Document:

Specimen Warrant Agreement

EXHIBIT 4.3

WARRANT CERTIFICATE

THESE SECURITIES AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED  (THE  "U.S.  SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES  OR  BY OR  FOR  THE  ACCOUNT OR  BENEFIT  OF A U.S. PERSON  OR PERSON   IN  THE   UNITED   STATES   UNLESS  THE   WARRANTS   AND THE   COMMON SHARES  ISSUABLE  UPON EXERCISE  HEREOF  HAVE BEEN REGISTERED  UNDER THE U.S. SECUR.'TIES  ACT AND THE APPLICABLE SECURITIES  LAWS OF ANY STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATIONS UNDER THE U.S. SECURITIES ACT.

THE WARRANTS REPRESENTED HEREBY WILL BE VOID AND OF NO VALUE UNLESS EXERCISED WITHIN THE TIME LIMITS HEREIN PROVIDED.

ATLAS FINANCIAL HOLDINGS, INC.
(A corporation governed by the laws of the Cayman Islands)

	
					
	Dated: December 31, 2010
	 
	 
	 

	 
	 
	 
	Warrant Certificate No: ________________

	 
	 
	 
	 
	 

	THIS IS TO CERTIFY THAT, for value received,
	 
	 

	Mr. and Mrs. SAMPLE

(The "Holder") is the registered holder of _____ common share purchase warrants (the "Warrants") of Atlas Financial Holdings, Inc. (the "Company").  Each Warrant entitles the Holder to subscribe for and purchase, subject to the terms hereof  including, without limitation, certain adjustment provisions as detailed below in this Warrant Certificate, one fully paid ordinary share ("Ordinary  Share")  in the capital of the Company at a price of TWO DOLLARS (C$2.00) per Ordinary Share in lawful money of Canada, (the price at which one Ordinary Share may be purchased hereunder from time to time being hereinafter referred to as the "Exercise  Price")  at any time after the date hereof and until 5:00 p.m. (Toronto time) on the first Business Day that is three (3) years after the date hereof (the "Expiry  Time"), after which time the Warrants represented hereby shall expire and be of no value or effect.

The right to acquire Ordinary Shares under the Warrants may only be exercised by the Holder at any time and from time to time up to and including but not after the Expiry Time by surrendering this Warrant Certificate along with (i) the duly completed and executed Exercise Form attached hereto as Appendix A, and (ii) a certified cheque or bank draft payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Ordinary Shares to be acquired, subject to adjustment in accordance with the terms hereof, to the Company at the address shown on the Exercise Form or such other office as may be specified by the Company, in a written notice to the Holder, from time to time.

This Warrant Certificate shall effectively be surrendered only upon personal delivery to the Company or, if sent by mail or other means of transmission, upon actual receipt thereof by the Company at its offices shown on the Exercise Form or such other address as the Company may notify the Holder of in writing.

Upon the exercise of the Warrants in the manner described above, the Holder shall be deemed for all purposes to be the holder or holders of record of such Ordinary Shares and the Company covenants that it will cause certificates representing such Ordinary Shares to be delivered or mailed to the Holder at the address or addresses specified in the Exercise Form within three (3) Business Days of the surrender of this Warrant Certificate.

The Holder of this Warrant Certificate may acquire any lesser number of Ordinary Shares than the aggregate number of all Ordinary Shares which may be acquired as a consequence of exercising the Warrants. In such event, the Holder shall be entitled to receive a new Warrant Certificate exercisable to acquire up to the balance of the Ordinary Shares which may be acquired. No fractional Ordinary Shares shall be issuable on exercise of the Warrants.

The Holder of this Warrant Certificate may, at any time prior to the Expiry Time, upon surrender of this Warrant Certificate to the Company, exchange this Warrant Certificate for other Warrant Certificates in such amounts as the Holder may request entitling the Holder to acquire, in the aggregate, the same number of Ordinary Shares as may be acquired under this Warrant Certificate.

The ownership of the Warrants in and of itself shall not constitute the Holder hereof a shareholder of the Company or entitle the Holder to any right or interest as a shareholder in respect thereof except as expressly provided for herein.

From and after the date hereof, the Exercise Price and the number of Ordinary Shares deliverable upon the exercise of the Warrants will be subject to adjustment in the events and in the following manner:

		
	 (a)       
	In case of any reclassification of the Ordinary Shares or change of the Ordinary Shares into other shares, or in case of the consolidation, merger, reorganization or amalgamation of the Company with or into any other corporation or entity which results in any reclassification of the outstanding Ordinary Shares or a change of the Ordinary Shares into other securities, or in case of any transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another person (any such event being hereinafter referred to as a "Reclassification  of Ordinary Shares"), at any time prior to the Expiry Time, the Holder shall, after the effective date of such Reclassification of Ordinary Shares and upon exercise of the right to purchase Ordinary Shares hereunder, be entitled to receive, and shall accept, in lieu of the number of Ordinary Shares to which the Holder was theretofore entitled upon such exercise, the kind and amount of shares and other securities or property which the Holder would have been entitled to receive as a result of such Reclassification of Ordinary Shares if, on the effective date thereof, the Holder had been the registered holder of the number of Ordinary Shares to which the Holder was theretofore entitled to acquire upon such exercise. No such reclassification of Ordinary Shares will be carried out unless, in the opinion of the Board of Directors of the Company, all appropriate adjustments shall be made in the application of the provisions set forth in this section with respect to the rights and interests thereafter of the Holder of this Warrant Certificate to the end that the provisions set forth in this section shall thereafter correspondingly be made applicable as nearly as may be reasonable in relation to any shares or other securities or property thereafter deliverable upon the exercise of the Warrants. Any such adjustment must be made by and set forth in an amendment to this Warrant Certificate.

(b)     If and whenever at any time prior the Expiry Time the Company shall:
'
		
	(i) 
	subdivide, redivide or change its then outstanding Ordinary Shares into a greater nun1ber of shares;

		
	(ii) 
	reduce, combine or consolidate its then outstanding Ordinary Shares into a lesser number of shares; or

		
	(iii)      
	issue Ordinary Shares, Participating Shares or Convertible Securities (both such terms as defined  below  in  paragraph  (g)) to all  or substantially  all  of the holders  of  Ordinary Shares by way of distribution on the Ordinary Shares payable in Ordinary Shares, Participating Shares or Convertible Securities;

(any such event being hereinafter  referred to as "Capital Reorganization") and any such event results  in an  adjustment  or  readjustment  in  the  Exercise  Price pursuant  to paragraph  (c),  the number of 

Ordinary Shares purchasable  pursuant to the Warrants shall be adjusted or readjusted contemporaneously  with the adjustment or readjustment of the Exercise Price by multiplying the number of Ordinary Shares purchasable on the exercise of the Warrants immediately prior to such adjustment by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior  to such adjustment  or readjustment,  and  the denominator  of which  shall be the Exercise Price resulting from such adjustment or readjustment.

		
	(c)      
	If and whenever any time prior to the Expiry Time, the Company  shall engage in a Capital Reorganization, the Exercise Price shall, effective immediately after the effective date, in the case of a subdivision or consolidation,  or effective immediately after the record date, in the case of a distribution,  be adjusted  by multiplying  the Exercise Price in effect  immediately prior  to such effective  date or record date by a fraction: (A) the numerator of which shall be the number of Ordinary Shares and Participating  Shares outstanding on such effective date or record date before giving  effect  to such  Capital  Reorganization;  and (B)  the denominator  of which  shall be the number of Ordinary Shares and Participating  Shares outstanding immediately after giving effect to  such  Capital  Reorganization.  The  number   of  Ordinary  Shares  and  Participating  Shares outstanding  shall  include  the  deemed  conversion   into  or  exchange  for  Ordinary  Shares  or Participating  Shares of any Convertible  Securities distributed pursuant to such Capital Reorganization.  Such adjustment shall be made successively whenever any event referred to in this paragraph shall occur.

		
	(d)       
	Any issue of Ordinary  Shares,  Participating  Shares  or Convertible  Securities  pursuant  to  the Capital  Reorganization  shall be deemed  to have been made on the record date thereof for the purpose of calculating the number of outstanding Ordinary Shares under paragraphs (e) and (f).

    
		
	(e)        
	If and whenever at any time prior to the Expiry Time, the Company shall fix a record date for the issuance of rights, options or warrants (other than the Warrants evidenced hereby) to all or substantially all the holders of Ordinary Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Ordinary Shares, Participating Shares or  Convertible  Securities  at  a price  per  share  (or  in  the  case  of  a  Convertible  Security  the conversion  or exchange price per share plus the issue price of such Convertible Security) that is less than 95% of the Current  Value (as defined below) of an Ordinary Share on such record date (any such event being hereinafter  referred to as a "Rights Offering"), the Exercise Price shall be adjusted  immediately  after  such  record  date  so  that  it  shall  equal  the  price  determined  by multiplying the Exercise Price in effect on such record date by a fraction:

		
	(i)         
	the numerator  of which  shall be the aggregate  of: (A) the number of Ordinary Shares outstanding on such record date; and (B) a number determined  by dividing whichever of the following is applicable by the Current  Value (as hereinafter defined) of the Ordinary Shares  on  the  record  date:  (1) the  amount  obtained  by  multiplying  the  number  of Ordinary Shares or Participating Shares which the holders of Ordinary Shares are entitled to subscribe for or purchase by the subscription or purchase price; or (2) the amount obtained by multiplying the maximum number of Ordinary Shares or Participating Shares which the holders of Ordinary Shares are entitled to receive on the conversion or exchange of the Convertible Securities by the conversion or exchange price per share; and

		
	(ii)      
	the denominator of which shall be the aggregate of: (A) the number of Ordinary Shares outstanding on such record date; and (B) whichever of the following is applicable: (1) the total number of Ordinary Shares or Participating Shares which the holders of Ordinary Shares are entitled to subscribe for or purchase; or (2) the total number of Ordinary Shares or Participating  Shares which the holders of  Ordinary Shares are  entitled to receive  on the conversion or exchange of the Convertible Securities.

If by terms of the rights, options or warrants referred to in this paragraph (e), there is more than one purchase, conversion or exchange price per Ordinary Share, the aggregate price of the total number of additional Ordinary Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered, will be calculated for purposes of the adjustment on the basis of the lowest purchase, conversion or exchange price per Ordinary Share, as the case may be.

Any Ordinary Shares owned by or held for the account of the Company or subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed.

To the extent that such Rights Offering is not so made or any such rights, options or warrants are not exercised prior to the expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or to the Exercise Price which would then be in effect based if such expired rights, options or warrants had not been included in the original calculation.

		
	(f) 
	If and whenever at any time prior to the Expiry Time, the Company shall fix a record date for the·distribution to all or substantially all the holders of Ordinary Shares of:

(i)     shares of any class, whether of the Company or any other corporation; 
(ii)     rights, options or warrants; 
(iii)       evidences of indebtedness; or
(iv)       other assets or property;

and if such distribution does not constitute a Capital Reorganization or a Rights Offering or does not consist of rights, options or warrants entitling the holders of Ordinary Shares to subscribe for or purchase Ordinary Shares, Participating Shares or Convertible Securities for a period expiring not more than 45 days after such record date and at a price per share (or having a conversion or exchange price per share) of at least 95% of the Current Value of the Ordinary Shares on such record date (any such non-excluded event being hereinafter referred to as a "Special Distribution") the Exercise Price shall be adjusted effective immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction: (I) the numerator of which shall be the amount by which (A) the amount obtained by multiplying the number of Ordinary Shares outstanding on such record date by the Current Value of the Ordinary Shares on such record date, exceeds (B) the fair market value (as determined by the external auditors of the Company, which determination shall be conclusive) to the holders of such Ordinary Shares of such Special Distribution; and (II) the denominator of which shall be the total number of Ordinary Shares outstanding on such record date multiplied by such Current Value of the Ordinary Shares on such record date.

Any Ordinary Shares owned by or held for the account of the Company or subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such computation.  Such adjustment shall be made successively whenever such a record date is fixed.

To the extent that such Special Distribution is not so made or any such rights, options or warrants are not exercised prior to the expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or if such expired rights, options or warrants had not been issued for the purposes of determining the fair market value as referred to in subparagraph (f)(B) above.

		
	(g)      
	For the purpose of this Warrant Certificate: (i) "Participating Share" means a share (other than an Ordinary  Share) that carries  the right to participate in earnings to an unlimited degree; and (ii) "Convertible Security" means a security convertible  into or exchangeable  for an Ordinary Share or a Participating Share or both.

		
	(h)        
	On any adjustment of the Exercise Price pursuant to paragraph (e) or (f), the number of Ordinary Shares purchasable on the exercise of the Warrants will be adjusted contemporaneously  with the adjustment of the Exercise Price by multiplying the number of Ordinary Shares theretofore purchasable  immediately  before  the  adjustment  by  a  fraction  which  is  the  reciprocal  of  the fraction used in the adjustment of the Exercise Price. 

		
	(i) 
	In any  case  in  which  this  Warrant  Certificate  shall  require that  an  adjustment  shall  become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the Holder, upon the exercise of the Warrants after such record date and before the occurrence of such event, the additional Ordinary Shares issuable upon such exercise by reason of the adjustment required by such event; provided, however, that the Company shall deliver to the Holder an appropriate instrument evidencing the Holder's right to  receive  such  additional  Ordinary  Shares  upon  the occurrence  of  the  event  requiring  such adjustment  and the right to receive any distributions made on such additional Ordinary Shares on and after such exercise.

		
	(j)
	The  adjustments  provided  for  in this  Warrant  Certificate  are cumulative,  shall,  in the case  of adjustments  to the Exercise  Price, be computed  to the nearest one-tenth  of one cent and shall apply (without duplication) to successive Reclassifications of Ordinary Shares, Capital Reorganizations, Rights Offerings and Special Distributions; provided that, notwithstanding  any other provision  of this section, no adjustment of the Exercise Price shall be required unless such adjustment  would  require an  increase or decrease  of at least  I%  of the Exercise  Price then  in effect (except upon a consolidation  of the outstanding Ordinary Shares) (provided, however, that any adjustments  which by reason of this paragraph are not required to be made shall be carried forward and taken into account n any subsequent adjustment).

		
	(k)       
	No adjustment in the number of Ordinary Shares which may be purchased upon exercise of the Warrants or in the Exercise Price shall be made pursuant to this Warrant Certificate if the Holder is entitled  to participate  in such  event (other than the events referred to in paragraph  (b)(i)  or (b)(ii)) on the same terms mutatis mutandi as if the Holder had exercised the Warrants evidenced hereby for Ordinary Shares prior to the effective date or record date of such event.

		
	(l)
	Subject to the prior written consent of the TSXV, in the event of any question arising with respect to the adjustments provided in this Warrant Certificate, such question shall conclusively be determined  (as between  the  Company,  the  Holder,  all  shareholders  of  the Company  and any transfer  agent of  the  Ordinary  Shares)  by  a  firm  of  chartered  accountants  appointed  by the Company and acceptable to the Holder (who may be the Company's auditors). Such accountants shall  have access  to  all  necessary  records  of  the  Company  and  such  determination  shall  be binding upon the Company, the Holder, the shareholders of the Company and any transfer agent of the Ordinary Shares.

		
	(m)       
	As a condition precedent to the taking of any action which would require an adjustment in the subscription rights  pursuant  to  this Warrant  Certificate,  including  the  Exercise  Price  and  the number of such classes of shares or other securities or property which are to be received upon the exercise of the Warrants, the Company shall take all corporate  action which may, in the opinion of external counsel, be necessary  in order that the Company  has reserved and there will remain unissued a sufficient number of Ordinary Shares for issuance upon the exercise of the Warrants, and that the Company may validly and legally issue as fully paid and non-assessable all the shares of such classes or other securities  or may validly and legally  distribute  the property which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

		
	(n)     
	 In the case of an event which  requires an adjustment  in the subscription  rights pursuant to this Warrant Certificate, including  the Exercise Price and the number and classes of shares or other securities or property which are to be received upon the exercise thereof, the Company shall give notice  to  the  Holder  of  the  particulars  of  such  event  and  the  required  adjustment  and  the computation of such adjustment  as soon as reasonably practicable  and, in any event, within 30 days of making any adjustment.

		
	(o)        
	This Warrant Certificate and all the rights hereunder (including the Warrants) shall enure to the benefit of the Holder and its successors and permitted assigns and shall be binding upon the Company and its successors.

		
	(p)       
	 The Warrants represented by this Warrant Certificate may not be transferred, sold, assigned or pledged, in whole or in part, to any person by the Holder.

		
	(q)        
	The Holder acknowledges  and agrees that any transfer, sale, assignment  or pledging by it of the Warrants  represented  by this  Warrant  Certificate,  in whole  or  in  part,  shall comply  with the provisions of Securities Laws or such other regulatory authority having jurisdiction.

For the purpose of any computation  under this Warrant Certificate, the "Current Value" of the Ordinary Shares at any date shall be determined  as the volume weighted average trading price per Ordinary Share of the Ordinary Shares (the "VWAP") on the TSXV  calculated  by dividing  the total value by the total volume of Ordinary Shares traded for the twenty trading days ending three trading days prior to that date and if the Ordinary Shares are not so listed on the TSXV, the Current Value shall be the VWAP on such exchange  on which the  Ordinary  Shares  are  listed,  and  if  the Ordinary  Shares  are not listed  on any exchange, the VWAP will be such value as is determined  by the directors of the Company acting in good faith. If the Ordinary Shares are listed on more than one stock exchange the VWAP on the stock exchange on which the largest volume of the Ordinary Shares has traded in the preceding six (6) months shall be used.

In case the Company after the date of issuance of the Warrants takes any action affecting the Ordinary Shares, other than any action described above, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, by action by the directors of the Company but subject in all cases to the prior written consent of the stock exchange on which the Ordinary shares are then listed, where required and any necessary regulatory approval.

The  Company shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other corporation (herein called a "successor corporation") whether by  way  of reorganization, reconstruction, consolidation,  amalgamation, merger, transfer, sale, disposition or otherwise, unless prior to or contemporaneously with the consummation of such transaction, the Company and the successor corporation shall have executed such instruments and done such things as are necessary or advisable to establish that upon the consummation of such transaction:

(i)    the successor corporation will have assumed all the covenants and obligations of the
Company under this Warrant Certificate, and

		
	(ii)   
	the Warrant Certificate will be a valid and binding obligation of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant Certificate.

If any one or more of the provisions contained in this Warrant Certificate should be invalid, illegal or unenforceable in any respect under the laws of any jurisdiction, the validity, legality and enforceability of such  provision shall not  in any way  be affected or  impaired thereby under the  laws of  any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

This Warrant Certificate shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

Time shall be of the essence hereof.

All dollar amounts shall be Canadian dollars.

[Remainder of this page intentionally left blank]

•

IN WITNESS WHEREOF the Company has caused this  Warrant  Certificate to  be executed   by its duly authorized officer this 31 day of December 2010.  

SIGNED for and on behalf of

ATLAS FINANCIAL HOLDINGS, INC.

Per: _________________________________

•Bylaws of American Insurance Acquisition Inc.

EXHIBIT 4.1D

BY-LAWS OF
AMERICAN INSURANCE ACQUISITION INC.

ARTICLE I OFFICES

Section 1.1  REGISTERED OFFICE AND AGENT.  The registered office of the Corporation shall be at Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, in the County of New Castle, in the State of Delaware.  The Corporation Trust Company is the registered agent of the Corporation.

Section 1.2  OTHER OFFICES.  The Corporation may also have offices at such other place or places both within and without the State of Delaware as the Board of Directors may from time to time determine.

ARTICLE II MEETINGS OF STOCKHOLDERS

Section  2.1   PLACE  OF  MEETINGS.    Meetings  of the  stockholders  for  the  election  of directors or  for  any other  purpose  shall  be held at such time  and  place,  either  within or without the State  of Delaware,  as shall  be designated  from time to time by the Board of Directors  and stated  in  the  notice  of the  meeting  or in a duly executed  waiver  of notice thereof.

Section 2.2  ANNUAL  MEETINGS.   The Annual Meeting of the stockholders shall be held on such date  and  at such  time  as shall  be designated  from time to time  by the Board of Directors and stated in the notice of the meeting, at which meetings the stockholders shall elect by a plurality vote a Board of Directors and transact such other business as may properly be brought  before  the  meeting.    The  first annual  meeting shall  be held  on  a date within thirteen (13) months after the organization of the Corporation, and each successive annual meeting shall be held on a date within thirteen (13) months after the date of the preceding annual meeting.  Written notice of the Annual Meeting stating the place, date and hour of the meeting shall be given to each stockholder entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days before the date of the meeting.

Section 2.3  SPECIAL MEETINGS.   Unless otherwise prescribed by law or by the Certificate of Incorporation, special meetings of the stockholders for any proper purpose or purposes may be called at any time by the Board of Directors, the Chairman of the Board, the President, or any Vice President, to be held on the date, at the time and place within or without the State 

of Delaware  as  the  Board  of  Directors,  the  Chairman  of  the  Board,  the  President  or  Vice President,  whichever  has  called  the  meeting,  shall  direct.     A  special   meeting  of  the stockholders shall be called by the Chairman of the Board, the President, any Vice President or the Secretary whenever stockholders owning not less than 30% of the outstanding shares of Common Stock of the Corporation  then issued and outstanding and entitled to vote on all of the matters to be submitted  to stockholders  of the Corporation at such special meeting shall make written application  to the Chairman of the Board, the President, any Vice President or the Secretary.    Any  such  written  request  shall  state  a proper  purpose  or purposes  of the meeting  and  shall  be  delivered  to  the  Chairman  of  the  Board,  the  President,  any  Vice President or the Secretary.

Section 2.4.   NOTICE  OF MEETING.   Notice, signed by the Chairman  of the Board, the President,  any Vice  President,  the  Secretary  or an Assistant  Secretary,  of every  annual or special  meeting  of  stockholders  stating  the  purpose  or purposes  for  which  the meeting  is called, and the date and time when, and the place where it is to be held, shall be prepared in writing and personally  delivered  or mailed, postage prepaid, to each stockholder  entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days before the meeting, except  as  otherwise  provided  by  statute.    If  mailed,  such  notice  shall  be  directed  to  a stockholder  at his address  as it shall  appear on the stock record  book  of the Corporation, unless  the  stockholder  shall  have  filed  with  the  Secretary  a  written  request  that  notices intended for him or her be mailed to some other address, in which case it shall be mailed to the  address  designated  in  such  request.    Notice  shall  be  deemed  given  when  personally delivered or deposited to the United States mail, as the case may be; provided, however, that such notice may also be given by telegram, cablegram, or radiogram and in such case shall be deemed given when ordered or, if a delayed delivery is ordered, as of such delayed delivery time.

Section 2.5.   LIST OF STOCKHOLDERS.    A complete list of the stockholders entitled to vote at each meeting of stockholders,  arranged in alphabetical order and showing the address of each such stockholder and the number of shares registered in the name of each such stockholder, shall be open to the examination of any stockholder, for any purpose germane to such meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held which place shall be specified in the notice of such meeting, or, if not so specified, at the place where the meeting is to be held.  The list shall also be produced and kept at the  time and place of the meeting and during the whole time thereof, and may be inspected by any stockholder who is present.

Section 2.6  QUORUM.  The presence at any meeting, in person or by proxy, of the holders of record of a majority of the shares then issued and outstanding and entitled to vote shall be necessary and sufficient to constitute  a quorum for the transaction of business, except where otherwise provided by statute.

Section 2.7  ADJOURNMENTS.  In the absence of a quorum, stockholders representing a majority of the shares then issued and outstanding and entitled to vote, present in person or 

by proxy, or, if no stockholder  entitled  to vote is present in person  or by proxy,  any officer entitled to preside at or act as secretary of such meeting, may adjourn the meeting from time to time  without  notice  other  than  announcement  at the meeting,  until  a quorum  shall  be present or represented.   At such adjourned  meeting at which a quorum  shall be present or represented, any business may be transacted which might have been transacted at the meeting originally noticed.   If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

Section 2.8.   VOTING.   Each share  of stock shall entitle the holders  thereof  to one vote. Directors  shall  be  elected  by  a  plurality  of  the  votes of  the  shares  present  in  person  or represented by proxy at the meeting  and entitled to vote on the election  of directors.   Any other action shall be authorized by a majority of the votes cast except where the General Corporation  Law prescribes  a different  percentage  of votes and/or  a different  exercise of voting power, and except as may be otherwise prescribed by the provisions of the Certificate of Incorporation  and these By-laws.   In the election of directors, and for any other action, voting need not be by ballot.

Section 2.9.  PROXIES.   Any stockholder  entitled to vote may vote by proxy, provided that the instrument authorizing such proxy to act shall have been executed in writing (which shall include telegraphing,  cabling, or other means of electronically transmitted  written copy) by the stockholder himself or herself or by his or her duly authorized attorney-in-fact.  No proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.

Section 2.10.   JUDGES  OF ELECTION.    The Board of Directors  may  appoint judges of election to serve at any election of directors and at balloting on any other matter that may properly come before a meeting of stockholders.   If no such appointment shall be made, or if any of the judges so appointed shall fail to attend, or refuse or be unable to serve, then such appointment may be made by the presiding officer of the meeting at the meeting.

Section 2.11.   WRITTEN  CONSENT.    Any action which may be taken  at any annual or special meeting  of stockholders  may be taken without a meeting  and  without  a vote, if a consent  in  writing,  setting  forth  the  action  so  taken,  shall  be  signed  by  the  holders  of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present  and  voted.    Whenever  any  such  action  is  taken  without  a  meeting  by  less  than unanimous consent, all stockholders who have not consented in writing must be promptly informed in writing of such action.

Section 2.12.  STOCK LEDGER.   Except as otherwise provided by law, the stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the  stock  ledger,  the  list  required  by  Section  2.5  of  this  Article  II  or  the  books  of  the Corporation, or to vote in person or by proxy at the meeting of stockholders.

Section 2.13.   CONDUCT OF MEETING.   Meetings of the stockholders  shall be presided over by one of the following officers in the order of seniority and if present and acting - the Chairman of the Board, if any, the Vice-Chairman of the Board, if any, the President, a Vice President, or, if none of the foregoing is in office and present and acting, by a chairman to be chosen by the stockholders.   The Secretary of the Corporation, or in his or her absence, an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present the chairman of the meeting shall appoint a secretary of the meeting.

Section 2.14    PRESENCE AT MEETINGS BY MEANS OF COMMUNICATIONS EQUIPMENT.   Subject  to such  guidelines  and procedures as the Board of Directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communications:  (a) participate in a meeting of stockholders; and (b) be deemed  present  in  person  and  vote  at  a  meeting  of  stockholders,  provided  that:  (1) the corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder; (2) the corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders,  including an opportunity to read or hear the proceedings of the meeting substantially  concurrently with such proceedings; and (3) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the corporation.

ARTICLE III BOARD OF DIRECTORS

Section 3.1.  NUMBER.   The Board of Directors shall consist of not less than one (1) nor more than ten (10) directors.  The number of directors which shall constitute the whole Board of  Directors  shall  be  fixed  from  time  to  time  by  action  of  the  Board  of  Directors  or stockholders at the annual meeting or any special meeting called for that purpose.  The Board of Directors shall consist initially of three (3) directors.

Section 3.2.  NOMINATION, ELECTION AND TERM OF OFFICE.   Directors shall be nominated  each  year  by  the  then  existing  Board  of  Directors  and  shall  be  elected  by  a plurality of the shares of Common  Stock voting at the annual meeting of the stockholders, except as provided in Section 3.3 of this Article.  Each Director (whether elected at an annual meeting or to fill a vacancy or otherwise) shall continue in office for a term of one year until the next annual  meeting  or  until  his or  her  death,  resignation  or  removal  in the manner hereinafter provided, whichever shall first occur.

Section 3.3   VACANCIES  AND ADDITIONAL  DIRECTORSHIPS.   If any vacancy shall occur among the directors by reason of death, resignation, or removal, or as the result of an increase in the number of directorships, the directors then in office shall continue to act and may fill any such vacancy by a vote of the majority of directors then in office, though less 

than a quorum, and each director so chosen shall hold office until the next annual election of directors and until his or her successor shall be duly elected and shall qualify, or until his or her earlier death, resignation or removal.

Section 3.4.  POWERS.   The business of the Corporation shall be managed by its Board of
Directors, which may exercise all powers of the Corporation and do all lawful acts and things as are not by law or by the Certificate of Incorporation or these By-Laws reserved to the stockholders.

Section 3.5.   RESIGNATION  OF DIRECTORS.   Any director  may resign at any time by giving written  notice  of  such  resignation  to the Board of Directors,  the Chairman  of the Board, the President, any Vice President or the Secretary.   Any such resignation shall take effect at the time specified  therein  or, if no time be specified, upon receipt thereof by the Board of Directors or one of the above named officers; and, unless specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.6.   REMOVAL  OF DIRECTORS.   Except as may otherwise  be provided by the General Corporation Law, any director or the entire Board of Directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors.

Section 3.7.  COMPENSATION  OF DIRECTORS.   Directors shall receive such reasonable compensation for their services, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefore.

SECTION IV
MEETINGS OF THE BOARD OF DIRECTORS

Section 4.1.  PLACE.   The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware.

Section 4.2.  REGULAR MEETINGS.  The Board of Directors by resolution may provide for the holding of regular meetings and may fix the times and places at which such meetings shall be held.  Notice of regular meetings shall not be required to be given, provide that whenever the time or place of regular meetings shall be fixed or changed, notice of such action shall be mailed promptly to each Director who shall not have been present at the meeting at which such action was taken,  addressed  to him or her at his or her residence  or usual place of business, unless he or she shall have filed with the Secretary a written request that notices intended for him or her be mailed to some other address, in which case it shall be mailed to the address designated in such request.

Section 4.3.   SPECIAL  MEETINGS.   Special meetings of the Board of Directors may be 

called by the Chairman of the Board or the President, and shall be called by the President or Secretary at the written request of any two directors.  Except as otherwise required by statute, notice of each special meeting shall be given to each director, if by mail, when addressed to him or her at his or her residence or usual place of business, unless he or she shall have filed with the Secretary a written request that notices intended for him or her be mailed to some other address, in which case it shall be mailed to the address designated in such request, on ten (10) days'  notice, or shall be sent to him or her at such place by telegram, radiogram or cablegram, or telephone or other electronic means, or delivered to him or her personally, not later than three (3) days before  the day on which the meeting is to be held.   Such notice shall state  the  time  and  place  of  such  meeting,  but  need  not  state  the  purposes   thereof,  unless otherwise  required  by law,  the  Certificate of Incorporation of the  Corporation or these  By­ Laws.

Section  4.4   QUORUM.  At any  meeting  of the Board  of Directors,  a majority  of the entire Board of Directors shall constitute a quorum  for the transaction  of business,  and the act of the majority  of those  present  at any meeting  at which  a quorum  is present  shall  be sufficient  for the act of the Board  of Directors, except  as may be otherwise  specifically provided  by statute or by the Certificate of Incorporation.

Section 4.5.  ADJOURNED MEETINGS.  If a quorum  shall not be present  at a meeting of the Board of Directors, the directors present  thereat  may adjourn  the meeting  from  time to time, until  a quorum  shall  be present.    Three  (3)  days'  notice  of any  such  adjournment shall  be given   personally   to  each   director   who   was  not  present   at  the  meeting   at  which   such adjournment was taken and, unless  announced at the meeting, to the other directors;  provided, that ten (10) days'  notice shall be given if notice is given by mail.

Section  4.6.   WRITTEN CONSENT.   Any  action  required  or permitted to be taken  at any meeting of the Board of Directors may be taken without a meeting  if all of the members  of the Board consent  thereto  in writing,  and the writing  or writings  are filed with the minutes of the proceedings  of the Board of Directors.

Section 4.7.  COMMUNICATIONS EQUIPMENT.  Any one or more members  of the Board of Directors may participate in any meeting  of the Board by means of conference telephone  or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such means shall be deemed  to constitute presence in person at such meeting.

Section 4.8.  WAIVER  OF NOTICE.  Notice of any meeting need not be given to any director who  shall  attend  such  meeting  in person  or shall  waive  notice  thereof,  before  or after  such meeting,  in writing  or by telegram, radiogram  or cablegram  or other  means  of electronically transmitted  written copy.

Section  4.9.   CHAIRMAN OF THE  MEETING.  The Chairman  of the Board,  if any and if present and acting,  shall preside  at all meetings.   Otherwise,  the Vice Chairman of the Board, if any and if present  and acting,  or the President,  if present  and acting,  or any other director chosen by the Board, shall preside.

ARTICLE  V COMMITTEES OF THE BOARD

Section   5.1.     DESIGNATION,  POWER,  ALTERNATE  MEMBERS  AND   TERM   OF OFFICE.   The Board of Directors may, by resolution  passed by a majority  of the whole Board of Directors,  designate one (1) or more committees.  Each such committee shall consist of one (1) or more of the directors  of the Corporation.  Any such committee, to the extent provided in such resolution, shall have and may exercise the power of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it.  The Board of Directors may designate one (1) or more directors as alternate members of any committee who, in the order specified by the Board of Directors, may replace any absent or disqualified member at any meeting of the committee.   If at a meeting of any committee one (1) or more of the members thereof should  be  absent  or disqualified,  and  if either  the  Board  of  Directors  has  not so designated  any  alternate  member  or  members,  or  the  number  of  absent  or  disqualified members exceeds the number of alternate members who are present at such meeting, then the member or members of such committee (including alternates) present at any meeting and not disqualified  from  voting,  whether  or  not  he  or  she  or  they  constitute  a  quorum,  may unanimously appoint another Director to act at the meeting in the place of any such absent or disqualified member.  The term of office of the members of each committee shall be as fixed from time to time by the Board, subject to the term of office of the directors and these By­ Laws; provided,  however,  that any committee  member who ceases to be a member of the Board of Directors shall ipso facto cease to be a committee member.   Each committee shall appoint a secretary, who may be the Secretary or an Assistant Secretary of the Corporation.

Section 5.2.  MEETINGS, NOTICES AND RECORDS.  Each committee may provide for the holding of regular meetings,  with or without notice, and a majority of the members of any such  committee  may  fix  the  time,  place  and  procedure  for  any  such  meeting.    Special meetings of each committee shall be held upon call by or at the direction of its chairman, or, if there be no chairman, by or at the direction of any two (2) of its members,  at the time and place specified in the respective notices or waivers of notice thereof.

Section 5.3.  QUORUM AND MANNER OF ACTING.  At each meeting of any committee the presence of a majority of its members then in office shall be necessary and sufficient to constitute a quorum for the transaction of business, and the act of a majority of the members present at any meeting at which a quorum is present shall be the act of such committee; in the absence of a quorum, a majority of the members present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present.   Subject to the foregoing and other provisions of these By-Laws and except as otherwise determined by the Board of Directors, each committee may make rules for the conduct of its business.

Section 5.4.   RESIGNATIONS.    Any member  of a committee  may resign at any time by giving written  notice  of  such  resignation  to  the  Board of  Directors,  the  Chairman  of the Board,  the  President,  any  Vice  President  or  the  Secretary  of  the  Corporation.     Unless 

otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer.

Section 5.5.  REMOVAL.  Any member of any committee may be removed at any time by the affirmative vote of a majority of the whole Board of Directors with or without cause.

Section 5.6.  VACANCIES.  If any vacancy shall occur in any committee by reason of death, resignation, disqualification, removal or otherwise, the remaining members of such committee, though less than a quorum, shall continue to act until such vacancy is filled by the Board of Directors.

Section 5.7.   COMPENSATION.   Committee members shall receive such reasonable compensation for their services, whether in the form of salary or a fixed fee for attendance at meetings, with reasonable expenses, if any, as the Board of Directors may from time to time determine.  Nothing  herein contained  shall be construed to preclude any committee member from serving the Corporation in any other capacity and receiving compensation therefore.

ARTICLE VI OFFICERS

Section 6.1. OFFICERS.   The Corporation  shall have such officers as the Board of Directors shall determine from time to time, but in any event will have a President and Chief Executive Officer, one or more Vice Presidents, a Secretary and a Treasurer.  The Board of Directors, in its discretion, may also choose a Chairman of the Board of Directors (the "Chairman")  (who must be a director), Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers and other officers.  If there be a President, he or she shall have the duties described in Section 6.7 below or, to the extent not so provided, as provided by resolution of the Board of Directors. In the absence  of  a President,  one  or  more  Vice  Presidents  shall  have  such  duties.   The officers chosen by the Board of Directors shall hold office until his or her successor is duly chosen and qualified or until his or her resignation or removal.  Any number of offices may be held by the same  person;  provided,  that a Chairman,  President, or Vice President may not hold the additional  office of Secretary,  Assistant Secretary, Treasurer or Assistant Treasurer unless another person holds such an office, with such title and duties, as may be necessary to enable the Corporation to sign instruments and stock certificates which comply with Sections
103(a)(2) and 158, respectively, of the General Corporation law of the State of Delaware.

Section 6.2.  DUTIES.   All officers, as between themselves and the Corporation, shall have such authority  and  perform  such  duties  in the management  of the Corporation  as may be provided  in  these  By-Laws,  or,  to  the  extent  not  so  provided,  as  may  be  provided  by resolution of the Board of Directors or, as to all other officers except the Chairman, by the President.

Section 6.3.  RESIGNATIONS.   Any officer may resign at any time by giving written notice of such resignation to the Board of Directors, the Chairman, the President, a Vice President or the Secretary.   Unless otherwise  specified in such written notice, such resignation shall 

take effect upon receipt thereof by the Board of Directors or any such officer.

Section 6.4.  REMOVAL.   Any officer may be removed at any time, either with or without cause, by the vote of a majority  of all the directors then in office.   Such power of removal from office shall not be abridged by any employment contract or other agreement.

Section  6.5.    VACANCIES.     A  vacancy  in  any  office  by  reason  of  death,  resignation, removal, disqualification  or any other cause shall be filled for the unexpired  portion of the term in the manner prescribed  by these By-Laws for regular election or appointment to such office.

Section 6.6.  CHAIRMAN.   The Chairman, if there be one, shall perform such duties as from time to time may be assigned to him by the Board of Directors.

Section 6.7.  PRESIDENT AND CHIEF EXECUTIVE OFFICER.  The President shall be the chief executive officer of the Corporation.   Subject to the direction of the Board of Directors, he or she shall supervise and direct the daily management of the business, affairs and property of the Corporation.   In the absence or disability of the Chairman of the Board, or if there be none, the President shall preside  at all meetings of the stockholders.   The Chairman of the Board, if any, and the President shall each be charged with overseeing that all orders and resolutions of the Board of Directors are carried into effect.  The President may sign, with any other officer thereunto duly authorized, certificates of stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature), and may sign and execute in the name of the Corporation, deeds, mortgages, bonds, contracts, agreements, and other instruments  duly authorized by the Board of Directors.   From time to time,  the  President  shall  report  to  the  Board  of  Directors  all  matters  within  his  or  her knowledge which the interests of the Corporation may require to be brought to its attention. The President shall also perform  such other duties as are assigned by these By-Laws or as from time to time may be assigned to him or her by the Board of Directors.

Section 6.8.  VICE PRESIDENT.   In the absence or disability of the President, the Vice President, or if there be more than one, the Vice Presidents in the order or priority determined by the Board of Directors, shall perform all duties of the President and, when so acting, shall have all the  powers  of  and  be  subject  to  all  restrictions  upon  the  President.    Any  Vice President may also sign, with any other officer thereunto duly authorized, certificates of stock of the Corporation the issuance  of which shall have been duly authorized (the signature to which  may  be  a  facsimile   signature),  and  may  sign  and  execute  in  the  name  of  the Corporation deeds, mortgages,  bonds and other instruments duly authorized by the Board of Directors,  except  in  cases  where  the  signing  and  execution  thereof  shall  be  expressly delegated by the Board of Directors to some other officer or agent.  Each Vice President shall perform such other duties as are assigned by these By-Laws or as from time to time may be assigned by the Board of Directors, the Chairman of the Board or the President.

Section  6.9.    SECRETARY.    The  Secretary  shall:  (i)  record  all  the  proceedings  of  the 

meetings of the stockholders,  the Board of Directors, and all committees  of the Board of Directors in a book or books to be kept for that purpose; (ii) cause all notices to be duly given in accordance with the provisions of these By-Laws or as required by law; (iii) whenever any committee shall be appointed in pursuance of a resolution of the Board of Directors, furnish the chairman of such  committee  with a copy of such resolution;  (iv) be custodian  of the records and of the seal of the Corporation, and cause such seal to be affixed to all certificates representing  capital  stock  of  the  Corporation  prior  to  the  issuance  thereof  and  to  all instruments the execution of which on behalf of the Corporation under its seal shall have been duly  authorized;  (v)  see  that  the  lists,  books,  reports,  statements,  certificates  and  other documents and records required by statute are properly kept and filed; (vi) have charge of the stock  record  and  stock  transfer  books  of  the  Corporation,  and  exhibit  such  books  at  all reasonable time to such persons as are entitled by law and by these By-Laws to have access thereto; (vii) sign (unless the Treasurer  or an Assistant Secretary or an Assistant Treasurer shall sign) certificates  representing  capital stock of the Corporation  the issuance of which shall have been duly authorized  (the signature of which may be a facsimile signature); and (viii) in general, perform all duties incident to the office of Secretary and such other duties as are given to him or her by these By-Laws or as from time to time may be assigned to him or her by the Board of Directors, the Chairman of the Board or the President.

Section 6.10.  ASSISTANT SECRETARIES.   At the request of the Secretary or in his or her absence or disability, the Assistant  Secretary designated by him or her (or in the absence of such  designation,  the  Assistant  Secretary  designated  by  the  Board  of  Directors  or  the President) shall perform all the duties of the Secretary, and, when so acting, shall have all the powers of and be subject to all restrictions upon the Secretary.  The Assistant Secretary shall perform such other duties as from time to time may be assigned to him or her by the Board of Directors, the Chairman of the Board, the President or the Secretary.

Section 6.11. TREASURER.  The Treasurer shall: (i) have charge of and supervision over and be responsible for the funds,  securities,  receipts and disbursements of the Corporation; (ii) cause the monies and other valuable effects of the Corporation to be deposited in the name and to the credit of the Corporation in such banks or trust companies or with such bankers or other depositaries as shall be selected in accordance with Section 8.2 of these By-Laws or to be otherwise dealt with in such manner as the Board of Directors may direct; (iii) cause the funds of the Corporation to be disbursed by checks or drafts upon the authorized depositaries of the Corporation,  and  cause  to be  taken  and  preserved  proper  vouchers  for  all monies disbursed;  (iv)  render  to  the  Board  of  Directors  or the President,  whenever  requested, a statement of the financial condition of the Corporation and of all of his or her transactions as Treasurer; (v) cause to be kept at the Corporation's  principal office correct books of account of all its business and transactions,  and such duplicate books of account, as he or she shall determine and upon application cause such books, or duplicates thereof, to be exhibited to any Director; (vi) be empowered to require from the officers or agents of the Corporation reports or statements giving such information  as he or she may desire with respect to any and all financial transactions  of  the  Corporation;  (vii)  sign (unless the  Secretary  or  an  Assistant Secretary or Assistant Treasurer shall sign) certificates representing stock of the Corporation 

the issuance of which shall  have  been  duly authorized (the signature  to  which may be a facsimile signature); and (viii)  in general, perform all duties as are given to him or her by these By-Laws or  as from  time  to time  may be assigned to him  or her by the Board of Directors, the Chairman of the Board or the President.

Section 6.12.  ASSISTANT TREASURERS.   At the request of the Treasurer or in his or her absence or disability, the Assistant Treasurer designated by him or her (or in the absence of such  designation,  the  Assistant  Treasurer  designated  by  the  Board  of  Directors  or  the President) shall perform all the duties of the Treasurer, and when so acting, shall have all the powers of and be subject to all restrictions upon the Treasurer.  The Assistant Treasurer shall perform such other duties as from time to time may be assigned by the Board of Directors, the Chairman of the Board, the President or the Treasurer.

Section 6.13.  SALARIES. The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors.  No officer shall be prevented from receiving such salary by reason of the fact that he or she is also a director of the Corporation.

ARTICLE VII CERTIFICATES OF STOCK

Section 7.1. STOCK CERTIFICATES. Every holder of capital stock ofthe Corporation shall be entitled to have a certificate or certificates in such form as shall be approve by the Board of Directors, certifying the number of shares of capital stock of the Corporation owned by him or her.  The certificates representing shares of capital stock shall be signed in the name of the Corporation by the Chairman of the Board or the President, and by the Secretary, as Assistant Secretary, the Treasurer or an Assistant Treasurer (which signatures may be facsimiles) and sealed with the seal of the Corporation (which seal may be a facsimile).  In case any officer, transfer agent or registrar who shall have signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer, transfer agent or registrar before such certificates are issued, they may nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent, or registrar were still such at the date of their issue.

Section 7.2.  BOOKS OF ACCOUNT AND RECORD OF STOCKHOLDERS. The books and records of the Corporation may be kept at such places, within or without the State of Delaware, as the Board of Directors may from time to time determine.  The stock record books and the blank stock certificate books shall be kept by the Secretary or by any other officer or by the transfer agent or registrar, if any designated by the Board of Directors. There shall be entered on the stock books of the Corporation the number of each certificate issued, the number of shares represented thereby, the name of the person to whom such certificate was issued and the date of issuance thereof.

Section 7.3.   TRANSFERS OF SHARES.   Transfers of  shares of  capital stock of the Corporation shall be made on the stock records of the Corporation only upon authorization by the registered holder thereof, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Secretary or with the transfer agent, and on surrender of the 

certificate or certificates for such shares properly endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes thereon, if any.   Except as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive right of a person in whose name any share or shares stand on the record of stockholders as the owner of such share or shares for all purposes, including, without limitation, the rights to receive dividends or other distributions, and to vote as such owner, and the Corporation shall not be bound to recognize any equitable or legal claim to or interest in any such share or shares on the part of any other person whether or not the Corporation shall have express or other notice thereof.

Section 7.4.  REGULATIONS. The Board of Directors may make such additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning the issue, transfer and registration of certificates for shares of the capital stock of the Corporation.
It may appoint, or authorize any officer or officers to appoint, one or more transfer agents or one or more registrars and may further provide that no stock certificate shall be valid until countersigned  by  one  of  such  transfer  agents  and  registered  by  one  of  such  registrars. Nothing herein shall be construed to prohibit the Corporation from acting as its own transfer agent or registrar.

Section  7.5.    LOST,  STOLEN  OR  DESTROYED  CERTIFICATES.    The  holder  of  any certificate  or  certificates   representing   any  share  or  shares  of  the  capital  stock  of  the Corporation shall immediately notify the Corporation of any loss, theft, or destruction of such certificate  or  certificates.    The  Board  of  Directors  may  direct  that  a  new  certificate  or certificates  by issued  in the place  of any certificate  or certificates  theretofore  issued  by it which the owner thereof shall allege to have been lost, stolen or destroyed upon the furnishing to the Corporation of an affidavit to that effect by the person claiming that the certificate or certificates  has  been  lost,  stolen  or  destroyed.    When  authorizing  such  issue  of  a  new certificate or certificates, the Board of Directors may, in its discretion, require such owner or his  or  her  legal  representatives   to  give  to  the  Corporation  and  its  transfer  agent(s)  and registrar(s) a bond in such sum, limited or unlimited, and in such form and with such surety or sureties  as the  Board  of  Directors  in its  absolute  discretion  shall  determine,  sufficient  to indemnify the Corporation  against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or certificates, or the issuance of a new certificate or certificates.

Section 7.6.   STOCKHOLDER'S RIGHT OF INSPECTION.   Any stockholder of record of the Corporation, in person or by attorney or other agent, shall upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose  the Corporation's stock ledger, a list of its stockholders,  and its other books and records, and to make copies or extracts therefrom.  A proper purpose shall mean a purpose reasonably related to such person's interest as a stockholder.  In every instance where an attorney or other agent shall be the person who seeks the right of inspection, the demand under  oath  shall  be  accompanied   by  a  power  of  attorney  or  such  other  writing  which authorizes the attorney or other  agent to so act on behalf of the stockholder.   The demand under oath shall be directed to the Corporation at its registered office in Delaware or at its 

principal place of business.

ARTICLE VIII
DEPOSIT OF CORPORATE FUNDS

Section 8.1.  BORROWING.   No loans or advances shall be obtained or contracted for, by or on behalf of the Corporation  and no negotiable paper shall be issued in its name, unless and except  as  authorized  by  the  Board  of  Directors.    Such  authorization  may  be  general  or confined to specific instances.

Section 8.2.   DEPOSITS.    All  funds  of the Corporation not otherwise  employed  shall  be deposited from time to time to its credit in such banks or trust companies or with such bankers or other depositaries  as the  Board  of Directors  may select, or as may  be selected  by any officer or officers or agent or agents authorized to do so by the Board of Directors.
Section 8.3.  CHECKS, DRAFTS, ETC.  All checks, drafts or other orders for the payment of money, and all negotiable and non-negotiable notes or other negotiable or non-negotiable evidences of indebtedness  issued  in the name of the Corporation,  shall  be signed by such officer or officers or agent or agents of the Corporation, and in such manner, as from time to time shall be determined by the Board of Directors.

ARTICLE IX INDEMNIFICATION

Section 9.1.  INDEMNIFICATION.   The personal liability of the directors and officers of the corporation is hereby eliminated  to the fullest extent permitted by the General Corporation Law of the State of Delaware, as the same may be amended and supplemented.

The corporation shall, to the fullest extent permitted  by the General Corporation  law of the State of Delaware, as the same may be amended  and supplemented,  indemnify any and all persons whom it shall have power to indemnify including those who were or are a party or are threatened  to  be  made  a  party  to  any  threatened,  pending  or  completed  action,  suit  or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she or his or her testator or intestate is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation (or any such constituent or predecessor corporation) as a director, officer, employee or agent of another corporation, partnership,  joint  venture,  trust  or  other  enterprise  from  and  against  any  and  all  of  the expenses, liabilities, or other matters referred to in or covered by said section, and the indemnification  provided  for  herein  shall  not be deemed  exclusive  of any  other  rights  to which those indemnified may be entitled under any agreement, vote of stockholders 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,  officer,  employee,  or  agent  and  shall  inure  to  the  benefit  of  the  heirs, executors, and administrators of such a person.

ARTICLE X RECORD DATES

Section  10.1.    RECORD   DATES.     In  order  that  the  Corporation   may  determine  the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any evident or other distribution or allotment of any rights, or entitled to exercise any rights  in  respect  of any  change,  conversion  or exchange  of stock  or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action.  Only those stockholders of record on the date so fixed shall be entitled to any of the foregoing rights, notwithstanding the transfer of any such stock on the books of the Corporation after any such record date fixed by the Board of Directors.

ARTICLE XI DIVIDENDS

Section 11.1  DIVIDENDS.   Subject to any agreement to which the Corporation is a party or by which it is bound,  the Board  of Directors  may declare to be payable,  in cash, in other property  or  in  shares  of  the  Corporation's   capital  stock,  such  dividends  in  respect  of outstanding stock of the Corporation  of any class or series as the Board of Directors may at any time deem to be advisable.   Before declaring any such dividend, the Board of Directors may cause to be set aside any funds or other property or assets of the Corporation  legally available for the payment of dividends.

ARTICLE XII FISCAL YEAR

Section 12.1.  FISCAL YEAR.   The fiscal year of the Corporation shall be determined by resolution of the Board of Directors.

ARTICLE XIII CORPORATE SEAL

Section 13.1.  CORPORATE  SEAL.   The Corporate Seal shall be circular in form and shall be the name of the Corporation  and the words and figures denoting its organization under the laws of the State of Delaware and the year thereof and otherwise shall be in such form as shall be approved from time to time by the Board of Directors.

ARTICLE XIV 
AMENDMENTS

Section 14.1.  AMENDMENTS.   Subject to the provisions of the Certificate of Incorporation and the provisions of the General Corporation Law, the power to amend, alter, or repeal these By-laws and to adopt new By-laws may be exercised by the Board of Directors or by the stockholders.

Section 14.2.  MEANING OF CERTAIN TERMS.   As used herein in respect of the right to notice of a meeting of stockholders  or a waiver thereof or to participate or vote thereat or to consent or dissent in writing  in lieu of a meeting, as the case may be, the term "share" or "shares" or "share of stock" or "shares of stock" or "stockholder"  or "stockholders"  refers to an outstanding share or shares of stock and to a holder or holders of record of outstanding shares of stock when the Corporation is authorized to issue only one class of shares of stock, and said reference is also intended to include any outstanding share or shares of stock and any holder or holders of record of outstanding  shares of stock of any class upon which or upon whom the Certificate of Incorporation confers such rights where there are two or more classes or series  of shares  of  stock  or  upon  which  or  upon  whom the  General  Corporation  Law confers such rights notwithstanding  that the Certificate of Incorporation may provide for more than one class or series of shares of stock, one or more of which are limited or denied such rights thereunder; provided, however, that no such right shall vest in the event of an increase or a decrease in the authorized  number  of shares  of stock of any class  or series  which is otherwise denied voting rights under the provisions of the Certificate of Incorporation, except as any provision of law may otherwise require.

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