall have express or other notice
thereof, save as is otherwise expressly required by law, and the term
"shareholder" as used in these By-laws means one who is a holder of record of
shares of the corporation; provided, however, that if permitted by law:

          Shares standing in the name of another corporation, domestic or
     foreign, may be voted by such officer, agent or proxy as the By-laws of
     such corporation prescribe, or, in the absence of such provision, as the
     Board of Directors of such corporation may determine;

          Shares standing in the name of a deceased person may be voted by his
     administrator or person representative, either in person or by proxy; and
     shares standing in the name of a guardian, curator, or trustee may be voted
     by such fiduciary, either in person or by proxy; but no guardian, curator,
     or trustee shall be entitled, as such fiduciary, to vote shares held by him
     without a transfer of such shares into his name;

          A shareholder whose shares are pledged shall be entitled to vote such
     share until the shares have been transferred of record into the name of the
     pledgee, and thereafter the pledgee shall be entitled to vote the shares so
     transferred.

     Section 14.  Shareholders Lists.  A complete list of the shareholders
     ----------   ------------------                                      
entitled to vote at each meeting of the shareholders, arranged in alphabetical
order, with the address of, and the number of voting shares held by each, shall
be prepared by the officer of the corporation having charge of the stock
transfer books of the corporation, and shall for a period of ten days prior to
the meeting be kept on file in the registered


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 6
<PAGE>
 
office of the corporation in Missouri, and shall at any time during the usual
hours for business be subject to inspection by any shareholder.  A similar or
duplicate list shall also be produced and kept open for the inspection of any
shareholder during the whole time of the meeting.  The original share ledger or
transfer book, or a duplicate thereof kept in the State of Missouri, shall be
prima facie evidence as to who are shareholders entitled to examine such list,
ledger, or transfer book or to vote at any meeting of shareholders.  Failure to
comply with the foregoing shall not affect the validity of any action taken at
any such meeting.

     Section 15.  Removal of Directors.  Except as otherwise provided the
     ----------   --------------------                                   
Articles of Incorporation or by law, the shareholders shall have the power by an
affirmative vote to a majority of the outstanding shares then entitled to vote
for the election of directors at any regular meeting or special meeting
expressly called for that purpose, to remove any director from office with or
without cause.  Such meeting shall be held at any place prescribed by law or at
any other place which may, under law, permissibly be, and which is, designated
in the notice of the special meeting.  If cumulative voting applies to the
election of directors and if less than the entire Board is to be removed, no one
of the directors may be removed if the votes cast against his removal would be
sufficient to elect him if then cumulatively voted at an election of the entire
Board of Directors.

                                   ARTICLE IV
                                   Directors
                                   ---------

     Section 1.  Qualifications and Number.  Each director shall be a natural
     ---------   -------------------------                                   
person who is at least eighteen years of age.  A director need not be a
shareholder, a citizen of the United States, or a resident of the State of
Missouri unless required by law or the Articles of Incorporation.

     Unless and until changed, the number of directors to constitute the full
Board of Directors shall be the same number as is provided for the first Board
in the Articles of Incorporation.  The Board of Directors, if, to the extent,
and in such manner as may be permitted by the Articles of Incorporation and by
law, in which case any notice required by law of any such change shall be duly
given.  If the power to change these by-law provisions concerning the number of
directors is not granted to the Board of Directors, such power shall be
exercised by such vote of the shareholders entitled to vote as may be required
in the Articles of Incorporation; and if no specific vote of the shareholders is
required, then by a majority of the shareholders then entitled to vote.

     Section 2.  Powers of the Board.  The property and business of the
     ---------   -------------------                                   
Corporation shall be managed by the directors, acting as a Board.  The Board
shall have an d is vested with all and unlimited powers and authorities, except
as may be expressly limited by law, the Articles of Incorporation, or by these
By-laws, to do or cause to be done any and all lawful things for and on behalf
of the corporation (including, without limitation, the declaration of dividends
on the outstanding shares of the


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 7
<PAGE>
 
corporation and the payment thereof in cash, property or shares), and to
exercise or cause to be exercised any or all of its powers, privileges and
franchises, and to seek the effectuation of its objects and purposes.

     Section 3.  Annual Meeting of the Board, Notice.  Any continuing members
     ---------   -----------------------------------                         
and the newly elected members of the Board shall meet:  (i) immediately
following the conclusion of the annual meeting of the shareholders for the
purpose of electing officers and for such other purposes as may come before the
meeting, and the time and place of such meeting shall be announced at the annual
meeting of the shareholders by the chairman of such meeting, and no other notice
to any continuing or the newly elected directors shall be necessary in order to
legally constitute the meeting, provided a quorum of the directors shall be
present; or (ii) if no meeting immediately following the annual meeting of
shareholders is announced, at such time and place, either within or without the
State of Missouri, as may be suggested or provided for by resolution of the
shareholders at their annual meeting and no other notice of such meeting shall
be necessary to the newly elected directors in order to legally constitute the
meeting, provided a quorum of the directors shall be present; or (iii) if not so
suggested or provided for by resolution of the shareholders or if a quorum of
the directors shall not be present, at such time and place as may be consented
to in writing by a majority of any continuing and the newly elected directors,
provided that written or printed notice of such meeting shall be given to each
of any continuing and the newly elected directors in the same manner as provided
in these By-laws with respect to the notice for special meetings of the Board,
except that it shall not be necessary to state the purpose of the meeting in
such notice; or (iv) regardless of whether or not the time and place of such
meeting shall be suggested or provided for by resolution of the shareholders at
the annual meeting, at such time and place as may be consented to in writing by
all of any continuing and the newly elected directors.  Each director, upon his
election, shall qualify by accepting the office of director, and his attendance
at, or his written approval of the minutes of, any meeting of the newly elected
directors shall constitute his acceptance of such office; or he may execute such
acceptance by a separate writing, which shall be placed in the minute book.

     Section 4.  Regular Meetings, Notice.  Regular meetings of the Board may be
     ---------   ------------------------                                       
held at such times and places either within or without the State of Missouri as
shall from time to time be fixed by resolution adopted by a majority of the full
Board of Directors.  No notice of any regular meeting need be given other than
by announcement at the immediately preceding regular meeting and communicated in
writing to all absent directors; provided, however, that written notice of any
regular meeting of the Board of Directors stating the place, day, and hour of
such meeting shall be given if required by resolution adopted by the Board of
Directors.  Any business may be transacted at a regular meeting.  Neither the
business to be transacted at nor the purpose need be specified in any notice or
waiver of notice of any regular meeting of the Board of Directors.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 8
<PAGE>
 
     Section 5.  Special Meetings, Notice.  Special meetings of the Board may be
     ---------   ------------------------                                       
called at any tie by the Chairman of the Board (if any), the President, or by
one-third of the directors (rounded up to the nearest whole number).  The place
may be within or without the State of Missouri as designated in the notice.

     Written notice of each special meeting of the Board, stating the place,
day, and hour of the meeting shall be given to each director at least two days
before the date on which the meeting is to be held.  The notice shall be given
(i) in the manner provided for in these By-laws or (ii) may be given
telephonically, if confirmed promptly in writing, in which case the notice shall
be deemed to have been given at the time of telephonic communication.  The
notice may be given by any officer directed to do so by any officer having
authority to call the meeting or by the director(s) who have called the meeting.

     Neither the business to be transacted at nor the purpose need be specified
in the notice or any waiver of notice of any special meeting of the Board of
Directors.

     Section 6.  Action in Lieu of Meetings.  Unless otherwise restricted by the
     ---------   --------------------------                                     
Articles of Incorporation or by By-laws or by law, any action required to be
taken at a meeting of the Board of Directors or any other action which may be
taken without a meeting of the Board of Directors may be taken without a meeting
if a consent in writing setting forth the action so taken shall be signed by all
the directors entitled to vote with respect to the subject matter thereof.  Any
such consent signed by all the directors shall have the same effect as a
unanimous vote and may be stated as such in any document describing the action
taken by the Board of Directors.

     Section 7.  Meeting by Conference Telephone or Similar Communications
     ---------   ---------------------------------------------------------
Equipment.  Unless otherwise restricted by the Articles of Incorporation or
---------                                                                  
these By-laws or by law, members of the Board of Directors of the corporation,
or any committee designated by such Board, may participate in a meeting of such
Board or committee by means of conference telephone or similar communications
equipment whereby all persons participating in the meeting can hear each other,
and participation in a meeting in such manner shall constitute presence in
person at such meeting.

     Section 8.  Quorum.  At all meetings of the Board a majority of the full
     ---------   ------                                                      
Board of Directors shall, unless a greater number as to any particular matter is
required by the Articles of Incorporation or these By-laws, constitute a quorum
for the transaction of business.  The act of a majority of the directors present
at any meeting at which there is a quorum, except as may be otherwise
specifically provided by law, by the Articles of Incorporation, or by these By-
laws, shall be the act of the Board of Directors.  A director who is in
attendance at a meeting of the Board of Directors but who abstains from voting
on a matter shall not be deemed present at such meeting for purposes of the
preceding sentence with respect to such vote, but shall be deemed present at
such meeting for all


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 9
<PAGE>
 
other purposes.  Withdrawal by a director from any meeting at which a duly
constituted quorum is present shall not cause the failure of the quorum.

     Less than a quorum may adjourn a meeting successively until a quorum is
present, and no notice of adjournment shall be required.

     Section 9.  Waiver of Notice; Attendance at Meeting.  Any notice provided
     ---------   ---------------------------------------                      
or required to be given to the directors may be waived in writing by any of
them, whether before, at, or after the time stated therein.

     Attendance of a director at any meeting shall constitute a waiver of notice
of such meeting except where the director attends for the express purpose, and
so states at the opening of the meeting, of objecting to the transaction of any
business because the meeting is not lawfully called or convened.

     Section 10.  Vacancies.  If the office of any director is or becomes vacant
     ----------   ---------                                                     
by reason of death, resignation, or due to an increase in the number of
directors, a majority of the survivors or remaining directors, though less than
a quorum, may appoint a director to fill the vacancy until a successor shall
have been duly elected at a shareholders' meeting.

     Section 11.  Executive Committee.  The Board of Directors may, by
     ----------   -------------------                                 
resolution passed by a majority of the full Board, designate an executive
committee, such committee to consist of two or more directors of the
corporation.  Such committee, except to the extent limited in said resolution,
shall have and may exercise all of the powers of the Board of Directors in the
management of the corporation.  The members constituting the executive committee
shall be determined from time to time by resolution adopted by a majority of the
full Board; and any director may vote for himself as a member of the executive
committee.  In no event, however, shall the executive committee have any
authority to amend the Articles of Incorporation, to adopt any plan of merger or
consolidation with another corporation or corporations, to recommend to the
shareholders the sale, lease, exchange, mortgage, pledge, or other disposition
of all or substantially all of the property and assets of the corporation if not
made in the usual and regular course of its business, to recommend to the
shareholders a voluntary dissolution of the corporation or a revocation thereof,
to amend, alter or repeal the By-laws of the corporation, to elect or remove
officers of the corporation or members of the executive committee, to fix the
compensation of any member of the executive committee, to declare any dividend,
or to amend, alter or repeal any resolution of the Board of Directors which by
its terms provides that it shall not be amended, altered or repealed by the
executive committee.

     The executive committee shall keep regular minutes of its proceedings and
the same shall be recorded in the minute book of the corporation.  The Secretary
or an Assistant Secretary of the corporation may act as secretary for the
executive committee if the executive committee so requests.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 10
<PAGE>
 
     Section 12.  Other Committees.  The Board of Directors may, by resolution
     ----------   ----------------                                            
passed by a majority of the full Board, designate one or more standing or ad hoc
committees, each committee to consist of two or more of the directors of the
corporation and such other person(s) as may be appointed as advisory members
under authority provided in the resolution.  Each such committee, to the extent
provided in the resolution and permitted by law, shall have and may exercise the
power of the Board of Directors.  The members constituting each such committee
shall be determined from time to time by resolution adopted by a majority of the
full Board; and any director may vote for himself as a member of any such
committee.

     Each such committee shall, to the extent required by resolution of the
Board of Directors (or, in the absence of any such resolution, to the extent a
majority of its members determines is appropriate) keep minutes of its
proceedings and the same shall be recorded in the minute book of the
corporation.  The Secretary or Assistant Secretary of the corporation may act as
secretary for any such committee if the committee so requests.

     Section 13.  Compensation of Directors and Committee Members.  Directors
     ----------   -----------------------------------------------            
and members of all committees shall receive such compensation for their services
as may be determined from time to time by resolution adopted from time to time
by the Board, as well as such expenses, if any, as may be allowed pursuant to
resolution adopted from time to time by the Board.  No such resolution shall be
deemed voidable or invalid by reason of the personal or pecuniary interest of
the directors or any director in adopting it.  Nothing herein contained shall be
construed to preclude any director or committee member from serving the
corporation in any other capacity and receiving compensation therefor.

     Section 14.  Protection of Director for Reliance on Corporate Records.  No
     ----------   --------------------------------------------------------     
director shall be liable for dividends legally declared, distributions legally
made to shareholders, or any other action taken in reliance in good faith upon
financial statements of the corporation represented to him to be correct by the
Chairman of the Board (if any), the President or the officer of the corporation
having charge of the books of account, or certified by an accountant to fairly
represent the financial condition of the corporation; nor shall any such
director be liable for determining in good faith the amount available for
dividends or distributions by considering the assets to be of their book values.

                                   ARTICLE V
                                    Officers
                                    --------

     Section 1.  Officers -- Who Shall Constitute.  The officers of the
     ---------   --------------------------------                      
corporation shall be a Chairman of the Board, a President, one or more Vice
Presidents, a Secretary, a Treasurer, one or more Assistant Secretaries, and one
or more Assistant Treasurers.  The Board shall elect or appoint a Chairman of
the Board, President and Secretary at its first meeting and at each annual
meeting of the Board of Directors which shall follow the annual meeting of the
shareholders.  The Board then, or from time to time, may also elect to appoint
one or more of the other

By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 11
<PAGE>
 
prescribed officers as its shall deem advisable, but need not elect or appoint
any officers other than a President and a Secretary.  The Board may, if it
desires, further identify or describe any one or more of such officers.

     An officers need not be a shareholder unless required by law or the
Articles of Incorporation.  Any two or more of such offices may be held by the
same person.

     An officer shall be deemed qualified when he enters upon the duties of the
office to which he has been elected or appointed and furnishes any bond required
by the Board; but the Board may also require of such person his written
acceptance and promise faithfully to discharge the duties of such office.

     Section 2.  Term of Office.  Each officer of the corporation shall hold his
     ---------   --------------                                                 
office for the term for which he was elected, or until he resigns or is removed
by the Board, whichever first occurs.

     Section 3.  Appointment of Officers and Agents -- Terms of Office.  The
     ---------   -----------------------------------------------------      
Board from time to time may also appoint such other officers and agents for the
corporation as it shall deem necessary or advisable.  All appointed officers and
agents shall hold their respective positions at the pleasure of the Board or for
such terms as the Board may specify, and they shall exercise such powers and
perform such duties as shall be determined from time to time by the Board, or by
an elected officer empowered by the Board to make such determination.

     Section 4.  Removal.  Any officer or agent elected or appointed by the
     ---------   -------                                                   
Board of Directors, and any employee, may be removed or discharged by the Board
whenever in its judgment the best interests of the corporation would be served
thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed.  Election or appointment of an officer or agent
shall not of itself create contract rights.

     Section 5.  Salaries and Compensation.  Salaries and compensation of all
     ---------   -------------------------                                   
elected officers of the corporation shall be fixed, increased or decreased by
the Board of Directors, but this power may, unless prohibited by law, be
delegated by the Board to the Chairman of the Board (if any) or to the President
(except as to their own compensation), or to a committee.  Salaries and
compensation of all other appointed officers and agents, and employees of the
corporation, may be fixed, increased or decreased by the Board of Directors or a
committee thereof, but until action is taken with respect thereto by the Board
of Directors or a committee thereof, the same may be fixed, increased or
decreased by the Chairman of the Board (if any), the President, or by such other
officer or officers as may be empowered by the Board of Directors or a committee
thereof to do so.

     Section 6.  Delegation of Authority to Hire, Discharge, Etc.  The Board,
     ---------   ------------------------------------------------            
from time to time, may delegate to the Chairman of the Board (if


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 12
<PAGE>
 
any), the President, or any other officer or executive employee of the
corporation, authority to hire, discharge, and fix and modify the duties,
salary, or other compensation of employees of the corporation under their
jurisdiction; and the Board may delegate to such officer or executive employee
similar authority with respect to obtaining and retaining for the corporation
the services of attorneys, accountants, and other experts.

     Section 7.  The Chairman of the Board and the President.  The Chairman of
     ---------   -------------------------------------------                  
the Board shall be the chief executive officer of the corporation.  The
President shall be the chief operating officer of the corporation.  Except as
otherwise provided for in these By-laws, the Chairman of the Board, or in his
absence the President, shall preside at all meetings of the shareholders and of
the Board of Directors.  Both shall have general and active management of the
business of the corporation and shall carry into effect all directions and
resolutions of the Board.

     Either may executive all bonds, notes, debentures, mortgages and other
contracts requiring a seal, under the seal of the corporation, and may cause the
seal to be affixed thereto, and all other instruments for and in the name of the
corporation, except that if, by law, such instruments are required to be
executed only by the President, he shall execute them.

     Either, when authorized to do so by the Board, may execute powers of
attorney from, for, and in the name of the corporation, to such proper person or
persons as he may deem fit, in order that thereby the business of the
corporation may be furthered or action taken as may be deemed by him necessary
or advisable in furtherance of the interests of the corporation.

     Either, except as may be otherwise directed by the Board, shall be
authorized to attend meetings of the shareholders of other corporations to
represent this corporation thereat and to vote or take action with respect to
the shares of any such corporation owned by this corporation in such manner as
he shall deem to be for the interest of the corporation or as may be directed by
the Board.

     The Chairman of the Board and, in his absence, the President, shall, unless
the Board otherwise provides, be ex officio a member of all standing committees.
Each of said officers shall have such general executive powers and duties of
supervision and management as are usually vested in the office of a managing
executive of a corporation, provided that the President shall report to and
follow the directives of the Chairman of the Board.

     Each shall have such other or further duties and authority as may be
prescribed elsewhere in these By-laws or from time to time by the Board of
Directors, and the Board may from time to time divide the responsibilities,
duties, and authority between them to such extent as it may deem advisable.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 13
<PAGE>
 
     Notwithstanding anything to the contrary herein stated, the Chairman of the
Board shall not be authorized to do any act required by law to be done by the
President of the corporation until written notice of his designation as chief
executive officer, attested to by the Secretary of the corporation, has been
filed in writing with the Secretary of State of Missouri.

     Section 8.  Vice Presidents.  The Vice Presidents, in the order of their
     ---------   ---------------                                             
seniority as determined by the Board, shall, in the absence, disability or
inability to act of the Chairman of the Board and the President, perform the
duties and exercise the powers of the Chairman of the Board and the President,
and shall perform such other duties as the Board of Directors shall from time to
time prescribe.

     Section 9.  The Secretary and Assistant Secretaries.  The Secretary shall
     ---------   ---------------------------------------                      
attend all sessions of the Board and except as otherwise provided for in these
By-laws, all meetings of the shareholders, and shall record or cause to be
recorded all votes taken and the minutes of all proceedings in a minute book of
the corporation to be kept for that purpose.  The Secretary shall perform like
duties for the executive and other standing committees when requested by the
Board or such committee to do so.

     The Secretary shall have the principal responsibility to give, or cause to
be given, notice of all meetings of the shareholders and of the Board of
Directors, but this shall not lessen the authority of others to give such notice
as is authorized elsewhere in these By-laws.

     The Secretary shall see that all books, records, lists and information, or
duplicates, required to be maintained at the registered office or at some office
of the corporation in Missouri, or elsewhere, are so maintained.

     The Secretary shall keep in safe custody the seal of the corporation, and
when duly authorized to do so, shall affix the same to any instrument requiring
it, and when so affixed, shall attest the same by his signature.

     The Secretary shall perform such other duties and have such other authority
as may be prescribed elsewhere in these By-laws or from time to time by the
Board of Directors or the President, under whose direct supervision the
Secretary shall be.

     The Secretary shall have the general duties, powers and responsibilities of
a Secretary of a corporation.

     The Assistant Secretaries, in the order of their seniority, in the absence,
disability, or in ability to act of the Secretary, shall perform the duties and
exercise the powers of the Secretary, and shall perform such other duties as the
Board may from time to time prescribe.

     Section 10.  The Treasurer and Assistant Treasurers.  The Treasurer shall
     ----------   --------------------------------------                      
have the responsibility for the safekeeping of the funds and securities of the
corporation, and shall keep or cause to be kept full and


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 14
<PAGE>
 
accurate accounts of receipts and disbursements in books belonging to the
corporation.  The Treasurer shall keep, or cause to be kept, all other books of
account and accounting records of the corporation, and shall deposit or cause to
be deposited all moneys and other valuable effects in the name and to the credit
of the corporation in such depositories as may be designated by the Board of
Directors.

     The Treasurer shall disburse, or permit to be disbursed, the funds of the
corporation as may be ordered, or authorized generally, by the Board and shall
render to the chief executive officer of the corporation and the directors,
whenever they may require it, an account of all his transactions as Treasurer
and of those under his jurisdiction, and of the financial condition of the
corporation.

     The Treasurer shall perform such other duties and shall have such other
responsibility and authority as may be prescribed elsewhere in these By-laws or
from time to time by the Board of Directors.

     The Treasurer shall have the general duties, powers and responsibility of a
Treasurer of a corporation, and shall be the chief financial and accounting
officer of the corporation.

     If required by the Board, the Treasurer shall give the corporation a bond
in a sum and with one or more sureties satisfactory to the Board for the
faithful performance of the duties of his office, and for the restoration to the
corporation, in the case of his death, resignation, retirement, in the 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 which belong to the corporation.

     The Assistant Treasurers in the order of their seniority shall, in the
absence, disability or inability to act of the Treasurer, perform the duties and
exercise the powers of the Treasurer, and shall perform such other duties as the
Board of Directors shall from time to time prescribe.

     Section 11.  Bond.  At the option of the Board of Directors, any officer
     ----------   ----                                                       
may be required to give bond for the faithful performance of his duties.

     Section 12.  Checks and Other Instruments.  All checks, drafts, notes,
     ----------   ----------------------------                             
acceptances, bills of exchange and other negotiable and non-negotiable
instruments and obligations for the payment of money, and all contracts, deeds,
mortgages and all other papers and documents whatsoever, unless otherwise
provided for by these By-laws, shall be signed by such officer or officers or
such other person or persons and in such manner as the Board of Directors from
time to time shall designate.  If no such designation is made, and unless and
until the Board otherwise provides, the Chairman of the Board (if any) or the
President and the Secretary, of the Chairman of the Board (if any) or the
President and the Treasurer, shall have power to sign all such instruments for,
and on behalf of and


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 15
<PAGE>
 
in the name of the corporation, which are executed or made in the ordinary
course of the corporation's business.

     Section 13.  Duties of Officers May be Delegated.  If any officer of the
     ----------   -----------------------------------                        
corporation shall be absent or unable to act, or for any other reason the Board
may deem sufficient, the Board may delegate, for the time being ,some or all of
the functions, duties, powers and responsibilities of any officer to any other
officer, or to any other agent or employee of the corporation or other
responsible person, provided a majority of the then sitting Board concurs
therein.

                                   ARTICLE VI
                                Shares of Stock
                                ---------------

     Section 1.  Payment for Shares of Stock.  The corporation shall not issue
     ---------   ---------------------------                                  
shares of stock except for (i) money paid, (ii) labor done or services actually
received, or (iii) property actually received; provided, however, that shares
may also be issued, (iv) in consideration of the cancellation of valid bona fide
antecedent debts, (v) as stock dividends, (vi) pursuant to stock splits, reverse
stock splits, stock combinations, reclassifications of outstanding shares into
shares of another class or classes, exchanges of outstanding shares for shares
of another class or classes, or (vii) other bona fide changes respecting
outstanding shares.  No note or obligation given by any shareholder, whether
secured by deed of trust, mortgage or otherwise shall be considered as payment
of any part of any share or shares.

     Section 2.  Certificates for Shares of Stock.  The certificates for shares
     ---------   --------------------------------                              
of stock of the corporation shall be numbered, shall be in such form as may be
prescribed by the Board of Directors in conformity with law, and shall be
entered in the stock books of the corporation as they are issued, and such
entries shall show the name and address of the person, firm, partnership,
corporation or association to whom each certificate is issued.  Each certificate
shall have printed, typed or written thereon the name of the person, firm
partnership, corporation, or association to whom it is issued, and number of
shares represented thereby and shall be signed by the Chairman of the Board (if
any) or the President or a Vice President, and the Treasurer or an Assistant
Treasurer or the Secretary or an Assistant Secretary of the corporation and
sealed with the seal of the corporation, which seal may be facsimile, engraved
or printed.  If the corporation has a registrar, a transfer agent, or a transfer
clerk who actually signs such certificates, the signature of any of the other
officers above mentioned may be facsimile, engraved, or printed.  In case any
such officer who has signed or whose facsimile signature has been placed upon
any such certificate shall have ceased to be such officer before such
certificate is issued, such certificate may nevertheless be issued by the
corporation with the same effect as if such officer were an officer at the date
of its issue.

     Section 3.  Lost or Destroyed Certificates.  In case of the loss or
     ---------   ------------------------------                         
destruction of any certificate for shares of stock of the corporation, upon due
proof of the registered owner thereof or his representative, by


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 16
<PAGE>
 
affidavit of such loss or otherwise, the Chairman of the Board (if any) or the
President and Secretary may issue a duplicate certificate or replacement
certificate in its place, upon the corporation being fully indemnified therefor.
Any such officer may request the posting of an indemnity bond in favor of the
corporation whenever and to the extent that they deem appropriate as a
precondition to the issuance of any duplicate or replacement certificate.

     Section 4.  Transfers of Shares, Transfer Agent, Registrar.  Transfers of
     ---------   ----------------------------------------------               
shares of stock shall be made on the stock record or transfer books of the
corporation only by the person named in the stock certificate, or by his
attorney lawfully constituted in writing, and upon surrender of the certificate
therefor.  The stock record book and other transfer records shall be in the
possession of the Secretary (or other person appointed and empowered by the
Board to do so) or of a transfer agent or clerk for the corporation.  The
corporation, by resolution of the Board, may from time to time appoint a
transfer agent, and, if desired, a registrar, under such arrangements and upon
such terms and conditions as the Board deems advisable; but until and unless the
Board appoints some other person, firm or corporation as its transfer agent (and
upon the revocation of any such appointment, thereafter until a new appointment
is similarly made) the Secretary of the corporation (or other person appointed
and empowered by the Board) shall be the transfer agent or clerk of the
corporation, without the necessity of any formal action of the Board, and the
Secretary or other person shall perform all of the duties thereof.

     Section 5.  Closing of Transfer Books, Record Date.  The Board of Directors
     ---------   --------------------------------------                         
shall have the power to close the stock transfer books of the corporation for a
period not exceeding seventh days preceding the date of any meeting of the
shareholders, or the date for payment of any dividend, or the date for the
allotment of rights, or the date when any change or conversion or exchange of
shares shall go into effect; provided, however, that in lieu of closing the
stock transfer books as aforesaid, the Board of Directors may fix in advance a
date not exceeding seventy days preceding the date of any meeting of
shareholders, or the date for the payment of any dividend, or the date for the
allotment of rights, or the date when any change or conversion or exchange of
shares shall go into effect, as a record date for the determination of the
shareholders entitled to notice of, and to vote at, the meeting or any
adjournment thereof, or entitled to receive payment of the dividends, or
entitled to the allotment of rights, or entitled to exercise the rights in
respect of the change, conversion, or exchange of shares.  In such case, only
the shareholders of record on the date of closing of the transfer books or on
the record date so fixed shall be entitled to such notice of, and to vote at,
the meeting, and any adjournment thereof, or to receive payment of the dividend,
or to receive the allotment of rights, or to exercise the rights, as the case
may be, notwithstanding any transfer of any shares on the books of the
corporation after the date of closing of the transfer books or the record date
fixed as aforesaid.  If the Board of Directors does not close the transfer books
or set a record date for the determination of the shareholders entitled to
notice of, and to vote at,

By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 17
<PAGE>
 
the meeting, and any adjournment of the meeting, the record date shall be the
date that is twenty days previous to the meeting; except that, if prior to the
meeting written waivers of notice of the meeting are signed and delivered to the
corporation by all of the shareholders of record at the time the meeting is
convened, only the shareholders who are shareholders of record at the time the
meeting is convened shall be entitled to vote at the meeting and at any
adjournment of the meeting.  If the Board of Directors does not set a record
date with respect to any dividend, allotment of rights, or exercise of rights in
respect to any dividend, allotment of rights, or exercise of rights in respect
of the change, conversion, or exchange of shares, the record date for such
purpose shall be the close of business on the day on which the Board of
Directors adopts the resolution relating thereto.

     Section 6.  Fractional Share Interests or Scrip.  The corporation may issue
     ---------   -----------------------------------                            
fractions of a share and it may issue a certificate for a fractional share, or
by action of the Board of Directors, the corporation may issue in lieu thereof
scrip or other evidence of ownership which shall entitled the holder to receive
a certificate for a full share upon the surrender of such scrip or other
evidence of ownership aggregating a full share.  A certificate for a fractional
shares shall (but scrip or other evidence of ownership shall not, unless
otherwise provided by resolution of the Board of Directors) entitle the holder
to all of the rights of a shareholder, including without limitation the right to
exercise any voting right, or to receive dividends thereon or to participate in
any of the assets of the corporation in the event of liquidation.  The Board of
Directors may cause such scrip or evidence of ownership (other than a
certificate for a fractional share) to be issued subject to the condition that
it shall become void if not exchanged for share certificates before a specified
date, or subject to the condition that the shares for which such scrip or
evidence of ownership is exchangeable may be sold by the corporation and the
proceeds thereof distributed to the holders of such scrip or evidence of
ownership, or subject to any other condition which the Board of Directors may
deem advisable.

                                  ARTICLE VII
                                Indemnification
                                ---------------

     Section 1.  Third Party Actions.  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 serving at the request of the
corporation as a director or officer of another corporation, partnership, joint
venture, trust, or other enterprise, against expenses, including attorney 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.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 18
<PAGE>
 
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.

     Section 2.  Actions By or in the Right of the Corporation.  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 serving at
the request of the corporation, as a director or officer of another corporation,
partnership, joint venture, trust, or other enterprise against expenses,
including attorney fees and amounts paid in settlement, actually and reasonably
incurred by him in connection with the defense or settlement of the 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 for negligence or
misconduct in the performance of his duty to the corporation unless and only to
the extent that the court in which such action or suit was brought determines
upon application that, despite the adjudication of liability and in view of all
the circumstances of the case, the person is fairly and reasonably entitled to
indemnity for such expenses as the court shall deem proper.

     Section 3.  Indemnity if Successful.  To the extent that a director,
     ---------   -----------------------                                 
officer, employee, or agent of the corporation has been successful on the merits
or otherwise in defense of any action, suit, or proceeding referred to in
Sections 1 and 2 of this Article, or in defense of any claim, issue or matter
therein, he shall be indemnified against expenses (including attorney fees)
actually and reasonably incurred by him in connection with the action, suit, or
proceeding.

     Section 4.  Standard of Conduct.  Any indemnification under Sections 1 and
     ---------   -------------------                                           
2 of this Article (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 this Article.
The 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 shareholders by majority vote of
the shares eligible to vote for directors and actually voted, where shares held
by the individual about whom such indemnification is at issue shall not be
eligible to vote.


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 19
<PAGE>
 
     Section 5.  Expenses.  Expenses incurred in defending a civil or criminal
     ---------   --------                                                     
action, suit, or proceeding may be paid by the corporation in advance of the
final disposition of the action, suit, or proceeding as authorized by the Board
of Directors in the specific case upon receipt of an undertaking by or on behalf
of the director or officer to repay such amount unless it shall ultimately be
determined that he is entitled to be indemnified by the corporation as
authorized in this Article.

     Section 6.  Nonexclusivity.  The indemnification provided by this Article
     ---------   --------------                                               
shall not be deemed exclusive of any other rights to which those seeking
indemnification may be entitled under the Articles of Incorporation, these By-
laws, or any agreement, vote of the shareholders or disinterested directors or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding such office, and shall continue as to a person
who has ceased to be a director or officer and shall inure to the benefit of the
heirs, personal representatives, and administrators of such a person.

     Section 7.  Further Indemnity Permissible.  The corporation shall have the
     ---------   -----------------------------                                 
power to give further indemnity, in addition to the indemnity authorized or
contemplated under the various sections of this Article, including Section 6
thereof, to any person who is or was a director, officer, employee, or agent, or
to any person who is or was serving at the request of the corporation as a
director, officer, employee, or agent of another corporation, partnership, joint
venture, trust, or other enterprise, provided such further indemnity is either
(i) authorized, directed, or provided for in the Articles of Incorporation of
the corporation or a duly adopted amendment thereof or (ii) authorized,
directed, or provided for in these By-laws or in any agreement of the
corporation which has been adopted by the shareholders of the corporation, and
provided further that no such indemnity shall indemnify any person from or on
account of such person's conduct which has been finally adjudged to have been
knowingly fraudulent, deliberately dishonest, or willful misconduct.  Nothing in
this Section 7 shall be deemed to limit the power of the corporation under
Section 6 of this Article to enact By-laws or to enter into agreements without
shareholder adoption of the same.

     Section 8.  Insurance.  The corporation shall have power to purchase and
     ----------------------                                                  
maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise against any
liability asserted against him and incurred by him in any such capacity, or
arising out of his status as such, whether or not the corporation would have the
power to indemnify him against such liability under the provisions of this
Article.

     Section 9.  Corporation.  For the purpose of this Article, references to
     ------------------------                                                
"the corporation" include all constituent corporations absorbed in a
consolidation or merger as well as the resulting or surviving corporation so
that any person who is or was a director or officer of such a constituent
corporation or is or was serving at the request of such


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 20
<PAGE>
 
constituent corporation as a director or officer of another corporation,
partnership, joint venture, trust, or other enterprise shall stand in the same
position under the provisions of this Article with respect to the resulting or
surviving corporation as he would if he had served the resulting or surviving
corporation in the same capacity.

     Section 10.  Other Definitions.  For purposes of this Article, the term
     -------------------------------                                        
"other enterprise" shall include without limitation employee benefit plans; the
term "fines" shall include without limitation any exercise taxes assessed on a
person with respect to an employee benefit plan; and the term "serving at the
request of the corporation" shall include without limitation any service as a
director, officer, employee, or agent of the corporation which imposes duties
on, or involves services by, such director, oficer, employee, or agent 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.

     Section 11.  Indemnity for Agents and Employees.  The corporation may, by
     ------------------------------------------------                         
resolution duly adopted by a majority of the disinterested members of the Board
of Directors, grant such indemnity rights and reimbursement for such expenses as
it determines to be appropriate to any person who was or is a party to any
threatened, pending, or completed action or suit, whether civil, criminal,
administrative, or investigative, including any action by or in the right of the
corporation, by reason of the fact that such person is or was an agent or
employee of the corporation, or is or was serving as an agent or employee, at
the request of the corporation, of another corporation, partnership, joint
venture, trust, or other enterprise.  Any such grant of indemnification shall be
only to the extent so provided in the resolution granting indemnification, but
shall, in no event, be greater than the rights of indemnification and
reimbursement of expenses granted to directors and officers of this corporation.

                                  ARTICLE VIII
                               General Provisions
                               ------------------

     Section 1.  Fixing of Capital, Transfers of Surplus.  Except as may be
     ----------------------------------------------------                  
specifically otherwise provided in the Articles of Incorporation, the Board of
Directors is expressly empowered to exercise all authority conferred upon it or
the corporation by any law or statute, and in conformity therewith, relative to:

          The determination of what part of the consideration received for
     shares of the corporation shall be capital;

          Increasing capital;

          Transferring surplus to capital;


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 21
<PAGE>
 
          The consideration to be received by the corporation for its shares;
     and

          All similar or related matters;

provided that any concurrent action or consent by or of the corporation and its
shareholders required to be taken or given pursuant to law shall be duly taken
or given in connection therewith.

     Section 2.  Dividends.  Ordinary dividends upon the shares of the
     ----------------------                                           
corporation, subject to the provisions of the Articles of Incorporation and
applicable law, may be declared by the Board of Directors at any regular or
special meeting.  Dividends may be paid in cash, in property, or in shares of
its stock.

     Liquidating dividends or dividends representing a distribution of paid-in
surplus or a return of capital shall be made only when and in the manner
permitted by law.

     Section 3.  Creation of Reserves.  Before the payment of any dividend,
     ---------------------------------                                     
there may be set aside out of any funds of the corporation available for
dividends such sum or sums as the directors from time to time, in their
reasonable discretion, think proper as a reserve fund or funds, to meet
contingencies, or for equalizing dividends, or for repairing or maintaining any
property of the corporation, or for such other purposes as the Board of
Directors shall determine in the best interests of the corporation, and the
Board may abolish any such reserve in the manner in which it was created.

     Section 4.  Fiscal Year.  The Board of Directors shall have the paramount
     ------------------------                                                 
power to fix, and from time to time, to change, the fiscal year of the
corporation.  In the absence of action by the Board of Directors, however, the
fiscal year of the corporation shall be determined and signified by the filing
of the Corporation's first federal income tax return, and shall so continue
until such time, if any, as the fiscal year shall be changed by the Board of
Directors.

     Section 5.  Notices.  Except as otherwise specifically provided herein with
     --------------------                                                       
respect to notice to shareholders or otherwise, or as otherwise required by law,
all notices required to be given by any provision of these By-laws shall be in
writing and shall be deemed to have been given:  (i) when received if delivered
in person; (ii) on the date of acknowledgement or confirmation of receipt if
sent by telex, facsimile, or other electronic transmission; (iii) one day after
delivery, properly addressed and fees prepaid, to a reputable courier for same
day or overnight delivery; or (iv) two days after being deposited, properly
addressed and postage prepaid, in the United States mail.

     Section 6.  Amendments to By-laws.  The By-laws of the corporation may from
     ----------------------------------                                         
time to time be repealed, amended or altered, or new and/or restated By-laws may
be adopted, in either of the following ways:


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 22
<PAGE>
 
          By such vote of the shareholders entitled to vote at any annual or
     special meeting thereof as may be required by the Articles of
     Incorporation, and if there is no such specific requirement, then by the
     vote of a majority of said shareholders; or

          By resolution adopted by the Board of Directors if such power shall
     have been vested in the Board of Directors by the Articles of
     Incorporation; provided, however, that such power shall be exercisable only
     by such number or percentage of the Directors as is required by the
     Articles of Incorporation, and if thre is no such spcific requirement, then
     by a majority of the Board of Directors.  Notwithstanding the foregoing,
     the Board of Directors shall not have the power to suspend, repeal, amend
     or otherwise alter the By-laws or portion thereof enacted by the
     shareholders if at the time of such enactment or thereafter the
     shareholders shall so expressly provided.

                               * * * * * * * * *


By-Laws of Mid-Missouri Holding, Inc.
Adopted January 24, 1994                                                Page 23