Document:

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                                                                     Exhibit 4.2

                                     BY-LAWS
                                       OF
                     THE PNC FINANCIAL SERVICES GROUP, INC.

                              AMENDED AND RESTATED

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ARTICLE I.  PRINCIPAL OFFICE

         The principal office of the Corporation shall be located at One PNC
Plaza, Pittsburgh, Pennsylvania.

ARTICLE II.  SHAREHOLDERS

         1.       ANNUAL MEETING

                  1.1      TIME AND PLACE.

                  An annual meeting of the shareholders for the election of
directors and the transaction of such other business as may properly come before
the meeting shall be held at 11 a.m. on the fourth Tuesday in April of each
year, or on such other date or hour as may be fixed by the Board of Directors.

                  1.2      NOMINATIONS AND OTHER BUSINESS.

                  (a) Nominations for the election of directors and other
proposals for action at an annual meeting of shareholders may be made only (i)
pursuant to the Corporation's notice of such meeting, (ii) by the presiding
officer, (iii) by or at the direction of a majority of the Board of Directors,
or (iv) by one or more shareholders in accordance with applicable rules of the
Securities and Exchange Commission and the provisions of this Section 1.2.

                  (b) A nomination for the election of a director or a proposal
for action at an annual meeting may be made by a shareholder only if written
notice of such nomination or proposal has been received by the Secretary of the
Corporation at its principal office not later than (i) 90 days prior to such
annual meeting (unless a different date for such notice has been stated in the
Corporation's most recent proxy materials distributed to shareholders), or (ii)
if the annual meeting is to be held on a date other than the fourth Tuesday in
April, the close of business on the tenth day following the first public
disclosure of the date of such meeting. The first public disclosure of the date
of any annual meeting of shareholders shall be when public disclosure of such
meeting date is first made in a filing by the Corporation with the Securities
and Exchange Commission, in any notice given to the New York Stock Exchange, or
in a news release reported by any national news service.

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                  (c) Each such notice from a shareholder shall set forth: (i)
as to the shareholder giving the notice and the beneficial owner, if any, on
whose behalf the notice is given (A) the name and address of such shareholder
and of such beneficial owner, and (B) the class and number of shares of the
Corporation which are owned of record and beneficially by such shareholder and
such beneficial owner; and (ii) a representation that the shareholder is a
beneficial owner of stock of the Corporation entitled to vote at such meeting
and intends to be present at the meeting in person or by proxy to make such
nomination or proposal.

                  (d) Each notice of nomination for the election of a director
from a shareholder also shall set forth: (i) the name and address of the person
to be nominated; (ii) a description of all arrangements or understandings
between the shareholder and the nominee and any other person or persons (naming
such person or persons) pursuant to which the nomination is to be made by the
shareholder; (iii) such other information regarding the nominee as would be
required to be included in proxy materials filed under applicable rules of the
Securities and Exchange Commission had the nominee been nominated by the Board
of Directors; and (iv) the written consent of the nominee to serve as a director
of the Corporation if so elected.

                  (e) Each notice of a proposal for action at an annual meeting
from a shareholder also shall set forth a brief description of the proposal, the
reasons for making such proposal, and any direct or indirect interest of the
shareholder, or any person on whose behalf the shareholder is acting, in making
such proposal.

                  (f) The presiding officer of the meeting may refuse to permit
any nomination for the election of a director or proposal to be made at an
annual meeting by a shareholder who has not complied with all of the foregoing
procedures.

         2.       SPECIAL MEETINGS

         Special meetings of the shareholders may be called, at any time, only
by the Board of Directors, the Chairman of the Board, the President, or a Vice
Chairman of the Board. Only business brought before the meeting (a) pursuant to
the Corporation's notice of such meeting, (b) by the presiding officer, or (c)
by or at the direction of a majority of the Board of Directors, shall be
conducted at a special meeting of the shareholders.

         3.       PLACE OF MEETINGS

         Meetings of the shareholders shall be held at the principal office of
the Corporation or at such other place as the Board of Directors may designate.

         4.       NOTICE OF MEETINGS

         Written notice of every meeting of the shareholders shall be given to
each shareholder of record entitled to vote at the meeting at least five days
prior to the day named for the meeting, unless a greater period of notice is
required by law. The notice shall state the day, time and place

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of such meeting and the general nature of the business to be transacted. Notice
of a meeting may be waived in writing and attendance at a meeting shall itself
constitute a waiver of notice of the meeting.

         5.       QUORUM

         The presence, in person or by proxy, of shareholders entitled to cast
at least a majority of the votes which all shareholders are entitled to cast on
the particular matter shall constitute a quorum for the purpose of considering
such matter. At a duly organized meeting, except as may be otherwise specified
in the Articles of Incorporation or provided by law, each matter shall be
decided upon receiving the affirmative vote of a majority of the votes cast by
all shareholders entitled to vote thereon and, if any shareholders are entitled
to vote thereon as a class, upon receiving the affirmative vote of a majority of
the votes cast by the shareholders entitled to vote as a class.

         6.       RECORD DATE

         The Board of Directors may fix a record date not more than ninety days
prior to the date of any meeting of shareholders, or the date fixed for the
payment of any dividend or distribution, or the date for the allotment of rights
or the date when any change or conversion or exchange of shares will be made or
go into effect. Only such shareholders as shall be shareholders of record at the
close of business on the record date shall be entitled to notice of, or to vote
at such meeting or to receive such allotment of rights or to exercise such
rights, as the case may be.

ARTICLE III.  DIRECTORS

         1.       BOARD OF DIRECTORS

         The business and offices of the Corporation shall be managed by the
Board of Directors, which shall consist of not less than five nor more than
thirty-six members as shall be established from time to time by the Board of
Directors.

         2.       TERM OF OFFICE

         After elected by the shareholders, directors shall hold office until
the next succeeding annual meeting and until their successors shall have been
elected and qualified.

         3.       VACANCY

         Vacancies in the Board of Directors, including vacancies resulting from
an increase in the number of directors, may be filled by a majority of the
remaining directors though less than a quorum, and any director so elected shall
serve until the next annual meeting of the shareholders and until a successor
shall have been elected and qualified.

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         4.       ORGANIZATION

         As soon as practicable after the annual meeting of shareholders at
which they were elected, the Board of Directors shall meet for the purpose of
electing officers and the transaction of such other business as may be properly
brought before the meeting.

         5.       REGULAR MEETINGS

         Regular meetings of the Board of Directors may be held without notice
at such times and at such places as the Board of Directors, by resolution, shall
establish. When a regular meeting falls on a business holiday, it shall be held
on the preceding or next following business day, as the Chief Executive Officer
shall select.

         6.       SPECIAL MEETINGS

         Special meetings of the Board of Directors may be called by the
Chairman of the Board, the President, a Vice Chairman, or at the written request
of any three directors. Notice of special meetings shall be given to each
director personally or in writing, or by telephone, not later than during the
day immediately preceding the day of such meeting and shall include the general
nature of the business to be transacted at the meeting.

         7.       QUORUM

         A majority of the directors shall constitute a quorum for the
transaction of business, and the acts of a majority of the directors present at
a meeting at which a quorum is present shall be the acts of the Board of
Directors. One or more directors may participate in a meeting of the Board of
Directors, or in a meeting of a Committee of the Board of Directors by means of
communication facilities enabling all persons participating in the meeting to
hear each other.

         8.       ACTION WITHOUT A MEETING

         Any action which may be taken at a meeting of the Board of Directors
may be taken without a meeting if a written consent or consents setting forth
the action so taken is signed by all the directors and filed with the Secretary
of the Corporation.

         9.       COMPENSATION OF DIRECTORS

         Directors shall be compensated for their services and reimbursed for
their meeting attendance expenses, in such manner and at such time as the Board
of Directors may determine.

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ARTICLE IV.  OFFICERS

         1.       DESIGNATION

         The officers of the Corporation shall be a Chairman of the Board, a
President, one or more Vice Chairmen, one or more Vice Presidents of whom one or
more may be designated Senior Executive Vice President, Executive Vice President
or Senior Vice President, a Secretary, a Treasurer, a Controller, a General
Auditor and such other officers, as the Board of Directors, the Chairman, the
President, or the Vice Chairman may from time to time designate. The Board of
Directors shall designate from among the Chairman of the Board, President, and
Vice Chairmen, one of those officers to be the Chief Executive Officer. All
officers having the rank of Senior Vice President or higher shall be elected by
the Board of Directors and shall hold office during the pleasure of the Board of
Directors. All other officers shall be appointed by the Chief Executive Officer,
or, in his absence, by such other officer or officers as may be designated by
the Board of Directors, and such appointments shall be reported to the Board of
Directors.

         2.       RESPONSIBILITIES OF THE SENIOR OFFICERS

                  2.1      CHIEF EXECUTIVE OFFICER

                  The Chief Executive Officer of the Corporation shall preside
at all meetings of the shareholders and the Board of Directors, and shall be ex
officio a member of all Committees except the Audit Committee, the Nominating
Committee, and the Personnel and Compensation Committee; subject to the
direction of the Board of Directors, the Chief Executive Officer shall have the
general supervision of the policies, business and operations of the Corporation,
and of the other officers, agents and employees of the Corporation and, except
as otherwise provided in these By-Laws or by the Board of Directors, shall have
all the other powers and duties as are usually incident to the Chief Executive
Officer of a corporation. In the absence of the Chief Executive Officer, his
rights and duties shall be performed by such other officer or officers as shall
be designated by the Board of Directors.

                  2.2      CHAIRMAN, PRESIDENT AND VICE CHAIRMAN

                  The Chairman, the President and the Vice Chairman if not
designated as the Chief Executive Officer shall have such duties and powers as
may be assigned to them from time to time by the Board of Directors or the Chief
Executive Officer.

                  2.3      VICE PRESIDENTS

                  The Executive Vice Presidents, Senior Vice Presidents and the
Vice Presidents, if such are elected, shall have the duties and powers as may
from time to time be assigned to them by the Board of Directors, or by the Chief
Executive Officer in the absence of any assignment by the Board of Directors.
Any reference in these By-Laws to a Vice President will apply equally to an
Executive Vice President or a Senior Vice President unless the context requires
otherwise.

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                  2.4      TREASURER

                  The Treasurer shall be responsible for the funding of the
Corporation and for all moneys, funds, securities, fidelity and indemnity bonds
and other valuables belonging to the Corporation; and shall perform such other
duties as may be assigned to him from time to time by the Board of Directors or
the Chief Executive Officer.

                  2.5      SECRETARY

                  The Secretary shall: attend the meetings of the shareholders,
of the Board of Directors, of the Executive Committee, and of such other
committees, and shall keep minutes thereof in suitable minute books; have charge
of the corporate records, papers and the corporate seal; have charge of the
stock and transfer records of the Corporation and shall keep a record of all
shareholders and give notices of all meetings of shareholders, special meetings
of the Board of Directors and of its Committees; and have such other duties as
the Board of Directors or the Chief Executive Officer shall assign.

                  2.6      CONTROLLER

                  The Controller, if a Controller is elected, shall cause to be
kept proper records of the transactions of the Corporation; shall be responsible
for the preparation of financial and tax reports required of the Corporation;
and shall perform such other duties as may be assigned to him from time to time
by the Board of Directors or the Chief Executive Officer.

                  2.7      GENERAL AUDITOR

                  The General Auditor shall have charge of auditing the books,
records and accounts and shall report directly to the Board of Directors or the
Audit Committee thereof.

                  2.8      ASSISTANT OFFICERS

                  Each assistant officer as shall be elected shall assist in the
performance of the duties of the officer to whom he is assistant and shall
perform such duties in the absence of the officer. He shall perform such
additional duties as the Board of Directors, the Chief Executive Officer, or the
officer to whom he is assistant, may from time to time assign to him.

         3.       INCUMBENCY

         Any officer elected by the Board of Directors may be removed by the
Board of Directors whenever, in its best judgment, the best interest of the
Corporation will be served thereby, without prejudice however to any contract
rights the person so removed may have with the Corporation or any of its
subsidiaries.

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ARTICLE V.  COMMITTEES

         1.       STANDING COMMITTEES

         The Standing Committees which shall be appointed from time to time by
the Board of Directors shall be the Executive Committee, the Audit Committee,
the Credit Committee, the Asset and Liability Committee, the Nominating
Committee and the Personnel and Compensation Committee. The Board of Directors
may appoint such other Committees as the Board of Directors shall deem
advisable.

                  1.1      EXECUTIVE COMMITTEE

                  The Executive Committee shall consist of its Chairman and
Chief Executive Officer and such other directors, not less than five, all of
whom shall from time to time be appointed by the Board of Directors or the Chief
Executive Officer. The Committee shall meet at such time or times as may be
fixed by the Board of Directors, or upon call of its Chairman or the Chief
Executive Officer. In the absence of the Chairman of the Committee, the Chief
Executive Officer shall act as Chairman of the Executive Committee, unless the
Board of Directors shall appoint some other person. The Executive Committee
shall have and exercise in the intervals between the meetings of the Board of
Directors all the powers of the Board of Directors so far as may be permitted by
law. All acts done and powers conferred by the Executive Committee from time to
time shall be deemed to be, and may be certified as being, done and conferred
under authority of the Board of Directors. Five directors shall constitute a
quorum.

                  1.2      AUDIT COMMITTEE

                  The Board of Directors shall appoint annually the Audit
Committee consisting of not less than five directors, nor more than eight, none
of whom shall be an officer, or a former officer of the Corporation. The
Committee shall select a chairman from its membership, and may appoint a
secretary who need not be a director. The Committee shall meet on call of its
Chairman. The duties and responsibilities of the Committee shall be established
by the Board of Directors.

                  1.3      CORPORATE GOVERNANCE COMMITTEE

                  The Board of Directors shall appoint annually the members of
the Committee, consisting of not fewer than three directors, none of whom shall
be an officer or former officer of the Corporation, and from these directors
appoint the Chairman. The Committee may appoint a Secretary, who need not be a
director.

                  The Committee on Corporate Governance shall be responsible for
selecting the persons to be candidates for nomination for election or
appointment as directors of the Corporation, making recommendations with respect
thereto to the Board of Directors and monitoring and recommending enhancements
to the Corporation's corporate governance

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framework, particularly with respect to the structure, processes and proceedings
of the Board of Directors. The Committee shall conduct its affairs in accordance
with a charter approved by the Board of Directors.

                  1.4      PERSONNEL AND COMPENSATION COMMITTEE

                  The Board of Directors shall appoint annually the members of
the Personnel and Compensation Committee, consisting of not fewer than five
directors, none of whom shall be an officer or former officer of the
Corporation. Further, upon appointment and at all times during his or her tenure
on the Committee, each Committee member shall satisfy such standards of
independence as may be prescribed for purposes of any federal securities or tax
laws relating to the Committee's duties and responsibilities. The Committee
Chairman shall be appointed by the Board of Directors and the Committee may
appoint a Secretary, who need not be a director. The duties and responsibilities
of the Committee shall be as set forth in a charter approved by the Board of
Directors.

                  1.5      CREDIT COMMITTEE

                  The Board of Directors shall appoint annually the members of
the Credit Committee consisting of not less than five directors, including no
more than two officer- directors, and shall select a chairman from its
membership, who shall not be an officer. The Committee may appoint a secretary
who need not be a director. The duties and responsibilities of the Committee
shall be as set forth in a charter approved by the Board of Directors.

                  1.6      FINANCE COMMITTEE

                  The Board of Directors shall appoint annually the members of
the Finance Committee consisting of not less than five directors, including no
more than two officer- directors, and shall select a chairman from its
membership, who shall not be an officer. The Committee may appoint a secretary
who need not be a director. The duties and responsibilities of the Committee
shall be as set forth in a charter approved by the Board of Directors.

         2.       OTHER COMMITTEES

         The Board of Directors may authorize the appointment of such other
Committees as it shall deem advisable.

         3.       MINUTES

         The Executive Committee and the Audit Committee shall keep minutes of
their meetings, and such minutes shall be submitted at a regular meeting of the
Board of Directors, and any action taken by the Board of Directors with respect
thereto shall be entered in the minutes of the Board of Directors. All other
Committees shall keep minutes of their meetings which shall be accessible to
inspection by the Board of Directors at all times.

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         4.       PROCEDURE

         Except as otherwise expressly provided for herein, each Committee may
appoint a secretary, adopt its own rules of procedure and, unless the Board of
Directors has acted with respect thereto, determine the date, place and hour for
its meetings. In the absence of any other provision herein to the contrary, a
majority of the members of any Committee shall constitute a quorum, and the
action of a majority of the members in attendance at a meeting shall constitute
the action of the body. Notice of meetings shall be given to each member
personally, or in writing addressed to the address of the director appearing on
the books of the Corporation on or before the day preceding the meeting.

         5.       ATTENDANCE

         In the absence or disqualification of any member of a Committee, the
members thereof present at any meeting and not disqualified from voting, whether
or not they constitute a quorum, may unanimously appoint another director to act
at the meeting in place of any absent or disqualified member.

ARTICLE VI.  STOCK CERTIFICATES

         1.       SIGNATURES

         Certificates of stock of the Corporation shall be signed by the
Chairman of the Board, or the President, or any Vice Chairman, or any Vice
President and countersigned by the Secretary or the Treasurer or by any
Assistant Secretary or Assistant Treasurer, and sealed with the seal of the
Corporation, which may be a facsimile. Where any such certificate is signed
manually by a transfer agent or a registrar, the signatures of the officers may
be facsimiles.

         2.       TRANSFERS

         The shares of stock of the Corporation shall be transferable only on
its books upon surrender of the stock certificate for such shares properly
endorsed. The Board of Directors shall have power to appoint one or more
Transfer Agents and Registrars for the transfer and registration of certificates
of stock of any class, and may require that stock certificates shall be
countersigned and registered by one or more such Transfer Agents and Registrars.

         3.       LOST OR DESTROYED CERTIFICATES

         If a stock certificate shall be lost, stolen or destroyed, the
shareholder may file with the Corporation an affidavit stating the circumstances
of the loss, theft or destruction and may request the issuance of a new
certificate. He shall give to the Corporation a bond which shall be in such sum,
contain such terms and provisions and have such surety or sureties as the Board
of Directors may direct. The Corporation may thereupon issue a new certificate
replacing the certificate lost, stolen or destroyed.

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ARTICLE VII.  DIRECTOR LIABILITY LIMITATION AND INDEMNIFICATION

         1.  LIMITATION OF DIRECTOR LIABILITY

         A director of the Corporation shall, to the maximum extent permitted by
the laws of the Commonwealth of Pennsylvania, have no personal liability for
monetary damages for any action taken, or any failure to take any action as a
director, provided that this Section 1, Article VII shall not eliminate the
liability of a director in any case where such elimination is not permitted by
law.

         2.  INDEMNIFICATION

         Each person who at any time is or shall have been a director or officer
of the Corporation, or is serving or shall have served at the request of the
Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, and his heirs, executors
and administrators, shall be indemnified by the Corporation in accordance with
and to the full extent permitted by the laws of the Commonwealth of Pennsylvania
as in effect at the time of such indemnification. The foregoing right of
indemnification shall constitute a contract between the Corporation and each of
its directors and officers and shall not be deemed exclusive of other rights to
which any director, officer, employee, agent or other person may be entitled in
any capacity as a matter of law or under any by-law, agreement, vote of
shareholders or directors, or otherwise. If authorized by the Board of
Directors, the Corporation may purchase and maintain insurance on behalf of any
person to the full extent permitted by the laws of the Commonwealth of
Pennsylvania.

         The first (1st) paragraph of this Article VII, Section 2 provides
indemnification only to persons who at any time are or shall have been (1)
directors or officers of the Corporation or (2) directors or officers of the
Corporation who are serving or shall have served at the request of the
Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise (any such person as
described in (1) or (2) being a "Covered Person").

         In connection with any threatened, pending or completed claim, action,
suit or proceeding, whether civil, criminal, administrative, investigative,
legislative or other, including without limitation an action by or in the right
of the Corporation, in which a Covered Person was or is involved (as a party, a
witness, by being threatened to be made a party, or otherwise) (each a
"Proceeding") for which the Covered Person may be entitled to indemnification
under this Article VII, Section 2, the Corporation shall pay the expenses
(including without limitation attorneys' fees and expenses) incurred by such
Covered Person in any such Proceeding in advance of final disposition of such
Proceeding (an "advancement of expenses") upon receipt by the Corporation of an
undertaking, by or on behalf of such Covered Person, to repay all amounts so
advanced if it is ultimately determined by final judicial decision from which
there is no further right to appeal that such Covered Person is not entitled to
be indemnified for such expenses under this Article VII, Section 2 or otherwise.

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         The Corporation will not, in connection with a Proceeding (or part
thereof) initiated by a Covered Person, advance expenses to such person or,
except as provided in the fifth (5th) paragraph of this Article VII, Section 2,
indemnify such person pursuant to this Article VII, Section 2 unless the
Proceeding (or part thereof) was authorized by the Board of Directors of the
Corporation.

         If a written claim for indemnification or advancement of expenses
pursuant to this Article VII, Section 2 is not paid in full by the Corporation
within sixty (60) days after such claim has been received by the Corporation,
the claimant may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of any such claim, and if successful in whole or in
part in any such suit, the claimant shall also be entitled to be paid the
expenses of prosecuting such suit. It shall be a defense to any such suit (other
than a suit to enforce a claim for advancement of expenses where the required
undertaking has been received by the Corporation) that indemnification of the
claimant would not be permitted by applicable law, but the burden of proving
such defense shall be on the Corporation. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel or shareholders) to
have made a determination prior to the commencement of any suit seeking
indemnification or advancement of expenses pursuant to this Article VII, Section
2 that indemnification or advancement of expenses is proper in the
circumstances, nor a determination by the Corporation (including its Board of
Directors, independent legal counsel or shareholders) that indemnification or
advancement of expenses is not proper in the circumstances, shall, in itself,
create a presumption that the claimant is not entitled to indemnification or
advancement of expenses pursuant to this Article VII, Section 2 or be a defense
to any such suit.

         If any provision or provisions of this Article VII, Section 2 are held
to be invalid, illegal or unenforceable for any reason whatsoever: (1) the
validity, legality and enforceability of the remaining provisions of this
Article VII, Section 2 (including without limitation each portion of any
paragraph of this Article VII, Section 2 containing any such provision held to
be invalid, illegal or unenforceable that is not itself held to be invalid,
illegal or unenforceable) will not in any way be affected or impaired thereby;
and (2) to the full extent possible, the provisions of this Article VII, Section
2 (including without limitation each such portion of any paragraph of this
Article VII, Section 2 containing any such provision held to be invalid, illegal
or unenforceable) will be construed so as to give effect to the intent
manifested by the provision or provisions held invalid, illegal or
unenforceable.

         If a claimant is entitled to indemnification pursuant to the provisions
of this Article VII, Section 2 for some or a portion of the expense, liability
and loss incurred or suffered by such person in connection with any Proceeding
but not for the total amount thereof, the Corporation shall indemnify the
claimant for the portion thereof to which the claimant is entitled.

         The rights to indemnification and advancement of expenses set forth in
this Article VII, Section 2: (1) shall be contract rights and such rights shall
continue as to a person who has ceased to be a Covered Person and shall inure to
the benefit of a Covered Person's heirs, executors, administrators and legal
representatives; and (2) shall not be deemed exclusive of any other rights to
which any director, officer, employee, agent or other person may be entitled in
any capacity as a matter of law or under any charter provision, by-law,
agreement, vote of shareholders or directors, or otherwise. Any repeal,
amendment or modification of this

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Article VII, Section 2 or adoption of any other provision of the By-Laws or
Articles of Incorporation of the Corporation which has the effect of limiting
the rights set forth in this Article VII, Section 2 shall operate prospectively
only and shall not affect any rights or obligations with respect to actions,
omissions, circumstances or events occurring prior to the adoption of any such
repeal, amendment or modification. Each Covered Person shall be deemed to be
serving as such in reliance on the provisions of this Article VII, Section 2.
Nothing in this Article VII, Section 2 shall require the Corporation to take any
action that would be prohibited by applicable law.

         3.  INDEMNIFICATION OF EMPLOYEES AND AGENTS

         The Corporation may provide indemnification and advancement of expenses
to any employee or agent of the Corporation up to the full extent of the
provisions of Article VII, Section 2 of these By-Laws with respect to the
indemnification and advancement of expenses of directors and officers of the
Corporation.

ARTICLE VIII.  APPLICATION OF STATUTORY ANTI-TAKEOVER PROVISIONS

         The following provisions of Title 15 of the Pennsylvania consolidated
statutes shall not be applicable to the Corporation: (1) Subchapter G of Chapter
25; and (2) Subchapter H of Chapter 25.

ARTICLE IX.  EXERCISE OF AUTHORITY DURING EMERGENCIES

         The Board of Directors or the Executive Committee may from time to time
adopt resolutions authorizing certain persons and entities to exercise authority
on behalf of this Corporation in time of emergency, and in the time of emergency
any such resolutions will be applicable, notwithstanding any provisions as to
the contrary contained in these By-Laws.

ARTICLE X.  CHARITABLE CONTRIBUTIONS

         The Board of Directors may authorize contributions to community funds,
or to charitable, philanthropic, or benevolent instrumentalities conducive to
public welfare in such sums as the Board of Directors may deem expedient and in
the interest of the Corporation.

ARTICLE XI.  AMENDMENTS

         These By-Laws may be altered, amended, added to or repealed by a vote
of a majority of the Board of Directors at any regular meeting of the Board of
Directors, or at any special meeting of the Board of Directors called for that
purpose.<PAGE>

                                                                     Exhibit 4.2

                                     [LOGO]

PREFERRED STOCK           ANNALY MORTGAGE MANAGEMENT, INC.
PREFERRED STOCK

   NUMBER                                                        SHARES

                         INCORPORATED UNDER THE LAWS OF
                              THE STATE OF MARYLAND

                                 SEE REVERSE FOR
                               CERTAIN DEFINITIONS
                                                            CUSIP

THIS CERTIFIES THAT ____________________________________________
is the owner of _____________________________________________________
FULLY PAID AND NONASSESSABLE SHARES OF THE PREFERRED STOCK, $0.01 PAR VALUE, OF

                              CERTIFICATE OF STOCK

                        ANNALY MORTGAGE MANAGEMENT, INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate and the shares represented hereby are issued and
shall be held subject to all the provisions of the Articles of Incorporation, as
amended, and the By-Laws of the Corporation, as amended (copies of which are on
file at the office of the Transfer Agent), to all of which the holder of this
Certificate by acceptance hereof assents. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

            WITNESS the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers.

Dated:

                  [SEAL OF ANNALY MORTGAGE MANAGEMENT, INC.]

       /s/ Jennifer A. Stephens               /s/ Michael A.J. Farrell
            SECRETARY                      CHAIRMAN OF THE BOARD OF DIRECTORS

COUNTERSIGNED AND REGISTERED:
    MELLON INVESTOR SERVICES, LLC
         TRANSFER AGENT AND REGISTRAR
BY

<PAGE>

            THE SHARES OF CAPITAL STOCK REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO RESTRICTIONS ON TRANSFER FOR THE PURPOSE OF THE COMPANY'S MAINTENANCE
OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED. THE COMPANY'S ARTICLES OF AMENDMENT AND RESTATEMENT PROVIDE
THAT ANY SALE, TRANSFER, GIFT, ASSIGNMENT, DEVICE OR OTHER DISPOSITION OF
CAPITAL STOCK OF THE COMPANY THAT, IF EFFECTIVE, WOULD RESULT IN ANY PERSON OR
ENTITY BENEFICIALLY OWNING IN EXCESS OF 9.8%, IN NUMBER OF SHARES OR VALUE, OF
ANY CLASS OF OUTSTANDING CAPITAL STOCK OF THE COMPANY, SHALL BE VOID AB INITIO
AS TO THE TRANSFER OF SUCH SHARES OF CAPITAL STOCK REPRESENTING BENEFICIAL
OWNERSHIP OF SHARES OF ANY CLASS OF CAPITAL STOCK IN EXCESS OF SUCH OWNERSHIP
LIMIT, AND THE INTENDED TRANSFEREE SHALL ACQUIRE NO RIGHTS IN SUCH SHARES OF
CAPITAL STOCK.

        THE COMPANY WILL FURNISH TO ANY STOCKHOLDER OF THE COMPANY UPON REQUEST
AND WITHOUT CHARGE A FULL STATEMENT OF (1) THE DESIGNATIONS AND ANY PREFERENCES,
CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO
DIVIDENDS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF
EACH CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE; AND (2) IF THE COMPANY
IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL CLASS IN SERIES, A FULL
STATEMENT OF (A) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN
THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN SET; AND (B) THE
AUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND PREFERENCES
OF SUBSEQUENT SERIES.

        The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -- as tenants in common                       UNIF GIFT MIN ACT-
TEN ENT -- as tenants by the entireties       ............ Custodian............
JT TEN  -- as joint tenants with right of        (Cust)               (Minor)
           survivorship and not as tenants    Under Uniform Gifts to Minors
           in common                          Act...............................
                                                             (State)

   Additional abbreviations may also be used though not in the above list.

<PAGE>

FOR VALUE RECEIVED, ____________________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

----------------------------------------

----------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

----------------------------------------------------------------------

______________________________________________________________Shares
of the Preferred Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the within-named Corporation with
full power of substitution in the premises.
Dated _______________________________

                                        ----------------------------------------
                                        NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
                                        MUST CORRESPOND WITH THE NAME AS WRITTEN
                                        UPON THE FACE OF THE CERTIFICATE IN
                                        EVERY PARTICULAR, WITHOUT ALTERATION OR
                                        ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

-----------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]