Document:

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                                                                    EXHIBIT 10.1

                 SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
                 ----------------------------------------------
                               AND LOAN DOCUMENTS
                               ------------------

         THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND LOAN DOCUMENTS
(this "Amendment"), dated as of May 31, 2001 is between NATIONAL BANK OF CANADA,
a Canadian chartered bank ("Lender"), METRETEK TECHNOLOGIES, INC. (f/k/a Marcum
Natural Gas Services, Inc.), a Delaware corporation ("Metretek Technologies"),
METRETEK, INCORPORATED, a Florida corporation ("Metretek Inc."), and SOUTHERN
FLOW COMPANIES, INC., a Delaware corporation ("Southern Flow") (each, a
"Borrower", and collectively, "Borrower" or "Borrowers"), and SIGMA VI, INC., a
Florida corporation ("Pledgor").

                                    RECITALS
                                    --------

A.       Lender, Borrowers and Pledgor entered into a Loan and Security
         Agreement dated April 14, 1998 (the "Original Loan Agreement"), as
         amended by an Amendment to Loan and Security Agreement and Loan
         Documents dated as of June 8, 1999 (the "First Amendment"), and as
         further amended by a Second Amendment to Loan and Security Agreement
         and Loan Documents dated as of September 13, 1999 (the "Second
         Amendment"), and as further amended by a Third Amendment to Loan and
         Security Agreement and Loan Documents dated as of December 16, 1999
         (the "Third Amendment"), and as further amended by a Fourth Amendment
         to Loan and Security Agreement and Loan Documents, dated as of March
         22, 2000 (the "Fourth Amendment"), and as further amended by a Fifth
         Amendment to Loan and Security Agreement and Loan Documents, dated as
         of March 1, 2001 (the "Fifth Amendment" and together with this
         Amendment, the First Amendment, the Second Amendment, the Third
         Amendment and the Fourth Amendment, the "Loan Agreement") providing for
         the Metretek Loans and the Southern Flow Loans, as more fully set forth
         in the Loan Agreement.

B.       On June 8, 1999, Metretek Technologies changed its name from Marcum
         Natural Gas Services, Inc. to Metretek Technologies, Inc.

C.       Pursuant to Section 1(q) of the Loan Agreement, the Maturity Date of
         the Loan was May 31, 2001 and as of the date hereof, Borrowers have
         failed to pay the Loan in full.

D.       Borrowers and Lender therefore wish to enter into this Amendment (a) to
         extend the Maturity Date; (b) to set forth Borrowers' Refinancing
         Commitment; (c) to reduce the maximum available amount of the Loan; (d)
         to change certain fees under the Loan Agreement; and (e) to change
         certain covenants and conditions in the Loan Agreement.

<PAGE>   2

                                    AGREEMENT
                                    ---------

         IN CONSIDERATION of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Lender, Borrowers and Pledgor agree as follows (capitalized terms used herein
and not defined herein shall have the meanings set forth in the Loan Agreement):

1.       AMENDMENTS TO LOAN AGREEMENT.

         (a)      Section 1, paragraph (q) is hereby revised to read in its
                  entirety as follows:

                  ""Maturity Date" shall mean the earliest to occur of (i)
September 30, 2001; (ii) the occurrence of any other default or Event of Default
hereunder or under any Other Agreement, (iii) the failure of Borrowers to
perform any obligation required pursuant to the Refinancing Commitment when
required or any other breach by Borrowers of this Agreement (iv) any event that,
with notice or the passage of time or both, would constitute an Event of Default
hereunder or any Other Agreement or (v) a default in Borrowers' obligation to
pay all interest on the Loan as such interest accrues and becomes payable
thereunder, together with all other amounts payable under the documents
evidencing, governing and securing Borrowers' indebtedness to the Lender. Upon
the Maturity Date, the Lender may take any and all action permitted by the
documents evidencing, governing and securing the Loan or by law that the Lender
deems necessary or appropriate to collect such indebtedness and to enforce its
rights under all instruments securing the indebtedness."

         (b)      Section 1 is hereby amended to add new paragraph (dd) as
                  follows:

                  "(dd) "Refinancing Commitment" shall mean Borrowers' agreement
to perform, observe and comply with the following obligations and requirements:

                           (i) On or prior to June 22, 2001, Borrowers will
deliver to Lender Borrowers' management action plan for refinancing the senior
credit facilities.

                           (ii) Borrowers shall have received on or before July
27, 2001, proposals, from prospective refinancing sources, for refinancing the
Loan, and shall have provided to Lender on or before that date, in form and
substance satisfactory to Lender, evidence of receipt of such proposals.

                           (iii) On or before September 14, 2001, Borrowers
shall have received a commitment for refinancing the Loan and shall have
provided to Lender on or before that date, in form and substance satisfactory to
Lender, evidence of receipt of a commitment to refinance the Loan."

         (c) Without in any way limiting the rights of the Lender hereunder or
the sole discretion of Lender to elect whether or not to make advances,
Borrowers acknowledge and agree that, effective May 31, 2001, the maximum
available amount of the Loan shall be reduced from $5,000,000 to $3,000,000,
minus the aggregate undrawn amount of the Letters of Credit, and Section 2(a) of
the Loan Agreement is revised effective as of May 31, 2001 by replacing the
phrase "Five Million Dollars ($5,000,000)" with the phrase "Three Million
Dollars ($3,000,000)."

<PAGE>   3

         (d) The rate of interest that Borrowers shall pay to Lender on the
outstanding principal amount of the Loan monthly in arrears, shall increase to
two percent (2.00%) per annum plus the Reference Rate, and Section 3(a) of the
Loan Agreement is revised effective May 31, 2001, by replacing the phrase "one
percent (1.00%)" with the phrase "two percent (2.00%)."

         (e) The unused fee is increased to five-tenths of one percent (0.5%),
and Section 3(b) of the Loan Agreement is revised effective May 31, 2001, by
replacing the words "three-eighths of one percent (0.375%)" with the words
"five-tenths of one percent (0.5%)."

         (f) Section 12(q)(ii) of the Loan Agreement is revised to read in its
entirety as follows:

                  "12(q)(ii) Borrowers' consolidated combined minimum tangible
         net worth (as such term is defined in accordance with GAAP and
         including (A) all subordinate debt which has been approved by Lender in
         its sole discretion, and (B) Series B Preferred Stock (whether or not
         properly includable under GAAP) shall be not less than $5,387,000 plus
         95% of any new subordinated debt, sale of preferred stock or additional
         equity."

         (g) Section 12(q)(iv) of the Loan Agreement is revised to read in its
entirety as follows:

                  "12 (q)(iv) Borrowers, on a combined, consolidated basis,
         calculated commencing April 1 2001, and each month thereafter, shall
         maintain net profit before taxes, preferred stock dividends,
         depreciation, amortization, extraordinary gains and income from
         cancellation of debt in amount greater than zero dollars."

2. WAIVER. The required ratio of 2.00 to 1.00 set forth as a financial covenant
of Section 12(q)(v) of the Loan Agreement is waived for the period ending March
31, 2001. Thereafter, Borrowers shall be required to comply with said covenant
on a year to date basis, excluding the period ending March 31, 2001.

         The above waiver does not constitute a waiver by Lender of Borrowers'
compliance with such covenant for any other period, other than the period
specifically identified herein, nor shall such waiver constitute a waiver of any
other Event of Default or event that with notice, the passage of time, or both
would constitute an Event of Default under the Loan Agreement, or a waiver of
any future violations under Section 12(q)(v). In addition, this waiver is based
solely on the interim financial statements for the period ended March 31, 2001,
previously provided to Lender (the "Interim Financials"). If the information set
forth in the Interim Financials is inaccurate or incorrect in any respect,
Lender reserves the right to withdraw this waiver at any time.

3. ADVANCES UNDER THE LOAN. From the date hereof until the Maturity Date,
Borrowers and Pledgor acknowledge and agree that the Lender has no obligation
whatsoever to advance any funds to Borrowers in connection with the Loan.
Borrowers and Pledgor understand and agree that Lender may, in Lender's sole and
absolute discretion, discontinue the advancing of funds under Section 4 of the
Loan Agreement at any time and for any reason or no reason. Lender's advancing
funds from and after the date hereof shall not act as a waiver of Lender's right
to discontinue making advances at any time for any reason whatsoever.

<PAGE>   4

4. WAIVER OF RIGHTS OF NOTICE AND CURE. In consideration of Lender entering into
this Amendment, Borrower hereby waives all rights it has, if any, under the Loan
Agreement or the Loan Documents (i) to receive notice of an Event of Default and
(ii) to cure defaults and Events of Default under the Loan Agreement.

5. REFINANCING COMMITMENT OF THE BORROWER: In consideration of Lender entering
into this Amendment, Borrowers agree to perform, observe and comply with the
Refinancing Commitment.

6. RELEASE AND DISCHARGE. In consideration of Lender's entering into this
Amendment, Borrowers and Pledgor, together with their successors and assigns,
and all persons claiming by, through or under Borrowers or Pledgor, do hereby
fully and forever release and discharge Lender, its affiliates, successors, all
past and present employees, officers, directors, agents, insurers and assigns
from any and all claims, demands, obligations, actions, liabilities, losses,
costs, expenses and damages of every kind and nature whatsoever, including,
without limitation, attorneys' fees, in law or in equity, whether known or
unknown, which the Lender or any person acting under them may now have, or claim
at any future time to have, based in whole or in part upon any act or omission
to the date hereof, without regard to present, actual knowledge of acts or
omissions, arising from or based upon or in any way related to the Loan or the
making or administration of the Loan.

7. LOAN DOCUMENTS.

         a. Lender, Borrowers and Pledgor agree that any and all notes or other
documents executed in connection with the Loans (collectively, the "Loan
Documents") are hereby amended to reflect the amendments set forth herein and
that no further amendments to any Loan Documents are required to reflect the
foregoing.

         b. All references in any document to the Loan Agreement or any other
Loan Document shall refer to the Loan Agreement or such Loan Document as amended
pursuant to this Amendment.

8. FEES AND EXPENSES. Borrower shall pay or cause to be paid to Lender upon
execution hereof an Amendment fee in the amount of $6,500. Borrower shall also
pay or cause to be paid all of the expenses incurred by the Lender in connection
with the transactions contemplated by this Amendment, including, without
limitation, the reasonable fees and disbursements of Lender's attorneys and
their staff, and any recording and filing fees, charges and expenses. If
Borrower fails to pay such fees, such failure shall constitute an Event of
Default.

9. REPRESENTATIONS AND WARRANTIES. Each Borrower and Pledgor hereby certifies,
represents and warrants to the Lender that as of the date of this Amendment
(taking into consideration the transactions contemplated by this Amendment):

         (a) All of such Borrower's or Pledgor's representations and warranties
contained in the Loan Agreement and all Loan Documents are true, accurate and
complete in all material respects;

         (b) No Event of Default or event that with notice or the passage of
time or both would constitute an Event of Default (other than as waived by
Lender pursuant to this Amendment) has occurred under the Loan Agreement or any
Loan Document;

<PAGE>   5

         (c) Neither Borrowers nor Pledgor have received notice of and are not
aware of any complaint, investigation, review or audit by the United States
government, or any department, agency or instrumentality thereof other than as
set forth in the Notice of Suspension; and

         (d) Without limiting the generality of the foregoing, the execution and
delivery of this Amendment has been authorized by all necessary action on the
part of such Borrower or Pledgor, that the person executing this Amendment on
behalf of such Borrower is duly authorized to do so and that this Amendment
constitutes the legal, valid, binding and enforceable obligation of such
Borrower or Pledgor.

10. ADDITIONAL DOCUMENTS. Each Borrower and Pledgor shall execute and deliver to
Lender at any time and from time to time such additional amendments to the Loan
Agreement and the Loan Documents as the Lender may request to confirm and carry
out the transactions contemplated hereby or to confirm, correct and clarify the
security for the Loan.

11. CONTINUATION OF THE LOAN AGREEMENT, ETC. Except as specified in this
Amendment, the provisions of the Loan Agreement and the Loan Documents shall
remain in full force and effect, and if there is a conflict between the terms of
this Amendment and those of the Loan Agreement or the Loan Documents, the terms
of this Amendment shall control. Except for the matters specifically set forth
herein, this Amendment does not alter, amend, modify or release any right of the
Lender or any obligations of Borrowers or Pledgor in connection with the Loan.
By execution of this Amendment, the Lender is not waiving any principal,
interest, costs or attorneys' fees or any other amounts payable under the
documents governing, evidencing or securing the Loan and is not waiving any
other defaults under the Loan Agreement or any Other Agreement.

12. MISCELLANEOUS.

         a. This Amendment shall be governed by and construed under the laws of
the State of Colorado and shall be binding upon and inure to the benefit of the
parties hereto and their successors and permissible assigns.

         b. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one
instrument.

         c. This Amendment and all documents to be executed and delivered
hereunder may be delivered in the form of a facsimile copy, subsequently
confirmed by delivery of the originally executed document.

         d. This Amendment constitutes the entire agreement between Borrowers,
Pledgor and the Lender concerning the subject matter of this Amendment. This
Amendment may not be amended or modified orally, but only by a written agreement
executed by each Borrower and Pledgor and the Lender and designated as an
amendment or modification of the Loan Agreement as amended by this Amendment.

<PAGE>   6

         EXECUTED as of the date first set forth above.

                              BORROWERS:

                              METRETEK    TECHNOLOGIES,    INC.,   a   Delaware
                              corporation  (f/k/a Marcum  Natural Gas Services,
                              Inc.)

                              By: /s/ A. Bradley Gabbard
                                  ------------------------------------
                                  A. Bradley Gabbard
                                  Executive Vice President

                              METRETEK, INCORPORATED, a Florida corporation

                              By: /s/ A. Bradley Gabbard
                                  ------------------------------------
                                  A. Bradley Gabbard
                                  Executive Vice President

                              SOUTHERN   FLOW   COMPANIES,   INC.,  a  Delaware
                              corporation

                              By: /s/ A. Bradley Gabbard
                                  ------------------------------------
                                  A. Bradley Gabbard
                                  Executive Vice President

                              PLEDGOR:

                              SIGMA VI, INC., a Florida corporation

                              By: /s/ A. Bradley Gabbard
                                  ------------------------------------
                                  A. Bradley Gabbard
                                  Executive Vice President

<PAGE>   7

                              LENDER:

                              NATIONAL BANK OF CANADA, a Canadian chartered
                              bank

                              By: /s/ Raymond L. Yager
                                  ------------------------------------
                                  Raymond L. Yager
                                  Vice President

                              By: /s/ Andrew Conneen
                                  ------------------------------------
                                  Andrew Conneen
                                  Vice President<PAGE>   1
                                                                     EXHIBIT 4.2

                           METRETEK TECHNOLOGIES, INC.

                                    * * * * *

                          AMENDED AND RESTATED BY-LAWS

                               AS OF JUNE 11, 2001

                                    * * * * *

                                   ARTICLE I.

                                     OFFICES

         SECTION 1. The registered office shall be in the City of Wilmington,
County of New Castle, State of Delaware.

         SECTION 2. The corporation may also have offices at such other places
both within and without the State of Delaware as the board of directors may from
time to time determine or the business of the corporation may require.

                                   ARTICLE II.

                            MEETINGS OF STOCKHOLDERS

         SECTION 1. All meetings of the stockholders for the election of
directors shall be held in the City of Denver, State of Colorado, at such place
as may be fixed from time to time by the board of directors, or at such other
place either within or without the State of Delaware as shall be designated from
time to time by the board of directors and stated in the notice of the meeting.
Meetings of stockholders for any other purpose may be held at such time and
place, within or without the State of Delaware, as shall be stated in the notice
of the meeting or in a duly executed waiver of notice thereof.

         SECTION 2.

         (a) Annual meetings of stockholders shall be held on such date and at
such time as shall be designated from time to time by the board of directors and
stated in the notice of the meeting, at which they shall elect by a plurality
vote a board of directors or class of directors, and transact such other
business as may properly be brought before the meeting.

         (b) To be properly brought before the annual meeting, nominations of
persons for election to the board of directors and the proposal of business to
be considered by the stockholders at the annual meeting must be: (i) specified
in the notice of the annual meeting (or any supplement thereto) given by or at
the direction of the board of directors, (ii) otherwise properly be brought
before the annual meeting by or at the direction of the board of directors, or
(iii) otherwise be properly brought before the

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<PAGE>   2

annual meeting by a stockholder who is a stockholder of record at the time of
the giving of the notice required by these by-laws, who is entitled to vote at
the annual meeting and who complies with the notice procedures set forth in
these by-laws.

         (c) For nominations or other business to be properly brought before the
annual meeting by a stockholder pursuant to clause (iii) of paragraph (b) of
this by-law, the stockholder must have given timely notice thereof in writing to
the secretary of the corporation and any such business must otherwise be a
proper matter for stockholder action under Delaware law. To be timely, a
stockholder's notice must be delivered to or mailed and received at the
principal executive offices of the corporation not less than forty-five (45)
days nor more than one hundred fifty (150) days before the date on which the
corporation first mailed its proxy materials for the prior year's annual meeting
of stockholders; provided, however, that in the event that the corporation did
not hold an annual meeting in the prior year or the date of the annual meeting
has changed by more than thirty (30) days from the prior year, then notice by
the stockholder to be timely must be so received not sooner than one hundred
eighty (180) days before the annual meeting and not later than the later of
seventy-five (75) days before the annual meeting or ten (10) days following the
date on which public announcement of the date of the annual meeting is first
made. Such stockholder's notice shall set forth (i) as to each person, if any,
whom the stockholder proposes to nominate for election or re-election as a
director: (A) the name, age, business address and residence address of such
person, (B) the principal occupation or employment of such person, (C) the class
and number of shares of the corporation which are beneficially owned by such
person, (D) a description of all arrangements or understandings between the
stockholder and each nominee and any other person or persons (naming such person
or persons) pursuant to which the nominations are to be made by the stockholder,
and (E) any other information relating to such person that is required to be
disclosed in solicitations of proxies for elections of directors, or is
otherwise required, in each case pursuant to Regulation 14A under the Securities
Exchange Act of 1934, as amended (the "Exchange Act") (including, without
limitation such person's written consent to being named in the proxy statement,
if any, as a nominee and to serving as a director if elected); (ii) as to any
other business that the stockholder desires to bring before the meeting, a brief
description of the business desired to be brought before the annual meeting and
the reasons for conducting such business at the annual meeting; (iii) as to the
shareholder giving the notice, (A) the name and address, as they appear on the
corporation's books, of the stockholder, (B) the class, series (if any) and
number of shares of the corporation which are beneficially owned by the
stockholder, and (C) any material interest of the stockholder in such business;
and (iv) any other information that is required to be provided by the
stockholder pursuant to Regulation 14A under the Exchange Act, in his capacity
as a proponent to a stockholder proposal. Notwithstanding the foregoing, in
order to include information with respect to a stockholder proposal in the proxy
statement and form of proxy for an annual meeting, stockholders must provide
notice as required by the regulations promulgated under the Exchange Act.

         (d) Notwithstanding anything in these by-laws to the contrary, only
such persons who are nominated in accordance with the procedures set forth in
these by-laws shall be eligible to serve as directors and only such business
shall be conducted at the annual meeting as shall have been brought before the
annual meeting in accordance with the procedures set forth in these by-laws. The
chairman of the annual meeting shall have the power and duty to determine
whether a nomination or any business proposed to be brought before the meeting
was made in accordance with the procedures set forth in these by-laws, and, if
he should determine that any proposed nomination or business was not in
compliance with these by-laws, he shall so declare at the annual meeting that
any such proposed nomination or other business not properly brought before the
annual meeting shall not be made or transacted.

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<PAGE>   3

         (e) For purposes of these by-laws, "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 9,
13, 14 or 15(d) of the Exchange Act.

         (f) Notwithstanding the foregoing provisions of this by-law, a
stockholder shall 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 by-law. Nothing in this by-law shall be deemed to affect any
rights of stockholders to request inclusion of proposals in the Corporation's
proxy statement pursuant to Rule 14a-8 under the Exchange Act.

         SECTION 3. Written notice of the annual meeting stating the place, date
and hour of the meeting shall be given to each stockholder entitled to vote at
such meeting not less than ten nor more than sixty days before the date of the
meeting.

         SECTION 4. The officer who has charge of the stock ledger of the
corporation shall prepare and make, at least ten days before every meeting of
stockholders, a complete list of stockholders entitled to vote at the meeting,
arranged in alphabetical order, and showing the address of each stockholder and
the number of shares registered in the name of each stockholder. Such list shall
be open to the examination of any stockholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least ten days prior
to the meeting, either at a place within the city where the meeting is to be
held, which place shall be specified in the notice of the meeting, or, if not so
specified, at the place where the meeting is to be held. The list shall also be
produced and kept at the time and place of the meeting during the whole time
thereof, and may be inspected by any stockholder who is present.

         SECTION 5. Special meetings of the stockholders, for any purpose or
purposes, unless otherwise prescribed by statute or by the certificate of
incorporation, may be called the president and shall be called by the president
or secretary at the request in writing of a majority of the board of directors.
Such request shall state the purpose or purposes of the proposed meeting.

         SECTION 6. Written notice of a special meeting stating the place, date
and hour of the meeting and the purpose or purposes for which the meeting is
called, shall be given not less than ten nor more than sixty days before the
date of the meeting, to each stockholder entitled to vote at such meeting.

         SECTION 7. Business transacted at any special meeting of stockholders
shall be limited to the purposes stated in the notice.

         SECTION 8. The holders of a majority of the stock issued and
outstanding and entitled to vote thereat, present in person or represented by
proxy, shall constitute a quorum at all meetings of the stockholders for the
transaction of business except as otherwise provided by statute or by the
certificate of incorporation. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the stockholders entitled to
vote thereat, present in person or represented by proxy, shall have power to
adjourn the meeting from time to time, without notice other than announcement at
the meeting, until a quorum shall be present or represented. At such adjourned
meeting at which a quorum shall be present or represented any business may be
transacted which might have been transacted at the meeting as originally
notified. If the adjournment is for more than thirty days, or if after the
adjournment a new record date is fixed for the adjourned meeting, a notice of
the adjourned meeting shall be given to each stockholder of record entitled to
vote at the meeting.

                                       3
<PAGE>   4

         SECTION 9. When a quorum is present at any meeting, the vote of the
holders of a majority of the stock having voting power present in person or
represented by proxy shall decide any question brought before such meeting,
unless the question is one upon which by express provision of the statutes or
the certificate of incorporation or these bylaws a different vote is required,
in which case such express provision shall govern and control the decision of
such question.

         SECTION 10. Unless otherwise provided in the certificate of
incorporation each stockholder shall at every meeting of the stockholders be
entitled to one vote in person or by proxy for each share of capital stock
having voting power held by such stockholder, but no proxy shall be voted after
three years from its date, unless the proxy provides for a longer period.

         SECTION 11. All actions which are required to be or may be taken by the
stockholders of the corporation shall be taken at a meeting of the stockholders,
duly held and upon proper notice, and may not be taken by written consent
without a meeting, and the power of stockholders to consent in writing to the
taking of any action is specifically denied.

         SECTION 12. Meetings of stockholders shall be presided over by the
chairman of the board, if any, or in his absence by the vice chairman of the
board, if any, or in his absence by the chairman of the executive committee, if
any, or in his absence by the president, if any, or in his absence by an
executive vice president, if any, or in his absence by a senior vice president,
if any, or in his absence by a vice president, or in the absence of the
foregoing persons by a chairman designated by the board of directors, or in the
absence of such designation by a chairman chosen at the meeting by the vote of a
majority in interest of the stockholders present in person or represented by
proxy and entitled to vote thereat. The secretary or in his absence an assistant
secretary or in the absence of the secretary and all assistant secretaries a
person whom the chairman of the meeting shall appoint shall act as secretary of
the meeting and keep a record of the proceedings thereof.

         The board of directors of the corporation shall be entitled to make
such rules and regulations for the conduct of meetings of stockholders as it
shall deem necessary, appropriate or convenient. Subject to such rules and
regulations of the board of directors, if any, the chairman of the meeting shall
have the right and authority to prescribe such rules, regulations and procedures
and to do all such acts as, in the judgment of such chairman, are necessary,
appropriate or convenient for the proper conduct of the meeting, including,
without limitation, establishing an agenda or order of business for the meeting,
rules and procedures for maintaining order at the meeting and the safety of
those present, limitations on participation in such meeting to stockholders of
record of the corporation and their duly authorized and constituted proxies, and
such other persons as the chairman shall permit, restrictions on entry to the
meeting after the time fixed for the commencement thereof, limitations on the
time allotted to questions or comments by participants and regulation of the
opening and closing of the polls for balloting and matters which are to be voted
on by ballot. Unless and to the extent determined by the board of directors or
the chairman of the meeting, meetings of stockholders shall not be required to
be held in accordance with rules of parliamentary procedure.

                                       4
<PAGE>   5

                                  ARTICLE III.

                                    DIRECTORS

         SECTION 1. The number of directors which shall constitute the whole
board shall be not less than four nor more than nine as the Board of Directors
shall at the time have designated. Unless otherwise fixed by the Board of
Directors, the number of directors who shall constitute the whole board shall be
five. The directors shall be elected as provided in the Restated Certificate of
Incorporation at the annual meeting of the stockholders, except as provided in
Section 2 of this Article, and each director elected shall hold office until his
successor is elected and qualified. Directors need not be stockholders.

         SECTION 2. Vacancies and newly created directorships resulting from any
increase in the authorized number of directors may be filled by a majority of
the directors then in office, though less than a quorum, or by a sole remaining
director, and the directors so chosen shall hold office until the election of
the class of said directors and until their successors are duly elected and
shall qualify, unless sooner displaced. If there are no directors in office,
then an election of directors may be held in the manner provided by statute. If,
at the time of filling a vacancy or any newly created directorship, the
directors then in office shall constitute less than a majority of the whole
board (as constituted immediately prior to any such increase), the Court of
Chancery may, upon application of any stockholder or stockholders holding at
least ten percent of the total number of the shares at the time outstanding
having the right to vote for such directors, summarily order an election to be
held to fill any such vacancies or newly created directorships, or to replace
the directors chosen by the directors then in office.

         SECTION 3. The business of the corporation shall be managed by or under
the direction of its board of directors which may exercise all such powers of
the corporation and do all such lawful acts and things as are not by statute or
by the certificate of incorporation or by these by-laws directed or required to
be exercised or done by the stockholders.

                       MEETINGS OF THE BOARD OF DIRECTORS

         SECTION 4. The board of directors of the corporation may hold meetings,
both regular and special, either within or without the State of Delaware.

         SECTION 5. The first meeting of the board of directors after the annual
meeting of stockholders shall be held at such time and place as shall be fixed
by the vote of the stockholders at the annual meeting and no notice of such
meeting shall be necessary to the directors in order legally to constitute the
meeting, provided a quorum shall be present. In the event of the failure of the
stockholders to fix the time or place of such first meeting of the board of
directors, or in the event such meeting is not held at the time and place so
fixed by the stockholders, the meeting may be held at such time and place as
shall be specified in a notice given as hereinafter provided for special
meetings of the board of directors, or as shall be specified in a written waiver
signed by all of the directors.

         SECTION 6. Regular meetings of the board of directors may be held
without notice at such time and at such place as shall from time to time be
determined by the board.

         SECTION 7. Special meetings of the board may be called by the president
on not less than two hours notice to each director, either personally or by
mail or by telegram or by telegraph or by

                                       5
<PAGE>   6

telephone or by means of telecopy or other similar method; special meetings
shall be called by the president or secretary in like manner and on like notice
on the written request of two directors unless the board consists of only one
director; in which case special meetings shall be called by the president or
secretary in like manner and on like notice on the written request of the sole
director.

         SECTION 8. At all meetings of the board two-thirds of the directors
shall constitute a quorum for the transaction of business and the act of a
majority of the directors present at any meeting at which there is a quorum
shall be the act of the board of directors, except as may be otherwise
specifically provided by statute or by the certificate of incorporation. If a
quorum shall not be present at any meeting of the board of directors the
directors present thereat may adjourn the meeting from time to time, without
notice other than announcement at the meeting, until a quorum shall be present.

         SECTION 9. Unless otherwise restricted by the certificate of
incorporation or these by-laws, any action required or permitted to be taken at
any meeting of the board of directors or of any committee thereof may be taken
without a meeting, if all members of the board or committee, as the case may be,
consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the board or committee.

         SECTION 10. Unless otherwise restricted by the certificate of
incorporation or these by-laws, members of the board of directors, or any
committee designated by the board of directors, may participate in a meeting of
the board of directors, or any committee, by means of conference telephone or
similar communications equipment by means of which all persons participating in
the meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting.

                             COMMITTEES OF DIRECTORS

         SECTION 11. The board of directors may, by resolution passed by a
majority of the whole 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 alternative 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 a 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 of directors to act at the meeting in the place of
any such absent or disqualified member.

         Any such committee, to the extent provided in the resolution of the
board of directors, shall have and may exercise all the powers and authority of
the board of directors in the management of the business and affairs of the
corporation, and may authorize the seal of the corporation to be affixed to all
papers which may require it; but no such committee shall have the power or
authority in reference to amending the certificate of incorporation, (except
that a committee may, to the extent authorized in the resolution or resolutions
providing for the issuance of shares of stock adopted by the board of directors
as provided in section 151(a) of the General Corporation Law of Delaware fix any
of the preferences or rights of such shares relating to dividends, redemption,
dissolution, any distribution of assets of the corporation or the conversion
into, or the exchange of such shares for, shares of any other class or classes
of stock of the corporation) adopting an agreement of merger or consolidation,
recommending to the stockholders the sale, lease or exchange of all or
substantially all of the corporation's property and assets, recommending to the
stockholders a dissolution of the corporation or a revocation of a dissolution,
or amending the by-laws of the corporation; and, unless the resolution or the
certificate of

                                       6
<PAGE>   7

incorporation expressly so provide, no such committee shall have the power or
authority to declare a dividend or to authorize the issuance of stock or adopt a
certificate of ownership and merger. Such committee or committees shall have
such name or names as may be determined from time to time by resolution adopted
by the board of directors.

         SECTION 12. Each committee shall keep regular minutes of its meetings
and report the same to the board of directors when required.

                            COMPENSATION OF DIRECTORS

         SECTION 13. Unless otherwise restricted by the certificate of
incorporation or these by-laws, the board of directors shall have the authority
to fix the compensation of directors. The directors may be paid their expenses,
if any, of attendance at each meeting of the board of directors and may be paid
a fixed sum for attendance at each meeting of the board of directors or a stated
salary as director. No such payment shall preclude any director from serving the
corporation in any other capacity and receiving compensation therefore. Members
of special or standing committees may be allowed like compensation for attending
committee meetings.

                              REMOVAL OF DIRECTORS

         SECTION 14. Unless otherwise restricted by the certificate of
incorporation or by law, any director or the entire board of directors may be
removed for cause by the holders of a majority of shares entitled to vote at an
election of directors.

                                   ARTICLE IV.

                                     NOTICES

         SECTION 1. Whenever, under the provisions of the statutes or of the
certificate of incorporation or of these by-laws, notice is required to be given
to any director or stockholder, it shall not be construed to mean personal
notice, but such notice may be given in writing, by mail, addressed to such
director or stockholder, at his address as it appears on the records of the
corporation, with postage thereon prepaid, and such notice shall be deemed to be
given at the time when the same shall be deposited in the United States mail.
Notice to directors may also be given by telegram.

         SECTION 2. Whenever any notice is required to be given under the
provisions of the statutes or of the certificate of incorporation or of these
by-laws, a waiver thereof in writing, signed by the person or persons entitled
to said notice, whether before of after the time stated therein, shall be deemed
equivalent thereto.

                                   ARTICLE V.

                                    OFFICERS

         SECTION 1. The officers of the corporation shall be chosen by the board
of directors and shall be a president, a vice-president, a secretary and a
treasurer. The board of directors may also choose additional vice-presidents,
and one or more assistant secretaries and assistant treasurers. Any number of
offices may be held by the same person, unless the certificate of incorporation
or these by-laws otherwise provide.

                                       7
<PAGE>   8
         SECTION 2. The board of directors at its first meeting after each
annual meeting of stockholders shall choose a president, one or more
vice-presidents, a secretary and a treasurer.

         SECTION 3. The board of directors may appoint such other officers and
agents as it shall deem necessary who shall hold their offices for such terms
and shall exercise such powers and perform such duties as shall be determined
from time to time by the board.

         SECTION 4. The salaries of all officers and agents of the corporation
shall be fixed by the board of directors.

         SECTION 5. The officers of the corporation shall hold office until
their successors are chosen and qualify. Any officer elected or appointed by the
board of directors may be removed at any time by the affirmative vote of a
majority of the board of directors. Any vacancy occurring in any office of the
corporation shall be filled by the board of directors.

                                  THE PRESIDENT

         SECTION 6. The president shall be the chief executive officer of the
corporation, shall preside at all meetings of the stockholders and the board of
directors, shall have general and active management of the business of the
corporation and shall see that all orders and resolutions of the board of
directors are carried into effect.

         SECTION 7. He shall execute bonds, mortgages and other contracts
requiring a seal, under the seal of the corporation, except where required or
permitted by law to be otherwise signed and executed and except where the
signing and execution thereof shall be expressly delegated by the board of
directors to some other officer or agent of the corporation.

                               THE VICE-PRESIDENTS

         SECTION 8. In the absence of the president or in the event of his
inability or refusal to act, the vice-president (or in the event there can be
more than one vice-president, the vice-presidents in the order designated by the
directors, or in the absence of any designation, then in the order of their
election) shall perform the duties of the president, and when so acting, shall
have all the powers of and be subject to all the restrictions upon the
president. The vice-presidents shall perform such other duties and have such
other powers as the board of directors may from time to time prescribe.

                      THE SECRETARY AND ASSISTANT SECRETARY

         SECTION 9. The secretary shall attend all meetings of the board of
directors and all meetings of the stockholders and record all the proceedings of
the meetings of the corporation and of the board of directors in a book to be
kept for that purpose and shall perform like duties for the standing committees
when required. He shall give, or cause to be given, notice of all meetings of
the stockholders and special meetings of the board of directors, and shall
perform such other duties as may be prescribed by the board of directors or
president, under whose supervision he shall be. He shall have custody of the
corporate seal of the corporation and he, or an assistant secretary, shall have
authority to affix the same to any instrument requiring it and when so affixed,
it may be attested by his signature or by the signature of such assistant
secretary. The board of directors may give general authority to any other
officer to affix the seal of the corporation and to attest to affixing by his
signature.

                                       8
<PAGE>   9

         SECTION 10. The assistant secretary, or if there be more than one, the
assistant secretaries in the order determined by the board of directors (or if
there be no such determination, then in the order of their election) shall, in
the absence of the secretary or in the event of his inability or refusal to act,
perform the duties and exercise the powers of the secretary and shall perform
such other duties and have such other powers as the board of directors may from
time to time prescribe.

                     THE TREASURER AND ASSISTANT TREASURERS

         SECTION 11. The treasurer shall have the custody of the corporate funds
and securities and shall keep full and accurate accounts of receipts and
disbursements in books belonging to the corporation and shall deposit all moneys
and other valuable effects in the name and to the credit of the corporation in
such depositories as may be designated by the board of directors.

         SECTION 12. He shall disburse the funds of the corporation as may be
ordered by the board of directors, taking proper vouchers for such
disbursements, and shall render to the president and the board of directors, at
its regular meetings, or when the board of directors so requires, an account of
all his transactions as treasurer and of the financial condition of the
corporation.

         SECTION 13. If required by the board of directors, he shall give the
corporation a bond (which shall be renewed every six years) in such sum and with
such surety or sureties as shall be satisfactory to the board of directors 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.

         SECTION 14. The assistant treasurer, or if there shall be more than
one, the assistant treasurers in the order determined by the board of directors
(or if there be no such determination, then in the order of their election)
shall, in the absence of the treasurer or in the event of his inability or
refusal to act, perform the duties and exercise the powers of the treasurer and
shall perform such other duties and have such other powers as the board of
directors may from time to time prescribe.

                                   ARTICLE VI.

                             CERTIFICATES FOR SHARES

         SECTION 1. The shares of the corporation shall be represented by a
certificate or shall be uncertificated. Certificates shall be signed by, or in
the name of the corporation by, the chairman or vice-chairman of the board of
directors, or the president or a vice-president, and by the treasurer or an
assistant treasurer, or the secretary or an assistant secretary of the
corporation.

         If the corporation shall be authorized to issue more than one class of
stock or more than one series of any class, the powers, designations,
preferences and relative, participating, optional or other special rights of
each class of stock or series thereof and the qualification, limitations or
restrictions of such preferences and/or rights shall be set forth in full or
summarized on the face or back of the certificate which the corporation shall
issue to represent such class or series of stock, provided that, except as
otherwise provided in section 202 of the General Corporation Law of Delaware, in
lieu of the foregoing requirements, there may be set forth on the face or back
of the certificate which the corporation shall issue to represent such class or
series of stock, a statement that the corporation will

                                       9
<PAGE>   10

furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof and the qualifications,
limitations or restrictions of such preferences and/or rights.

         Within a reasonable time after the issuance or transfer of
uncertificated stock, the corporation shall send to the registered owner thereof
a written notice containing the information required to be set forth or stated
on certificates pursuant to Sections 151, 156, 202(a) or 218(a) of the General
Corporation Law of Delaware or a statement that the corporation will furnish
without charge to each stockholder who so requests the powers, designations,
preferences and relative participating, optional or other special rights of each
class of stock or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights.

         SECTION 2. Any of or all the signatures on a certificate may be
facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate shall have ceased
to be such officer, transfer agent or registrar before such certificate is
issued, it may be issued by the corporation with the same effect as if he were
such officer, transfer agent or registrar at the date of issue.

                                LOST CERTIFICATES

         SECTION 3. The board of directors may direct a new certificate or
certificates or uncertificated shares to be issued in place of any certificate
or certificates theretofore issued by the corporation alleged to have been lost,
stolen or destroyed, upon the making of an affidavit of that fact by the person
claiming the certificate of stock to be lost, stolen or destroyed. When
authorizing such issue or a new certificate or certificates or uncertificated
shares, the board of directors may, in its discretion and as a condition
precedent to the issuance thereof, require the owner of such lost, stolen or
destroyed certificate or certificates, or his legal representative, to advertise
the same in such manner as it shall require and/or to give the corporation a
bond in such sum as it may direct as indemnity against any claim that may be
made against the corporation with respect to the certificate alleged to have
been lost, stolen or destroyed.

                                TRANSFER OF STOCK

         SECTION 4. Upon surrender to the corporation or the transfer agent of
the corporation of a certificate for shares duly endorsed or accompanied by
proper evidence of succession, assignation or authority to transfer, it shall be
the duty of the corporation to issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its books.
Upon receipt of proper transfer instructions from the registered owner of
uncertificated shares such uncertificated shares shall be cancelled and issuance
of new equivalent uncertificated shares or certificated shares shall be made to
the person entitled thereto and the transaction shall be recorded upon the books
of the corporation.

                               FIXING RECORD DATE

         SECTION 5. In order that the corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholders or any
adjournment thereof, or entitled to receive payment of any dividend or other
distribution or allotment of rights, or entitled to exercise any rights in
respect of any change, conversion or exchange of stock or for the purpose of any
other lawful action, the board of directors may fix, in advance, a record date,
which shall not be more than sixty nor less than ten days

                                       10
<PAGE>   11

before the date of such meeting, nor more than sixty days prior to any other
action. A determination of stockholders of record entitled to notice of or to
vote at a meeting of stockholders shall apply to adjournment of the meeting:
provided, however, that the board of directors may fix a new record date for the
adjourned meeting.

                             REGISTERED STOCKHOLDERS

         SECTION 6. The corporation shall be entitled to recognize the exclusive
right of a person registered on its books as the owner of shares to receive
dividends, and to vote as such owner, and to hold liable for calls and
assessments a person registered on its books as the owner of shares, and shall
not be bound to recognize any equitable or other claim to or interest in such
share or shares on the part of any other person, whether or not it shall have
express or other notice thereof, except as otherwise provided by the laws of
Delaware.

                                  ARTICLE VII.

                               GENERAL PROVISIONS
                                    DIVIDENDS

         SECTION 1. Dividends upon the capital stock of the corporation, subject
to the provisions of the certificate of incorporation, if any, may be declared
by the board of directors at any regular or special meeting, pursuant to law.
Dividends may be paid in cash, in property, or in shares of the capital stock,
subject to the provisions of the certificate of incorporation.

         SECTION 2. Before payment of any dividend, there may be set aside out
of any funds of the corporation available for dividends such sum or sums as the
directors from time to time, in their absolute discretion, think proper as a
reserve or reserves to meet contingencies, or for equalizing dividends, or for
repairing or maintaining any property of the corporation, or for such other
purpose as the directors shall think conducive to the interest of the
corporation, and the directors may modify or abolish any such reserve in the
manner in which it was created.

                                ANNUAL STATEMENT

         SECTION 3. The officers shall present at each annual meeting a full and
clear statement of the business and condition of the corporation.

                                     CHECKS

         SECTION 4. All checks or demands for money and notes of the corporation
shall be signed by such officer or officers or such other person or persons as
the board of directors may from time to time designate.

                                   FISCAL YEAR

         SECTION 5. The fiscal year of the corporation shall be fixed by
resolution of the board of directors.

                                       11
<PAGE>   12

                                      SEAL

         SECTION 6. The corporate seal shall have inscribed thereon the name of
the corporation, the year of its organization and the words "Corporate Seal,
Delaware." The seal may be used by causing it or a facsimile thereof to be
impressed or affixed or reproduced or otherwise.

                                 INDEMNIFICATION

         SECTION 7. The corporation shall indemnify its officers, directors,
employees and agents to the extent permitted by the General Corporation Law of
Delaware.

                                  ARTICLE VIII.

                                   AMENDMENTS

                  SECTION 1. These by-laws may be amended or added to, or
repealed and superseded by new by-laws by the directors of the Company or as
provided in the Certificate or Restated Certificate or Incorporation.

                                       12

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