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                                                                     EXHIBIT 4.1

                      RESTATED CERTIFICATE OF INCORPORATION
                                       OF
                            IVIVI TECHNOLOGIES, INC.

    (PURSUANT TO SECTION 14A:9-5 OF THE NEW JERSEY BUSINESS CORPORATION ACT)

                             DATED: OCTOBER 11, 2006

         Pursuant to the provisions of Section 14A:9-5 of the New Jersey
Business Corporation Act, Ivivi Technologies, Inc., a corporation organized and
existing under the laws of the State of New Jersey (the "Corporation"), hereby
amends and restates its certificate of incorporation to read in its entirety as
follows:

                                    ARTICLE I
                                      NAME

                  The name of the Corporation is Ivivi Technologies, Inc.

                                   ARTICLE II
                                     PURPOSE

         The purpose for which the Corporation is organized is to engage in any
activity within the purposes for which corporations may be organized under the
New Jersey Business Corporation Act.

                                   ARTICLE III
                           REGISTERED OFFICE AND AGENT

         The address of the Corporation's current registered office is 224-S
Pegasus Avenue, Northvale, New Jersey 07647. The name of the Corporation's
current registered agent at that address is Andre' DiMino.

                                   ARTICLE IV
                           CURRENT BOARD OF DIRECTORS

         The number constituting the current Board of Directors of the
Corporation is three. The names and addresses of the current directors are as
follows:

         NAME                                      ADDRESS
         ----                                      -------

         Andre' DiMino                             c/o Ivivi Technologies, Inc.
                                                   224-S Pegasus Avenue
                                                   Northvale, New Jersey 07647

         David Saloff                              c/o Ivivi Technologies, Inc.
                                                   224-S Pegasus Avenue
                                                   Northvale, New Jersey 07647

         Vincent DiMino                            c/o Ivivi Technologies, Inc.
                                                   224-S Pegasus Avenue
                                                   Northvale, New Jersey 07647

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                                    ARTICLE V
                                  CAPITAL STOCK

         The total authorized capital stock of the Corporation shall be
75,000,000 shares consisting of (i) 70,000,000 shares of common stock, no par
value ("Common Stock"), and (ii) 5,000,000 shares of preferred stock ("Preferred
Stock"). Shares of authorized capital stock of each class may be issued for such
consideration as may be determined from time to time by the Board of Directors
of the Corporation.

         The voting powers and designations, preferences and relative,
participating, optional or other special rights, and the qualifications,
restrictions, or limitations of the authorized capital stock of the Corporation
are as follows:

         A. COMMON STOCK.

                  (1) DIVIDENDS. Subject to the preferences and other rights of
the Preferred Stock as may be fixed in an amendment to this Restated Certificate
of Incorporation, dividends (payable in cash, stock or otherwise) may be
declared and paid out of funds legally available therefor upon any class of
Common Stock from time to time as may be determined by the Board of Directors of
the Corporation.

                  (2) RIGHTS UPON LIQUIDATION, DISSOLUTION, OR WINDING UP. In
the event of any liquidation, dissolution, or winding up of the affairs of the
Corporation, after payment to the holders of Preferred Stock of the full amounts
to which they have a liquidation preference, if any, the holders of all classes
of Common Stock shall be entitled to share ratably per share without regard to
class in all assets then remaining subject to distribution to the shareholders
of the Corporation.

         B. PREFERRED STOCK. The Board of Directors of the Corporation is hereby
authorized to divide the Preferred Stock into one or more series, to determine
the designation of and the number of shares of any series, and to determine the
relative rights, preferences and limitations of the shares of any class or of
any series. All those determinations may be made by an amendment to this
Restated Certificate of Incorporation adopted by the Board of Directors of the
Corporation. That amendment may fix the designations, preferences and relative
participating, optional and other special rights and the qualifications,
limitations and restrictions of such series, including the following:

                  (1)      the number of shares constituting that series;

                  (2)      the specification of par value or no par value or
                           none of the shares constituting that series;

                  (3)      the rate and times at which, and the terms and
                           conditions on which, dividends on Preferred Stock of
                           that series will be paid;

                  (4)      provisions making dividends payable with respect to
                           Preferred Stock of that series cumulative,
                           non-cumulative or partially cumulative;

                  (5)      provisions making dividends payable with respect to
                           the Preferred Stock of that series fully
                           participating, partially participating, or
                           non-participating, and payable on a parity with,
                           subordinate or in preference to the dividends payable
                           on any other class or series;

                  (6)      the right, if any, of the holders of the Preferred
                           Stock of that series to convert the same into, or
                           exchange the same for, shares of other classes or
                           series of stock of the Corporation and the terms and
                           conditions of that conversion or exchange, including
                           provision for adjustment of the conversion price or
                           rate in such events as the Board of Directors of the
                           Corporation shall determine;

                  (7)      the redemption price or prices, if any, and the time
                           or times at which, and the terms and conditions on
                           which, Preferred Stock of that series may be
                           redeemed;

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                  (8)      the rights of the holders of Preferred Stock of that
                           series upon the voluntary or involuntary dissolution,
                           liquidation or winding up of the Corporation;

                  (9)      the terms or amounts of any sinking fund provided for
                           the purchase or redemption of the Preferred Stock of
                           that series; and

                  (10)     provisions giving the Preferred Stock of that series
                           special, limited, multiple or no voting rights and
                           specifying those voting rights, if any.

         C. VOTING RIGHTS. At every meeting of the shareholders of the
Corporation, every holder of Common Stock shall be entitled to one (1) vote per
share. Any resolution, motion or corporate action which shall require the vote
of the shareholders, other than one relating to the election of directors of the
Corporation (discussed in Article VI of this Restated Certificate of
Incorporation), may be validly adopted, authorized or approved by the
affirmative vote of not less than a majority of the votes cast by the holders of
the Common Stock voting at that meeting.

         D. FRACTIONAL SHARES. The Corporation shall not be required to issue
any fractions of shares of Common Stock. If any interest in a fractional share
of Common Stock would otherwise be deliverable upon payment of any stock
dividend or in connection with any stock split or combination, or upon
conversion of any share or shares of Preferred Stock or any convertible
security, the Corporation shall make adjustment for that fractional share
interest by payment of an amount in cash equal to the same fraction of the
market value of a full share of Common Stock of the Corporation. For that
purpose, the market value of a share of Common Stock shall be the last recorded
sale price regular way of a share of that stock on the principal national
securities exchange on which the Common Stock is listed or admitted to trading
on the record date for that stock dividend or the last trading day before that
stock split or combination shall become effective or the last trading day before
shares of Preferred Stock or other convertible security are surrendered for
conversion, or if there be no recorded sale price regular way on such day, the
last quoted bid price per share of the Common Stock on that exchange at the
close of trading on that date. If the Common Stock shall not at such time be
traded on a national securities exchange, the market value of the Common Stock
shall be the then prevailing market price of that stock on any other securities
exchange or in the over-the-counter market, as determined by the Board, which
determination shall be conclusive.

                                   ARTICLE VI
                               BOARD OF DIRECTORS

         For the management of the business and for the conduct of the affairs
of the Corporation, and in further definition, limitation, and regulation of the
powers of the Corporation and of its directors and of its shareholders or any
class thereof, as the case may be, it is further provided:

         A. MANAGEMENT. The business and affairs of the Corporation shall be
managed by or under the direction of its Board of Directors. The number of
directors which shall constitute the entire Board of Directors of Directors
shall be fixed by, or in the manner provided in, the Bylaws of the Corporation.

         B. VACANCIES. Commencing with the first Annual Meeting of Shareholders
following the initial public offering of shares of Common Stock pursuant to a
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933, as amended, on Form S-1 or Form SB-2, or the
equivalent thereof (an "Initial Public Offering"), the directors elected at an
Annual Meeting of Shareholders to succeed those whose terms then expire shall
hold office until the next Annual Meeting of Shareholders and until such
director's successor is elected and has been qualified. Any vacancies in the
Board of Directors of the Corporation for any reason, and any created
directorships resulting from any increase in the number of directors, may be
filled by the vote of not less than a majority of the members of the Board of
Directors then in office, although less than a quorum, and any directors so
chosen shall hold office until the next Annual Meeting of Shareholders and their
successors shall be elected and qualified.

         C. REMOVAL. From and after the consummation of an Initial Public
Offering, notwithstanding any other provisions of this Restated Certificate of
Incorporation or the Bylaws of the Corporation, any director or the entire Board
of Directors of the Corporation may be removed at any time, but only for cause
and only by the affirmative vote of the holders of not less than a majority of
the outstanding shares of capital stock of the Corporation entitled to vote
generally in the election of directors (considered for this purpose as one
class) cast at a meeting of the shareholders called for that purpose.

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                                   ARTICLE VII
                    ACTION BY SHAREHOLDERS; SPECIAL MEETINGS

         A. ACTION BY SHAREHOLDERS. From and after the consummation of an
Initial Public Offering, notwithstanding any other provisions of this Restated
Certificate of Incorporation or the Bylaws of the Corporation, any action by the
Corporation's shareholders may only be effected at an annual or special meeting
of the Corporation's shareholders called in compliance with Section B of this
Article VII, or pursuant to a unanimous written consent of the Corporation's
shareholders in compliance with Section 14A:5-6 of the New Jersey Business
Corporation Act (or any successor section the New Jersey Business Corporation
Act).

         B. SPECIAL MEETINGS. Special meetings of the shareholders of the
Corporation may be called exclusively by the Board of Directors, the Chairman of
the Board of Directors, the Vice Chairman of the Board of Directors, the Chief
Executive Officer or a Co-Chief Executive Officer, as the case may be, or the
President of the Corporation or, at the direction of any of them, any Vice
President or the Secretary of the Corporation, upon not less than 10 days
written notice to the shareholders of the Corporation. Such notice shall state
the purpose or purposes of the proposed special meeting. The business transacted
at any special meeting shall be limited to the purposes stated when the meeting
is called or in the notice of such meeting.

                                  ARTICLE VIII
                                 INDEMNIFICATION

         Every person who is or was a director or officer of the Corporation
shall be indemnified and defended by the Corporation to the fullest extent
allowed by law, including the indemnification permitted by Section 14A:3-5(8) of
the New Jersey Business Corporation Act, against all liabilities and expenses
imposed upon or incurred by that person in connection with any proceeding in
which that person may be made, or threatened to be made, a party, or in which
that person may become involved by reason of that person being or having been a
director or officer or of serving or having served in any capacity with any
other enterprise at the request of the Corporation, whether or not that person
is a director or officer or continues to serve the other enterprise at the time
the liabilities or expenses are imposed or incurred. During the pendency of any
such proceeding, the Corporation shall, to the fullest extent permitted by law,
promptly advance expenses that are incurred, from time to time, by a director or
officer in connection with the proceeding, subject to the receipt by the
Corporation of an undertaking as required by law. Notwithstanding anything
herein contained to the contrary, any payments or advances under this Article
VIII are subject to and conditioned upon the Corporation's compliance with any
applicable laws, and regulatory regulations promulgated thereunder, with respect
to such payments or advances.

                                   ARTICLE IX
                   PERSONAL LIABILITY OF DIRECTORS OR OFFICERS

         A director or an officer of the Corporation shall not be personally
liable to the Corporation or its shareholders for damages for the breach of any
duty owed to the Corporation or its shareholders except to the extent that an
exemption from personal liability is not permitted by the New Jersey Business
Corporation Act. No amendment to or repeal of this Article IX and no amendment,
repeal or termination of effectiveness of any law permitting the exemption from
liability provided for herein shall apply to or have any effect on the liability
or alleged liability of any director or officer for or with respect to any acts
or omissions of that director or officer occurring prior to the amendment,
repeal or termination of effectiveness.

                                    ARTICLE X
                                   AMENDMENTS

         Except as may be otherwise provided in this Restated Certificate of
Incorporation, from time to time any of the provisions of this Restated
Certificate of Incorporation may be amended, altered, or repealed, and other
provisions authorized by the laws of the State of New Jersey at the time in
force may be added or inserted in the manner and at the time prescribed by said
laws, and all rights at any time conferred upon the stockholders of the
Corporation by this Restated Certificate of Incorporation are granted subject to

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the provisions of this Article. Notwithstanding the foregoing or any other
provisions of this Restated Certificate of Incorporation or the Bylaws of the
Corporation (and notwithstanding the fact that some lesser percentage may be
specified by law, this Restated Certificate of Incorporation or the Bylaws of
the Corporation), the affirmative vote of the holders of 75% or more of the
voting power represented by the outstanding shares of capital stock of the
Corporation entitled to vote generally in the election of directors (considered
for this purpose as one class) shall be required to amend, alter, change or
repeal Article V, Article VI, Article VII, Article VIII, Article IX or this
Article X of this Restated Certificate of Incorporation.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the undersigned Corporation has caused this
Restated Certificate of Incorporation to be executed on its behalf by its duly
authorized officer as of the date first written above.

                                       IVIVI TECHNOLOGIES, INC.

                                       By: /S/ David Saloff
                                           ----------------
                                           David Saloff
                                           President and Chief Executive Officer

ATTEST:

/S/ Andre' DiMino
-----------------
Andre' DiMino
Chairman and Chief Financial Officer

                                      -6-<PAGE>

                                                                     EXHIBIT 4.2
                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                            IVIVI TECHNOLOGIES, INC.

                        (Adopted as of October 11, 2006)
________________________________________________________________________________

                                    ARTICLE I
                                     OFFICES

         1.1. REGISTERED OFFICE AND AGENT. The initial registered office of
Ivivi Technologies, Inc., a New Jersey corporation (the "CORPORATION"), in the
State of New Jersey is located at 224-S Pegasus Avenue, Northvale, New Jersey
07647. The initial registered agent of the Corporation at that office is Andre'
DiMino.

         1.2. PRINCIPAL PLACE OF BUSINESS. The principal place of business of
the Corporation is located at 224-S Pegasus Avenue, Northvale, New Jersey 07647.

         1.3. OTHER PLACES OF BUSINESS. Branch or subordinate places of business
or offices may be established at any time by the Corporation's Board of
Directors (the "BOARD") at any place or places where the Corporation is
qualified to do business or where qualification is not required.

                                   ARTICLE II
                            MEETINGS OF SHAREHOLDERS

         2.1. ANNUAL MEETING.

                  (a) The annual meeting of shareholders shall be held upon not
less than ten (10) nor more than sixty (60) days' written notice of the meeting
given in accordance with Section 2.5 of these Bylaws. The annual meeting shall
be held at the time and at the place determined by the Board. At the annual
meeting of shareholders, the shareholders shall elect directors and transact any
other business that lawfully comes before the meeting. Nominations of persons
for election to the Board and the proposal of business to be considered by the
shareholders may be made at an annual meeting of shareholders: (i) pursuant to
the Corporation's notice of meeting of shareholders; (ii) by or at the direction
of the Board; or (iii) by any shareholder of the Corporation who was a
shareholder of record at the time of giving of notice required by clause (1) of
Section 2.1(b)(i) of these Amended and Restated Bylaws (as amended and/or
restated from time to time, the "Bylaws"), who is entitled to vote at the
meeting and who has complied with the notice procedures set forth in Section
2.1(b) of these Bylaws.

                  (b) (i) At an annual meeting of the shareholders, only such
business shall be conducted as shall have been properly brought before the
meeting. For nominations or other business to be properly brought before an
annual meeting by a shareholder pursuant to clause (iii) of Section 2.1(a) of
these Bylaws, (1) the shareholder must have given timely notice thereof in
writing to the Secretary of the Corporation in accordance with this Section
2.1(b), and (2) such other business must be a proper matter for shareholder
action under the New Jersey Business Corporation Act.

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                           (ii) To be timely, a shareholder's notice required
pursuant to this Section 2.1(b) shall be delivered to the Secretary of the
Corporation at the principal executive offices of the Corporation not later than
the close of business on the ninetieth (90th) day nor earlier than the close of
business on the one hundred twentieth (120th) day prior to the first anniversary
of the preceding year's annual meeting; PROVIDED, HOWEVER, that in the event
that the date of the annual meeting is advanced more than thirty (30) days prior
to or delayed by more than thirty (30) days after the anniversary of the
preceding year's annual meeting, notice by the shareholder to be timely must be
so delivered not earlier than the close of business on the one hundred twentieth
(120th) day prior to such annual meeting and not later than the close of
business on the later of the ninetieth (90th) day prior to such annual meeting
or the tenth (10th) day following the day on which public announcement of the
date of such meeting is first made. In no event shall the public announcement of
an adjournment of an annual meeting commence a new time period for the giving of
a shareholder's notice as described above. For purposes of this 2.1, "public
announcement" shall mean disclosure in a press release reported by the Dow Jones
News Service, Associated Press or comparable national news service or in a
document publicly filed by the Corporation with the Securities and Exchange
Commission pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of
1934, as amended (the "Exchange Act").

                           (iii) A shareholder's notice required pursuant to
this Section 2.1(b) shall set forth: (1) as to each person whom the shareholder
proposed to nominate for election or reelection as a director all information
relating to such person that is required to be disclosed in solicitations of
proxies for election of directors in an election contest, or is otherwise
required, in each case pursuant to Regulation 14A under the Exchange Act
(including such person's written consent to being named in the proxy statement
as a nominee and to serving as a director if elected); (2) as to any other
business that the shareholder proposes to bring before the meeting, a brief
description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest in
such business of such shareholder and the beneficial owner, if any, on whose
behalf the proposal is made; and (3) as to the shareholder giving the notice and
the beneficial owner, if any, on whose behalf the nomination or proposal is made
(A) the name and address of such shareholder, as they appear on the
Corporation's books, and the name and address of such beneficial owner, (B) the
class and number of shares of the Corporation which are owned beneficially and
of record by such shareholder and such beneficial owner and (C) whether either
such shareholder or beneficial owner intends to deliver a proxy statement and
form of proxy to holders of, in the case of the proposal, at least the
percentage of the Corporation's voting shares required under applicable law to
carry the proposal or, in the case of a nomination or nominations, a sufficient
number of holders of the Corporation's voting shares to elect such nominee or
nominees.

                           (iv) Only such persons who are nominated in
accordance with the procedures set forth in this Section 2.1 shall be eligible
to serve as directors and only such business shall be conducted at a meeting of
shareholders as shall have been brought before the meeting in accordance with
the procedures set forth in this Section 2.1. Except as otherwise provided by
law, the chairman of the meeting shall have the power and duty to determine
whether a nomination or any business proposed to be brought before the meeting
was made, or proposed, as the case may be, in accordance with the procedures set
forth in these Bylaws and, if any proposed nomination or business is not in
compliance with these Bylaws, to declare that such defective proposal or
nomination shall not be presented for shareholder action at the meeting and
shall be disregarded.

                           (v) Notwithstanding the foregoing provisions of this
Section 2.1(b), shareholders must also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the
matters set forth in this Section 2.1(b). Nothing in these Bylaws shall be
deemed to affect any rights of shareholders to request inclusion of proposals in
the Corporation proxy statement pursuant to Rule 14a-8 under the Exchange Act.

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         2.2. SPECIAL MEETINGS. A special meeting of shareholders may be called
for any purpose by the Board, the Chairman of the Board, the Vice Chairman of
the Board, the Chief Executive Officer or a Co-Chief Executive Officer, as the
case may be, or the President of the Corporation or, at the direction of any of
them, any Vice President or Secretary of the Corporation, but such special
meetings may not be called by any other person or persons; PROVIDED, HOWEVER,
that if and to the extent that any special meeting of shareholders may be called
by any other person or persons specified in any provision of the Corporation's
certificate of incorporation, as the same may be amended and/or restated from
time to time (the "Certificate of Incorporation"), then such special meeting may
also be called by the person or persons, in the manner, at the time and for the
purposes so specified. Any such special meeting shall be held at the time and at
the place determined by the person or persons calling such meeting and shall be
held upon not less than ten (10) nor more than sixty (60) days' written notice
of the time, place, and purposes of the meeting.

         2.4. PLACE OF MEETINGS. Each annual meeting of shareholders shall be
held at the place determined by the Board and specified in the respective
notices or waivers of notice thereof. Each special meeting of shareholders shall
be held at such places, within or without the State of New Jersey, as may from
time to time be designated by the person or persons calling the meeting and
specified in the respective notices or waivers of notice thereof.

         2.5. NOTICE OF MEETINGS.

                  (a) Except as otherwise required by law, notice of each
meeting of the shareholders, whether annual or special, shall be given not less
than ten (10) nor more than sixty (60) days before the date of the meeting to
each shareholder of record entitled to vote at such meeting by delivering a
typewritten or printed notice thereof to him personally, or by depositing such
notice in the United States mail or overnight delivery service, in a postage
prepaid envelope, or by-hand delivery service, charges prepaid, directed to him
at his address furnished by him to the Secretary of the Corporation for such
purpose or, if he shall not have furnished to the Secretary his address for such
purpose, then at his address last known to the Secretary, or by transmitting a
notice thereof to him at such address by telegraph, telecopy, cable or internet.
Except as otherwise expressly required by law, no publication of any notice of a
meeting of the shareholders shall be required. Every notice of a meeting of the
shareholders shall state the place, date and hour of the meeting, and, in the
case of a special meeting shall also state the purpose or purposes for which the
meeting is called. Except as otherwise expressly required by law, notice of any
adjourned meeting of the shareholders need not be given if the time and place
thereof are announced at the meeting at which the adjournment is taken.

                  (b) Whenever notice is required to be given to any shareholder
to whom (i) notice of two consecutive annual meetings, and all notices of
meetings or of the taking of any action by written consent without a meeting to
such person during the period between such two consecutive annual meetings, or
(ii) all, and at least two, payments (if sent by first class mail) of dividends
or interest on securities during a twelve month period, have been mailed
addressed to such person at his address as shown on the records of the
Corporation and have been returned undeliverable, the giving of such notice to
such person shall not be required. Any action or meeting which shall have been
taken or held without notice to such person shall have the same force and effect
as if such notice had been duly given. If any such person shall deliver to the
Corporation a written notice setting forth his then current address, the
requirement that notice be given to such person shall be reinstated.

                  (c) No notice need be given to any person with whom
communication is unlawful, nor shall there be any duty to apply for any permit
or license to give notice to any such person.

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         2.6. RECORD DATE. In order that the Corporation may determine the
shareholders entitled to notice of or to vote at any meeting of shareholders or
any adjournment thereof, or to express consent to corporate action in writing
without a meeting, or entitled to receive payment of any dividend 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 may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted
by the Board and which record date: (i) in the case of determination of
shareholders entitled to vote at any meeting of shareholders or adjournment
thereof, shall, unless otherwise required by law, not be more than sixty (60)
nor less than ten (10) days before the date of such meeting; (ii) in the case of
determination of shareholders entitled to express consent to corporate action in
writing without a meeting, shall not be more than ten (10) days from the date
upon which the resolution fixing the record date is adopted by the Board; and
(iii) in the case of any other action, shall not be more than sixty (60) days
prior to such other action. If no record date is fixed: (i) the record date for
determining shareholders entitled to notice of or to vote at a meeting of
shareholders shall be at the close of business on the day next preceding the day
on which notice is given, or, if notice is waived, at the close of business on
the day next preceding the day on which the meeting is held; (ii) the record
date for determining shareholders entitled to express consent to corporate
action in writing without a meeting when no prior action of the Board is
required by law, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the
Corporation in accordance with applicable law, or, if prior action by the Board
is required by law, shall be at the close of business on the day on which the
Board adopts the resolution taking such prior action; and (iii) the record date
for determining shareholders for any other purpose shall be at the close of
business on the day on which the Board adopts the resolution relating thereto. A
determination of shareholders of record entitled to notice of or to vote at a
meeting of shareholders shall apply to any adjournment of the meeting; provided,
however, that the Board may fix a new record date for the adjourned meeting.

         2.7. LIST OF SHAREHOLDERS. The Secretary or stock transfer agent of the
Corporation shall prepare and make, at least ten (10) days before very meeting
of shareholders, a complete list of the shareholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each
shareholder and the number of shares registered in the name of each shareholder.
Such list shall be open to the examination of any shareholder, for any purpose
germane to the meeting, during ordinary business hours, for a period of at least
ten (10) days prior to the meeting at the principal place of business of the
Corporation. The list shall also be produced and kept at the time and place of
the meeting during the entire duration thereof, and may be inspected by any
shareholder who is present. The stock ledger of the Corporation shall be the
only evidence as to who are the shareholders entitled to examine the list of
shareholders required by this Section 2.7 or, to the extent entitled by the New
Jersey Business Corporation Act, the books and records of the Corporation, or to
vote in person or by proxy at any meeting of shareholders.

         2.8. INSPECTOR OF ELECTION. The directors, in advance of any meeting,
may, but need not, appoint one or more inspectors of election to act at the
meeting or any adjournment thereof. If an inspector or inspectors are not
appointed, the person presiding at the meeting may, and on the request of any
shareholder entitled to vote at the meeting shall, appoint one or more
inspectors. In case any person who may be appointed as an inspector fails to
appear or act, the vacancy may be filled by appointment made by the directors in
advance of the meeting or at the meeting by the person presiding thereat. Each
inspector so appointed shall first subscribe an oath faithfully to execute the
duties of an inspector at such meeting with strict impartiality and according to
the best of his ability. Such inspectors shall decide upon the qualification of
the voters and shall report the numbers of shares represented at the meeting and
entitled to vote on such question, shall conduct and accept the votes, and, when
the voting is completed, shall ascertain and report the number of shares voted
respectively for and against the question. Reports of the inspectors shall be in
writing and subscribed and delivered by them to the Secretary of the
Corporation. Inspectors need not be shareholders of the Corporation, and any
officer of the Corporation may be an inspector on any question other than a vote
for or against a proposal in which he shall have a material interest.

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         2.9. QUORUM. Except as expressly required by law, the holders of record
of a majority in voting interest of the shares of stock of the Corporation
entitled to be voted, present in person or by proxy, shall constitute a quorum
for the transaction of business at any meeting of the shareholders of the
Corporation or any adjournment thereof. The shareholders present at a duly
called or held meeting at which a quorum is present may continue to do business
until adjournment, notwithstanding the withdrawal of enough shareholders to
leave less than a quorum. In the absence of a quorum at any meeting or any
adjournment thereof, a majority in voting interest of the shareholders present
in person or by proxy and entitled to vote thereat or, in the absence therefrom
of all the shareholders, any officer entitled to preside at or to act as
Secretary of such meeting may adjourn such meeting from time to time. At any
such adjourned meeting at which a quorum is present any business may be
transacted which might have been transacted at the meeting as originally called.

         2.10. VOTING.

              (a) At each meeting of the shareholders, each shareholder shall be
entitled to vote in person or by proxy each share of the stock of the
Corporation which has voting rights on the matter in question and which shall
have been held by him and registered in his name on the books of the
Corporation: (i) on the date fixed pursuant to Section 2.6 of these Bylaws as
the record date for the determination of shareholders entitled to notice of and
to vote at such meeting, or (ii) if no such record date shall have been so
fixed, then (A) at the close of business on the day next preceding the day on
which notice of the meeting shall be given or (B) if notice of the meeting shall
be waived, at the close of business on the day next preceding the day on which
the meeting shall be held.

              (b) Shares of its own stock belonging to the Corporation or to
another corporation, if a majority of the shares entitled to vote in the
election of directors in such other corporation is held, directly or indirectly,
by the Corporation, shall neither be entitled to vote nor be counted for quorum
purposes. Persons holding stock of the Corporation in a fiduciary capacity shall
be entitled to vote such stock. Persons whose stock is pledged shall be entitled
to vote, unless in the transfer by the pledgor on the books of the Corporation
he shall have expressly empowered the pledgee to vote thereon, in which case
only the pledgee, or his proxy, may represent such stock and vote thereon. Stock
having voting power standing of record in the names of two or more persons,
whether fiduciaries, members of a partnership, joint tenants, tenants in common,
tenants by the entirety or otherwise, or with respect to which two or more
persons have the same fiduciary relationship, shall be voted in accordance with
the provisions of the New Jersey Business Corporation Act.

              (c) Any such voting rights may be exercised by the shareholder
entitled thereto in person or by his proxy appointed by an instrument in
writing, subscribed by such shareholder or by his attorney thereunto authorized
and delivered to the Secretary of the meeting; PROVIDED, HOWEVER, that no proxy
shall be voted or acted upon after eleven (11) months from its date unless said
proxy shall provide for a longer period. The attendance at any meeting of a
shareholder who may theretofore have given a proxy shall not have the effect of
revoking the same unless he shall in writing so notify the Secretary of the
meeting prior to the voting of the proxy. At any meeting of the shareholders all
matters, except as otherwise provided in the Certificate of Incorporation, in
these Bylaws or expressly required by law, shall be decided by the vote of a
majority in voting interest of the shareholders present in person or by proxy
and entitled to vote thereat and thereon. The shareholders present at a duly

                                      -5-
<PAGE>

called or held meeting at which a quorum is present may continue to do business
until adjournment, notwithstanding the withdrawal of enough shareholders to
leave less than a quorum. The vote at any meeting of the shareholders on any
question need not be by ballot, unless so directed by the chairman of the
meeting. On a vote by ballot, each ballot shall be signed by the shareholder
voting, or by his proxy if there be such proxy, and it shall state the number of
shares voted.

         2.11. ACTION WITHOUT MEETING. From and after the consummation of an
initial public offering of shares of Common Stock pursuant to a registration
statement filed with the Securities and Exchange Commission under the Securities
Act of 1933, as amended, on Form S-1 or Form SB-2, or the equivalent thereof (an
"Initial Public Offering"), any action required by the New Jersey Business
Corporation Act to be taken at any annual or special meeting of the
shareholders, or any action which may be taken at any annual or special meeting
of the shareholders, may be taken without a meeting, without prior notice and
without a vote, if a consent in writing setting forth the action so taken shall
be signed by each holder of outstanding stock entitled to vote thereon.

                                   ARTICLE III
                               BOARD OF DIRECTORS

         3.1. MANAGEMENT. The business and affairs of the Corporation shall be
managed under the direction of the Board, subject only to the limitations
imposed by law and by the Certificate of Incorporation.

         3.2 NUMBER AND TERM OF OFFICE. A director need not be a shareholder, a
citizen of the United States, or a resident of the State of New Jersey. The
number of directors constituting the entire Board shall be not less than three
(3) nor more than nine (9), except that, where all the shares of stock of the
Corporation are owned beneficially and of record by less than three
shareholders, the number of directors may be less than three but not less than
the number of such shareholders. Subject to the foregoing limitation, such
number may be fixed from time to time by the Board.

         3.3. ELECTION OF DIRECTORS. Directors shall be elected in the manner
provided in the Certificate of Incorporation. Any director may resign at any
time upon written notice to the Corporation. Except as otherwise provided in the
Certificate of Incorporation, in the interim between annual meetings of
shareholders or special meetings of shareholders called for the election of
directors and/or for the removal of one or more directors and for the filling of
any vacancies in the Board, including vacancies resulting from the removal of
directors for cause, any vacancy in the Board may be filled by the vote of not
less than a majority of the remaining directors then in office, although less
than a quorum, or by the sole remaining director.

         3.4. RESIGNATION AND REMOVAL. Any director of the Corporation may
resign at any time by giving written notice to the Board or to the Secretary of
the Corporation. Any such resignation shall take effect at the date specified
therein, or, if the time is not specified, it shall take effect immediately upon
its receipt; and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. Except as otherwise
provided by the Certificate of Incorporation or expressly required by law, any
director or the entire Board may be removed, but only for cause, by the holders
of a majority of shares then entitled to vote at an election of directors.

         3.5. VACANCIES. Except as otherwise provided in the Certificate of
Incorporation, any vacancy in the Board, whether because of death, resignation,
disqualification, an increase in the number of directors, or any other cause,
may be filled by the vote of not less than a majority of the remaining
directors, although less than a quorum, or by a sole remaining director. Each
director so chosen to fill a vacancy shall hold office until the earlier to
occur of (i) the next annual meeting of shareholders and his successor shall
have been elected and qualified or (ii) his resignation or removal. No reduction

                                      -6-
<PAGE>

of the authorized number of directors shall have the effect of removing any
director prior to the expiration of his term of office. Upon the resignation of
one or more directors from the Board, effective at a future date, not less than
a majority of the directors then in office, including those who have so
resigned, shall have the power to fill such vacancy or vacancies, the vote
thereon to take effect when such resignation or resignations shall become
effective, and each director so chosen shall hold office as provided hereinabove
in the filling of other vacancies.

         3.6. PLACE OF MEETING; TELEPHONE CONFERENCE MEETING. The Board may hold
any of its meetings at such place or places within or without the State of New
Jersey as the Board may from time to time by resolution designate or as shall be
designated by the person or persons calling the meeting or in the notice or
waiver of notice of any such meeting. Directors may participate in any regular
or special meeting by means of conference telephone or similar communications
equipment pursuant to which all persons participating in the meeting of the
Board can hear each other, and such participation shall constitute presence in
person at such meeting.

         3.7. REGULAR MEETINGS. A regular meeting of the Board shall be held
without notice immediately following and at the same place as the annual
shareholders' meeting for the purpose of electing officers and conducting any
other business as may come before the meeting. The Board may determine to have
additional regular meetings which may be held without notice, except to members
not present at the time of the determination.

         3.8. SPECIAL MEETINGS. Special meetings of the Board may be called at
any time by the Chairman of the Board, the Vice Chairman of the Board, the Chief
Executive Officer or a Co-Chief Executive Officer, as the case may be, the
President or at the direction of any of them, the Secretary or by any two (2)
directors, to be held at the principal office of the Corporation, or at such
other place or places, within or without the State of New Jersey, as the person
or persons calling the meeting may designate. Notice of the time and place of
special meetings shall be given to each director either (i) by depositing such
notice in the United States mail of overnight delivery service, in a postage
prepaid envelope, or by-hand delivery service, charges prepaid, addressed to him
at his address as it is shown upon the records of the Corporation, or if it is
not so shown on such records or is not readily ascertainable, at the place in
which the meetings of the directors are regularly held, or by transmitting a
notice thereof to him at such address by telegraph, telecopy, cable or internet,
at least forty-eight (48) hours prior to the time of the holding of such
meeting, (ii) by transmitting a notice thereof to him at his e-mail address as
it is shown upon the records of the Corporation, by e-mail, at least forty-eight
(48) hours prior to the time of the holding of such meeting or (iii) by orally
communicating the time and place of the special meeting to him at least
forty-eight (48) hours prior to the time of the holding of such meeting. Either
of the notices as above provided shall be due, legal and personal notice to such
director.

         3.9. QUORUM AND ACTION. Except as otherwise provided in these Bylaws or
expressly required by law, the presence of a majority of the entire Board shall
be required to constitute a quorum for the transaction of business at any
meeting of the Board, and all matters shall be decided at any such meeting, a
quorum being present, by the affirmative votes of a majority of the directors
present. In the absence of a quorum, a majority of directors present at any
meeting may adjourn the same from time to time until a quorum shall be present.
Notice of any adjourned meeting need not be given if such meeting is to be held
within ten (10) days of the date fixed therefor. The directors shall act only as
a Board, and the individual directors shall have no power as such.

         3.10. ACTION BY CONSENT. Any action required or permitted to be taken
at any meeting of the Board or of any committee thereof may be taken without a
meeting if a written consent thereto is signed by all members of the Board or
such committee, as the case may be, and such written consent is filed with the
minutes of proceedings of the Board or such committee. Such action by written
consent shall have the same force and effect as the unanimous vote of such
directors.

                                      -7-
<PAGE>

         3.11. COMPENSATION. No stated salary need be paid to directors, as
such, for their services but, as fixed from time to time by resolution of the
Board, the directors may receive directors' fees, compensation and reimbursement
for expenses for attendance at directors' meetings, for serving on committees
and for discharging their duties; provided that nothing herein contained shall
be construed to preclude any director from serving the Corporation in any other
capacity and receiving compensation therefor.

         3.12. COMMITTEES. The Board may, by resolution passed by not less than
a majority of the entire Board, designate one or more committees, each committee
to consist of one or more of the directors of the Corporation. The Board may
designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of the committee. In
the absence or disqualification of a member of the committee, the member or
members thereof present at any meeting and not disqualified from voting, whether
or not he or they constitute a quorum, may unanimously appoint another member of
the Board to act at the meeting in place of any such absent or disqualified
member. Any such committee, to the extent permitted by law and provided in the
resolution of the Board, shall have and may exercise all the powers and
authority of the Board 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. Unless the Board otherwise provides, each committee
designated by the Board may make, alter and repeal rules for conduct of its
business. In the absence of such rules each committee shall conduct its business
in the same manner as the Board conducts its business pursuant to these Bylaws.
Any such committee shall keep written minutes of its meetings and report the
same to the Board when required.

         3.13. OFFICES OF THE BOARD. A Chairman of the Board and/or a Vice
Chairman of the Board may be appointed from time to time by the Board and shall
have such powers and duties as shall be designated by the Board.

                                   ARTICLE IV
                                WAIVERS OF NOTICE

         Any notice required by these Bylaws, by the Certificate of
Incorporation, or by the New Jersey Business Corporation Act may be waived in
writing by any person entitled to notice. The waiver, or waivers, may be
executed either before or after the event with respect to which the notice is
waived. Each director or shareholder attending a meeting without protesting,
prior to its conclusion, the lack of proper notice shall be deemed conclusively
to have waived notice of the meeting.

                                    ARTICLE V
                                    OFFICERS

         5.1. OFFICERS. The officers of the Corporation shall be a President, a
Secretary and a Treasurer. The Corporation may also have, at the discretion of
the Board, a Chairman of the Board, Vice Chairman of the Board, a Chief
Executive Officer or Co-Chief Executive Officers, a Chief Financial Officer, one
or more Vice Presidents, one or more Assistant Vice Presidents, one or more
Assistant Secretaries, one or more Assistant Treasurers and such other officers
as may be appointed in accordance with the provisions of Section 5.3 of these

                                      -8-
<PAGE>

Bylaws. One person may hold two or more offices; provided, that no officer shall
execute, acknowledge or verify any instrument in more than one capacity if such
instrument is required by law or by these Bylaws to be executed, acknowledged or
verified by two or more officers.

         5.2. ELECTION AND TERM. The officers of the Corporation, except such
officers as may be appointed in accordance with the provisions of Sections 5.3
or 5.5 of these Bylaws, shall be chosen annually by the Board, and each shall
hold his office until he shall resign or shall be removed or otherwise
disqualified to serve, or until his successor shall be elected and qualified.

         5.3. SUBORDINATE OFFICERS. The Board may appoint, or may authorize the
Chief Executive Officer to appoint, such other officers as the business of the
Corporation may require, each of whom shall have such authority and perform such
duties as are provided in these Bylaws or as the Board or the President from
time to time may specify, and shall hold office until he shall resign or shall
be removed or otherwise disqualified to serve.

         5.4. REMOVAL AND RESIGNATION. Any officer may be removed, with or
without cause, by a majority of the directors at the time in office, at any
regular or special meeting of the Board, or, except in case of an officer chosen
by the Board, by the Chief Executive Officer or a Co-Chief Executive Officer
upon whom such power of removal may be conferred by the Board. Any officer may
resign at any time by giving written notice to the Corporation. Any such
resignation shall take effect at the date of the receipt of such notice or at
any later time specified therein; and unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective.

         5.5. VACANCIES. A vacancy in any office because of death, resignation,
removal, disqualification or any other cause shall be filled in the manner
prescribed in the Bylaws for the regular appointments to such office.

         5.6. CHIEF EXECUTIVE OFFICER/CO-CHIEF EXECUTIVE OFFICERS. The Chief
Executive Officer or Co-Chief Executive Officers, as the case may be, of the
Corporation shall, subject to the control of the Board have general supervision,
direction and control of the business and affairs of the Corporation. The Chief
Executive Officer or Co-Chief Executive Officers, as the case may be, of the
Corporation shall preside at all meetings of shareholders and the Board. The
Chief Executive Officer or each of the Co-Chief Executive Officers, as the case
may be, shall have the general powers and duties of management usually vested in
the chief executive officer of a corporation, and shall have such other powers
and duties with respect to the administration of the business and affairs of the
Corporation as may from time to time be assigned to him by the Board or as
prescribed by the Bylaws.

         5.7 PRESIDENT. The President of the Corporation shall, under the
direction of the Chief Executive Officer or Co-Chief Executive Officers, as the
case may be, have general supervision, direction and control of the business and
affairs of the Corporation. In the absence of the Chief Executive Officer or a
Co-Chief Executive Officer, as the case may be, he shall preside at all meetings
of shareholders and the Board. He shall have the general powers and duties of
management usually vested in the president of a corporation, and shall have such
other powers and duties with respect to the administration of the business and
affairs of the Corporation as may from time to time be assigned to him by the
Board or as prescribed by the Bylaws.

         5.8. CHAIRMAN OF THE BOARD/VICE CHAIRMAN OF THE BOARD. Each of the
Chairman of the Board and the Vice Chairman of the Board, if any, shall exercise
and perform such powers and duties with respect to the administration of the
business and affairs of the Corporation as may from time to time be assigned to
him by the Board or is as prescribed by the Bylaws. In the absence of a Chief
Executive Officer or Co-Chief Executive Officer, as the case may be, or the
President at any meeting of the shareholders and the Board, the Chairman of the
Board shall preside.

                                      -9-
<PAGE>

         5.9. CHIEF FINANCIAL OFFICER/CHIEF OPERATING OFFICER. In the event the
Board elects a Chief Financial Officer and/or a Chief Operating Officer, the
person or persons so elected or the members of such office shall individually or
jointly, as the case may be, have general and active management of the property,
business and affairs of the Corporation, subject to the supervision and control
of the Board. The Chief Financial Officer or the Chief Operating Officer also
shall have such powers and perform such other duties as prescribed from time to
time by the Board.

         5.10. VICE PRESIDENT. The Vice President(s), if any, shall exercise and
perform such powers and duties with respect to the administration of the
business and affairs of the Corporation as from time to time may be assigned to
each of them by the President, by the Chairman of the Board, if any, by the
Board or as is prescribed by the Bylaws. In the absence or disability of the
President, the Vice Presidents, in order of their rank as fixed by the Board, or
if not ranked, the Vice President designated by the Board, shall perform all of
the duties of the President and when so acting shall have all of the powers of
and be subject to all the restrictions upon the President.

         5.11. SECRETARY. The Secretary shall keep, or cause to be kept, a book
of minutes at the principal office for the transaction of the business of the
Corporation or such other place as the Board may order, of all meetings of
directors and shareholders, with the time and place of holding, whether regular
or special, and if special, how authorized and the notice thereof given, the
names of those present at directors' meetings, the number of shares present or
represented at shareholders' meetings and the proceedings thereof. The Secretary
shall keep, or cause to be kept, at the principal office for the transaction of
the business of the Corporation or at the office of the Corporation's transfer
agent, a share register, or a duplicate share register, showing the names of the
shareholders and their addresses, the number and classes of shares held by each,
the number and date of certificates issued for the same, and the number and date
of cancellation of every certificate surrendered for cancellation. The Secretary
shall give, or cause to be given, notice of all the meetings of the shareholders
and of the Board required by these Bylaws or expressly required by law to be
given, and he shall keep the seal of the Corporation in sole custody, and shall
have such other powers and perform such other duties as may be prescribed by the
Board or these Bylaws. If for any reason the Secretary shall fail to give notice
of any special meeting of the Board called by one or more of the persons
identified in Section 3.8 of these Bylaws, or if he shall fail to give notice of
any special meeting of the shareholders called by one or more of the persons
identified in Section 2.2 of these Bylaws, then any such person or persons may
give notice of any such special meeting.

         5.12. TREASURER. The Treasurer shall keep and maintain or cause to be
kept and maintained, adequate and correct accounts of the properties and
business transactions of the Corporation, including accounts of its assets,
liabilities, receipts, disbursements, gains, losses, capital, surplus and
shares. Any surplus, including earned surplus, paid-in surplus and surplus
arising from a reduction of capital, shall be classified according to source and
shown in a separate account. The books of account at all reasonable times shall
be open to inspection by any director. The Treasurer shall deposit all moneys
and other valuables in the name and to the credit of the Corporation with such
depositories as may be designated by the Board. He shall disburse the funds of
the Corporation as may be ordered by the Board, shall render to the President,
to the Chief Executive Officer and to the directors, whenever they request it,
an account of all of his transactions as Treasurer and of the financial
condition of the Corporation, and shall have such other powers and perform such
other duties as may be prescribed by the Board or these Bylaws.

         5.13. ASSISTANT SECRETARIES. Except as may be otherwise provided in
these Bylaws, Assistant Secretaries, if there be any, shall perform such duties
and have such powers as from time to time may be assigned to them by the Board,
the President, any Vice President, if there be one, or the Secretary, and in the
absence of the Secretary or in the event of his disability or refusal to act,
shall perform the duties of the Secretary, and when so acting, shall have all
the powers of and be subject to all the restrictions upon the Secretary.

                                      -10-
<PAGE>

         5.14. ASSISTANT TREASURERS. Assistant Treasurers, if there be any,
shall perform such duties and have such powers as from time to time may be
assigned to them by the Board, the President, any Vice President, if there be
one, or the Treasurer, and in the absence of the Treasurer or in the event of
his disability or refusal to act, shall perform the duties of the Treasurer, and
when so acting, shall have all the powers of and be subject to all the
restrictions upon the Treasurer. If required by the Board, an Assistant
Treasurer shall give the Corporation a bond in such sum and with such surety or
sureties as shall be satisfactory to the Board for the faithful performance of
the duties of his office and for the restoration to the Corporation, in case of
his death, resignation, retirement or removal from office, of all books, papers,
vouchers, money and other property of whatever kind in his possession or under
his control belonging to the Corporation.

         5.15. OTHER OFFICERS. Such other officers as the Board may choose shall
perform such duties and have such powers as from time to time may be assigned to
them by the Board. The Board may delegate to any other officer of the
Corporation the power to choose such other officers and to prescribe their
respective duties and powers.

         5.16. COMPENSATION. The compensation of the officers of the Corporation
elected or appointed by the Board, if any, shall be fixed from time to time by
the Board.

         5.16. VOTING SECURITIES OWNED BY THE CORPORATION. Powers of attorney,
proxies, waivers of notice of meeting, consents and other instruments relating
to securities owned by the Corporation may be executed in the name of and on
behalf of the Corporation by the President or any Vice President and any such
officer may, in the name of and on behalf of the Corporation, take all such
action as any such officer may deem advisable to vote in person or by proxy at
any meeting of security holders of any corporation in which the Corporation may
own securities and at any such meeting shall possess and may exercise any and
all rights and power incident to the ownership of such securities and which, as
the owner thereof, the Corporation might have exercised and possessed if
present. The Board may, by resolution, from time to time confer like powers upon
any other person or persons.

                                   ARTICLE VI
                       EFFECT OF AND AMENDMENTS TO BY-LAWS

         6.1. FORCE AND EFFECT OF BYLAWS. These Bylaws are subject to the
provisions of the New Jersey Business Corporation Act and the Certificate of
Incorporation, as each may be amended from time to time. If any provision in
these Bylaws is inconsistent with a provision in New Jersey Business Corporation
Act or the Certificate of Incorporation, the provision of New Jersey Business
Corporation Act or the Certificate of Incorporation, as the case may be, shall
govern.

         6.2. AMENDMENTS TO BYLAWS. These Bylaws may be altered, amended, or
repealed by the shareholders or the Board. Any bylaw adopted or amended by the
shareholders may be amended or repealed by the Board, unless the resolution of
the shareholders adopting the bylaw expressly reserves to the shareholders the
right to amend or repeal it.

                                      -11-
<PAGE>

                                   ARTICLE VII
                            SHARES AND THEIR TRANSFER

         7.1. CERTIFICATES FOR STOCK. Every owner of stock of the Corporation
shall be entitled to have a certificate or certificates, in such form as the
Board shall prescribe, certifying the number and class of shares of the stock of
the Corporation owned by him. The certificates representing shares of such stock
shall be numbered in the order in which they shall be issued and shall be signed
in the name of the Corporation by the Chairman of the Board, the President or a
Vice President and by the Secretary or an Assistant Secretary or by the
Treasurer or an Assistant Treasurer. Any or all of the signatures on the
certificates may be an engraved or printed facsimile. In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has been
placed upon any such certificate shall thereafter have ceased to be such
officer, transfer agent or registrar before such certificate is issued, such
certificate may nevertheless be issued by the Corporation with the same effect
as though the person who signed such certificates, or whose facsimile signature
shall have been placed thereupon, were such officer, transfer agent or registrar
at the date of issue. A record shall be kept of the respective names of the
persons, firms or corporations owning the stock represented by such
certificates, the number and class of shares represented by such certificates,
respectively, and the respective dates thereof, and in the case of cancellation,
the respective dates of cancellation. Every certificate surrendered to the
Corporation for exchange or transfer shall be cancelled, and no new certificate
or certificates shall be issued in exchange for any existing certificate until
such existing certificate shall have been so cancelled, except in cases provided
for in 7.4 of these Bylaws.

         7.2. TRANSFER OF STOCK. Transfer of shares of stock of the Corporation
shall be made only on the books of the Corporation by the registered holder
thereof, or by his attorney thereunto authorized by power of attorney duly
executed and filed with the Secretary, or with a transfer clerk or a transfer
agent appointed as provided in 7.3 of these Bylaws, and upon surrender of the
certificate or certificates for such shares properly endorsed and the payments
of all taxes thereon. The person in whose name shares of stock stand on the
books of the Corporation shall be deemed the owner thereof for all purposes as
regards the Corporation. Whenever any transfer of shares shall be made for
collateral security, and not absolutely, such fact shall be stated expressly in
the entry of transfer if, when the certificate or certificates shall be
presented to the Corporation for transfer, both the transferor and the
transferee request the Corporation to do so.

         7.3. REGULATIONS. The Board may make such rules and regulations as it
may deem expedient, not inconsistent with these Bylaws, concerning the issue,
transfer and registration of certificates for shares of the stock of the
Corporation. The Board may appoint, or authorize any officer or officers to
appoint, one or more transfer clerks or one or more transfer agents and one or
more registrars, and may require all certificates for stock to bear the
signature or signatures of any of them.

         7.4. LOST, STOLEN, DESTROYED AND MUTILATED CERTIFICATES. In any case of
loss, theft, destruction, or mutilation of any certificate of stock, another may
be issued in its place upon proof of such loss, theft, destruction, or
mutilation and upon the giving of a bond of indemnity to the Corporation in such
form and in such sums as the Board may direct; PROVIDED, HOWEVER, that a new
certificate may be issued without requiring any bond when, in the judgment of
the Board, it is proper to do so.

         7.5. RECORD DATE FOR DIVIDENDS OR RIGHTS. In order that the Corporation
may determine the shareholders entitled to receive payment of any dividend or
other distribution or allotment of any rights, or entitled to exercise any
rights in respect of any change, conversion or exchange of stock, the Board may
fix a record date in accordance with Section 2.6 of these Bylaws.
Notwithstanding anything contained herein to the contrary, for so long as any of

                                      -12-
<PAGE>

the Corporation's securities are listed on The American Stock Exchange ("AMEX"),
in accordance with Section 502 of the AMEX Company Guide, the Corporation shall
not be permitted to close its stock transfer books for any reason, including the
declaration of a dividend, and must establish a record date for shareholders
entitled to a dividend which is at least ten days after the date on which the
dividend is declared.

         7.6. ISSUANCE OF SHARES. Shares of the capital stock of the Corporation
that have been authorized but not issued may be sold or issued from time to time
for such consideration as may be determined by the Board.

                                  ARTICLE VIII
                                 CORPORATE SEAL

         The corporate seal shall have inscribed thereon the name of the
Corporation, the year of its incorporation and the words "Corporate Seal, New
Jersey." The seal may be used by causing it or a facsimile thereof to be
impressed or reproduced in a document or instrument, or affixed thereto.

                                  ARTICLE VIII
                                   FISCAL YEAR

         The fiscal year of the Corporation shall end on March 31 of each
calendar year, or such other date the Board shall designate.

                                   ARTICLE IX
                                  MISCELLANEOUS

         9.1. INSPECTION OF CORPORATE RECORDS. The share register, or duplicate
share register, and minutes of proceedings of the shareholders shall be open to
inspection for any proper purpose upon the written demand of any person who has
been a shareholder of record or holder of a voting trust certificate for at
least six months immediately preceding that person's demand, or any person
holding, or so authorized in writing by the holders of, at least five percent of
the outstanding shares of any class. The inspection may be made at any
reasonable time not less than five days after the person has given written
notice of the demand to the Corporation. The inspection may be made in person or
by an agent or attorney and shall include the right to make extracts. Demand for
inspection shall be made in writing upon the president or secretary of the
Corporation.

         9.2. CHECKS, DRAFTS, ETC. All checks, drafts or other orders for the
payment of money, notes or other evidences of indebtedness, issued in the name
of or payable to the Corporation, shall be signed or endorsed by the person or
persons and in such manner, manually or by facsimile signature, as shall be
determined from time to time by the Board.

         9.3. EXECUTION OF CONTRACTS. The Board may authorize any officer or
officers, agent or agents, to enter into any contract or execute any instrument
in the name of and on behalf of the Corporation. The authority may be general or
confined to specific instances. No officer, agent or employee shall have any
power or authority to bind the Corporation by any contract or engagement or to
pledge its credit or to render it liable for any purpose or for any amount
unless so authorized by the Board or these Bylaws.

         9.4. GENDER. All personal pronouns used in these Bylaws shall include
the other genders, whether used in the masculine, feminine or neuter gender, and
the singular shall include the plural, and vice versa, whenever and as often as
may be appropriate.

                                      -13-

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