Document:

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                                                                     EXHIBIT 4.5

                                AMENDMENT TO THE

                            ARTICLES OF INCORPORATION

                                       OF

                              SANDERSON FARMS, INC.

         Pursuant to Section 79-4-10.06 of the Mississippi Code of 1972, as
amended, more commonly referred to as Section 10.06 of the Mississippi Business
Corporation Act, the undersigned corporation hereby amends its Articles of
Incorporation as follows:

         1. New Article FOURTEENTH is added to read:

                  "FOURTEENTH:

                           "A director of the corporation shall not be liable to
                  the corporation or its shareholders for money damages for any
                  action, or any failure to take any action, as a director,
                  except for: (a) the amount of a financial benefit received by
                  a director to which he is not entitled; (b) an intentional
                  infliction of harm on the corporation or the shareholders; (c)
                  a violation of Section 79-4-8.33 of the Mississippi Code of
                  1972, as amended, more commonly referred to as Section 8.33 of
                  the Mississippi Business Corporation Act, as presently in
                  effect or as amended thereafter, pertaining to liability for
                  unlawful distributions; or (d) an intentional violation of
                  criminal law. If Mississippi law is hereafter amended to
                  authorize corporations to take corporate action further
                  limiting or eliminating the personal liability of directors,
                  then the liability of each director of the corporation shall
                  be limited or eliminated to the full extent permitted by
                  Mississippi law as so amended from time to time. Neither the
                  amendment nor repeal of this Article, nor the adoption of any
                  provision of these Articles of Incorporation inconsistent with
                  this Article, shall eliminate or reduce the effect of this
                  Article in respect of any matter occurring, or any cause of
                  action, suit or claim that, but for this Article, would accrue
                  or arise, prior to such amendment, repeal or adoption of an
                  inconsistent provision."

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         APPROVED BY A MAJORITY VOTE OF THE SHAREHOLDERS OF SANDERSON FARMS,
INC., ON FEBRUARY 20, 1992.

                                       SANDERSON FARMS, INC.

                                       BY: /s/ Joe F. Sanderson, Jr.
                                          --------------------------------------
                                          President

                                       BY: /s/ Wyatt J. Davis, Jr.
                                          --------------------------------------
                                          Secretary

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                                                                     EXHIBIT 4.6

                                AMENDMENT TO THE

                            ARTICLES OF INCORPORATION

                                       OF

                              SANDERSON FARMS, INC.

         Pursuant to Section 79-4-10.06 of the Mississippi Code of 1972, as
amended, more commonly referred to as Section 10.06 of the Mississippi Business
Corporation Act, the undersigned corporation hereby amends its Articles of
Incorporation as follows:

         1. New Article FIFTEENTH is inserted to read:

                  The Corporation may indemnify its directors and officers for
         liability (as defined in Section 79-4-8.50(5) of the Mississippi Code
         of 1972, as amended) to any person for any action taken, or any failure
         to take any action, as a director or officer, as the case may be,
         except liability for (a) receipt of a financial benefit to which he is
         not entitled, (b) an intentional infliction of harm on the Corporation
         or its shareholders, (c) violation of Section 79-4-8.33 of the
         Mississippi Code of 1972, as amended, or (d) an intentional violation
         of criminal law.

         APPROVED BY A MAJORITY VOTE OF THE SHAREHOLDERS OF SANDERSON FARMS,
INC., ON FEBRUARY 27, 1997.

                                       SANDERSON FARMS, INC.

                                       BY: /s/ Joe F. Sanderson, Jr., President
                                               JOE F. SANDERSON, JR., President

                                       BY: /s/ James A. Grimes, Secretary
                                               JAMES A. GRIMES, Secretary<PAGE>
                                                                     EXHIBIT 4.7

                                   BY-LAWS OF
                              SANDERSON FARMS, INC.
                         (As restated on July 27, 2000)

         Article I. Name and the Location.

         Section 1. The name of this corporation shall be Sanderson Farms, Inc.

         Section 2. Its principal office shall be located in Laurel,
Mississippi.

         Section 3. Other offices for the transaction of business shall be
located in such other places as the Board of Directors may from time to time
determine.

         Article II. Capital Stock.

         Section 1. The amount of capital stock shall be such amount as is
authorized by the Articles of Incorporation.

         Section 2. All certificates of stock shall be signed by the Chairman of
the Board, the President and the Secretary and shall be sealed with the
corporate seal. Such signatures and seal may be facsimile if the certificate is
signed by the corporation's transfer agent or registrar.

         Section 3. Treasury stock shall be held by the corporation subject to
disposition by the Board of Directors and shall neither be voted nor participate
in dividends.

         Section 4. Transfers of stock shall be made only on the books of the
corporation or the books of the duly appointed transfer agent; an old
certificate, properly endorsed, shall be surrendered and cancelled before a new
certificate is issued.

         Section 5. In case of loss or destruction of a certificate of stock, no
new certificate shall be issued in lieu thereof except upon satisfactory proof
of affidavit of such loss or destruction; and upon the giving of satisfactory
security, by bond or otherwise (if the Board of Directors so requires), against
loss to the corporation.

         Article III. Stockholder meetings

         Section 1. The annual meeting of stockholders shall be held each year
on such day in the month of February, or in such other month, as the Board of
Directors shall determine, at the principal office of the corporation or at such
other suitable place, within or without the State of Mississippi, and at such
convenient time as may be determined by the Board of Directors. At the annual
meeting the stockholders shall elect directors to serve until their successors
have been elected and have qualified.

         Section 2. A special meeting of the stockholders, to be held at any
place at which the annual stockholders' meeting may be held, may be called at
any time by the Chairman, the Vice Chairman (if appointed), the President or the
Board of Directors. It shall be the duty of the Chairman, the Vice Chairman (if

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appointed), the President or the Board of Directors to call such a meeting
whenever so requested or demanded by one or more stockholders holding 10% or
more of all the shares entitled to vote on any issue proposed to be considered
at the special meeting.

         Section 3. Notice of the place, day and hour of all annual and special
stockholders' meetings shall be given by the Secretary of the corporation to
each stockholder entitled to vote at the meeting not fewer than ten (10) nor
more than sixty (60) days before the date of the meeting by mailing said notice,
with postage thereon prepaid, to the address of such stockholder appearing on
the stock records of the corporation. In the case of a special meeting, the
notice shall also state the purpose or purposes for which the meeting is called.

         Section 4. For the purpose of determining stockholders entitled to
notice of or to vote at any meeting of stockholders or any adjournment thereof,
or entitled to demand a special meeting or to receive payment of any dividend,
or in order to make a determination of stockholders for any other proper
purpose, the Board of Directors of the corporation may fix the record date for
such purpose, but such record date may not be more than seventy (70) days before
the meeting or action requiring a determination of stockholders. If no record
date is fixed for the determination of stockholders entitled to notice of or to
vote at a meeting of stockholders, or stockholders entitled to demand a special
meeting or to receive payment of a dividend, or for any other proper purpose,
the close of business on the day before the day on which notice of the meeting
is mailed or the date on which the resolution of the Board of Directors
declaring such dividend is adopted, as the case may be, shall be the record date
for such determination of stockholders. When a determination of stockholders
entitled to notice of or to vote at any meeting of stockholders has been made as
provided in this section, such determination shall be effective for any
adjournment of the meeting unless the Board of Directors fixes a new record
date, which it must do if the meeting is adjourned to a date more than one
hundred, twenty (120) days after the date fixed for the original meeting.

         Section 5. The officer or agent having charge of the stock transfer
books for shares of the corporation shall make, no later than two (2) business
days after notice of the meeting is given for which the list was prepared, an
alphabetical list of the names of all its stockholders entitled to notice of a
stockholders' meeting. The list must be arranged by voting group (and within
each voting group by class or series of shares) and show the address of and
number of shares held by each stockholder. Such list shall be available at the
principal office of the corporation and shall be subject to inspection by any

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stockholder at any time during usual business hours. Such list shall also be
available at the place identified in the meeting notice in the city where the
meeting will be held and shall be subject to the inspection of any stockholder
continuously through the meeting. The original stock transfer books shall be
prima facie evidence as to who are stockholders entitled to examine such list or
transfer books or to vote at any meeting of stockholders.

         Section 6. The Chairman of the Board shall preside at all stockholder
meetings. In the event the Chairman is unable to preside, the next available
officer shall be authorized to preside in this order: Vice Chairman (if
appointed), President, Executive Vice President (if appointed), Vice President
(by seniority if more than one is appointed), Secretary or Treasurer.

         Section 7. Each outstanding share, regardless of class, shall be
entitled to one vote on each matter submitted to a vote at a meeting of
stockholders, except to the extent that the voting rights of the shares of
preferred stock are limited or denied by the Articles of Incorporation, the
Board of Directors or as permitted by law.

         Treasury shares shall not be voted at any meeting or counted in
determining the total number of outstanding shares at any given time.

         A stockholder may vote either in person or by proxy appointed in
writing by the stockholder or by his duly authorized attorney-in-fact. No proxy
shall be valid after eleven (11) months from the date of its execution, unless
otherwise provided in the proxy.

         Shares standing in the name of another corporation, domestic or foreign
but not a corporation the majority of the outstanding shares of which are owned,
directly or indirectly, by this corporation, may be voted by any duly elected
officer, or any duly appointed agent, in person or by proxy, or as the Board of
Directors of this corporation may otherwise determine.

         Shares held by an administrator, executor, guardian or conservator may
be voted by him, either in person or by proxy, without a transfer of such shares
into his name. Shares standing in the name of a trustee may be voted by him,
either in person or by proxy, but no trustee shall be entitled to vote shares
held by him without a transfer of such shares into his name.

         Shares standing in the name of a receiver may be voted by such
receiver, and shares held by or under the control of a receiver may be voted by
such receiver without the transfer thereof into his name if authority so to do
be contained in an appropriate order of the court by which such receiver was
appointed.

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         A stockholder whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee, and
thereafter the pledgee shall be entitled to vote the shares so transferred.

         Redeemable shares are not entitled to vote after notice of redemption
is mailed to the holders and a sum sufficient to redeem the shares has been
deposited with a bank, trust company or other financial institution under an
irrevocable obligation to pay the holders the redemption price on surrender of
the shares.

         Section 8. A majority of the votes represented in person or by proxy
entitled to be cast on a matter by the voting stockholders shall constitute a
quorum for the transaction of business at a meeting of stockholders. If a quorum
exists, action on a matter (other than the election of directors) by the
stockholders shall be approved if the votes cast favoring the action exceed the
votes cast opposing the action, unless the Articles of Incorporation, the
By-laws or the law requires a greater number of affirmative votes.

         Once a share is represented for any purpose at a meeting, it is deemed
present for quorum purposes for the remainder of the meeting and for any
adjournment of that meeting unless a new record date is or must be set for that
adjourned meeting.

         An amendment to the Articles of Incorporation that adds, changes or
deletes a greater quorum or voting requirement must meet the same quorum
requirement and be adopted by the same vote required to take action under the
quorum and voting requirements then in effect or proposed to be adopted,
whichever is greater.

         Directors shall be elected at such annual meeting of stockholders at
which their terms expire or at any special meeting of stockholders called for
that purpose by the affirmative vote of a majority, and not a plurality, of the
shares entitled to vote and represented, in person or by proxy, at such meeting
at which a quorum is present. There shall be no cumulative voting.

         Section 9. Nominations by stockholders for the election of directors
may be made by stockholders from the floor at any annual or special meeting of
stockholders called for the election of directors if timely written notice of
such nominations has been given to the Secretary of the corporation. To be
timely, such notice must be received at the principal office of the corporation
not later than the close of business on the 15th day following the day on which
notice of the date of the meeting is given or made to stockholders in accordance
with these bylaws. A stockholder's notice to the Secretary must set forth or be

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accompanied by (i) the name and address of record of the stockholder who intends
to make the nomination; (ii) a representation that the stockholder is a holder
of record of shares of the corporation entitled to vote at such meeting and
intends to appear in person or by proxy at the meeting to nominate the person or
persons specified in the notice; (iii) the name, age, business and residence
addresses, and principal occupation or employment of each nominee; (iv) such
other information regarding each nominee proposed by such stockholder as would
be required to be included in a proxy statement filed by such stockholder
pursuant to the proxy rules of the Securities and Exchange Commission, as then
in effect; (v) the consent of each nominee to serve as a director of the
corporation if elected; and (vi) a representation signed by each proposed
nominee that states that such nominee meets all of the qualifications set forth
in Article IV of these bylaws.

         Section 10. Only business properly brought before stockholders'
meetings in accordance with these bylaws shall be conducted at such meetings. To
be properly brought before a meeting, business must be (a) specified in the
notice of meeting (or any supplement thereto) given by or at the direction of
the Board of Directors, (b) otherwise properly before the meeting by or at the
direction of the Board of Directors, or (c) otherwise (i) properly requested to
be brought before the meeting by a stockholder of record entitled to vote in the
election of directors generally, and (ii) constitute a proper subject to be
brought before such meeting. Any stockholder who wishes to bring a matter (other
than the election of directors) before a meeting of stockholders and is entitled
to vote on such matter must deliver written notice of said stockholder's intent
to bring such matter before the meeting of stockholders so that such notice is
received by the Secretary no later than the close of business on the 15th day
following the date on which notice of the date of the meeting is given or made
to stockholders in accordance with these bylaws.

         A stockholder's notice to the Secretary shall set forth as to each
matter the stockholder proposes to bring before the meeting of stockholders (a)
a brief description of the business desired to be brought before the meeting and
the reasons for conducting such business at the meeting, (b) the name and
address, as they appear on the Corporation's books, of the stockholder intending
to propose such business, (c) the class and number of shares of stock of the
Corporation beneficially owned by the stockholder, and (d) any material interest
of the stockholder in such business. The Chairman of a meeting shall, if the
facts warrant, determine and declare to the meeting that the business was not

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properly brought before the meeting in accordance with the provisions hereof
and, if he should so determine, he shall declare such to the meeting and any
such business not properly brought before the meeting shall not be transacted.

         Section 11. Action required or permitted to be taken at a stockholders'
meeting may be taken without a meeting if the action is taken by all the
stockholders entitled to vote on the action. The action must be evidenced by one
or more written consents describing the action taken, signed by all the
stockholders entitled to vote on the action, and delivered to the corporation
for inclusion in the minutes or filing with the corporate records.

         If not otherwise set by the Board of Directors, the record date for
determining stockholders entitled to take action without a meeting is the date
the first stockholder signs the written consent.

         A consent signed under this section has the effect of a meeting vote
and may be described as such in any document.

         Article IV. Directors.

         Section 1. All corporate powers shall be exercised by or under the
authority of, and the business and affairs of the corporation managed under the
direction of, the Board of Directors, subject to any limitation set forth in the
Articles of Incorporation, which shall consist of twelve (12) members, at least
two (2) of whom shall be independent directors. For purposes of this Section,
"independent director" shall mean a person other than an officer or employee of
the corporation or its affiliates or any other individual having a relationship
that, in the opinion of the Board of Directors, would interfere with the
exercise of independent judgment in carrying out the responsibilities of a
director. Directors must be at least twenty-one (21) years of age and be
citizens of the United States, although directors need not be stockholders of
the corporation or residents of the state of Mississippi.

         The Board of Directors shall appoint a Chairman who shall preside at
meetings of the Board of Directors and of stockholders and shall have such other
duties as may from time to time be assigned to the Chairman by the Board of
Directors. Each director shall receive such compensation for his services as
may, by the Board of Directors, be determined from time to time.

         The terms of directors shall be staggered by dividing the total number
of directors into three (3) classes, with each class containing one-third (1/3),
or as close to one-third (1/3) as possible, of the total. With respect to
directors who are elected at the first annual stockholders' meeting where a
classified Board of Directors is elected, the terms of directors in the first

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class shall expire at the first annual stockholders' meeting after their
election, the terms of the second class shall expire at the second annual
stockholders' meeting after their election, and the terms of the third class
shall expire at the third annual stockholders' meeting after their election. At
each annual stockholders' meeting held after such first meeting, directors shall
be chosen for a term of three (3) years to succeed those whose terms expire.

         A decrease in the number of directors does not shorten an incumbent
director's term. A director elected to fill a vacancy, whether such director is
elected by the stockholders or the Board of Directors, shall serve for the
unexpired portion of the term of the vacancy which is being filled. Despite the
expiration of a director's term, he shall continue to serve until his successor
is elected and qualifies or until there is a decrease in the number of
directors.

         Section 2. The directors shall hold five (5) regular meetings, four (4)
of which shall be held on such quarterly dates as the Board or the Chairman
shall determine from time to time, and shall be held at the principal office of
the corporation in Laurel, Mississippi, or at such other place, within or
without the State of Mississippi, as may be determined by the Chairman of the
Board. The remaining one (1) regular meeting shall be held immediately after,
and at the same place as, the annual meeting of stockholders.

         Section 3. Special meetings of the Board of Directors, to be held at
the principal office of the corporation in Laurel, Mississippi, or at such other
place, within or without the State of Mississippi, as may be determined by the
Board or the Chairman, may be called by the Chairman or by any two members of
the Board of Directors.

         Section 4. Any or all directors may participate in a regular or special
meeting by, or conduct the meeting through the use of, any means of
communication by which all directors participating may simultaneously hear each
other during the meeting. A director participating in a meeting by this means is
deemed to be present in person at the meeting.

         Section 5. Notice as to date, time and place of all regular and special
meetings of the directors shall be given to each director, by the Secretary, at
least two (2) days prior to the time fixed for the meeting. Such notice shall be
given in any manner to each director at his usual address or location and shall
be deemed to be delivered, if mailed, when deposited four (4) days prior to the
time fixed for the meeting in the United States mail, so addressed, with postage
thereon prepaid. A director's attendance at or participation in a meeting shall
constitute a waiver of any required notice of such meeting, unless

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the director at the beginning of the meeting (or promptly upon his arrival)
objects to holding the meeting or transacting business at the meeting and does
not hereafter vote for or assent to action taken at the meeting.

         Section 6. A quorum for the transaction of business at any regular or
special meeting of the directors shall consist of a majority of the number of
directors fixed by these Bylaws.

         Section 7. The directors shall appoint the officers of the corporation
and fix the salary of the Chairman of the Board and the President; the
President, or in the absence of the President the directors, shall fix the
salaries of all other officers. Appointment of officers shall be made at the
directors' meeting following each annual stockholders' meeting.

         Section 8. Any vacancy on the Board of Directors resulting from the
removal of a director as provided in the Articles of Incorporation shall be
filled by the stockholders; provided that, if the stockholders fail to fill any
such vacancy within ninety (90) days after the date that the director was
removed, then the Board of Directors may fill such vacancy. If a vacancy occurs
on the Board of Directors for reasons other than removal by stockholders,
including a vacancy resulting from an increase in the number of directors: (a)
the stockholders may fill the vacancy; (b) the Board of Directors may fill the
vacancy; or (c) if the directors remaining in office constitute fewer than a
quorum of the Board, they may fill the vacancy by the affirmative vote of a
majority of all the directors remaining in office.

         A vacancy that will occur at a specific later date (by reason of a
resignation effective at a later date) may be filled before the vacancy occurs
but the new director may not take office until the vacancy occurs.

         Section 9. The affirmative vote of a majority of the directors present
at a meeting at which a quorum is present shall be the act of the Board of
Directors, unless the Articles of Incorporation or the By-laws require the vote
of a greater number of directors.

         Section 10. A director of the corporation who is present at a meeting
of the Board of Directors or a committee of the Board of Directors when
corporate action is taken shall be deemed to have assented to the action taken
unless: (a) he objects at the beginning of the meeting (or promptly upon his
arrival) to holding it or transacting business at the meeting; (b) his dissent
or abstention from the action taken is entered in the minutes of the meeting; or
(c) he delivers written notice of his dissent or abstention to the presiding
officer of the meeting before its adjournment or to the corporation immediately
after

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adjournment of the meeting. The right of dissent or abstention shall not be
available to a director who votes in favor of the action taken.

         Section 11. Any action required or permitted to be taken at a Board of
Directors' meeting may be taken without a meeting if the action is taken by all
members of the Board. The action must be evidenced by one or more written
consents describing the action taken, signed by each director, and included in
the minutes or filed with the corporate records reflecting the action taken.

         Action taken under this section is effective when the last director
signs the consent, unless the consent specifies a different effective date.

         A consent signed under this section has the effect of a meeting vote
and may be described as such in any document.

         Section 12. A director may resign at any time by delivering written
notice to the Board of Directors, its Chairman or to the corporation. A
resignation is effective when the notice is delivered unless the notice
specifies a later effective date.

         The stockholders may remove one or more directors with or without cause
unless otherwise provided by the Articles of Incorporation. The removal of any
director of the corporation elected or appointed by the stockholders of the
corporation or by its Board of Directors shall be effected only by the vote of
not less than two-thirds (2/3) of the total outstanding Common Stock.
Notwithstanding the foregoing, these voting requirements for director removal
shall not apply to any director elected by any class (other than Common Stock)
or series which may be or become entitled to elect a director voting as a
separate class or series, and the removal of such a director shall be governed
by the provisions relating to that class or series.

         A director may be removed by the stockholders only at a meeting called
for the purpose of removing him and the meeting notice must state that the
purpose, or one of the purposes, of the meeting is removal of the director.

         Section 13. The Board of Directors may create one or more committees
and appoint members of the Board of Directors to serve on them. Each committee
must have two (2) or more members, who serve at the pleasure of the Board of
Directors.

         The creation of a committee and appointment of members to it must be
approved by a majority of all the directors in office when the action is taken.

         Prior to the annual meeting of stockholders, the Board of Directors
shall appoint a director nominating committee consisting of three directors
serving current terms, at least one of whom shall be an independent director.
The

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committee shall consider candidates for the class of directorships to be filled
at the meeting and shall submit a slate of candidates or nominees for Board
approval and inclusion in the corporate proxy materials for the annual meeting
and for vote by the stockholders at the annual meeting. Such submission shall be
deemed a nomination of each person named. The committee may recommend one or
more than one candidate or nominee for each vacancy to be filled. Where a
vacancy on the Board of Directors exists that is to be filled by the Board of
Directors, a director nominating committee shall also be appointed by the Board
of Directors to consider and submit a slate of candidates or nominees for vote
by the directors.

         The provisions of the By-laws which govern meetings, action without
meetings, notice and waiver of notice, and quorum and voting requirements of the
Board of Directors, shall apply to committees and their members as well.

         To the extent specified by the Board of Directors, each committee may
exercise the authority of the Board of Directors.

         A committee may not, however: (a) authorize distributions; (b) approve
or propose to stockholders action that requires approval by stockholders; (c)
fill vacancies on committees of the Board of Directors; (d) amend the Articles
of Incorporation; (e) adopt, amend or repeal by-laws; (f) approve a plan of
merger not requiring stockholder approval; (g) authorize or approve
reacquisition of shares except according to a formula or method prescribed by
the Board of Directors; or (h) authorize or approve the issuance or sale or
contract for sale of shares, or determine the designation and relative rights,
preferences and limitations of a class or series of shares, except that the
Board of Directors may authorize a committee (or a senior executive officer of
the corporation) to do so within limits specifically prescribed by the Board of
Directors.

         The creation of, delegation of authority to, or action by a committee
does not alone constitute compliance by a director with the standards of conduct
required by law.

         Article V. Officers.

         Section 1. The officers of this corporation shall be a Chairman of the
Board, a Vice Chairman of the Board (if appointed by the Board at its
discretion), a President, an Executive Vice President (if appointed by the Board
at its discretion), one or more Vice Presidents, a Secretary and a Treasurer,
all of whom shall be appointed for the term of one (1) year, and shall hold
office until their successors are duly elected and qualified. Such other
officers and assistant officers as may be deemed necessary may be appointed by
the Board

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of Directors or by the officers duly appointed by the Board of Directors. Any
two or more offices may be simultaneously held by the same person.

         Section 2. The officers of the corporation shall be appointed annually
by the Board of Directors at the first meeting of the Board of Directors held
after each annual meeting of the stockholders. Officers of the corporation may
also be appointed by the Board of Directors to serve until the next annual
meeting, when a new office is created by amendment to, or restatement of, these
By-Laws or, in the absence of a resignation, when an incumbent officer cannot
perform the duties conferred upon him by reason of absence or inability or
unfitness to carry out said duties. The appointment of an officer shall not
itself create contract rights. Officers shall serve at the pleasure of the Board
of Directors.

         Section 3. An officer may resign at any time by delivering notice to
the corporation. A resignation is effective when the notice is delivered unless
the notice specifies a later effective date. If a resignation is made effective
at a later date and the corporation accepts the future effective date, it may
fill the pending vacancy before the effective date if the successor does not
take office until the effective date. An officer's resignation shall not affect
the corporation's contract rights, if any, with the officer.

         Section 4. Any officer appointed by the Board of Directors may be
removed by the Board of Directors at any time with or without cause whenever in
its judgment the best interests of the corporation would be served thereby, but
such removal shall not affect the contract rights with the corporation, if any,
of the officer so removed. Any office or assistant officer, if appointed by
another officer, may likewise be removed by such officer.

         Section 5. A vacancy in any office because of death, resignation,
removal, disqualification or otherwise, may be filled by the Board of Directors
for the unexpired portion of the term.

         Section 6. The Chairman of the Board shall preside at all directors'
meetings; shall sign all stock certificates (which signature may be by facsimile
as provided in Article II, Section 2, of these By-laws); and shall have
authority to sign on behalf of the corporation, bills, notes, receipts,
acceptances, endorsements, checks, releases, contracts and documents of every
nature and kind, to issue checks or otherwise draw upon the deposits or credits
of the corporation, excepting dividends, and to do such other acts not
specifically enumerated herein and which are not inconsistent with the purposes
of the business of the corporation and its charter authority or not otherwise
specifically delegated to any other officer.

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         Section 7. The Vice Chairman of the Board (if appointed by the Board at
its discretion) shall perform all the duties of the Chairman of the Board at
such times as the Chairman is unable to perform the duties conferred upon him by
reason of absence or inability or unfitness to carry out said duties. The Vice
Chairman shall further perform such duties as may be directed to him by the
Chief Executive Officer or by the Board of Directors.

         Section 8. The President shall be the chief executive officer of the
corporation. He shall sign all stock certificates (which signature may be by
facsimile as provided in Article II, Section 2, of these By-laws) and shall
perform all of the duties of the Chairman of the Board at such times as the
Chairman or Vice Chairman (if appointed) is unable to perform the duties
conferred upon him by reason of absence or inability or unfitness to carry out
said duties. He shall have general supervision over the affairs of the
corporation; shall perform the duties generally conferred upon the chief
executive officer of a corporation, including the authority to conduct the
affairs of the corporation and to carry out the policies thereof; and shall have
authority to sign on behalf of the corporation, bills, notes, receipts,
acceptances, endorsements, checks, releases, contracts and documents of every
nature and kind, to issue checks or otherwise draw upon the deposits or credits
of the corporation, excepting dividends, to extend credit to persons and in
amounts as he may deem advisable, and to do such other acts not specifically
enumerated herein and which are not inconsistent with the purposes of the
business of the corporation and its charter authority or not otherwise
specifically delegated to any other officer. He shall have general charge of the
office and the plant or plants of the corporation, with authority to employ and
terminate such office assistants and employees as he may deem advisable and
necessary, and to fix and pay salaries for such employment. The President shall
further perform such duties as may be directed to him by the Board of Directors
and shall have authority to delegate any of the duties herein set forth.

         Section 9. The Executive Vice President (if appointed by the Board at
its discretion) shall perform all the duties of the President at such times as
the President is unable to perform the duties conferred upon him by reason of
absence or inability or unfitness to carry out said duties. The Executive Vice
President shall further perform such duties as may be directed to him by the
President or by the Board of Directors.

         Section 10. The Vice President(s) shall perform such duties as may be
directed to him(them) by the President or by the Board of Directors.

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<PAGE>

         Section 11. The Secretary shall issue notices of all directors' and
stockholders' meetings, and shall attend and keep the minutes of the same; shall
have charge of all corporate books, records and papers; shall be the custodian
of the corporate seal; shall authenticate records of the corporation; shall
attest with his signature and impress with the corporate seal all stock
certificates (which signature and seal may be facsimile as provided in Article
II, Section 2, of these By-laws) and written contracts of the corporation, but
such attestation shall not be limited to the Secretary and the absence of such
attestation shall not affect the legal validity of any written contracts; and
shall perform all other such duties as are incidental to his office and that may
be specifically delegated to his office.

         Section 12. The Treasurer shall have custody of all monies and
securities of the corporation, and he shall keep regular books of account and
shall submit them, together with all his vouchers, receipts, records and other
papers to the directors for their examination and approval as often as they may
require. The Treasurer, or such other officer, if any, who has been designated
as the chief financial officer by the Board of Directors, shall have the fiscal
responsibility for the affairs of the corporation, including future operations,
and shall from time to time propose or otherwise institute such fiscal policy as
may be determined by the Board of Directors.

         Section 13. The duties of the Secretary or Treasurer or any part
thereof may be from time to time delegated by the Secretary or Treasurer, with
the consent of the Board of Directors, to an Assistant Secretary or Assistant
Treasurer. The Assistant Secretary or Assistant Treasurer shall have the
authority to perform such acts as may be delegated to him by the Secretary or
Treasurer with the consent of the Board of Directors.

         Section 14. For their services, the Vice Chairman (if appointed), the
Executive Vice President (if appointed), the Vice President(s), the Secretary,
the Treasurer and the Assistant Secretary or Assistant Treasurer (if appointed)
shall each receive such salary and other compensation as may be fixed by the
President, or, in his absence, by the directors.

         Section 15. As assigned and directed by the Board of Directors, the
Vice President(s), the Secretary or the Treasurer shall perform those duties of
the Chairman, the Vice Chairman (if appointed), the President or the Executive
Vice President (if appointed) at such times as the Chairman, the Vice Chairman
(if appointed), the President or the Executive Vice President (if appointed) is

                                       13
<PAGE>

unable to perform the duties conferred upon him by reason of absence or
inability or unfitness to carry out said duties.

         Article VI. Indemnification of Directors, Officers and Other Persons

         Section 1. The Corporation shall indemnify its directors, officers,
those employees of the Corporation appointed by the President to serve on the
Corporation's Executive Committee and those employees selected by the Executive
Committee to be the Division Managers, to the fullest extent permitted by law,
except in an action brought directly by the Corporation against such person.

         Section 2. To the extent permitted by law, the right to indemnification
conferred in this Article (a)shall apply to acts or omissions antedating the
adoption of this Article; (b)shall be severable; (c)shall continue as to a
person who has ceased to be such director, officer or employee; and (d) shall
inure to the benefit of the heirs, executors and administrators of such person.

         Section 3. This article may be repealed or amended from time to time by
the Board of Directors with or without shareholder approval; provided however,
that no such repeal or amendment shall limit the right to indemnification
conferred in this Article for liability for acts or omissions which occurred
prior to the time of such repeal or amendment.

         Section 4. If the Corporation indemnifies or advances expenses to a
director under this Article, the Corporation shall, if required by Section
79-4-16.21(a) of the Mississippi Code of 1972, as amended, report the
indemnification or advance in writing to the shareholders with or before the
notice of the next shareholder meeting.

         Article VII. Dividends and Finance.

         Section 1. Dividends may be declared from time to time by resolution of
the Board of Directors; but no dividends shall be paid if, after giving them
effect, (a) the corporation would not be able to pay its debts as they become
due in the usual course of business; or (b) the corporation's total assets would
be less than the sum of its total liabilities plus (unless the Articles of
Incorporation permit otherwise) the amount that would be needed, if the
corporation were to be dissolved at the time of the distribution, to satisfy the
preferential rights upon dissolution of stockholders whose preferential rights
are superior to those receiving the distribution.

         Section 2. The funds of the corporation shall be deposited in those
depository institutions designated by the Board of Directors, and such funds may
be withdrawn upon the check or demand of either the Chairman of the Board, the

                                       14
<PAGE>

President, the Vice President(s), the Secretary or the Treasurer or by authority
granted to some other individual by the Chairman of the Board, the Vice Chairman
of the Board, or the President or the Executive Vice President (if any) and one
other officer of the corporation by appropriate notice directed to any such
banking institution or trust company.

         Article VIII. Contracts and Loans.

         The Board of Directors may authorize any officer or officers, and any
agent or agents to enter into any contract, make any loan or execute and deliver
any instrument in the name of and on behalf of the corporation, and such
authority may be general or confined to a specific instance.

         Article IX. Fiscal Year.

         The fiscal year of the corporation shall end on the 31st day of October
in each year.

         Article X. Corporate Seal.

         The Board of Directors shall provide a corporate seal which shall be
circular in form and shall have inscribed thereon the name of the corporation,
the state of incorporation and the words "Corporate Seal." The seal may be used
by causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise.

         Article XI. Waiver of Notice.

         Whenever any notice is required to be given to any stockholder or
director of the corporation under the provisions of these By-laws or under the
provisions of the Articles of Incorporation or under the provisions of the
Mississippi Business Corporation Act, a waiver thereof in writing, signed by the
person or persons entitled to such notice, whether before or after the date and
time stated in the notice, and filed with the minutes or corporate records,
shall be equivalent to the giving of such notice.

         Article XII. Transfer Agent.

         The Board of Directors shall be authorized, in its discretion, to
contract with and employ a securities transfer agent, either within or without
the State of Mississippi for the general purposes of issuing and cancelling
stock and other security certificates of the corporation, of transfer processing
and of other related security services. The services of any security transfer
agent, for which the Board may contract, may include, but not be limited to, all
security processing, stockholder record-keeping, election processing, dividend
payment, dividend reinvestment, tax information, notices and proxies, securities
regulation reporting, and corporate reorganization work related to securities.

                                       15
<PAGE>

Any transfer agent, if employed, shall be authorized and empowered to affix
official signatures and the seal of the corporation to stock and other security
certificates by facsimile and to sign on its behalf any and all stock and other
security certificates issued by the corporation.

         Article XIII. Amendments.

         These By-laws may be altered, amended or repealed or new By-laws may be
adopted by the Board of Directors at any regular or special meeting of the Board
of Directors. Any alteration, amendment or repeal of, or any addition to, these
By-laws which affects classes of directors, the filling of vacancies on the
Board of Directors, the removal of directors, super majority voting
requirements, cumulative voting and classes of stock including preferences,
limitations and relative rights thereof shall require an affirmative vote of
two-thirds (2/3) or more of all the directors in office when the action is
taken; provided that such two-thirds (2/3) vote shall not be required for any
such alteration, amendment or repeal of, or any addition to, these By-laws at a
time when no person, corporation or entity, other than a member of the Sanderson
Family (as such term is defined in Article NINTH of the Articles of
Incorporation), beneficially owns (as such term is defined in Article NINTH of
the Articles of Incorporation) 20% or more of the outstanding shares of Common
Stock of the corporation or 20% or more of the total voting power of the
corporation entitled to vote on any such matter at a meeting of stockholders.

                                       16

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