Document:

EXHIBIT 10.10

                          CAC II SPECIAL LIMITED, INC.

                            ARTICLES OF INCORPORATION

                                    ARTICLE I
                                      NAME

         1. Name. The name of the Corporation is CAC II Special Limited, Inc.

                                   ARTICLE II
                                     PURPOSE

         2. Purpose.  Notwithstanding any provision hereof to the contrary,  the
following shall govern: The business, operations and purposes of the Corporation
are limited solely to the following:

                  (a) To serve as the limited  partner of, and to have a limited
partnership  interest  in,  CAC  II  Limited  Partnership,  a  Virginia  limited
partnership (the  "Partnership"),  in accordance with the provisions  hereof and
the Partnership's Limited Partnership  Agreement,  which by its terms limits the
business of the Partnership to the ownership,  operation and management of those
certain  parcels of real property  listed in Article VIII hereof,  together with
all improvements located thereon  (collectively,  the "Properties"),  and limits
the  indebtedness  of the Partnership to a first lien mortgage on the Properties
arising from financing by First Union National Bank (the "Mortgage"),  any other
indebtedness  permitted under the Mortgage, and normal trade accounts payable in
the ordinary course of the Partnership's business; and

                  (b) To exercise all powers that are enumerated in the Virginia
Stock  Corporation  Act and that are necessary or  convenient  for the business,
operations or purposes of the Corporation as set forth herein.

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                                   ARTICLE III
                                  PROHIBITIONS

         3. Certain Prohibited Activities.  Notwithstanding any provision hereof
to the contrary, the following shall govern:

                  (a) For so  long as any  obligation  secured  by the  Mortgage
remains  outstanding and not paid in full, the Corporation's  indebtedness shall
consist  only of  indebtedness  it is  permitted  to have under the Mortgage and
normal  trade  accounts  payable in the  ordinary  course of  business,  and the
Corporation  shall not cause or permit the Partnership to have any  indebtedness
other than the  following:  (i) the Mortgage,  (ii) any other  indebtedness  the
Partnership  is  permitted  to have under the  Mortgage,  and (iii) normal trade
accounts payable in the ordinary course of the Partnership's business.

                  (b) The  Corporation  shall not  consolidate  or merge with or
into any  other  entity,  or  convey  or  transfer  its  properties  and  assets
substantially as an entirety to any entity, unless:

                           (i)   the   entity   that   is   formed   upon   such
consolidation,  that  survives such merger (if other than the  Corporation),  or
that  acquires  by  conveyance  or  transfer  the  properties  and assets of the
Corporation  substantially as an entirety,  shall: (A) be organized and existing
under the laws of the United  States of America or any State or the  District of
Columbia,  (B) include in its organizational  documents the same limitations set
forth in this Article III and in Article VII (Separateness  Covenants),  and (C)
expressly   assume  the  due  and  timely   performance  of  the   Corporation's
obligations; and

                           (ii)   immediately   after  giving   effect  to  such
transaction,  no  default  or event of  default  will  have  occurred  under any
agreement to which the Corporation is a party.

                  (c) The Corporation  shall not cause or permit the Partnership
to consolidate or merge with or into any other entity,  or to convey or transfer
its properties and assets substantially as an entirety to any entity, unless:

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                           (i)   the   entity   that   is   formed   upon   such
consolidation,  that  survives such merger (if other than the  Partnership),  or
that  acquires  by  conveyance  or  transfer  the  properties  and assets of the
Partnership  substantially as an entirety,  shall: (A) be organized and existing
under the laws of the United  States of America or any State or the  District of
Columbia,  (B) include in its organizational  documents the same limitations set
forth in this Article III and in Article VII (Separateness  Covenants),  and (C)
expressly  assume  the  due  and  punctual   performance  of  the  Partnership's
obligations; and

                           (ii)   immediately   after  giving   effect  to  such
transaction,  no  default  or event of  default  will  have  occurred  under any
agreement to which the Partnership is a party.

                  (d) For so  long as any  obligation  secured  by the  Mortgage
remains outstanding and not paid in full, the Corporation shall not, without the
unanimous consent of the Board of Directors (i) voluntarily commence a case with
respect to itself, as debtor,  under the Federal  Bankruptcy Code or any similar
federal or state statute; or (ii) cause or permit the Partnership to voluntarily
commence a case with respect to the  Partnership,  as debtor,  under the Federal
Bankruptcy  Code or any  similar  federal or state  statute.  For so long as any
obligation secured by the Mortgage remains  outstanding and not paid in full, no
material  amendment to these Articles of Incorporation  or to the  Corporation's
Bylaws may be made  without  the prior  approval  of the  mortgagee  holding the
Mortgage,  and the Corporation shall not cause or permit any material  amendment
to be made to the  Partnership's  Certificate of Limited  Partnership or Limited
Partnership  Agreement  without the prior approval of the mortgagee  holding the
Mortgage.

                                   ARTICLE IV
                                AUTHORIZED SHARES

         4.1.  Number and  Designation.  The number of shares the Corporation is
authorized to issue is set forth below,  together with the  designation  thereof
and the par value per share:

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             Number of Shares    Class Designation    Par Value Per Share
             ----------------    -----------------    -------------------
             5,000               Common               no par value

         4.2 Preemptive  Rights. No holder of outstanding  shares shall have any
preemptive  right  with  respect  to:  (a)  any  shares  of  any  class  of  the
Corporation,  whether now or hereafter authorized;  (b) any warrants,  rights or
options to purchase any such shares; or (c) any obligations convertible into any
such shares or into warrants, rights or options to purchase any such shares.

         4.3 Voting and  Distributions.  The holders of the Common  Shares shall
have unlimited  voting rights and shall be entitled to receive the net assets of
the Corporation upon the liquidation of the Corporation,  its dissolution or the
winding up of its affairs.

                                    ARTICLE V
                       INITIAL REGISTERED OFFICE AND AGENT

         5.1 Initial  Registered  Office.  The initial  registered office of the
Corporation  is  located in the City of  Richmond,  Virginia,  at the  following
address:

                                    McGuireWoods LLP
                                    One James Center
                                    901 East Cary Street
                                    Richmond, Virginia  23219

         5.2  Initial  Registered  Agent.  The initial  registered  agent of the
Corporation is Martin B. Richards,  Esquire,  whose business office is identical
with the  initial  registered  office and who is a resident  of  Virginia  and a
member of the Virginia State Bar.

                                   ARTICLE VI
                     LIMIT ON LIABILITY AND INDEMNIFICATION

         6.1 Limit on Liability.  To the maximum  extent that the Virginia Stock
Corporation  Act, as it exists on the date hereof or may  hereafter  be amended,
permits  elimination  of, or  limitations  upon,  the liability of a director or
officer of a corporation,  the directors and officers of

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<PAGE>

the Corporation shall have, as applicable,  no liability or limited liability to
the Corporation or its shareholders.

         6.2 Indemnification, Advancement of Expenses and Related Matters.

                  (a)  The   Corporation,   in  accordance  with  the  mandatory
indemnification   provisions  of  the  Virginia  Stock  Corporation  Act,  shall
indemnify a director who entirely  prevails in the defense of any  proceeding to
which he was a party because he is or was a director of the Corporation  against
reasonable  expenses  incurred  by him in  connection  with the  proceeding.  An
officer of the Corporation  shall be entitled to such mandatory  indemnification
to the same extent as a director.

                  (b)  In  addition  to  any  mandatory   indemnification,   the
Corporation  shall provide the maximum  indemnification  permitted by law to any
director,  officer,  employee or agent of the Corporation in connection with any
proceeding (including any proceeding by or in the right of the Corporation) that
is brought  against  such person and that is based on the  actions  taken or not
taken by such  person  on behalf of the  Corporation,  or on the  status of such
person as a director,  officer, employee or agent of the Corporation,  except to
the extent that such person has  engaged in (i)  willful  misconduct,  or (ii) a
knowing violation of the criminal law.

                  (c) The  provisions  of this  Article  shall  not be deemed to
prevent,  deny or limit (i) the  indemnification  or insurance  permitted  under
applicable  law  to  the  directors,   officers,  employees  or  agents  of  the
Corporation,  or (ii) the authority of the Corporation  under  applicable law to
advance,  reimburse or pay expenses  for the benefit of any  director,  officer,
employee or agent.

                  (d) The  determination  of whether the Corporation is required
or permitted, in a particular case, to indemnify a director,  officer,  employee
or agent (or to provide such person with  related  advances,  reimbursements  or
other  payments of  expenses)  shall be  conducted  in  accordance  with Section
13.1-701 of the Virginia Stock Corporation Act, or any successor provision.

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<PAGE>

         6.3 Mandatory  Subordination.  Notwithstanding  any provision hereof to
the contrary,  the following shall govern:  Any  indemnification  shall be fully
subordinated  to any  obligations of the Corporation in regard to the Properties
and shall not constitute a claim against the  Corporation in the event that cash
flow is insufficient to pay such obligations.

         6.4  Amendments.  No amendment,  modification or repeal of this Article
shall diminish the rights provided  hereunder to any person arising from conduct
or events  occurring  before the  adoption of such  amendment,  modification  or
repeal.

                                   ARTICLE VII
                             SEPARATENESS COVENANTS

         7.1 Separateness Covenants. Notwithstanding any provision hereof to the
contrary,  the following shall govern:  For so long as any obligation secured by
the Mortgage remains  outstanding and not paid in full, in order to preserve and
ensure the Corporation's  separate and distinct corporate identity,  in addition
to the  other  provisions  set forth in these  Articles  of  Incorporation,  the
Corporation   shall  conduct  its  affairs  in  accordance  with  the  following
provisions:

                  (a) It shall  establish  and maintain an office  through which
its business shall be conducted  separate and apart from those of its parent and
any  affiliate  and it shall  allocate  fairly and  reasonably  any overhead for
shared office space.

                  (b) It shall maintain separate  corporate records and books of
account from those of its parent and any affiliate.

                  (c) Its Board of Directors shall hold appropriate meetings, or
act by unanimous  consent,  to authorize all appropriate  corporate  actions and
shall observe all corporate formalities in authorizing such actions.

                  (d) It shall not commingle  assets with those of its parent or
any affiliate.

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<PAGE>

                  (e) It shall conduct its own business in its own name.

                  (f) It shall maintain financial  statements  separate from its
parent and any affiliate.

                  (g) It  shall  pay  any  liabilities  out of  its  own  funds,
including  salaries  of any  employees,  rather  than funds of its parent or any
affiliate.

                  (h) It shall  maintain an arm's length  relationship  with its
parent and any affiliate.

                  (i) It shall not  guarantee or become  obligated for the debts
of any other person or entity (including,  without limitation, its parent or any
affiliate)  and shall not hold out its credit as being  available to satisfy the
obligations of others.

                  (j) It shall use stationery, invoices and checks separate from
its parent and any affiliate.

                  (k) It shall not  pledge  its  assets  for the  benefit of any
other  person  or  entity  (including,  without  limitation,  its  parent or any
affiliate).

                  (l) It shall hold  itself out as an entity  separate  from its
parent and any affiliate.

                  (m) It shall not make any loans or advances to any third party
(including, without limitation, any affiliate).

                  (n) It shall comply with its obligations  under the agreements
and instruments evidencing the Mortgage.

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<PAGE>

         7.2  Definitions.  For purpose of this Article VII, the following terms
shall have the indicated meanings:

                  (a) "affiliate"  means,  with respect to a specified person or
entity:

                           (i) any  person  or  entity  directly  or  indirectly
owning, controlling or holding, with power to vote, ten percent (10%) or more of
the outstanding voting securities or interests of the specified entity;

                           (ii) any person or entity ten  percent  (10%) or more
of whose  outstanding  voting  securities  are  directly  or  indirectly  owned,
controlled or held, with power to vote, by the specified person or entity;

                           (iii) any  person or entity  directly  or  indirectly
controlling,  controlled by or under common control with the specified person or
entity;

                           (iv)  any   officer,   director  or  partner  of  the
specified person or entity;

                           (v) if the specified  person or entity is an officer,
director or partner,  any company for which the specified  person or entity acts
in any such capacity; and

                           (vi) any close  relative  or spouse of the  specified
person.

                  (b) "control" means the possession, directly or indirectly, of
the power to direct or cause the direction of the  management  and policies of a
person or entity, whether through ownership of voting securities, by contract or
otherwise.

                  (c) "parent" means,  with respect to a corporation,  any other
corporation owning or controlling,  directly or indirectly,  fifty percent (50%)
or more of the voting shares of such corporation.

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<PAGE>

                  (d) "person or entity"  includes any individual,  corporation,
partnership,  limited liability company, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated organization,
government or any agency or political subdivision thereof.

         7.3 Actions with Respect to Partnership.  For so long as any obligation
secured  by  the  Mortgage  remains  outstanding  and  not  paid  in  full,  the
Corporation  shall cooperate with the  Partnership's  general partner in causing
the  Partnership's   Limited  Partnership   Agreement  to  include  separateness
covenants  with  regard  to the  Partnership  that are the same in all  material
respects  as the  separateness  covenants  contained  herein  with regard to the
Corporation.

                                  ARTICLE VIII
                               LIST OF PROPERTIES

         8.1 The Properties consist of those real properties,  together with all
improvements  thereon, that are located at the following addresses (and that are
more fully described in agreements and instruments evidencing the Mortgage):

         Canyon Hills
         6307 Bluff Springs Road
         Austin, Texas  78744

         Park Village
         2401 L. Don Dodson Drive
         Bedford, Texas  76021

         Summer Tree
         13250 Emily Road
         Dallas, Texas  75240

         The Courts on Pear Ridge
         5050 Pear Ridge Road
         Dallas, Texas  75287

Dated:  March 5, 2001

                                           By:   /s/ William D. James
                                                --------------------------------
                                                  William D. James, Incorporator

                                       9EXHIBIT 10.11

                          CAC II SPECIAL LIMITED, INC.

                                     BYLAWS

                                    ARTICLE I
                            MEETINGS OF SHAREHOLDERS

         1.1 PLACE AND TIME OF MEETINGS.  Meetings of shareholders shall be held
at such place,  either within or without the  Commonwealth  of Virginia,  and at
such time,  as may be provided in the notice of the meeting and  approved by the
President or the Board of Directors.

         1.2 ANNUAL MEETING.  The annual meeting of shareholders,  shall be held
on the  second  Tuesday  in  August of each  year,  or on such  date,  as may be
designated  by  resolution  of the Board of Directors  from time to time for the
purpose of electing directors and conducting such other business as may properly
come before the meeting.

         1.3  SPECIAL  MEETINGS.  Special  meetings of the  shareholders  may be
called by the  President  or the Board of  Directors  and shall be called by the
Secretary upon demand of  shareholders  as required by law. Only business within
the  purpose  or  purposes  described  in the  notice  for a special  meeting of
shareholders may be conducted at the meeting.

         1.4 RECORD DATES. The Board of Directors may fix, in advance,  a record
date to make a determination  of shareholders  entitled to notice of, or to vote
at, any meeting of  shareholders,  to receive any  dividend or for any  purpose,
such date to be not more than  seventy  (70) days  before the  meeting or action
requiring a determination  of  shareholders.  If no such record date is set then
the  record  date shall be the close of  business  on the day before the date on
which the first notice is given.

         When a determination of shareholders  entitled to notice of, or to vote
at, any  meeting of  shareholders  has been made,  such  determination  shall be
effective for any adjournment of the meeting unless the Board of Directors fixes
a new record date,  which it shall do if the meeting is adjourned to a date more
than one  hundred  twenty  (120)  days  after the date  fixed  for the  original
meeting.

         1.5 NOTICE OF MEETINGS.  Written notice stating the place, day and hour
of each meeting of shareholders  and, in case of a special meeting,  the purpose
or purposes  for which the  meeting is called,  shall be given not less than ten
(10) nor more than sixty (60) days before the

<PAGE>

date of the meeting (except when a different time is required in these Bylaws or
by law) either personally or by mail, courier,  facsimile,  email, or other form
of wire or wireless  communication,  to each  shareholder of record  entitled to
vote at such  meeting.  Each such notice shall be deemed  effective  on: (a) the
fifth (5th)  business day after being mailed by United  States  certified  mail,
return receipt requested,  postage prepaid;  (b) the day when delivered by hand;
(c) the first  business  day after  being  deposited  with a national  overnight
courier; or (d) the day when transmitted by facsimile or email with confirmation
of receipt or successful transmission.

         If a meeting is adjourned to a different  date,  time or place,  notice
need not be given if the new date,  time or place is  announced  at the  meeting
before  adjournment.  However,  if a new record date for an adjourned meeting is
fixed,  notice of the adjourned meeting shall be given to shareholders as of the
new record date, unless a court of competent jurisdiction provides otherwise.

         1.6 WAIVER OF NOTICE.  A shareholder  may waive any notice  required by
law, the Articles of  Incorporation or these Bylaws before or after the date and
time of the meeting that is the subject of such  notice.  The waiver shall be in
writing,  be signed by the shareholder  entitled to the notice, and be delivered
to the Secretary of the  Corporation for inclusion in the minutes or filing with
the corporate records.

         A shareholder who attends a meeting waives any objection (a) to lack of
notice or  defective  notice  of the  meeting,  unless  the  shareholder  at the
beginning of the meeting objects to holding the meeting or transacting  business
at the meeting,  and (b) to consideration of a particular  matter at the meeting
that is not within the purpose or  purposes  described  in the  meeting  notice,
unless the shareholder objects to considering the matter when it is presented.

         1.7 QUORUM AND VOTING REQUIREMENTS. Unless otherwise required by law, a
majority of the votes  entitled to be cast on a matter  constitutes a quorum for
action on that matter. Once a share is represented for any purpose at a meeting,
it is deemed  present for quorum  purposes for the  remainder of the meeting and
for any  adjournment of that meeting unless a new record date is or shall be set
for that adjourned meeting. If a quorum exists,  action on a matter,  other than
the  election of  directors,  is approved if the votes cast  favoring the action
exceed  the  votes  cast  opposing  the  action,  unless  a  greater  number  of
affirmative votes is required by law.  Directors shall be elected by a plurality
of the votes cast by the shares entitled

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to vote in the  election at a meeting at which a quorum is present.  Less than a
quorum may adjourn a meeting.

         1.8 ACTION WITHOUT MEETING. Action required or permitted to be taken at
a meeting of the  shareholders may be taken without a meeting and without action
by the  Board of  Directors  if the  action  is  taken  by all the  shareholders
entitled to vote on the action.  The action  shall be  evidenced  by one or more
written consents describing the action taken, signed by all the shareholders and
delivered to the  Secretary of the  Corporation  for inclusion in the minutes or
filing with the corporate  records.  Action taken by unanimous  consent shall be
effective  according to its terms when all consents are in the possession of the
Corporation,  unless the consent specifies a different  effective date, in which
event the action  taken  shall be  effective  as of the date  specified  therein
provided that the consent  states the date of execution by each  shareholder.  A
shareholder  may  withdraw  a consent  only by  delivering  a written  notice of
withdrawal  to the  Corporation  prior to the time that all  consents are in the
possession of the Corporation.

         If not  otherwise  fixed  pursuant to the  provisions  of Section,  the
record date for  determining  shareholders  entitled  to take  action  without a
meeting is the date the first  shareholder  signs the consent  described  in the
preceding paragraph.

                                   ARTICLE II
                                    DIRECTORS

         2.1 GENERAL POWERS.  The  Corporation  shall have a Board of Directors.
All  corporate  powers shall be exercised by or under the  authority of, and the
business and affairs of the  Corporation  managed  under the  direction  of, its
Board of  Directors,  subject to any  limitation  set forth in the  Articles  of
Incorporation.  Notwithstanding  any  provision of these Bylaws to the contrary,
the   Corporation   shall  comply  with  all   provisions  of  its  Articles  of
Incorporation  regarding  the  Board  of  Directors,  including  any  provisions
relating to the composition thereof or approval thereby.

         2.2  NUMBER,  TERM  AND  ELECTION.  The  number  of  directors  of  the
Corporation  shall be a minimum of one (1) and a maximum of five (5). The number
of directors  may be fixed or changed from time to time,  within the minimum and
the  maximum,  by the  shareholders  or by the  Board  of  Directors.  Only  the
shareholders may change the range of the size of the Board of

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Directors  or  determine  whether the Board of  Directors  shall have a fixed or
variable  size.  No decrease in number shall have the effect of  shortening  the
term of any incumbent director. Each director shall hold office until his death,
resignation, retirement or removal, or until his successor is elected.

         Except as provided in Section 2.3 of this Article, the directors (other
than initial  directors) shall be elected by the holders of the Common Shares at
the annual meeting of  shareholders,  and those persons who receive the greatest
number of votes  shall be  deemed  elected  even  though  they do not  receive a
majority  of the  votes  cast.  No  individual  shall be named or  elected  as a
director without his prior consent.

         2.3  REMOVAL AND  VACANCIES.  The  shareholders  may remove one or more
directors,  with or  without  cause,  if the  number of votes cast to remove him
constitutes  a  majority  of the votes  entitled  to be cast at an  election  of
directors.  A  director  may be removed  by the  shareholders  only at a meeting
called for the  purpose of removing  him and the meeting  notice must state that
the purpose, or one of the purposes of the meeting, is removal of the director.

         A vacancy on the Board of Directors, including a vacancy resulting from
the  removal of a director or an  increase  in the number of  directors,  may be
filled  by (a)  the  shareholders,  (b)  the  Board  of  Directors  or  (c)  the
affirmative  vote of a majority of the  remaining  directors  though less than a
quorum of the Board of  Directors,  and may, in the case of a  resignation  that
will become  effective at a specified  later date,  be filled before the vacancy
occurs but the new director may not take office until the vacancy occurs.

         2.4  ANNUAL AND  REGULAR  MEETINGS.  An annual  meeting of the Board of
Directors,   which  shall  be  considered  a  regular  meeting,  shall  be  held
immediately  following each annual meeting of  shareholders,  for the purpose of
electing  officers  and  carrying on such other  business as may  properly  come
before  the  meeting.  The  Board of  Directors  may also  adopt a  schedule  of
additional meetings which shall be considered regular meetings. Regular meetings
shall  be  held  at such  times  and at  such  places,  within  or  without  the
Commonwealth  of Virginia,  as the  President  or the Board of  Directors  shall
designate from time to time. If no place is designated,  regular  meetings shall
be held at the principal office of the Corporation.

         2.5 SPECIAL MEETINGS. Special meetings of the Board of Directors may be
called by the President or a majority of the directors of the  Corporation,  and
shall  be  held  at such  times  and at  such  places,  within  or  without  the
Commonwealth of Virginia, as the person or persons calling

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the meetings shall designate.  If no such place is designated in the notice of a
meeting, it shall be held at the principal office of the Corporation.

         2.6 NOTICE OF MEETINGS.  No notice need be given of regular meetings of
the Board of Directors.

         Notices of special meetings of the Board of Directors shall be given to
each  director in person or delivered to his  residence or business  address (or
such other place as he may have  directed in writing) not less than  twenty-four
(24) hours before the meeting by mail, courier,  facsimile, email, or other form
of wire or wireless communication or by telephoning such notice to him. Any such
notice  shall set forth the time and place of the  meeting and state the purpose
for which it is called.

         2.7 WAIVER OF NOTICE;  ATTENDANCE AT MEETING.  A director may waive any
notice required by law, the Articles of Incorporation, or these Bylaws before or
after  the  date  and time  stated  in the  notice,  and  such  waiver  shall be
equivalent  to the  giving  of such  notice.  Except  as  provided  in the  next
paragraph  of this  section,  the  waiver  shall be in  writing,  signed  by the
director entitled to the notice and filed with the minutes or corporate records.

         A director who attends or participates at a meeting waives any required
notice to him of the  meeting  unless  the  director,  at the  beginning  of the
meeting  or  promptly  upon his  arrival,  objects  to  holding  the  meeting or
transacting  business at the meeting and does not thereafter vote for, or assent
to, action taken at the meeting.

         2.8  QUORUM;  VOTING.  A majority of the number of  directors  fixed in
these Bylaws  shall  constitute  a quorum for the  transaction  of business at a
meeting of the Board of Directors.  If a quorum is present when a vote is taken,
the  affirmative  vote of a majority of the directors  present is the act of the
Board of  Directors.  A  director  who is  present  at a meeting of the Board of
Directors  or a committee  of the Board of Directors  when  corporate  action is
taken is deemed to have  assented to the action  taken  unless (a) he objects at
the  beginning of the meeting,  or promptly  upon his arrival,  to holding it or
transacting  specified  business at the  meeting;  or (b) he votes  against,  or
abstains from, the action taken.

         2.9 TELEPHONIC  MEETINGS.  The Board of Directors may permit any or all
directors  to  participate  in a regular or special  meeting  by, or conduct the
meeting  through the use of, any means of  communication  by which all directors
participating may simultaneously hear each other

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during  the  meeting.  A  director  participating  in a meeting by this means is
deemed to be present in person at the meeting.

         2.10 ACTION WITHOUT  MEETING.  Action required or permitted to be taken
at a meeting  of the Board of  Directors  may be taken  without a meeting if the
action is taken by all members of the Board.  The action  shall be  evidenced by
one or more written consents  stating the action taken,  signed by each director
either  before or after the action  taken,  and included in the minutes or filed
with the corporate records reflecting the action taken.  Action taken under this
section shall be effective  when the last director  signs the consent unless the
consent specifies a different effective date, in which event the action taken is
effective as of the date specified  therein provided the consent states the date
of execution by each director.

         2.11  COMPENSATION.  The Board of Directors may fix the compensation of
directors  and may provide for the payment of all  expenses  incurred by them in
attending meetings of the Board of Directors.

                                   ARTICLE III
                                    OFFICERS

         3.1 OFFICERS.  The officers of the Corporation shall be a President and
a  Secretary  and,  in the  discretion  of the Board of  Directors,  such  other
officers as may be deemed necessary or advisable to carry on the business of the
Corporation. Any two or more offices may be held by the same person.

         3.2 ELECTION AND TERM.  Officers shall be elected at the annual meeting
of the Board of Directors  and may be elected at such other time or times as the
Board of Directors  shall  determine.  They shall hold office,  unless  removed,
until  the next  annual  meeting  of the  Board  of  Directors  or  until  their
successors  are elected.  Any officer may resign at any time upon written notice
to the Board of Directors,  and such resignation  shall be effective when notice
is delivered unless the notice specifies a later effective date.

         3.3 REMOVAL OF OFFICERS.  The Board of Directors may remove any officer
at any time, with or without cause.

         3.4 DUTIES OF  OFFICERS.  The  President  shall be the chief  executive
officer of the Corporation. He and the other officers shall have such powers and
duties as generally  pertain to their respective  offices as well as such powers
and duties as may be delegated to them from time

                                       6
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to time by the Board of Directors.  The President, if present, shall be chairman
of all meetings of the shareholders  and the Board of Directors,  as well as any
committee of which he is a member.

                                   ARTICLE IV
                               SHARE CERTIFICATES

         4.1 FORM. Shares of the Corporation,  when fully paid, may be evidenced
by certificates  containing such  information as is required by law and approved
by the  Board of  Directors.  Any  share  certificates  shall be  signed  by the
President  and the  Secretary  and may (but need not) be sealed with the seal of
the  Corporation.  The seal of the  Corporation  and any or all  signatures on a
share certificate may be facsimile. The validity of a share certificate that has
been duly signed by an officer of the  Corporation  shall not be affected in any
way in the event that such officer,  subsequent to such signature,  ceases to be
an officer of the Corporation.

         4.2  TRANSFER.  The Board of Directors  may make rules and  regulations
concerning the issue, registration and transfer of certificates representing the
shares  of  the  Corporation.  Transfers  of  shares  and  of  the  certificates
representing  such  shares  shall be made upon the books of the  Corporation  by
surrender of the certificates  representing  such shares  accompanied by written
assignments given by the owners or their attorneys-in-fact.

         4.3 RESTRICTIONS ON TRANSFER.  A lawful  restriction on the transfer or
registration of transfer of shares is valid and  enforceable  against the holder
or a transferee of the holder if the restriction  complies with the requirements
of law and its  existence  is noted  conspicuously  on the  front or back of the
certificate  representing  the  shares.  Unless  so noted a  restriction  is not
enforceable against a person without knowledge of the restriction.

         4.4 LOST OR DESTROYED SHARE  CERTIFICATES.  The Corporation may issue a
new share certificate in the place of any certificate  theretofore  issued which
is  alleged to have been lost or  destroyed  and may  require  the owner of such
certificate,  or his legal representative,  to give the Corporation a bond, with
or without surety, or such other agreement, undertaking or security as the Board
of Directors  shall  determine is  appropriate,  to  indemnify  the  Corporation
against any claim that may be made  against it on account of the alleged loss or
destruction or the issuance of any such new certificate.

                                       7
<PAGE>

                                    ARTICLE V
                            MISCELLANEOUS PROVISIONS

         5.1 CORPORATE  SEAL.  The corporate  seal of the  Corporation,  if any,
shall be  circular  and shall  have  inscribed  thereon,  within  and around the
circumference the full name of the Corporation.  In the center shall be the word
"SEAL" or a substantially similar term.

         5.2 FISCAL YEAR. The fiscal year of the Corporation shall be determined
in the  discretion  of the Board of  Directors,  but in the  absence of any such
determination it shall be the calendar year.

         5.3 AMENDMENTS.  Except as otherwise  provided by law, these Bylaws may
be amended  or  repealed,  and new Bylaws may be made at any  regular or special
meeting of the Board of Directors.  Bylaws made by the Board of Directors may be
repealed  or changed  and new Bylaws  may be made by the  shareholders,  and the
shareholders  may  prescribe  that any Bylaw made by them shall not be  altered,
amended or repealed by the Board of Directors.

                                       8

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