Document:

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                                                      Filed in the Department of
                                                      State on DEC 20 1991
                                                      [   Signature Illegible  ]
                                                      --------------------------
                                            Acting Secretary of the Commonwealth

                                     2069197

                            ARTICLES OF INCORPORATION
                                       OF
                               NEW UGI CORPORATION

         ARTICLE I.        The name of the Corporation is:

                               NEW UGI CORPORATION

         ARTICLE II.       The address of the registered office of the
Corporation in this Commonwealth is:

                              460 North Gulph Road
             King of Prussia, Montgomery County, Pennsylvania 19406

         ARTICLE III.      The purpose or purposes for which the Corporation is
incorporated under the Business Corporation Law of 1988 are to engage in, and do
any lawful act concerning, any or all lawful business for which corporations may
be incorporated under said Business Corporation Law, including, but not limited
to manufacturing, processing, owning, using and dealing in personal property of
every class and description, engaging in research and development, the
furnishing of services, and acquiring, owning, using and disposing of real
property of every nature whatsoever.

                                 ARTICLE IV. CAPITAL STOCK

         The aggregate number of shares which the Corporation shall have the
authority to issue is 220,001,000 shares, divided into 200,000,000 shares of
Common Stock, without par value (hereinafter called the "Common Stock"), 1,000
shares of Restructuring Stock, without par value (hereinafter called the
"Restructuring Stock"), 10,000,000 shares of Series Preference Stock, without
par value (hereinafter called the "Preference Stock"), and 10,000,000 shares of
Series Preferred Stock, without par value (hereinafter called the "Preferred
Stock")

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(the Restructuring Stock, the Preference Stock and the Preferred Stock
hereinafter collectively called the "Senior Stock"). The board of directors
shall have the full authority permitted by law to determine the voting rights,
if any, and designations, preferences, limitations, and special rights of any
class or any series of any class of THE Preference Stock or of the Preferred
Stock that may be desired.

                                     PART 1
                                 PREFERRED STOCK
                                   (Reserved)

                                     PART 2
                                PREFERENCE STOCK
                                   (Reserved)

                                     PART 3
                               RESTRUCTURING STOCK

         Section 461. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Restructuring Stock shall be entitled to one vote
for each share of Restructuring Stock held by them, respectively, except as
otherwise expressly provided in this article. Except as otherwise provided in
this article or by law, holders of Restructuring Stock and Common Stock, and any
other series of the Senior Stock having voting rights as a single class with the
Common Stock, shall vote together as a single class.

         Section 462. Dividend and Other Distribution Rights. Whenever full
dividends or other distributions on all series of the Preferred Stock and the
Preference Stock at the time outstanding having preferential dividend or other
distribution rights shall have been paid or declared and set apart for payment
or otherwise made, then such dividends (payable in cash or otherwise) or other
distributions, as may be determined by the board of directors may be declared
and paid or otherwise made on the Restructuring Stock, but only out of funds
legally available for the payment of such distributions under 15 Pa.C.S. Section
1551 (relating to distributions to shareholders) or under any corresponding
superseding provision of law.

         Section 463. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, after paying or providing for the
payment to the holders of shares of all series of the Preferred Stock and
Preference Stock of the full distributive amounts to which they are respectively

                                      -2-

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entitled, as provided in this article, the holders of Restructuring Stock shall
be entitled to receive, as a liquidating distribution and in lieu of any other
share in the net assets of the Corporation, all equity securities owned by the
Corporation other than any "voting security" of any "public utility company," as
those terms are then defined in the Public Utility Holding Company Act of 1935
or any successor statute.

         Section 464. Exchange Rights. Upon written notice to the Corporation,
accompanied by a certificate or certificates representing all of the then
outstanding shares of Restructuring Stock, the holders of the Restructuring
Stock shall be entitled to exchange such shares for all equity securities then
owned by the Corporation other than any "voting security" of any "public utility
company," as those terms are then defined in the Public Utility Holding Company
Act of 1935 or any successor statute.

         Section 465. Restrictions on Issuance or Transfer. Shares of
Restructuring Stock may be issued or transferred only to a corporation
substantially all of the common or residual securities of which are owned,
directly or indirectly, by the Corporation.

                                     PART 4
                                  COMMON STOCK

         Section 471. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Common Stock shall be entitled to one vote for each
share of Common Stock held by them, respectively, except as otherwise expressly
provided in this article.

         Section 472. Dividend and other Distribution Rights.Whenever full
dividends or other distributions on all series of the Senior Stock at the time
outstanding having preferential dividend or other distribution rights shall have
been paid or declared and set apart for payment or otherwise made, then such
dividends (payable in cash or otherwise) or other distributions, as may be
determined by the board of directors may be declared and paid or otherwise made
on the Common Stock, but only out of funds legally available for the payment of
such distributions under 15 Pa.C.S. Section 1551 (relating to distributions to
shareholders) or under any corresponding superseding provision of law.

         Section 473. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, the

                                      -3-

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assets and funds of the Corporation available for distribution to shareholders,
after paying or providing for the payment to the holders of shares of all series
of the Senior Stock of the full distributive amounts to which they are
respectively entitled, as provided in this article, shall be divided among and
paid to the holders of Common Stock according to their respective shares.

                                     PART 5
                                     GENERAL

         Section 481. Preemptive Rights. Except as otherwise provided in the
express terms of any class or series of shares, or in any contract, warrant or
other instrument issued by the Corporation, no holder of shares of the
Corporation shall be entitled, as such, as a matter of right to subscribe for or
purchase any part of any issue of shares or other securities of the Corporation,
of any class, series or kind whatsoever, and whether issued for cash, property,
services, by way of dividends, or otherwise.

         Section 482. Amendments to Terms of Senior Stock. If and to the extent
provided by the express terms of any series of the Senior Stock, the board of
directors may, without the consent of the holders of the outstanding shares of
such series or of the holders of any other shares of the Corporation (unless
otherwise provided in the express terms of any such other shares), interpret the
provisions of such series to resolve any inconsistency or ambiguity, remedy any
formal defect or make any other change or modification that does not adversely
affect the rights of the existing holders of such series.

                                    ARTICLE V
                                   MANAGEMENT

         The following provisions shall govern the management of the business
and affairs of the Corporation and the rights, powers or duties of its security
holders, directors or officers:

         Section 501. Classification of Board of Directors. The board of
directors of the Corporation shall be classified in respect of the time for
which they shall severally hold office as follows:

                  (1) Each class shall be as nearly equal in number as possible.

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                  (2) The term of office of at least one class shall expire in
         each year.

                  (3) Except as otherwise provided in the express terms of any
         series of the Senior Stock with respect to the election of directors
         upon the occurrence of a default in the payment of dividends or in the
         performance of another express requirement of the terms of such series,
         the members of each class shall be elected for a term of three years
         and until their respective successors shall have been elected and
         qualified, except in the event of their earlier death, resignation or
         removal, or retirement under provision therefor provided in the bylaws.

                  Notwithstanding the preceding sentence, the initial directors
         shall be classified into three classes comprised of directors who shall
         serve for terms expiring at the annual meetings of shareholders in
         1992, 1993 and 1994, respectively, and until their respective
         successors shall have been elected and qualified, except in the event
         of their earlier death, resignation or removal, or retirement under
         provision therefor provided in the bylaws. At the annual meeting of
         shareholders in 1992 and thereafter the shareholders shall elect, to
         serve until the third annual meeting of shareholders following their
         election, and until their successors shall have been elected and
         qualified, except in the event of their earlier death, resignation or
         removal, or retirement under provision therefor provided in the bylaws,
         the number of directors in the class whose term expires at such annual
         meeting. This paragraph shall expire at the adjournment of the annual
         meeting of shareholders in 1994.

         Section 502. Number of Directors. The number of directors of the
Corporation constituting the whole board and the number of directors
constituting each class of directors as provided by Section 501 shall be fixed
solely by resolution of the board of directors, except as otherwise provided in
the express terms of any class or series of Senior Stock with respect to the
election of directors upon the occurrence of a default in the payment of
dividends or in the performance of another express requirement of the terms of
such Senior Stock.

         Section 503. Straight Voting for Directors. The shareholders of the
Corporation shall not have the right to cumulate their votes for the election of
directors of the Corporation.

                                      -5-

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         Section 504. Adoption of Bylaws. Except as otherwise provided in the
express terms of any series of the Senior Stock:

                  (1) The shareholders shall have the power to adopt, amend or
         repeal the bylaws of the Corporation only subject to the procedures and
         restrictions applicable to amendments of these articles of
         incorporation, including any provision of law requiring as a condition
         to adoption by the Corporation that the corporate action be approved
         also by the board of directors of the Corporation, and treating a
         direction by the board that the matter should be submitted to the
         shareholders, or the sufferance by the board that the matter be so
         submitted, as insufficient to satisfy the requirement of independent
         approval by the board of directors.

                  (2) The board of directors of the Corporation shall have the
         full authority conferred by law upon the shareholders of the
         Corporation to adopt, amend or repeal the bylaws of the Corporation,
         including in circumstances otherwise reserved by statute exclusively to
         the shareholders. Any bylaw adopted by the board of directors under
         this paragraph shall be consistent with these articles of
         incorporation.

         Section 505. Authorization of Certain Mergers. Except as otherwise
provided in the express terms of any series of the Senior Stock and in addition
to any power otherwise vested by law in the board of directors of the
Corporation to effect (without the approval of the shareholders or any class or
series thereof) a merger of the Corporation with and into another corporation or
other association, the board of directors of the Corporation may authorize and
approve an behalf of the corporation and its shareholders (without the approval
of the shareholders of the Corporation or any class or series thereof), a merger
of the Corporation with and into another corporation which shall be the
surviving corporation, if:

                  (1) The only parties to the merger are the Corporation and the
         surviving corporation.

                  (2) The surviving corporation was, immediately prior to the
         effective date of the merger, a Pennsylvania corporation and a "public
         utility company" within the meaning of the Public Utility Holding
         Company Act of 1935 or any successor statute.

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<PAGE>

                  (3) The plan of merger provides that each share of the
         Corporation outstanding immediately prior to the effective date of the
         merger is to be converted into, except as otherwise agreed by the
         holder thereof, an identical share of the surviving corporation after
         the effective date of the merger, and the holders of all such shares to
         be outstanding immediately after the effective date of the merger
         derived from shares of the Corporation will then be entitled to cast at
         least a majority of the votes entitled to be cast generally for the
         election of directors of the surviving corporation.

                  (4) The additional shares, if any, of the surviving
         corporation to be outstanding immediately after the effective date of
         the merger are shares which the board of directors of the Corporation
         would have been authorized to issue (without the approval of the
         shareholders of the Corporation or any class or series thereof)
         immediately prior to the effective date of the merger.

                                   ARTICLE VI.
                                  MISCELLANEOUS

         Section 601. Headings. The headings of the various sections of these
articles of incorporation are for convenience of reference only and shall not
affect the interpretation of any of the provisions of these articles.

         Section 602. Reserved Power of Amendment. These articles of
incorporation may be amended in the manner and at the time prescribed by
statute, and all rights conferred upon shareholders herein are granted subject
to this reservation.

         ARTICLE VII. The name and address of the incorporator are:

                                William E. Zeiter
                              2000 One Logan Square
                        Philadelphia, Pennsylvania 19103

                                     /s/ William E. Zeiter
                                     ---------------------
                                         Incorporator

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Microfilm Number                                  Filed with the Department of
                                                  State on
                                                  MAR 25 1992
Entity Number 2069197
                                                  [    Signature Illegible    ]
                                                  -----------------------------
                                                  Secretary of the Commonwealth

               ARTICLES OF AMENDMENT-DOMESTIC BUSINESS CORPORATION
                              DSCB:15-1915(Rev 90)

        In compliance with the requirements of 15 Pa.C.S. Section 1915 (relating
to articles of amendment), the undersigned business corporation, desiring to
amend its Articles, hereby states that:

1.       The NAME of the corporation is New UGI Corporation.

2.       The ADDRESS of this corporation's current registered office in this
         Commonwealth and the county of venue is (the Department is hereby
         authorized to correct the following information to conform to the
         records of the Department): 460 North Gulph Road, King of Prussia,
         Pennsylvania 19406, Montgomery County.

3.       The STATUTE by or under which it was incorporated is the Business
         Corporation Law of 1988.

4.       The DATE of its incorporation is: December 20, 1991.

5.       The amendment shall be effective upon filing these Articles of
         Amendment in the Department of State.

6.       The amendment was adopted by the shareholders pursuant to 15
         Pa.C.S. Section 1914(a) and (b).

7.       The amendment adopted by the corporation as set forth in full in
         Exhibit A is attached hereto and made a part hereof.

8.       The restated Articles of Incorporation supersede the original Articles
         and all amendments thereto.

         IN TESTIMONY WHEREOF, the undersigned corporation has caused these
Articles of Amendment to be signed by a duly authorized officer thereof this
25th day of March, 1992.

                                                  NEW UGI CORPORATION

                                                  By: [Signature Illegible]
                                                      ---------------------
                                                      Senior Vice President

<PAGE>

                                    EXHIBIT A
                              AMENDED AND RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                               NEW UGI CORPORATION

                                   ARTICLE I.
                                      NAME
                         The name of the Corporation is:

                               NEW UGI CORPORATION

                                   ARTICLE II.
                                     ADDRESS

         The address of the registered office of the Corporation in this
Commonwealth is:

                              460 North Gulph Road
                           King of Prussia, Montgomery
                           County, Pennsylvania 19406

                                  ARTICLE III.
                                     PURPOSE

         The purpose or purposes for which the Corporation is incorporated under
the Business Corporation Law of 1988 are to engage in, and do any lawful act
concerning, any or all lawful business for which corporations may be
incorporated under said Business Corporation Law, including, but not limited to
manufacturing, processing, owning, using and dealing in personal property of
every class and description, engaging in research and development, the
furnishing of services, and acquiring, owning, using and disposing of real
property of every nature whatsoever.

                                   ARTICLE IV.
                                  CAPITAL STOCK

         The aggregate number of shares which the Corporation shall have the
authority to issue is 110,001,000 shares, divided into 100,000,000 shares of
Common Stock, without par value (hereinafter called the "Common Stock"), 1,000
shares of Restructuring Stock, without par value (hereinafter called the
"Restructuring Stock"), 5,000,000 shares of Series Preference Stock, without par
value (hereinafter called the "Preference

<PAGE>

Stock"), and 5,000,000 shares of Series Preferred Stock, without par value
(hereinafter called the "Preferred Stock") (the Restructuring Stock, the
Preference Stock and the Preferred Stock are hereinafter collectively called the
"Senior Stock"). The board of directors shall have the full authority permitted
by law to determine the voting rights, if any, and designations, preferences,
limitations, and special rights of any class or any series of any class of the
Preference Stock or of the Preferred Stock that may be desired.

                                     PART 1
                                 PREFERRED STOCK
                                   (Reserved)

                                     PART 2
                                PREFERENCE STOCK
                                   Division A
                              General Terms of the
                                Preference Stock

         The following provisions in this Division A (hereinafter referred to as
the "General Terms of the Preference Stock") shall apply to the First Series
Preference Stock and, if and to the extent expressly incorporated by reference
in a resolution or resolutions of the Board of Directors or any committee
thereof establishing and designating any other series of the Preference Stock,
to any other Preference Stock hereafter issued by the Corporation. The
Preference Stock shall be considered "Junior Stock" as that term may be defined
in the terms of any series of the Preferred Stock. (The resolution or
resolutions of the Board of Directors or any committee thereof establishing and
designating any series of the Preference Stock is hereinafter referred to as the
"Board Resolution," except that in the case of the First Series Preference Stock
the term Board Resolution shall mean the special terms of the First Series
Preference Stock set forth in Division B of these articles of incorporation.)

         Section 201. General. Except as otherwise provided in a Board
Resolution, all Preference Stock of all series shall be identical to each other.
In case, with respect to the Preference Stock of all series which rank equally
as to payment of dividends and distributions upon liquidation, the stated
dividends or the amounts payable upon liquidation established by a Board
Resolution, or both, are not paid in full, all Preference Stock of such series
shall participate ratably in the payment of dividends, including accumulations,
if any, in

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accordance with the sums which would be payable thereon if all dividends thereon
were declared and paid in full, and, in any distribution of assets other than by
way of dividends, in accordance with the sums which would be payable on such
distribution if all sums payable thereon to holders of such series of Preference
Stock were discharged in full.

         Section 202. Dividends.

         (a) The holders of the Preference Stock of each series shall be
entitled, subject to any preference of the Preferred Stock with respect to
dividends, to receive and the Corporation shall be obliged to pay, but only when
and as declared by its Board of Directors and only out of funds legally
available for the payment of such distributions under 15 Pa.C.S. Section 1551
(relating to distributions to shareholders) or any corresponding superseding
provision of law, cash dividends at such rate or rates per share per annum for
each particular series as shall have been fixed by the Board of Directors in the
Board Resolution for such series, and no more, payable quarterly on the first
day of each January, April, July and October. Such dividends on the Preference
Stock shall be cumulative from the dates as follows: (a) in the case of shares
issued prior to the record date for the initial dividend on shares of the series
of which such shares shall constitute a part, then from the date fixed for such
purpose by the Board of Directors in the Board Resolution; (b) if issued during
the period commencing immediately after the record date for a dividend on shares
of such series and terminating at the close of the payment date for such
dividend, then from such dividend payment date; and (c) otherwise from the
dividend payment date next preceding the date of issue of such shares, except
that in the event dividends on all outstanding Preference Stock for all past
quarterly dividend periods shall not have been paid and full dividends thereon
for the then current dividend period not declared and a sum sufficient for the
payment thereof set apart, then such dividends shall be cumulative from the most
recent date when all such dividends have been so paid, declared and set aside.

         (b) Subject to the provisions hereinafter contained in Section 206,
funds legally available for distribution to shareholders under 15 Pa.C.S.
Section 1551 or under any corresponding superseding provision of law after
dividends on all outstanding Preference Stock for all past quarterly periods
shall have been paid and full dividends thereon for the then current dividend
period declared and a sum sufficient for the payment thereof set apart may be
paid to the holders of the Common Stock and other

                                      -3-

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shares ranking junior to the Preference Stock with respect to the payment of
dividends.

         Section 203. Redemption.

         (a) The Corporation, at the option of its Board of Directors, may
redeem all or any of the outstanding Preference Stock or all or any shares of
any series thereof at any time or from time to time, upon payment in cash in
respect of the shares so redeemed at the price fixed by the Board of Directors
in the Board Resolution in respect o(pound) the series of which such shares
shall constitute a part, plus an amount equal to all accumulated and unpaid
dividends thereon to the date of redemption, whether or not such dividends shall
have been earned or declared (such price, together with an amount equal to all
such accumulated and unpaid dividends, being hereinafter called the "redemption
price"). Any such redemption shall be in such amount, at such place, and in such
manner, as the Board of Directors may determine. In the case of a redemption of
less than all the outstanding Preference Stock of any series, the particular
shares to be so redeemed shall be by lot or by such other equitable method as
the Board of Directors shall determine.

         (b) Not less than 15 days nor more than 90 days prior to the date fixed
for such redemption, notice of redemption shall be published once in a newspaper
of general circulation published in the Borough of Manhattan, New York, New
York, and written notice thereof shall be mailed by the Corporation to the
several holders of record of the Preference Stock to be so redeemed, at their
respective addresses as the same appear upon the books of the Corporation.

         (c) From and after the date fixed in any such notice as the date of
redemption (unless default shall be made by the Corporation in providing moneys
at the time and place specified for the payment of the redemption price pursuant
to said notice), all dividends on the Preference Stock thereby called for
redemption shall cease to accrue and all rights of the holders thereof as
shareholders in the Corporation, except the right to receive the redemption
price, without interest, shall cease and terminate, and such Preference Stock
shall not be deemed outstanding for any purpose.

         (d) The Corporation may, however, give or irrevocably authorize the
"Depositary" (as hereinafter defined) forthwith to give written notice (in the
same manner as the notice of redemption is required to be given as provided in
subsection

                                      -4-

<PAGE>

(b)) to the holders of all the Preference Stock selected for redemption that the
redemption price has been or will on a date specified be deposited with a
designated bank or trust company, having an office in New York, New York or
Philadelphia, Pennsylvania and having capital and surplus o(pound) not less than
$10,000,000 (the "Depositary"), in trust for the account of the holders of such
Preference Stock and that such holders may receive in cash the redemption price
of such Preference Stock from the Depositary on or after the date of such
deposit upon the surrender of their share certificates without awaiting the date
fixed for redemption. In such event, if the redemption price shall have been so
deposited by the Corporation with the Depositary, all rights of the holders of
the shares called for redemption, as shareholders of the Corporation, except the
right to receive the redemption price, without interest, from the Depositary,
shall cease and terminate upon the date of such deposit or the date of the
giving of such notice or authority, whichever be later, and such Preference
Stock shall thereafter not be deemed to be outstanding for any purpose;
provided, however, that conversion rights, if any, of shares called for
redemption shall terminate at the close of business on the business day next
preceding the date fixed for redemption. Any moneys so deposited which shall
remain unclaimed by the holders of such Preference Stock at the end of five
years after the date so fixed for redemption shall be paid by the Depositary to
the Corporation, after which the holders of such Preference Stock shall look
only to the Corporation for payment of the redemption price thereof.

         (e) Unless otherwise provided by resolution of the Board of Directors,
all Preference Stock so redeemed by the Corporation shall be canceled and
restored to the status of authorized but unissued Preference Stock without
series designation.

         Section 204. Liquidation.

         (a) On any voluntary or involuntary liquidation (which shall include
dissolution and winding up) of the Corporation, before any payment or
distribution shall be made to the holders of any Common Stock or shares of any
other class which, with respect to distributions upon liquidation, shall rank
junior to the Preference Stock, the holders of the Preference Stock, subject to
any preference of the Preferred Stock, shall be entitled to be paid the amount
or amounts fixed therefor by the Board of Directors in the Board Resolution in
respect of each outstanding series o(pound) Preference Stock, which stated
amounts may

                                      -5-

<PAGE>

vary as between voluntary and involuntary liquidation distributions, plus in
each case an amount equal to all accumulated and unpaid dividends thereon to the
date of such payment, whether or not such dividends shall have been earned or
declared.

         (b) After such payment shall have been made in full to the holders of
Preference Stock, they shall be entitled to no further payment or distribution.

         (c) Neither a consolidation or merger of the Corporation with or into
any other corporation, nor a merger of any other corporation into the
Corporation, nor a division or a reorganization of the Corporation, nor a share
exchange to which the Corporation is a party, nor the purchase or redemption of
all or part of the outstanding shares of any class or classes of the
Corporation, nor a sale, lease, conveyance or other disposition of all or any
part of its assets shall be considered a liquidation of the Corporation within
the meaning of this Section 204.

         Section 205. Voting Rights.

         (a) Except as herein expressly provided to the contrary or in the Board
Resolution or as otherwise required by law, the holders of the Preference Stock
shall have no right to vote at, or to participate in, any meeting of
shareholders of the Corporation, or to receive any notice of such meeting.

         (b) In the event that dividends upon any of the Preference Stock shall
be in arrears to an amount equal to six full quarterly dividends thereon, the
holders of the Preference Stock as to which dividends are so in arrears, subject
to the terms of the Preferred Stock, shall become entitled to the extent
hereinafter provided to vote noncumulatively at all elections of directors of
the Corporation, and to receive notice of all shareholders meetings to be held
for such purpose. At such meetings the holders of such Preference Stock, voting
separately as a class, shall be entitled to elect two members of the Board of
Directors of the Corporation; and all other directors of the Corporation shall
be elected by the other shareholders of the Corporation entitled to vote in the
election of directors. Such voting rights of the holders of such Preference
Stock shall continue until all accumulated and unpaid dividends thereon shall
have been paid, whereupon all such voting rights of the holders of such
Preference Stock shall cease, subject to being

                                      -6-

<PAGE>

again revived from time to time upon the reoccurrence of the conditions above
described as giving rise thereto.

         (c) At any time after the accrual of voting rights to the holders of
such Preference Stock in accordance with subsection (b), a special meeting of
the holders of such Preference Stock, for the purpose of the initial exercise of
such voting rights, shall be held, upon 30 days' notice, upon call by the
Secretary of the Corporation at the written request of the holders of not less
than 10% of such Preference Stock at the time outstanding, or, if the Secretary
shall fail or neglect to call such meeting within 30 days after receipt of such
request, then upon call by the holders of not less than 10% of such Preference
Stock at the time outstanding. The terms of office, as directors, of all persons
who may be directors of the Corporation, except those directors, if any, elected
by the holders of the Preferred Stock as a class, shall terminate upon the
election of directors by the holders of the Preference Stock. The holders of the
Common Stock, subject to the terms of the Preferred Stock, shall have the right
to elect the remaining directors of the Corporation.

         (d) So long as the holders of such Preference Stock are entitled
hereunder to voting rights, any vacancy in the Board of Directors caused by the
death or resignation of any director elected by the holders of such Preference
Stock, shall, until the next meeting of shareholders for the election of
directors, in each case be filled by the remaining director elected by the
holders of such Preference Stock. In the event of simultaneous vacancies among
directors elected by the holders of Preference Stock, an election, pursuant to
the provisions of this section.

         (e) Upon termination of the voting rights of the holders of such
Preference Stock, the terms of office of all persons who shall have been elected
directors of the Corporation by vote of the holders of such Preference Stock or
by a director elected by such holders shall forthwith terminate, and any
vacancies resulting from such termination shall be filled by the vote of a
majority of the remaining directors.

         Section 206. Restriction on Dividends and Purchase of Stock.

         (a) So long as any Preference Stock of any series shall remain
outstanding, no dividend (other than dividends payable in Common Stock or other
shares of the Corporation of a class ranking junior to the Preference Stock of
such series with respect to dividends and distributions upon liquidation) shall

                                      -7-

<PAGE>

be paid on Common Stock or shares of any other class which, with respect to
payment of dividends or distributions upon liquidation, shall rank junior to the
Preference Stock of such series ("junior shares"), nor shall any junior shares
be purchased, retired, or otherwise acquired by the Corporation, other than by
exchange therefor of junior shares or out of the proceeds of a substantially
concurrent sale of junior shares unless:

                  (i) all dividends on all outstanding Preference Stock of such
         series for all past quarterly dividend periods shall have been paid and
         full dividends thereon for the then current quarterly dividend period
         declared and a sum sufficient for the payment thereof set apart; and

                  (ii) the Corporation shall not be in arrears in respect of any
         sinking fund obligation or obligation of a similar nature with respect
         to Preference Stock of such series or any other series ranking equally
         therewith with respect to payment of dividends or distributions upon
         liquidation.

         (b) So long as any Preference Stock of any series shall remain
outstanding, unless:

                  (i) all dividends on all outstanding Preference Stock of such
         series for all past quarterly dividend periods shall have been paid and
         full dividends thereon for the then current quarterly dividend period
         declared and a sum sufficient for the payment thereof set apart; and

                  (ii) the Corporation shall not be in arrears in respect of any
         sinking fund obligation or obligation of a similar nature in respect of
         Preference Stock of such series or any other series ranking equally
         therewith with respect to payment of dividends and distribution upon
         liquidation;

none of the Preference Stock of such series, nor any parity shares, as
hereinafter defined, shall be purchased, retired or otherwise acquired by the
Corporation (except by redemption of all shares of such series and all parity
shares then outstanding, or except in accordance with a purchase or exchange
offer made to holders of all shares of such series and all parity shares
outstanding which, considering the annual dividend rates and other relative
rights and preferences of such shares, in the opinion of the Board of Directors
(whose determination

                                      -8-

<PAGE>

shall be conclusive) will result in fair and equitable treatment among all such
shares). "Parity shares" as used herein means shares (including shares of
Preference Stock of other series) ranking equally with the Preference Stock of
such series with respect to payment of dividends and distributions upon
liquidation.

         Section 207. Corporate Action Requiring Consent of Preference Stock.

         (a) Without the consent of the holders of at least a majority of the
Preference Stock at the time outstanding, given in person or by proxy, either in
writing according to law or at a meeting of shareholders called for the purpose,
the Corporation shall not;

                  (i) authorize any new class of shares, or an increase in the
         authorized amount of any class of shares, which shall rank equally with
         the Preference Stock with respect to payment of dividends or
         distributions upon liquidation, except that if shares of such class
         would rank equally to one or more but not all of the several series of
         the Preference Stock at the time outstanding, the consent of the
         holders of a majority of the shares of all series with respect to which
         shares of such class would rank equally shall be required in lieu of
         the consent of holders of all Preference Stock;

                  (ii) increase the authorized Preference Stock to an amount in
         excess of 5,000,000; or

                  (iii) merge into or consolidate with any other corporation or
         corporations, become a party to a share exchange or division, or sell,
         lease or otherwise dispose of all or substantially all of its assets,
         unless such merger, consolidation, share exchange, division, sale,
         lease or other disposition shall have been ordered, permitted or
         approved by the Securities and Exchange Commission under the provisions
         of the Public Utility Holding Company Act of 1935 as now in effect or
         as hereafter amended or by any successor commission.

         (b) Without the consent of the holders of at least two-thirds of the
Preference Stock outstanding, given in person or by proxy, either in writing
according to law or at a meeting of shareholders called for the purpose, the
Corporation shall not:

                                      -9-

<PAGE>

                  (i) authorize any new class of shares, or an increase in the
         authorized amount of any class of shares, which will rank prior to the
         Preference Stock with respect to payment of dividends or distributions
         upon liquidation; or

                  (ii) adopt or effect any amendment to its articles of
         incorporation that would adversely affect the rights or preferences of
         the Preference Stock (except as may be expressly permitted under
         subsection (a) of this Section 207 with the consent of the holders of a
         majority of the Preference Stock), except that if any such amendment
         shall adversely affect the rights or preferences of one or more, but
         not all, of the several series of Preference Stock at the time
         outstanding, the consent of the holders of at least two-thirds of the
         shares of all series adversely affected, similarly given, shall be
         required in lieu of the consent of the holders of two-thirds of the
         Preference Stock.

         (c) The provisions of this section shall not prevent the Board of
Directors from establishing and designating, without a vote of the holders of
the Preference Stock, one or more series of the Preference Stock which shall
rank prior to shares of other series of the Preference Stock with respect to
payment of dividends or distributions upon liquidations.

                                   Division B
                                Special Terms of
                          First Series Preference Stock

         The first series of the Preference Stock shall consist of 1,000,000
shares and shall be designated as First Series Preference Stock.

         Section 221. Dividends and Distributions.

         (a) The quarterly dividend rate of the shares of First Series
Preference Stock shall be the greater of (x) $50.00 or (y) subject to the
provision for adjustment hereinafter set forth 200 times the aggregate per share
amount of all cash dividends, and 200 times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a
dividend payable in shares of Common Stock or a subdivision of the outstanding
shares of Common Stock (by reclassification or otherwise), declared on the
Common Stock since the immediately preceding quarterly dividend payment date

                                      -10-

<PAGE>

(the "Quarterly Dividend Payment Date"), or, with respect to the first Quarterly
Dividend Payment Date, since the first issuance of any share or fraction of a
share of First Series Preference Stock. In the event the Corporation shall at
any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the amounts to which holders of shares of First Series
Preference Stock were entitled immediately prior to such event under clause (x)
and clause (y) of the preceding sentence shall be adjusted by multiplying each
such amount by a fraction the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

         (b) The Corporation shall declare a dividend or distribution on the
First Series Preference Stock as provided in subsection (a) immediately after it
declares a dividend or distribution on the Common Stock (other than a dividend
payable in shares of Common Stock), except that, in the event no dividend or
distribution shall have been declared on the Common Stock during the period
between any Quarterly Dividend Payment Date and the next subsequent Quarterly
Dividend Payment Date, a dividend of $50 per share on the First Series
Preference Stock shall nevertheless be payable on such subsequent Quarterly
Dividend Payment Date.

         Section 222. Voting Rights. The holders of shares of First Series
Preference Stock shall have the following voting rights:

         (a) Subject to the provision for adjustment hereinafter set forth, each
share of First Series Preference Stock shall entitle the holder thereof to 200
votes on all matters submitted to a vote of the shareholders of the Corporation.
In the event the Corporation shall at any time:

                                      -11-

<PAGE>

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the number of votes per share to which holders of shares
of First Series Preference Stock were entitled immediately prior to such event
shall be adjusted by multiplying such number by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.

                  (b) Except as otherwise provided in this section or by law,
         the holders of shares of First Series Preference Stock and the holders
         of shares of Common Stock shall vote together as one class on all
         matters submitted to a vote of shareholders of the Corporation.

             Section 223. Liquidation.

         (a) Upon any voluntary liquidation, dissolution or winding up of the
Corporation and subject to the distributions to be made with respect to
Preferred or Preference Stock senior to the First Series Preference Stock, no
distribution shall be made to the holders of shares of stock ranking junior
(either as to dividends or upon liquidation, dissolution or winding up) to the
First Series Preference Stock unless, prior thereto, the holders of shares of
First Series Preference Stock shall have received $100 per share, plus an amount
equal to accrued and unpaid dividends and distributions thereon, whether or not
declared, to the date of such payment (the "First Series Liquidation
Preference"). Following the payment of the full amount of the First Series
Liquidation Preference, no additional distributions shall be made to the holders
of shares of First Series Preference Stock unless, prior thereto, the holders of
shares of Common Stock have received an amount per share (the "Common
Adjustment") equal to the quotient obtained by dividing (x) the First Series
Liquidation Preference by (y) 200 (as appropriately adjusted as set forth in
subparagraph (c) below to reflect such

                                      -12-

<PAGE>

events as stock splits, stock dividends and recapitalizations with respect to
the Common Stock) (such number in clause (y), the "Adjustment Number").
Following the payment of the full amount of the First Series Liquidation
Preference and the Common Adjustment in respect of all outstanding shares of
First Series Preference Stock and Common Stock, respectively, holders of First
Series Preference Stock and holders of shares of Common Stock shall receive
their ratable and proportionate share of the remaining assets to be distributed
in the ratio of the Adjustment Number to one with respect to such First Series
Preference Stock and Common Stock, on a per share basis, respectively.

         (b) In the event, however, that there are not sufficient assets
available to permit payment in full of the First Series Liquidation Preference
and the liquidation preferences of all other series of Preferred or Preference
Stock, if any, which rank on a parity with the First Series Preference Stock,
then such remaining assets shall be distributed ratably to the holders of such
parity shares in proportion to their respective liquidation preferences. In the
event, however, that there are not sufficient assets available to permit payment
in full of the Common Adjustment, then such remaining assets shall he
distributed ratably to the holders of Common Stock.

         (c) In the event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in reclassification
         of the outstanding Common Stock;

then in each such case the Adjustment Number in effect immediately prior to such
event shall be adjusted by multiplying such Adjustment Number by a fraction the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

                                      -13-

<PAGE>

         Section 224. Consolidation, Merger, etc. In case the Corporation shall
enter into any consolidation, merger, combination, share exchange, division or
other transaction in which the shares of Common Stock are exchanged for or
changed into other stock or securities, cash and/or any other property, then in
any such case the shares of First Series Preference Stock shall at the same time
be similarly exchanged or changed in an amount per share (subject to the
provision for adjustment hereinafter set forth) equal to 200 times the aggregate
amount of stock, securities, cash and/or any other property (payable in kind),
as the case may be, into which or for which each share of Common Stock is
changed or exchanged. In the event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the amount set forth in the preceding sentence with
respect to the exchange or change of shares of First Series Preference Stock
shall be adjusted by multiplying such amount by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.

         Section 225. No Redemption. The shares of First Series Preference Stock
shall not be redeemable.

         Section 226. Ranking. The First Series Preference Stock shall rank
junior to all other series of the Senior Stock as to the payment of dividends
and the distribution of assets, unless the terms of any such series shall
provide otherwise.

         Section 227. Fractional Shares. First Series Preference Stock may be
issued in fractions of a share which shall entitle the holder, in proportion to
such holder's fractional shares, to exercise voting rights, receive dividends,
participate in

                                      -14-

<PAGE>

distributions and to have the benefit of all other rights of holders of First
Series Preference Stock.

                                     PART 3
                               RESTRUCTURING STOCK

         Section 461. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Restructuring Stock shall be entitled to one vote
for each share of Restructuring Stock held by them, respectively, except as
otherwise expressly provided in this article. Except as otherwise provided in
this article or by law, holders of Restructuring Stock and Common Stock, and any
other series of the Senior Stock having voting rights as a single class with the
Common Stock, shall vote together as a single class.

         Section 462. Dividend and Other Distribution Rights. Whenever full
dividends or other distributions on all series of the Preferred Stock and the
Preference Stock at the time outstanding having preferential dividend or other
distribution rights shall have been paid or declared and set apart for payment
or otherwise made, then such dividends (payable in cash or otherwise) or other
distributions, as may be determined by the board of directors may be declared
and paid or otherwise made on the Restructuring Stock, but only out of funds
legally available for the payment of such distributions under 15 Pa.C.S. Section
1551 (relating to distributions to shareholders) or under any corresponding
superseding provision of law.

         Section 463. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, after paying or providing for the
payment to the holders of shares of all series of the Preferred Stock and
Preference Stock of the full distributive amounts to which they are respectively
entitled, as provided in this article, the holders of Restructuring Stock shall
be entitled to receive, as a liquidating distribution and in lieu of any other
share in the net assets of the Corporation, all equity securities owned by the
Corporation other than any "voting security" of any "public utility company" or
"holding company," as those terms are then defined in the Public Utility Holding
Company Act of 1935 or any successor statute.

         Section 464. Exchange Rights. Upon written notice to the Corporation,
accompanied by a certificate or certificates representing all of the then
outstanding shares of Restructuring Stock, the holders of the Restructuring
Stock shall be entitled

                                      -15-

<PAGE>

to exchange such shares for all equity securities then owned by the Corporation
other than any "voting security" of any "public utility company" or "holding
company," as those terms are then defined in the Public Utility Holding Company
Act of 1935 or any successor statute.

         Section 465. Restrictions on Issuance or Transfer.Shares of
Restructuring Stock may be issued or transferred only to a corporation
substantially all of the common or residual securities of which are owned,
directly or indirectly, by the Corporation.

                                     PART 4
                                  COMMON STOCK

         Section 471. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Common Stock shall be entitled to one vote for each
share of Common Stock held by them, respectively, except as otherwise expressly
provided in this article.

         Section 472. Dividend and Other Distribution Rights. Whenever full
dividends or other distributions on all series of the Senior Stock at the time
outstanding having preferential dividend or other distribution rights shall have
been paid or declared and set apart for payment or otherwise made, then such
dividends (payable in cash or otherwise) or other distributions, as may be
determined by the board of directors may be declared and paid or otherwise made
on the Common Stock, but only out of funds legally available for the payment of
such distributions under 15 Pa.C.S. Section 1551 (relating to distributions to
shareholders) or under any corresponding superseding provision of law.

         Section 473. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, the assets and funds of the
Corporation available for distribution to shareholders, after paying or
providing for the payment to the holders of shares of all series of the Senior
Stock of the full distributive amounts to which they are respectively entitled,
as provided in this article, shall be divided among and paid to the holders of
Common Stock according to their respective shares.

                                      -16-

<PAGE>

                                     PART 5
                                     GENERAL

         Section 481. Preemptive Rights. Except as otherwise provided in the
express terms of any class or series of shares, or in any contract, warrant or
other instrument sued by the Corporation, no holder of shares of the Corporation
shall be entitled, as such, as a matter of right to subscribe for or purchase
any part of any issue of shares or other securities of the Corporation, of any
class, series or kind whatsoever, and whether issued for cash, property,
services, by way of dividends, or otherwise.

         Section 482. Amendments to Terms of Senior Stock. If and to the extent
provided by the express terms of any series of the Senior Stock, the board of
directors may, without the consent of the holders of the outstanding shares of
such series or of the holders of any other shares of the Corporation (unless
otherwise provided in the express terms of any such other shares), interpret the
provisions of such series to resolve any inconsistency or ambiguity, remedy any
formal defect or make any other change or modification that does not adversely
affect the rights of the existing holders of such series.

                                   ARTICLE V.
                                   MANAGEMENT

         The following provisions shall govern the management of the business
and affairs of the Corporation and the rights, powers or duties of its security
holders, directors or officers:

         Section 501. Transactions with Interested Shareholders. The provisions
of 15 Pa.C.S. Section 2538 shall not be applicable to the Corporation.

         Section 502. Number of Directors. The number of directors of the
Corporation constituting the whole board and the number of directors
constituting each class of directors as provided by Section 501 shall be fixed
solely by resolution of the board of directors, except as otherwise provided in
the express terms of any class or series of Senior Stock with respect to the
election of directors upon the occurrence of a default in the payment of
dividends or in the performance of another express requirement of the terms of
such Senior Stock.

                                      -17-

<PAGE>

         Section 503. Straight Voting for Directors. The shareholders of the
Corporation shall not have the right to cumulate their votes for the election of
directors of the Corporation.

         Section 504. Adoption of Bylaws. Except as otherwise provided in the
express terms of any series of the Senior Stock:

                  (i) The shareholders shall have the power to adopt, amend or
         repeal, the bylaws of the Corporation only subject to the procedures
         and restrictions applicable to amendments of these articles of
         incorporation, including any provision of law requiring as a condition
         to adoption by the Corporation that the corporate action be approved
         also by the board of directors of the Corporation, and treating a
         direction by the board that the matter should be submitted to the
         shareholders, or the sufferance by the board that the matter be so
         submitted, as insufficient to satisfy the requirement of independent
         approval by the board of directors.

                  (ii) The board of directors of the Corporation shall have the
         full authority conferred by law upon the shareholders of the
         Corporation to adopt, amend or repeal the bylaws of the Corporation,
         including in circumstances otherwise reserved by statute exclusively to
         the shareholders. Any bylaw adopted by the board of directors under
         this paragraph shall be consistent with these articles of
         incorporation.

         Section 505. Authorization of Certain Mergers. Except as otherwise
provided in the express terms of any series of the Senior Stock and in addition
to any power otherwise vested by law in the board of directors o(pound) the
Corporation to effect (without the approval of the shareholders or any class or
series thereof) a merger of the Corporation with and into another corporation or
other association, the board of directors of the Corporation may authorize and
approve on behalf of the Corporation and its shareholders (without the approval
of the shareholders of the Corporation or any class or series thereof), a merger
of the Corporation with and into another corporation which shall be the
surviving corporation, if:

                  (i) The only parties to the merger are the Corporation and the
         surviving corporation.

                                      -18-

<PAGE>

                  (ii) The surviving corporation was, immediately prior to the
         effective date of the merger, a Pennsylvania corporation controlled
         directly or indirectly by the Corporation and a "public utility
         company" within the meaning of the Public Utility Holding Company Act
         of 1935 or any successor statute.

                  (iii) The plan of merger provides that each share of the
         Corporation outstanding immediately prior to the effective date of the
         merger is to be converted into, except as otherwise agreed by the
         holder thereof, an identical share o(pound) the surviving corporation
         after the effective date of the merger, and the holders of all such
         shares to be outstanding immediately after the effective date of the
         merger derived from shares of the Corporation will then be entitled to
         cast at least a majority of the votes entitled to be cast generally for
         the election of directors of the surviving corporation.

                  (iv) The additional shares, if any, of the surviving
         corporation to be outstanding immediately after the effective date of
         the merger are shares which the board of directors of the Corporation
         would have been authorized to issue (without the approval of the
         shareholders of the Corporation or any class or series thereof)
         immediately prior to the effective date of the merger.

                                   ARTICLE VI.
                                  MISCELLANEOUS

         Section 601. Headings. The headings of the various sections of these
articles of incorporation are for convenience of reference only and shall not
affect the interpretation of any of the provisions of these articles.

         Section 602. Reserved Power of Amendment. These articles of
incorporation may be amended in the manner and at the time prescribed by
statute, and all rights conferred upon shareholders herein are granted subject
to this reservation.

                                      -19-

<PAGE>

                        CONSENT TO APPROPRIATION OF NAME
                               DSCB:17.2 (REV 90)

         Pursuant to 19 Pa. Code Section 17.2 (relating to appropriation of the
name of a senior corporation) the undersigned association, desiring to consent
to the appropriation of its name by another association, hereby certifies that:

1.   The NAME of the association executing this Consent of Appropriation of Name
is: UGI Corporation (to be renamed "UGI Utilities, Inc.")

2.   The (a) ADDRESS of this association's current registered office in this
Commonwealth or (b) name of its commercial registered office provider and the
county of venue is (the Department is hereby authorized to correct the following
information to conform to the records of the Department):

(a) Box 858 Irwin Building,  Route 363, Valley Forge,   PA    19482  Montgomery
    ---------------------------------------------------------------------------
       Number and Street              City             State   Zip     County

(b) c/o:________________________________________________________________________
          Name of Commercial Registered Office ProvideR

          FOR AN ASSOCIATION REPRESENTED BY A COMMERCIAL REGISTERED OFFICE
          PROVIDER, THE COUNTY IN (B) SHALL BE DEEMED THE COUNTY IN WHICH THE
          ASSOCIATION IS LOCATED FOR VENUE AND OFFICIAL PUBLICATION PURPOSES.

3.   The DATE of its incorporation or other organization is: August 4, 1925

4.   The STATUTE under which it was incorporated or otherwise organized is: "An
     act authorizing the merger and consolidation of certain corporations"
     approved May 3, 1909, P.L. 408, and amendments and supplements thereto

5.   The association is (CHECK ONE):

     [X]  About to change its name.

     [ ]  About to cease to do business.

     [ ]  Being wound up.

     [ ]  About to withdraw from doing business in this Commonwealth.

6.   The ASSOCIATION(S) entitled to the benefit of this Consent to Appropriation
     of Name is (are): New UGI Corporation (to be renamed "UGI Corporation")

         IN TESTIMONY WHEREOF, the undersigned association has caused this
consent to be signed by a duly authorized officer thereof this 9th day of April,
1992.

                                               BY: [ Signature Illegible  ]
                                                   ------------------------
                                                         (Signature)

                                               TITLE: Senior Vice President

<PAGE>

Microfilm Number                               Filed with the Department of
                                               State on APR 09 1992
Entity Number 2069197                          [    Signature Illegible    ]
                                               -----------------------------
                                               SECRETARY OF THE COMMONWEALTH

               ARTICLES OF AMENDMENT-DOMESTIC BUSINESS CORPORATION
                              DSCB:15-1915 (Rev 90)

         In compliance with the requirements of 15 Pa.C.S. Section 1915
(relating to articles of amendment), the undersigned business corporation,
desiring to amend its Articles, hereby states that:

1.   The NAME of the corporation is: New UGI Corporation (to be renamed "UGI
     Corporation")

2.   The (a) ADDRESS of this corporation's current registered office in this
     Commonwealth or (b) NAME of its commercial registered office provider and
     the county of venue is (the Department is hereby authorized to correct the
     following information to

     conform to the records of the Department):

     (a) 460 North Gulph Road    King of Prussia     PA      19406    Montgomery
         -----------------------------------------------------------------------
           Number and Street         City           State     Zip       County

     (b)________________________________________________________________________
        Name of Commercial Registered Office Provider                     County

     For a corporation represented by a commercial registered office provider
     and the county in (b) shall be deemed the county in which the corporation
     is located for venue and official publication purposes.

3.   The STATUTE by or under which it was incorporated is: The Business
     Corporation Law of 1988 (15 Pa. C.S. Section 1101 et seq.)

4.   The DATE of its incorporation is: December 20, 1991

5.   (CHECK, AND IF APPROPRIATE COMPLETE, ONE OF THE FOLLOWING):

     [ ] The amendment shall be effective upon filing these Articles of
Amendment in the Department of State.

     [X] The amendment shall be effective on: April 10 at 12 :00 noon Date Hour

6.   (CHECK ONE OF THE FOLLOWING):

     [X] The amendment was adopted by the shareholders (or members) pursuant to
     15 Pa.C.S. Section 1914(a) and (b).

     [ ] The amendment was adopted by the board of directors pursuant to 15
     Pa.C.S. Section 1914(c).

7.   (CHECK, AND IF APPROPRIATE COMPLETE, ONE OF THE FOLLOWING):

[ ] The amendment adopted by the corporation, set forth in full, is as follows:

[X] The amendment adopted by the corporation as set forth in full in Exhibit A
is attached hereto arid made a part hereof.

<PAGE>

DSCB:15-1915 (Rev 90) - 2

8.   (CHECK IF THE AMENDMENT RESTATES THE ARTICLES):

[X] The restated Articles of Incorporation supersede the original Articles and
all amendments thereto.

         IN TESTIMONY WHEREOF, the undersigned corporation has caused these
Articles of Amendment to be signed by a duly authorized officer thereof this 9th
day of April, 1992

                                                      New UGI Corporation
                                                     (Name of Corporation)

                                               BY:    [Signature Illegible]
                                                  ------------------------------
                                                          (Signature)

                                               TITLE: President

<PAGE>

                                                                       EXHIBIT A

                              AMENDED AND RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                                 UGI CORPORATION

                                   ARTICLE I.
                                      NAME

                         The name of the Corporation is:

                                 UGI CORPORATION

                                   ARTICLE II.
                                     ADDRESS

         The address of the registered office of the Corporation in this
Commonwealth is:

                              460 North Gulph Road
             King of Prussia, Montgomery County, Pennsylvania 19406

                                  ARTICLE III.
                                     PURPOSE

         The purpose or purposes for which the corporation is incorporated under
the Business Corporation Law of 1988 are to engage in, and do any lawful act
concerning, any or all lawful business for which corporations may be
incorporated under said Business Corporation Law, including, but not limited to
manufacturing, processing, owning, using and dealing in personal property of
every class and description, engaging in research and development, the
furnishing of services, and acquiring, owning, using and disposing of real
property of every nature whatsoever.

                                   ARTICLE IV.
                                  CAPITAL STOCK

         The aggregate number of shares which the Corporation shall have the
authority to issue is 110,001,000 shares, divided into 100,000,000 shares of
Common Stock, without par value (hereinafter called the "Common Stock"), 1,000
shares of Restructuring Stock, without par value (hereinafter called the
"Restructuring Stock"), 5,000,000 shares of Series Preference Stock, without par
value (hereinafter called the "Preference Stock"), and 5,000,000 shares of
Series Preferred

                                      -1-

<PAGE>

Stock, without par value (hereinafter called the "Preferred Stock") (the
Restructuring Stock, the Preference Stock and the Preferred Stock are
hereinafter collectively called the "Senior Stock"). The board of directors
shall have the full authority permitted by law to determine the voting rights,
if any, and designations, preferences, limitations, and special rights of any
class or any series of any class of the Preference Stock or of the Preferred
Stock that may be desired.

                                     PART 1
                                 PREFERRED STOCK
                                   (Reserved)

                                     PART 2
                                PREFERENCE STOCK

                                   Division A
                      General Terms of the Preference Stock

         The following provisions in this Division A (hereinafter referred to as
the "General Terms of the Preference Stock") shall apply to the First Series
Preference Stock and, if and to the extent expressly incorporated by reference
in a resolution or resolutions of the Board of Directors or any committee
thereof establishing and designating any other series of the Preference Stock,
to any other Preference Stock hereafter issued by the Corporation. The
Preference Stock shall be considered "Junior Stock" as that term may be defined
in the terms of any series of the Preferred Stock. (The resolution or
resolutions of the Board of Directors or any committee thereof establishing and
designating any series of the Preference Stock is hereinafter referred to as the
"Board Resolution," except that in the case of the First Series Preference Stock
the term Board Resolution shall mean the special terms of the First Series
Preference Stock set forth in Division B of these articles of incorporation.)

         Section 201. General. Except as otherwise provided in a Board
Resolution, all Preference Stock of all series shall be identical to each other.
In case with respect to the Preference Stock of all series which rank equally as
to payment of dividends and distributions upon liquidation, the stated dividends
or the amounts payable upon liquidation established by a Board Resolution, or
both, are not paid in full, all Preference

                                      -2-

<PAGE>

Stock of such series shall participate ratably in the payment of dividends,
including accumulations, if any, in accordance with the sums which would be
payable thereon if all dividends thereon were declared and paid in full, and, in
any distribution of assets other than by way of dividends, in accordance with
the sums which would be payable on such distribution if all sums payable thereon
to holders of such series of Preference Stock were discharged in full.

         Section 202. Dividends.

         (a) The holders of the Preference Stock of each series shall be
entitled, subject to any preference of the Preferred Stock with respect to
dividends, to receive and the Corporation shall be obliged to pay, but only when
and as declared by its Board of Directors and only out of funds legally
available for the payment of such distributions under 15 Pa.C.S. Section 1551
(relating to distributions to shareholders) or any corresponding superseding
provision of law, cash dividends at such rate or rates per share per annum for
each particular series as shall have been fixed by the Board of Directors in the
Board Resolution for such series, and no more, payable quarterly on the first
day of each January, April, July and October. Such dividends on the Preference
Stock shall be cumulative from the dates as follows: (a) in the case of shares
issued prior to the record date for the initial dividend on shares of the series
of which such shares shall constitute a part, then from the date fixed for such
purpose by the Board of Directors in the Board Resolution; (b) if issued during
the period commencing immediately after the record date for a dividend on shares
of such series and terminating at the close of the payment date for such
dividend, then from such dividend payment date; and (c) otherwise from the
dividend payment date next preceding the date of issue of such shares, except
that in the event dividends on all outstanding Preference Stock for all past
quarterly dividend periods shall not have been paid and full dividends thereon
for the then current dividend period not declared and a sum sufficient for the
payment thereof set apart, then such dividends shall be cumulative from the most
recent date when all such dividends have been so paid, declared and set aside.

         (b) Subject to the provisions hereinafter contained in Section 206,
funds legally available for distribution to shareholders under 15 Pa.C.S.
Section 1551 or under any corresponding superseding provision of law after
dividends on all outstanding Preference Stock for all past quarterly periods
shall have been paid and full dividends thereon for the then current dividend

                                      -3-

<PAGE>

period declared and a sum sufficient for the payment thereof set apart may be
paid to the holders of the Common Stock and other shares ranking junior to the
Preference Stock with respect to the payment of dividends.

             Section 203. Redemption.

         (a) The Corporation, at the option of its Board of Directors, may
redeem all or any of the outstanding Preference Stock or all or any shares of
any series thereof at any time or from time to time, upon payment in cash in
respect of the shares so redeemed at the price fixed by the Board of Directors
in the Board Resolution in respect of the series of which such shares shall
constitute a part, plus an amount equal to all accumulated and unpaid dividends
thereon to the date of redemption, whether or not such dividends shall have been
earned or declared (such price, together with an amount equal to all such
accumulated and unpaid dividends, being hereinafter called the "redemption
price"). Any such redemption shall be in such amount, at such place, and in such
manner, as the Board of Directors may determine. In the case of a redemption of
less than all the outstanding Preference Stock of any series, the particular
shares to be so redeemed shall be by lot or by such other equitable method as
the Board of Directors shall determine.

         (b) Not less than 15 days nor more than 90 days prior to the date fixed
for such redemption, notice of redemption shall be published once in a newspaper
of general circulation published in the Borough of Manhattan, New York, New
York, and written notice thereof shall be mailed by the Corporation to the
several holders of record of the Preference Stock to be so redeemed, at their
respective addresses as the same appear upon the books of the Corporation.

         (c) From and after the date fixed in any such notice as the date of
redemption (unless default shall be made by the corporation in providing moneys
at the time and place specified for the payment of the redemption price pursuant
to said notice), all dividends on the Preference Stock thereby called for
redemption shall cease to accrue and all rights of the holders thereof as
shareholders in the Corporation, except the right to receive the redemption
price, without interest, shall cease and terminate, and such Preference Stock
shall not be deemed outstanding for any purpose.

         (d) The Corporation may, however, give or irrevocably authorize the
"Depositary" (as hereinafter defined) forthwith to

                                      -4-

<PAGE>

give written notice (in the same manner as the notice of redemption is required
to be given as provided in subsection (b)) to the holders of all the Preference
Stock selected for redemption that the redemption price has been or will on a
date specified be deposited with a designated bank or trust company, having an
office in New York, New York or Philadelphia, Pennsylvania and having capital
and surplus of not less than $10,000,000 (the "Depositary"), in trust for the
account of the holders of such Preference Stock and that such holders may
receive in cash the redemption price of such Preference Stock from the
Depositary on or after the date of such deposit upon the surrender of their
share certificates without awaiting the date fixed for redemption. In such
event, if the redemption price shall have been so deposited by the Corporation
with the Depositary, all rights of the holders of the shares called for
redemption, as shareholders of the Corporation, except the right to receive the
redemption price, without interest, from the Depositary, shall cease and
terminate upon the date of such deposit or the date of the giving of such notice
or authority, whichever be later, and such Preference Stock shall thereafter not
be deemed to be outstanding for any purpose; provided, however, that conversion
rights, if any, of shares called for redemption shall terminate at the close of
business on the business day next preceding the date fixed for redemption. Any
moneys so deposited which shall remain unclaimed by the holders of such
Preference Stock at the end of five years after the date so fixed for redemption
shall be paid by the Depositary to the Corporation, after which the holders of
such Preference Stock shall look only to the Corporation for payment of the
redemption price thereof.

         (e) Unless otherwise provided by resolution of the Board of Directors,
all Preference Stock so redeemed by the Corporation shall be canceled and
restored to the status of authorized but unissued Preference Stock without
series designation.

         Section 204. Liquidation.

         (a) On any voluntary or involuntary liquidation (which shall include
dissolution and winding up) of the Corporation, before any payment or
distribution shall be made to the holders of any Common Stock or shares of any
other class which, with respect to distributions upon liquidation, shall rank
junior to the Preference Stock, the holders of the Preference Stock, subject to
any preference of the Preferred Stock, shall be entitled to be paid the amount
or amounts fixed therefor by the

                                      -5-

<PAGE>

Board of Directors in the Board Resolution in respect of each outstanding series
of Preference Stock, which stated amounts may vary as between voluntary and
involuntary liquidation distributions, plus in each case an amount equal to all
accumulated and unpaid dividends thereon to the date of such payment, whether or
not such dividends shall have been earned or declared.

         (b) After such payment shall have been made in full to the holders of
Preference Stock, they shall be entitled to no further payment or distribution.

         (c) Neither a consolidation or merger of the Corporation with or into
any other corporation, nor a merger of any other corporation into the
Corporation, nor a division or a reorganization of the Corporation, nor a share
exchange to which the Corporation is a party, nor the purchase or redemption of
all or part of the outstanding shares of any class or classes of the
corporation, nor a sale, lease, conveyance or other disposition of all or any
part of its assets shall be considered a liquidation of the Corporation within
the meaning of this Section 204.

                  Section 205. Voting Rights.

         (a) Except as herein expressly provided to the contrary or in the Board
Resolution or as otherwise required by law, the holders of the Preference Stock
shall have no right to vote at, or to participate in, any meeting of
shareholders of the Corporation, or to receive any notice of such meeting.

         (b) In the event that dividends upon any of the Preference Stock shall
be in arrears to an amount equal to six full quarterly dividends thereon, the
holders of the Preference Stock as to which dividends are so in arrears, subject
to the terms of the Preferred Stock, shall become entitled to the extent
hereinafter provided to vote noncumulatively at all elections of directors of
the Corporation, and to receive notice of all shareholders meetings to be held
for such purpose. At such meetings the holders of such Preference Stock, voting
separately as a class, shall be entitled to elect two members of the Board of
Directors of the Corporation; and all other directors of the Corporation shall
be elected by the other shareholders of the Corporation entitled to vote in the
election of directors. Such voting rights of the holders of such Preference
Stock shall continue until all accumulated and unpaid dividends thereon shall
have been paid, whereupon all such voting rights of the

                                      -6-

<PAGE>

holders of such Preference Stock shall cease, subject to being again revived
from time to time upon the reoccurrence of the conditions above described as
giving rise thereto.

         (c) At any time after the accrual of voting rights to the holders of
such Preference Stock in accordance with subsection (b), a special meeting of
the holders of such Preference Stock, for the purpose of the initial exercise of
such voting rights, shall be held, upon 30 days' notice, upon call by the
Secretary of the Corporation at the written request of the holders of not less
than 10% of such Preference Stock at the time outstanding, or, if the Secretary
shall fail or neglect to call such meeting within 30 days after receipt of such
request, then upon call by the holders of not less than 10% of such Preference
Stock at the time outstanding. The terms of office, as directors, of all persons
who may be directors of the Corporation, except those directors, if any, elected
by the holders of the Preferred Stock as a class, shall terminate upon the
election of directors by the holders of the Preference Stock. The holders of the
Common Stock, subject to the terms of the Preferred Stock, shall have the right
to elect the remaining directors of the Corporation.

         (d) So long as the holders of such Preference Stock are entitled
hereunder to voting rights, any vacancy in the Board of Directors caused by the
death or resignation of any director elected by the holders of such Preference
Stock, shall, until the next meeting of shareholders for the election of
directors, in each case be filled by the remaining director elected by the
holders of such Preference Stock. In the event of simultaneous vacancies among
directors elected by the holders of Preference Stock, an election, pursuant to
the provisions of this section.

         (e) Upon termination of the voting rights of the holders of such
Preference Stock, the terms of office of all persons who shall have been elected
directors of the Corporation by vote of the holders of such Preference Stock or
by a director elected by such holders shall forthwith terminate, and any
vacancies resulting from such termination shall be filled by the vote of a
majority of the remaining directors.

         Section 206. Restriction on Dividends and Purchase of Stock.

         (a) So long as any Preference Stock of any series shall remain
outstanding, no dividend (other than dividends payable in Common Stock or other
shares of the Corporation of a class ranking junior to the Preference Stock of
such series with

                                      -7-

<PAGE>

respect to dividends and distributions upon liquidation) shall be paid on Common
Stock or shares of any other class which, with respect to payment of dividends
or distributions upon liquidation, shall rank junior to the Preference Stock of
such series ("junior shares"), nor shall any junior shares be purchased,
retired, or otherwise acquired by the Corporation, other than by exchange
therefor of junior shares or out of the proceeds of a substantially concurrent
sale of junior shares unless:

                  (i) all dividends on all outstanding Preference Stock of such
         series for all past quarterly dividend periods shall have been paid and
         full dividends thereon for the then current quarterly dividend period
         declared and a sum sufficient for the payment thereof set apart; and

                  (ii) the Corporation shall not be in arrears in respect of any
         sinking fund obligation or obligation of a similar nature with respect
         to Preference Stock of such series or any other series ranking equally
         therewith with respect to payment of dividends or distributions upon
         liquidation.

         (b) So long as any Preference Stock of any series shall remain
outstanding, unless:

                  (i) all dividends on all outstanding Preference Stock of such
         series for all past quarterly dividend periods shall have been paid and
         full dividends thereon for the then current quarterly dividend period
         declared and a sum sufficient for the payment thereof set apart; and

                  (ii) the Corporation shall not be in arrears in respect of any
         sinking fund obligation or obligation of a similar nature in respect of
         Preference Stock of such series or any other series ranking equally
         therewith with respect to payment of dividends and distribution upon
         liquidation;

none of the Preference Stock of such series, nor any parity shares, as
hereinafter defined, shall be purchased, retired or otherwise acquired by the
Corporation (except by redemption of all shares of such series and all parity
shares then outstanding, or except in accordance with a purchase or exchange
offer made to holders of all shares of such series and all parity shares
outstanding which, considering the annual dividend rates and other relative
rights and preferences of such shares, in the opinion of the Board of Directors
(whose determination

                                      -8-

<PAGE>

shall be conclusive) will result in fair and equitable treatment among all such
shares). "Parity shares" as used herein means shares (including shares of
Preference Stock of other series) ranking equally with the Preference Stock of
such series with respect to payment of dividends and distributions upon
liquidation.

         Section 207. Corporate Action Requiring Consent of Preference Stock.

         (a) Without the consent of the holders of at least a majority of the
Preference Stock at the time outstanding, given in person or by proxy, either in
writing according to law or at a meeting of shareholders called for the purpose,
the Corporation shall not;

                  (i) authorize any new class of shares, or an increase in the
         authorized amount of any class of shares, which shall rank equally with
         the Preference Stock with respect to payment of dividends or
         distributions upon liquidation, except that if shares of such class
         would rank equally to one or more but not all of the several series of
         the Preference Stock at the time outstanding, the consent of the
         holders of a majority of the shares of all series with respect to which
         shares of such class would rank equally shall be required in lieu of
         the consent of holders of all Preference Stock;

                  (ii) increase the authorized Preference Stock to an amount in
         excess of 5,000,000; or

                  (iii) merge into or consolidate with any other corporation or
         corporations, become a party to a share exchange or division, or sell,
         lease or otherwise dispose of all or substantially all of its assets,
         unless such merger, consolidation, share exchange, division, sale,
         lease or other disposition shall have been ordered, permitted or
         approved by the Securities and Exchange Commission under the provisions
         of the Public Utility Holding Company Act of 1935 as now in effect or
         as hereafter amended or by any successor commission.

         (b) Without the consent of the holders of at least two- thirds of the
Preference Stock outstanding, given in person or by proxy, either in writing
according to law or at a meeting of shareholders called for the purpose, the
Corporation shall not:

                                      -9-

<PAGE>

                  (i) authorize any new class of shares, or an increase in the
         authorized amount of any class of shares, which will rank prior to the
         Preference Stock with respect to payment of dividends or distributions
         upon liquidation; or

                  (ii) adopt or effect any amendment to its articles of
         incorporation that would adversely affect the rights or preferences of
         the Preference Stock (except as may be expressly permitted under
         subsection (a) of this Section 207 with the consent of the holders of a
         majority of the Preference Stock), except that if any such amendment
         shall adversely affect the rights or preferences of one or more, but
         not all, of the several series of Preference Stock at the time
         outstanding, the consent of the holders of at least two-thirds of the
         shares of all series adversely affected, similarly given, shall be
         required in lieu of the consent of the holders of two-thirds of the
         Preference Stock.

         (c) The provisions of this section shall not prevent the Board of
Directors from establishing and designating, without a vote of the holders of
the Preference Stock, one or more series of the Preference Stock which shall
rank prior to shares of other series of the Preference Stock with respect to
payment of dividends or distributions upon liquidations.

                                   Division B
                 Special Terms of First Series Preference Stock.

         The first series of the Preference Stock shall consist of 1,000,000
shares and shall be designated as First Series Preference Stock.

         Section 221. Dividends and Distributions.

         (a) The quarterly dividend rate of the shares of First Series
Preference Stock shall be the greater of (x) $50.00 or (y) subject to the
provision for adjustment hereinafter set forth 200 times the aggregate per share
amount of all cash dividends, and 200 times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a
dividend payable in shares of Common Stock or a subdivision of the outstanding
shares of Common Stock (by reclassification or otherwise), declared on the
Common Stock since the immediately preceding quarterly dividend payment date
(the "Quarterly Dividend Payment Date"), or, with respect to the first Quarterly
Dividend Payment Date, since the first issuance

                                      -10-

<PAGE>

of any share or fraction of a share of First Series Preference Stock. In the
event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the amounts to which holders of shares of First Series
Preference Stock were entitled immediately prior to such event under clause (x)
and clause (y) of the preceding sentence shall be adjusted by multiplying each
such amount by a fraction the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

         (b) The Corporation shall declare a dividend or distribution on the
First Series Preference Stock as provided in subsection (a) immediately after it
declares a dividend or distribution on the Common Stock (other than a dividend
payable in shares of Common Stock), except that, in the event no dividend or
distribution shall have been declared on the Common Stock during the period
between any Quarterly Dividend Payment Date and the next subsequent Quarterly
Dividend Payment Date, a dividend of $50 per share on the First Series
Preference Stock shall nevertheless be payable on such subsequent Quarterly
Dividend Payment Date.

         Section 222. Voting Rights. The holders of shares of First Series
Preference Stock shall have the following voting rights:

         (a) Subject to the provision for adjustment hereinafter set forth, each
share of First Series Preference Stock shall entitle the holder thereof to 200
votes on all matters submitted to a vote of the shareholders of the Corporation.
In the event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                                      -11-

<PAGE>

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the number of votes per share to which holders of shares
of First Series Preference Stock were entitled immediately prior to such event
shall be adjusted by multiplying such number by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.

         (b) Except as otherwise provided in this section or by law, the holders
of shares of First Series Preference Stock and the holders of shares of Common
Stock shall vote together as one class on all matters submitted to a vote of
shareholders of the Corporation.

             Section 223. Liquidation.

         (a) Upon any voluntary liquidation, dissolution or winding up of the
Corporation and subject to the distributions to be made with respect to
Preferred or Preference Stock senior to the First Series Preference Stock, no
distribution shall be made to the holders of shares of stock ranking junior
(either as to dividends or upon liquidation, dissolution or winding up) to the
First Series Preference Stock unless, prior thereto, the holders of shares of
First Series Preference Stock shall have received $100 per share, plus an amount
equal to accrued and unpaid dividends and distributions thereon, whether or not
declared, to the date of such payment (the "First Series Liquidation
Preference"). Following the payment of the full amount of the First Series
Liquidation Preference, no additional distributions shall be made to the holders
of shares of First Series Preference Stock unless, prior thereto, the holders of
shares of Common Stock have received an amount per share (the "Common
Adjustment") equal to the quotient obtained by dividing (x) the First Series
Liquidation Preference by (y) 200 (as appropriately adjusted as set forth in
subparagraph (c) below to reflect such events as stock splits, stock dividends
and recapitalizations with respect to the Common Stock) (such number in clause
(y), the "Adjustment Number"). Following the payment of the full

                                      -12-

<PAGE>

amount of the First Series Liquidation Preference and the Common Adjustment in
respect of all outstanding shares of First Series Preference Stock and Common
Stock, respectively, holders of First Series Preference Stock and holders of
shares of Common Stock shall receive their ratable and proportionate share of
the remaining assets to be distributed in the ratio of the Adjustment Number to
one with respect to such First Series Preference Stock and Common Stock, on a
per share basis, respectively.

         (b) In the event, however, that there are not sufficient assets
available to permit payment in full of the First Series Liquidation Preference
and the liquidation preferences of all other series of Preferred or Preference
Stock, if any, which rank on a parity with the First Series Preference Stock,
then such remaining assets shall be distributed ratably to the holders of such
parity shares in proportion to their respective liquidation preferences. In the
event, however, that there are not sufficient assets available to permit payment
in full of the Common Adjustment, then such remaining assets shall be
distributed ratably to the holders of Common Stock.

         (c) In the event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in reclassification
         of the outstanding Common Stock;

then in each such case the Adjustment Number in effect immediately prior to such
event shall be adjusted by multiplying such Adjustment Number by a fraction the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

         Section 224. Consolidation, Merger, etc. In case the Corporation shall
enter into any consolidation, merger, combination, share exchange, division or
other transaction in which the shares of Common Stock are exchanged for or
changed

                                      -13-

<PAGE>

into other stock or securities, cash and/or any other property, then in any such
case the shares of First Series Preference Stock shall at the same time be
similarly exchanged or changed in an amount per share (subject to the provision
for adjustment hereinafter set forth) equal to 200 times the aggregate amount of
stock, securities, cash and/or any other property (payable in kind), as the case
may be, into which or for which each share of Common Stock is changed or
exchanged. In the event the Corporation shall at any time:

                  (i) declare any dividend on Common Stock payable in shares of
         Common Stock;

                  (ii) subdivide the outstanding Common Stock;

                  (iii) combine the outstanding Common Stock into a smaller
         number of shares; or

                  (iv) issue any shares of its capital stock in a
         reclassification of the outstanding Common Stock;

then in each such case the amount set forth in the preceding sentence with
respect to the exchange or change of shares of First Series Preference Stock
shall be adjusted by multiplying such amount by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.

         Section 225. No Redemption. The shares of First Series Preference Stock
shall not be redeemable.

         Section 226. Ranking. The First Series Preference Stock shall rank
junior to all other series of the Senior Stock as to the payment of dividends
and the distribution of assets, unless the terms of any such series shall
provide otherwise.

         Section 227. Fractional Shares. First Series Preference Stock may be
issued in fractions of a share which shall entitle the holder, in proportion to
such holder's fractional shares, to exercise voting rights, receive dividends,
participate in distributions and to have the benefit of all other rights of
holders of First Series Preference Stock.

                                      -14-

<PAGE>

                                     PART 3
                               RESTRUCTURING STOCK

         Section 461. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Restructuring Stock shall be entitled to one vote
for each share of Restructuring Stock held by them, respectively, except as
otherwise expressly provided in this article. Except as otherwise provided in
this article or by law, holders of Restructuring Stock and Common Stock, and any
other series of the Senior Stock having voting rights as a single class with the
Common Stock, shall vote together as a single class.

         Section 462. Dividend and Other Distribution Rights. Whenever full
dividends or other distributions on all series of the Preferred Stock and the
Preference Stock at the time outstanding having preferential dividend or other
distribution rights shall have been paid or declared and set apart for payment
or otherwise made, then such dividends (payable in cash or otherwise) or other
distributions, as may be determined by the board of directors may be declared
and paid or otherwise made on the Restructuring Stock, but only out of funds
legally available for the payment of such distributions under 15 Pa.C.S. Section
1551 (relating to distributions to shareholders) or under any corresponding
superseding provision of law.

         Section 463. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, after paying or providing for the
payment to the holders of shares of all series of the Preferred Stock and
Preference Stock of the full distributive amounts to which they are respectively
entitled, as provided in this article, the holders of Restructuring Stock shall
be entitled to receive, as a liquidating distribution and in lieu of any other
share in the net assets of the Corporation, all equity securities owned by the
Corporation other than any "voting security" of any "public utility company" or
"holding company," as those terms are then defined in the Public Utility Holding
Company Act of 1935 or any successor statute.

         Section 464. Exchange Rights. Upon written notice to the Corporation,
accompanied by a certificate or certificates representing all of the then
outstanding shares of Restructuring Stock, the holders of the Restructuring
Stock shall be entitled to exchange such shares for all equity securities then
owned by

                                      -15-

<PAGE>

the Corporation other than any "voting security" of any "public utility company"
or "holding company," as those terms are then defined in the Public Utility
Holding Company Act of 1935 or any successor statute.

         Section 465. Restrictions on Issuance or Transfer. Shares of
Restructuring Stock may be issued or transferred only to a corporation
substantially all of the common or residual securities of which are owned,
directly or indirectly, by the Corporation.

                                     PART 4
                                  COMMON STOCK

         Section 471. Voting Rights. At all meetings of the shareholders of the
Corporation, the holders of Common Stock shall be entitled to one vote for each
share of Common Stock held by them, respectively, except as otherwise expressly
provided in this article.

         Section 472. Dividend and Other Distribution Rights. Whenever full
dividends or other distributions on all series of the Senior Stock at the time
outstanding having preferential dividend or other distribution rights shall have
been paid or declared and set apart for payment or otherwise made, then such
dividends (payable in cash or otherwise) or other distributions, as may be
determined by the board of directors may be declared and paid or otherwise made
on the Common Stock, but only out of funds legally available for the payment of
such distributions under 15 Pa.C.S. Section 1551 (relating to distributions to
shareholders) or under any corresponding superseding provision of law.

         Section 473. Liquidation Rights. In the event of any liquidation,
dissolution or winding up of the Corporation, the assets and funds of the
Corporation available for distribution to shareholders, after paying or
providing for the payment to the holders of shares of all series of the Senior
Stock of the full distributive amounts to which they are respectively entitled,
as provided in this article, shall be divided among and paid to the holders of
Common Stock according to their respective shares.

                                      -16-

<PAGE>

                                     PART 5
                                     GENERAL

         Section 481. Preemptive Rights. Except as otherwise provided in the
express terms of any class or series of shares, or in any contract, warrant or
other instrument issued by the Corporation, no holder of shares of the
Corporation shall be entitled, as such, as a matter of right to subscribe for or
purchase any part of any issue of shares or other securities of the Corporation,
of any class, series or kind whatsoever, and whether issued for cash, property,
services, by way of dividends, or otherwise.

         Section 482. Amendments to Terms of Senior Stock. If and to the extent
provided by the express terms of any series of the Senior Stock, the board of
directors may, without the consent of the holders of the outstanding shares of
such series or of the holders of any other shares of the Corporation (unless
otherwise provided in the express terms of any such other shares), interpret the
provisions of such series to resolve any inconsistency or ambiguity, remedy any
formal defect or make any other change or modification that does not adversely
affect the rights of the existing holders of such series.

                                   ARTICLE V.
                                   MANAGEMENT

         The following provisions shall govern the management of the business
and affairs of the Corporation and the rights, powers or duties of its security
holders, directors or officers:

         Section 501. Transactions with Interested Shareholders. The provisions
of 15 Pa.C.S. Section 2538 shall not be applicable to the Corporation.

         Section 502. Number of Directors. The number of directors of the
Corporation constituting the whole board and the number of directors
constituting each class of directors as provided by Section 501 shall be fixed
solely by resolution of the board of directors, except as otherwise provided in
the express terms of any class or series of Senior Stock with respect to the
election of directors upon the occurrence of a default in the payment of
dividends or in the performance of another express requirement of the terms of
such Senior Stock.

                                      -17-

<PAGE>

         Section 503. Straight Voting for Directors. The shareholders of the
Corporation shall not have the right to cumulate their votes for the election of
directors of the Corporation.

         Section 504. Adoption of Bylaws. Except as otherwise provided in the
express terms of any series of the Senior Stock:

                  (i) The shareholders shall have the power to adopt, amend or
         repeal the bylaws of the Corporation only subject to the procedures and
         restrictions applicable to amendments of these articles of
         incorporation, including any provision of law requiring as a condition
         to adoption by the Corporation that the corporate action be approved
         also by the board of directors of the Corporation, and treating a
         direction by the board that the matter should be submitted to the
         shareholders, or the sufferance by the board that the matter be so
         submitted, as insufficient to satisfy the requirement of independent
         approval by the board of directors.

                  (ii) The board of directors of the Corporation shall have the
         full authority conferred by law upon the shareholders of the
         Corporation to adopt, amend or repeal the bylaws of the Corporation,
         including in circumstances otherwise reserved by statute exclusively to
         the shareholders. Any bylaw adopted by the board of directors under
         this paragraph shall be consistent with these articles of
         incorporation.

         Section 505. Authorization of Certain Mergers. Except as otherwise
provided in the express terms of any series of the Senior Stock and in addition
to any power otherwise vested by law in the board of directors of the
Corporation to effect (without the approval of the shareholders or any class or
series thereof) a merger of the Corporation with and into another corporation or
other association, the board of directors of the Corporation may authorize and
approve on behalf of the Corporation and its shareholders (without the approval
of the shareholders of the Corporation or any class or series thereof), a merger
of the Corporation with and into another corporation which shall be the
surviving corporation, if:

                  (i) The only parties to the merger are the Corporation and the
         surviving corporation.

                  (ii) The surviving corporation was, immediately prior to the
         effective date of the merger, a Pennsylvania

                                      -18-

<PAGE>

         corporation controlled directly or indirectly by the Corporation and a
         "public utility company" within the meaning of the Public Utility
         Holding Company Act of 1935 or any successor statute.

                  (iii) The plan of merger provides that each share of the
         Corporation outstanding immediately prior to the effective date of the
         merger is to be converted into, except as otherwise agreed by the
         holder thereof, an identical share of the surviving corporation after
         the effective date of the merger, and the holders of all such shares to
         be outstanding immediately after the effective date of the merger
         derived from shares of the Corporation will then be entitled to cast at
         least a majority of the votes entitled to be cast generally for the
         election of directors of the surviving corporation.

                  (iv) The additional shares, if any, of the surviving
         corporation to be outstanding immediately after the effective date of
         the merger are shares which the board of directors of the Corporation
         would have been authorized to issue (without the approval of the
         shareholders of the Corporation or any class or series thereof)
         immediately prior to the effective date of the merger.

                                   ARTICLE VI.
                                  MISCELLANEOUS

         Section 601. Headings. The headings of the various sections of these
articles of incorporation are for convenience of reference only and shall not
affect the interpretation of any of the provisions of these articles.

         Section 602. Reserved Power of Amendment. These articles of
incorporation may be amended in the manner and at the time prescribed by
statute, and all rights conferred upon shareholders herein are granted subject
to this reservation.

                                      -19-

<PAGE>

                                               Filed in the Department of
                                               State on FEB 26 2003
2069197                                        [      Signature Illegible     ]
                                               --------------------------------
                                               SECRETARY OF THE COMMONWEALTH

                              ARTICLES OF AMENDMENT
                                     TO THE
                 AMENDED AND RESTATED ARTICLES OF INCORPORATION
                                       OF
                                 UGI CORPORATION

                  UGI Corporation (the "Corporation"), a corporation organized
and subsisting under and by virtue of the Pennsylvania Business Corporation Law
of 1988, as amended (the "BCL"), in compliance with Section 1915 of the BCL,
does hereby certify:

         1.       The name of the Corporation is UGI Corporation.

         2.       The address of the registered office of the Corporation in the
Commonwealth of Pennsylvania is 460 North Gulph Road, King of Prussia,
Montgomery County, Pennsylvania 19406.

         3.       The Corporation was incorporated pursuant to the BCL.

         4.       The corporation was incorporated on December 20, 1991.

         5.       This Amendment to the Amended and Restated Articles of
Incorporation shall be effective upon their filing with the Department of State
of the Commonwealth of Pennsylvania.

         6.       At a meeting of the Board of Directors of the Corporation (the
"Board") on February 25, 2003, in accordance with the authority contained in
Section 1914(c)(2)(iv) of the BCL, the Board duly adopted a resolution proposing
and declaring advisable the following amendment to the Corporation's Amended and
Restated Articles of Incorporation:

                  NOW THEREFORE, BE IT RESOLVED, that the following paragraph
shall be inserted at the end of Article IV of the Corporation's Amended and
Restated Articles of Incorporation:

         "Any or all classes and series of shares, or any part thereof, may be
         represented by uncertificated shares to the extent determined by the
         Board of Directors, except that any shares represented by a certificate
         that are issued and outstanding shall continue to be represented
         thereby until the certificate is surrendered to the Corporation."

                  IN WITNESS WHEREOF, these Articles of Amendment to the Amended
and Restated Articles of Incorporation have been duly executed by the
undersigned this 25th day of February, 2003.

                                               UGI CORPORATION

                                               By: /s/ Margaret M. Calabrese
                                                   ----------------------------
                                               Name:  Margaret M. Calabrese
                                               Title: Assistant Secretary

<PAGE>

                                               Filed in the Department of
                                               State on FEB 26 2003
2069197                                        [      Signature Illegible     ]
                                               --------------------------------
                                               SECRETARY OF THE COMMONWEALTH

                              ARTICLES OF AMENDMENT
                                     TO THE
                 AMENDED AND RESTATED ARTICLES OF INCORPORATION
                                       OF
                                 UGI CORPORATION

         UGI Corporation (the "Corporation"), a corporation organized and
subsisting under and by virtue of the Pennsylvania Business Corporation Law of
1988, as amended (the "BCL"), in compliance with Section 1915 of the BCL, does
hereby certify:

         1.       The name of the Corporation is UGI Corporation.

         2.       The address of the registered office of the Corporation in the
Commonwealth of Pennsylvania is 460 North Gulph Road, King of Prussia,
Montgomery County, Pennsylvania 19406.

         3.       The Corporation was incorporated pursuant to the BCL.

         4.       The corporation was incorporated on December 20, 1991.

         5.       This Amendment to the Amended and Restated Articles of
Incorporation shall be effective upon their filing with the Department of State
of the Commonwealth of Pennsylvania.

         6.       At a meeting of the Board of Directors of the Corporation (the
"Board") on February 25, 2003, in accordance with the authority contained in
Section 1914(c) of the BCL, the Board duly adopted a resolution proposing and
declaring advisable the following amendment to the Corporation's Amended and
Restated Articles of Incorporation:

         NOW THEREFORE, BE IT RESOLVED, that, in accordance with the authority
contained in Section 1914(c)(3), the first sentence of Article IV of the
Corporation's Amended and Restated Articles of Incorporation (the "Charter") be
amended to read in its entirety as follows:

         "The aggregate number of shares which the Corporation shall have the
         authority to issue is 160,001,000 shares, divided into 150,000,000
         shares of Common Stock, without par value (hereinafter called the
         "Common Stock"), 1,000 shares of Restructuring Stock, without par value
         (hereinafter called the "Restructuring Stock"), 5,000,000 shares of
         Series Preference Stock, without par value (hereinafter called the
         "Preference Stock"), and 5,000,000 shares of Series Preferred Stock,
         without par value (hereinafter called the "Preferred Stock") (the

<PAGE>

         Restructuring Stock, the Preference Stock and the Preferred Stock are
         hereinafter collectively called the "Senior Stock")."

         IN WITNESS WHEREOF, these Articles of Amendment to the Amended and
Restated Articles of Incorporation have been duly executed by the undersigned
this 25th day of February, 2003.

                                               UGI CORPORATION

                                               By: /s/ Margaret M. Calabrese
                                                   ----------------------------
                                               Name:  Margaret M. Calabrese
                                               Title: Assistant Secretary<PAGE>

                                     BYLAWS
                                       OF
                                 UGI CORPORATION
                     (A PENNSYLVANIA REGISTERED CORPORATION)

                                    ARTICLE I

                             OFFICES AND FISCAL YEAR

         SECTION 1.01. REGISTERED OFFICE. The registered office of the
corporation in the Commonwealth of Pennsylvania shall be at 460 North Gulph
Road, King of Prussia, Montgomery County, Pennsylvania 19406, until otherwise
established by an amendment of the articles of incorporation (the "articles") or
by the board of directors and a record of such change is filed with the
Department of State in the manner provided by law.

         SECTION 1.02. OTHER OFFICES. The corporation may also have offices at
such other places within or without the Commonwealth of Pennsylvania as the
board of directors may from time to time appoint or the business of the
corporation may require.

         SECTION 1.03. FISCAL YEAR. The fiscal year of the corporation shall
begin on the first day of October in each year.

                                   ARTICLE II

                        NOTICE-WAIVERS-MEETINGS GENERALLY

         SECTION 2.01. MANNER OF GIVING NOTICE.

         (a) General Rule. Any notice required to be given to any person under
the provisions of the Business Corporation Law or by the articles or these
bylaws, shall be given to the person either personally or by sending a copy
thereof:

                  (1) By first class or express mail, postage prepaid, or
         courier service, charges prepaid, to his or her postal address
         appearing on the books of the corporation or, in the case of directors,
         supplied by the director to the corporation for the purpose of notice.
         Notice pursuant to this clause (1) shall be deemed to have been given
         to the person entitled thereto when deposited in the United States mail
         or with a courier service for delivery to that person. A notice of
         meeting shall specify the place, day and hour of the meeting and any
         other information required by any other provision of the Business
         Corporation Law, the articles or these bylaws.

                  (2) By facsimile transmission, e-mail or other electronic
         communication to his or her facsimile number or address for e-mail or
         other electronic communications supplied by him or her to the
         corporation for the purpose of notice. Notice pursuant to this clause
         (2) shall be deemed to have been given to the person entitled thereto
         when sent.

<PAGE>

         (b) Bulk Mail. If the corporation has more than 30 shareholders, notice
of any regular or special meeting of the shareholders, or any other notice
required by the Business Corporation Law or by the articles or these bylaws to
be given to all shareholders or to all holders of a class or series of shares,
may be given by any class of postpaid mail if the notice is deposited in the
United States mail at least 20 days prior to the day named for the meeting or
any corporate or shareholder action specified in the notice.

         (c) Adjourned Shareholder Meetings. When a meeting of shareholders is
adjourned, it shall not be necessary to give any notice of the adjourned meeting
or of the business to be transacted at an adjourned meeting, other than by
announcement at the meeting at which the adjournment is taken, unless the board
fixes a new record date for the adjourned meeting in which event notice shall be
given in accordance with Section 2.03.

         SECTION 2.02. NOTICE OF MEETINGS OF BOARD OF DIRECTORS. Notice of a
regular meeting of the board of directors need not be given. Notice of every
special meeting of the board of directors shall be given to each director by
telephone or in writing at least 24 hours (in the case of notice by telephone,
facsimile transmission, e-mail or other electronic communication) or 48 hours
(in the case of notice by telegraph, courier service or express mail) or five
days (in the case of notice by first class mail) before the time at which the
meeting is to be held. Every such notice shall state the time and place of the
meeting. Neither the business to be transacted at, nor the purpose of, any
regular or special meeting of the board need be specified in a notice of the
meeting.

         SECTION 2.03. NOTICE OF MEETINGS OF SHAREHOLDERS.

                  (a) General Rule. Except as otherwise provided in Section
2.01(b) or in the articles, written notice of every meeting of the shareholders
shall be given by, or at the direction of, the secretary or other authorized
person to each shareholder of record entitled to vote at the meeting at least
(1) ten days prior to the day named for a meeting (and, in case of a meeting
called to consider a merger, consolidation, share exchange or division, to each
shareholder of record not entitled to vote at the meeting) called to consider a
fundamental change under 15 Pa.C.S. Chapter 19 or (2) five days prior to the day
named for the meeting in any other case. If the secretary neglects or refuses to
give notice of a meeting, the person or persons calling the meeting may do so.
In the case of a special meeting of shareholders, the notice shall specify the
general nature of the business to be transacted.

                  (b) Notice of Action by Shareholders on Bylaws. In the case of
a meeting of shareholders that has as one of its purposes action on the bylaws,
written notice shall be given to each shareholder that the purpose, or one of
the purposes, of the meeting is to consider the adoption, amendment or repeal of
the bylaws. There shall be included in, or enclosed with, the notice a copy of
the proposed amendment or a summary of the changes to be effected thereby.

                  (c) Notice of Action by Shareholders on Fundamental Change. In
the case of a meeting of the shareholders that has as one of its purposes action
with respect to any fundamental change under 15 Pa.C.S. Chapter 19, each
shareholder shall be given, together with written notice of the meeting, a copy
or summary of the amendment or plan to be considered at the meeting in
compliance with the provisions of Chapter 19.

                  (d) Notice of Action by Shareholders Giving Rise to
Dissenters' Rights. In the case of a meeting of the shareholders that has as one
of its purposes action that would give rise to dissenters'

                                       -2-

<PAGE>

rights under the provisions of 15 Pa.C.S. Subchapter 15D, each shareholder, to
the extent entitled thereto under the Business Corporation Law, shall be given,
together with written notice of the meeting:

                           (1) a statement that the shareholders have a right to
dissent and obtain payment of the fair value of their shares by complying with
the provisions of Subchapter 15D (relating to dissenters' rights); and

                           (2) a copy of Subchapter 15D.

         SECTION 2.04. WAIVER OF NOTICE.

                  (a) Written Waiver. Whenever any written notice is required to
be given under the provisions of the Business Corporation Law, the articles or
these bylaws, a waiver thereof in writing, signed by the person or persons
entitled to the notice, whether before or after the time stated therein, shall
be deemed equivalent to the giving of the notice. Neither the business to be
transacted at, nor the purpose of, a meeting need be specified in the waiver of
notice of the meeting.

                  (b) Waiver by Attendance. Attendance of a person at any
meeting shall constitute a waiver of notice of the meeting except where a person
attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting was not lawfully
called or convened.

         SECTION 2.05. MODIFICATION OF PROPOSAL CONTAINED IN NOTICE. Whenever
the language of a proposed resolution is included in a written notice of a
meeting required to be given under the provisions of the Business Corporation
Law or the articles or these bylaws, the meeting considering the resolution may
without further notice adopt it with such clarifying or other amendments as do
not enlarge its original purpose.

         SECTION 2.06. EXCEPTION TO REQUIREMENT OF NOTICE.

                  (a) General Rule. Whenever any notice or communication is
required to be given to any person under the provisions of the Business
Corporation Law or by the articles or these bylaws or by the terms of any
agreement or other instrument or as a condition precedent to taking any
corporate action and communication with that person is then unlawful, the giving
of the notice or communication to that person shall not be required.

                  (b) Shareholders Without Forwarding Addresses. Notice or other
communications need not be sent to any shareholder with whom the corporation has
been unable to communicate for more than 24 consecutive months because
communications to the shareholder are returned unclaimed or the shareholder has
otherwise failed to provide the corporation with a current address. Whenever the
shareholder provides the corporation with a current address, the corporation
shall commence sending notices and other communications to the shareholder in
the same manner as to other shareholders.

         SECTION 2.07. USE OF CONFERENCE TELEPHONE AND OTHER TECHNOLOGY. Any
director may participate in any meeting of the board of directors, and the board
of directors may provide by resolution with respect to a specific meeting or
with respect to a class of meetings that one or more persons may participate in
a meeting of the shareholders of the corporation, by means of conference
telephone or other electronic technology by means of which all persons
participating in the meeting

                                       -3-

<PAGE>

can hear each other. Participation in a meeting pursuant to this section shall
constitute presence in person at the meeting.

                                   ARTICLE III

                                  SHAREHOLDERS

         SECTION 3.01. PLACE OF MEETING. All meetings of the shareholders of the
corporation shall be held at the registered office of the corporation unless
another place is designated by the board of directors in the notice of a
meeting. If a meeting of shareholders is held by means of the Internet or other
electronic technology pursuant to which the shareholders have an opportunity to
read or hear the proceedings substantially concurrently with their occurrence,
vote on matters submitted to the shareholders and pose questions to the
directors, the meeting need not be held at a particular geographic location.

         SECTION 3.02. ANNUAL MEETING. The board of directors may fix and
designate the date and time of the annual meeting of the shareholders, but if no
such date and time is fixed and designated by the board, the meeting for any
calendar year shall be held on the first Tuesday in March in such year, if not a
legal holiday under the laws of Pennsylvania, and, if a legal holiday, then on
the next succeeding business day, not a Saturday, at 10:00 o'clock A.M., and at
said meeting the shareholders then entitled to vote shall elect directors and
shall transact such other business as may properly be brought before the
meeting. If the annual meeting shall not have been called and held within six
months after the designated time, any shareholder may call the meeting at any
time thereafter.

         SECTION 3.03. SPECIAL MEETINGS. Special meetings of the shareholders
may be called at any time by the chief executive officer or by resolution of the
board of directors, who may fix the date, time and place of the meeting. If the
chief executive officer or the board does not fix the date, time or place of the
meeting, it shall be the duty of the secretary to do so. A date fixed by the
secretary shall not be more than 60 days after the date of the receipt of the
request from the chief executive officer or adoption of the resolution of the
board calling the special meeting.

         SECTION 3.04. QUORUM AND ADJOURNMENT.

                  (a) General Rule. A meeting of shareholders of the corporation
duly called shall not be organized for the transaction of business unless a
quorum is present. The presence of shareholders entitled to cast at least a
majority of the votes that all shareholders are entitled to cast on a particular
matter to be acted upon at the meeting shall constitute a quorum for the
purposes of consideration and action on the matter. Shares of the corporation
owned, directly or indirectly, by it and controlled, directly or indirectly, by
the board of directors of this corporation, as such, shall not be counted in
determining the total number of outstanding shares for quorum purposes at any
given time.

                  (b) Withdrawal of a Quorum. The shareholders present at a duly
organized meeting can continue to do business until adjournment notwithstanding
the withdrawal of enough shareholders to leave less than a quorum.

                  (c) Adjournments Generally. Any regular or special meeting of
the shareholders, including one at which directors are to be elected and one
which cannot be organized because a

                                       -4-

<PAGE>

quorum has not attended, may be adjourned for such period and to such place as
the shareholders present and entitled to vote shall direct.

                  (d) Electing Directors at Adjourned Meeting. Those
shareholders entitled to vote who attend a meeting called for the election of
directors that has been previously adjourned for lack of a quorum, although less
than a quorum as fixed in this section, shall nevertheless constitute a quorum
for the purpose of electing directors.

                  (e) Other Action in Absence of Quorum. Those shareholders
entitled to vote who attend a meeting of shareholders that has been previously
adjourned for one or more periods aggregating at least 15 days because of an
absence of a quorum, although less than a quorum as fixed in this section, shall
nevertheless constitute a quorum for the purpose of acting upon any matter set
forth in the notice of the meeting if the notice states that those shareholders
who attend the adjourned meeting shall nevertheless constitute a quorum for the
purpose of acting upon the matter.

                  (f) Effect of Proxy on Quorum. - If a proxy casts a vote on
behalf of a shareholder on any issue other than a procedural motion considered
at a meeting of shareholders, the shareholder shall be deemed to be present
during the entire meeting for purposes of determining whether a quorum is
present for consideration of any other issue.

         SECTION 3.05. ACTION BY SHAREHOLDERS. Except as otherwise provided in
the Business Corporation Law or the articles or these bylaws, whenever any
corporate action is to be taken by vote of the shareholders of the corporation,
it shall be authorized upon receiving the affirmative vote of a majority of the
votes cast by all shareholders entitled to vote thereon and, if any shareholders
are entitled to vote thereon as a class, upon receiving the affirmative vote of
a majority of the votes cast by the shareholders entitled to vote as a class.
Except when acting by unanimous consent to remove a director or directors, the
shareholders of the corporation may act only at a duly organized meeting.

         SECTION 3.06. CONDUCT OF SHAREHOLDERS MEETING.. At every meeting of the
shareholders, the chairman of the board, if there be one, or, in the case of
vacancy in office or absence of the chairman of the board, one of the following
persons present in the order stated: the vice chairman of the board, if there be
one, the president, the vice presidents in their order of rank and seniority, or
a person chosen by vote of the shareholders present, shall act as the presiding
officer of the meeting. The secretary or, in the absence of the secretary, an
assistant secretary, or, in the absence of both the secretary and assistant
secretaries, a person appointed by the chairman of the meeting, shall act as
secretary of the meeting. Except as otherwise provided by prior action of the
board of directors, the presiding officer of the meeting shall determine the
order of business and shall have the authority to establish rules for the
conduct of the meeting.

         SECTION 3.07. VOTING RIGHTS OF SHAREHOLDERS. Unless otherwise provided
in the articles, every shareholder of the corporation shall be entitled to one
vote for every share standing in the name of the shareholder on the books of the
corporation.

         SECTION 3.08. VOTING AND OTHER ACTION BY PROXY.

                  (a) General Rule.

                                       -5-

<PAGE>

                           (1) Every shareholder entitled to vote at a meeting
of shareholders may authorize another person to act for the shareholder by
proxy.

                           (2) The presence of, or vote or other action at a
meeting of shareholders by a proxy of a shareholder shall constitute the
presence of, or vote or action by the shareholder.

                           (3) Where two or more proxies of a shareholder are
present, the corporation shall, unless otherwise expressly provided in the
proxy, accept as the vote of all shares represented thereby the vote cast by a
majority of them and, if a majority of the proxies cannot agree whether the
shares represented shall be voted or upon the manner of voting the shares, the
voting of the shares shall be divided equally among those persons.

                  (b) Execution and Filing. Every proxy shall be executed or
authenticated by the shareholder or by the duly authorized attorney-in-fact of
the shareholder and filed with or transmitted to the secretary of the
corporation or its designated agent. A shareholder or his or her duly authorized
attorney-in fact may execute or authenticate a writing or transmit an electronic
message authorizing another person to act for such shareholder by proxy. A
telegram, telex, cablegram, datagram, email, Internet communication or other
means of electronic transmission from a shareholder or attorney-in-fact, or a
photographic, facsimile or similar reproduction of a writing executed by a
shareholder or attorney-in-fact:

                           (1) may be treated as properly executed or
authenticated for purposes of this subsection; and

                           (2) shall be so treated if it sets forth or utilizes
a confidential and unique identification number or other mark furnished by the
corporation to the shareholder for the purposes of a particular meeting or
transaction.

                  (c) Revocation. A proxy, unless coupled with an interest,
shall be revocable at will, notwithstanding any other agreement or any provision
in the proxy to the contrary, but the revocation of a proxy shall not be
effective until written notice thereof has been given to the secretary of the
corporation or its designated agent in writing or by electronic transmission. An
unrevoked proxy shall not be valid after three years from the date of its
execution, authentication or transmission unless a longer time is expressly
provided therein. A proxy shall not be revoked by the death or incapacity of the
maker unless, before the vote is counted or the authority is exercised, written
notice of the death or incapacity is given to the secretary of the corporation
or its designated agent.

                  (d) Expenses. The corporation shall pay the reasonable
expenses of solicitation of votes, proxies or consents of shareholders by or on
behalf of the board of directors or its nominees for election to the board,
including solicitation by professional proxy solicitors and otherwise.

         SECTION 3.09. VOTING BY FIDUCIARIES AND PLEDGEES. Shares of the
corporation standing in the name of a trustee or other fiduciary and shares held
by an assignee for the benefit of creditors or by a receiver may be voted by the
trustee, fiduciary, assignee or receiver. A shareholder whose shares are pledged
shall be entitled to vote the shares until the shares have been transferred into
the name of the pledgee, or a nominee of the pledgee, but nothing in this
section shall affect the validity of a proxy given to a pledgee or nominee.

                                       -6-

<PAGE>

         SECTION 3.10. VOTING BY JOINT HOLDERS OF SHARES.

                  (a) General Rule. Where shares of the corporation are held
jointly or as tenants in common by two or more persons, as fiduciaries or
otherwise:

                           (1) if only one or more of such persons is present in
person or by proxy, all of the shares standing in the names of such persons
shall be deemed to be represented for the purpose of determining a quorum and
the corporation shall accept as the vote of all the shares the vote cast by a
joint owner or a majority of them; and

                           (2) if the persons are equally divided upon whether
the shares held by them shall be voted or upon the manner of voting the shares,
the voting of the shares shall be divided equally among the persons without
prejudice to the rights of the joint owners or the beneficial owners thereof
among themselves.

                  (b) Exception. If there has been filed with the secretary of
the corporation a copy, certified by an attorney at law to be correct, of the
relevant portions of the agreement under which the shares are held or the
instrument by which the trust or estate was created or the order of court
appointing them or of an order of court directing the voting of the shares, the
persons specified as having such voting power in the document latest in date of
operative effect so filed, and only those persons, shall be entitled to vote the
shares but only in accordance therewith.

         SECTION 3.11. VOTING BY CORPORATIONS.

                  (a) Voting by Corporate Shareholders. Any corporation that is
a shareholder of this corporation may vote at meetings of shareholders of this
corporation by any of its officers or agents, or by proxy appointed by any
officer or agent, unless some other person, by resolution of the board of
directors of the other corporation or a provision of its articles or bylaws, a
copy of which resolution or provision certified to be correct by one of its
officers has been filed with the secretary of this corporation, is appointed its
general or special proxy in which case that person shall be entitled to vote the
shares.

                  (b) Controlled Shares. Shares of this corporation owned,
directly or indirectly, by it and controlled, directly or indirectly, by the
board of directors of this corporation, as such, shall not be voted at any
meeting and shall not be counted in determining the total number of outstanding
shares for voting purposes at any given time.

         SECTION 3.12. DETERMINATION OF SHAREHOLDERS OF RECORD.

                  (a) Fixing Record Date. The board of directors may fix a time
prior to the date of any meeting of shareholders as a record date for the
determination of the shareholders entitled to notice of, or to vote at, the
meeting, which time, except in the case of an adjourned meeting, shall be not
more than 90 days prior to the date of the meeting of shareholders. Only
shareholders of record on the date fixed shall be so entitled notwithstanding
any transfer of shares on the books of the corporation after any record date
fixed as provided in this subsection. The board of directors may similarly fix a
record date for the determination of shareholders of record for any other
purpose. When a determination of shareholders of record has been made as
provided in this section for purposes of a meeting, the determination shall
apply to any adjournment thereof unless the board fixes a new record date for
the adjourned meeting.

                                       -7-

<PAGE>

                  (b) Determination When a Record Date is Not Fixed. If a record
date is not fixed:

                           (1) The record date for determining shareholders
entitled to notice of or to vote at a meeting of shareholders shall be at the
close of business on the day next preceding the day on which notice is given.

                           (2) The record date for determining shareholders for
any other purpose shall be at the close of business on the day on which the
board of directors adopts the resolution relating thereto.

                  (c) Certification by Nominee. The board of directors may adopt
a procedure whereby a shareholder of the corporation may certify in writing to
the corporation that all or a portion of the shares registered in the name of
the shareholder are held for the account of a specified person or persons. Upon
receipt by the corporation of a certification complying with the procedure, the
persons specified in the certification shall be deemed, for the purposes set
forth in the certification, to be the holders of record of the number of shares
specified in place of the shareholder making the certification.

         SECTION 3.13. VOTING LISTS.

                  (a) General Rule. The officer or agent having charge of the
transfer books for shares of the corporation shall make a complete list of the
shareholders entitled to vote at any meeting of shareholders, arranged in
alphabetical order, with the address of and the number of shares held by each.
The list shall be produced and kept open at the time and place of the meeting
and shall be subject to the inspection of any shareholder during the whole time
of the meeting for the purposes thereof except that, if the corporation has
5,000 or more shareholders, in lieu of the making of the list the corporation
may make the information therein available at the meeting by any other means.

                  (b) Effect of List. Failure to comply with the requirements of
this section shall not affect the validity of any action taken at a meeting
prior to a demand at the meeting by any shareholder entitled to vote thereat to
examine the list. The original share register or transfer book, or a duplicate
thereof kept in the Commonwealth of Pennsylvania, shall be prima facie evidence
as to who are the shareholders entitled to examine the list or share register or
transfer book or to vote at any meeting of shareholders.

         SECTION 3.14. JUDGES OF ELECTION.

                  (a) Appointment. In advance of any meeting of shareholders of
the corporation, the board of directors may appoint judges of election, who need
not be shareholders, to act at the meeting or any adjournment thereof. If judges
of election are not so appointed, the presiding officer of the meeting may, and
on the request of any shareholder shall, appoint judges of election at the
meeting. The number of judges shall be one or three. A person who is a candidate
for an office to be filled at the meeting shall not act as a judge.

                  (b) Vacancies. In case any person appointed as a judge fails
to appear or fails or refuses to act, the vacancy may be filled by appointment
made by the board of directors in advance of the convening of the meeting or at
the meeting by the presiding officer thereof.

                  (c) Duties. The judges of election shall determine the number
of shares outstanding and the voting power of each, the shares represented at
the meeting, the existence of a quorum, and the

                                       -8-

<PAGE>

authenticity, validity and effect of proxies, receive votes or ballots, hear and
determine all challenges and questions in any way arising in connection with
nominations by shareholders or the right to vote, count and tabulate all votes,
determine the result and do such acts as may be proper to conduct the election
or vote with fairness to all shareholders. The judges of election shall perform
their duties impartially, in good faith, to the best of their ability and as
expeditiously as is practical. If there are three judges of election, the
decision, act or certificate of a majority shall be effective in all respects as
the decision, act or certificate of all.

                  (d) Report. On request of the presiding officer of the meeting
or of any shareholder, the judges shall make a report in writing of any
challenge or question or matter determined by them, and execute a certificate of
any fact found by them. Any report or certificate made by them shall be prima
facie evidence of the facts stated therein.

         SECTION 3.15. MINORS AS SECURITY HOLDERS. The corporation may treat a
minor who holds shares or obligations of the corporation as having capacity to
receive and to empower others to receive dividends, interest, principal and
other payments or distributions, to vote or express consent or dissent and to
make elections and exercise rights relating to such shares or obligations
unless, in the case of payments or distributions on shares, the corporate
officer responsible for maintaining the list of shareholders or the transfer
agent of the corporation or, in the case of payments or distributions on
obligations, the treasurer or paying officer or agent has received written
notice that the holder is a minor.

         SECTION 3.16 USE OF CONFERENCE TELEPHONE OR OTHER TECHNOLOGY. The
presence or participation, including voting and taking other action, at a
meeting of shareholders, or the expression of consent or dissent to corporate
action, by a shareholder by conference telephone or other electronic means,
including the Internet, shall constitute the presence of, or vote or action by,
or consent or dissent of the shareholder for purposes of the Business
Corporation Law, the articles and these bylaws.

                                   ARTICLE IV

                               BOARD OF DIRECTORS

         SECTION 4.01. POWERS; PERSONAL LIABILITY.

                  (a) General Rule. Unless otherwise provided by statute, all
powers vested by law in the corporation shall be exercised by or under the
authority of, and the business and affairs of the corporation shall be managed
under the direction of, the board of directors.

                  (b) Personal Liability of Directors.

                           (1) A director shall not be personally liable, as
such, for monetary damages (including, without limitation, any judgment, amount
paid in settlement, penalty, punitive damages or expense of any nature
(including, without limitation, attorneys' fees and disbursements)) for any
action taken, or any failure to take any action, unless:

                                    (i) the director has breached or failed to
perform the duties of his or her office under Subchapter 17B of the Business
Corporation Law or any successor provision; and

                                       -9-

<PAGE>

                                    (ii) the breach or failure to perform
constitutes self-dealing, willful misconduct or recklessness.

                           (2) The provisions of paragraph (1) shall not apply
to the responsibility or liability of a director pursuant to any criminal
statute, or the liability of a director for the payment of taxes pursuant to
local, state or federal law.

                  (The provisions of this subsection (b) were first adopted by
the shareholders of the corporation on December 20, 1991.)

                  (c) Notation of Dissent. A director of the corporation who is
present at a meeting of the board of directors, or of a committee of the board,
at which action on any corporate matter is taken on which the director is
generally competent to act, shall be presumed to have assented to the action
taken unless his or her dissent is entered in the minutes of the meeting or
unless the director files his or her written dissent to the action with the
secretary of the meeting before the adjournment thereof or transmits the dissent
in writing to the secretary of the corporation immediately after the adjournment
of the meeting. The right to dissent shall not apply to a director who voted in
favor of the action. Nothing in this section shall bar a director from asserting
that minutes of the meeting incorrectly omitted his or her dissent if, promptly
upon receipt of a copy of such minutes, the director notifies the secretary, in
writing, of the asserted omission or inaccuracy.

         SECTION 4.02. QUALIFICATIONS AND SELECTION OF DIRECTORS.

                  (a) Qualifications. Each director of the corporation shall be
a natural person of full age, provided that no person of age 70 years or more
shall be eligible for election as a director. Directors need not be residents of
the Commonwealth of Pennsylvania or shareholders of the corporation.

                  (b) Notice of Certain Nominations Required. Nominations for
election of directors may be made by any shareholder entitled to vote for the
election of directors if written notice (the "Notice") of the shareholder's
intent to nominate a director at the meeting is given by the shareholder and
received by the secretary of the corporation in the manner and within the time
specified in this section. The initial Notice shall be delivered to the
secretary of the corporation not less than 45 days prior to the anniversary of
the mailing date of the corporation's proxy statement for its previous meeting
of the shareholders called for the election of directors. In lieu of delivery to
the secretary, the Notice may be mailed to the secretary by certified mail,
return receipt requested, but shall be deemed to have been given only upon
actual receipt by the secretary. The requirements of this subsection shall not
apply to a nomination for directors made to the shareholders by the board of
directors.

                  (c) Contents of Notice. The Notice shall be in writing and
shall contain or be accompanied by:

                           (1) the name and residence address of the nominating
shareholder;

                           (2) a representation that the shareholder is a holder
of record of voting stock of the corporation and intends to appear in person or
by proxy at the meeting to nominate the person or persons specified in the
Notice;

                           (3) such information regarding each nominee as would
have been required to be included in a proxy statement filed pursuant to
Regulation 14A of the rules and regulations

                                      -10-

<PAGE>

established by the Securities and Exchange Commission under the Securities
Exchange Act of 1934 (or pursuant to any successor act or regulation) had
proxies been solicited with respect to such nominee by the management or board
of directors of the corporation;

                           (4) a description of all arrangements or
understandings among the shareholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the nomination or
nominations are to be made by the shareholder; and

                           (5) the consent of each nominee to serve as a
director of the corporation if so elected.

                  (d) Determination of Compliance. If a judge or judges of
election shall not have been appointed pursuant to these bylaws, the presiding
officer of the meeting may, if the facts warrant, determine and declare to the
meeting that any nomination made at the meeting was not made in accordance with
the procedures of this section and, in such event, the nomination shall be
disregarded. Any decision by the presiding officer of the meeting made in good
faith shall be conclusive and binding upon all shareholders of the corporation
for any purpose.

                  (e) Election of Directors. In elections for directors, voting
need not be by ballot, unless required by vote of the shareholders before the
voting for the election of directors begins. The candidates receiving the
highest number of votes from each class or group of classes, if any, entitled to
elect directors separately up to the number of directors to be elected by the
class or group of classes shall be elected. If at any meeting of shareholders,
directors of more than one class are to be elected, each class of directors
shall be elected in a separate election.

         SECTION 4.03. NUMBER AND TERM OF OFFICE.

                  (a) Number. The board of directors shall consist of such
number of directors, as may be determined from time to time by resolution of the
board of directors.

                  (b) Term of Office. Each director shall hold office until the
expiration of the term for which he or she was selected and until a successor
has been selected and qualified or until his or her earlier death, resignation
or removal. A decrease in the number of directors shall not have the effect of
shortening the term of any incumbent director.

                  (c) Resignation. Any director may resign at any time upon
written notice to the corporation. The resignation shall be effective upon
receipt thereof by the corporation or at such subsequent time as shall be
specified in the notice of resignation.

         SECTION 4.04. VACANCIES.

                  (a) General Rule. Vacancies in the board of directors,
including vacancies resulting from an increase in the number of directors, may
be filled by a majority vote of the remaining members of the board though less
than a quorum, or by a sole remaining director, and each person so selected
shall be a director to serve until the next selection of the class for which
such director has been chosen, and until a successor has been selected and
qualified or until his or her earlier death, resignation or removal.

                  (b) Action by Resigned Directors. When one or more directors
resign from the board effective at a future date, the directors then in office,
including those who have so resigned, shall

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<PAGE>

have power by the applicable vote to fill the vacancies, the vote thereon to
take effect when the resignations become effective.

         SECTION 4.05. REMOVAL OF DIRECTORS.

                  (a) Removal by the Shareholders. The entire board of
directors, or any class of the board, or any individual director may be removed
from office by vote of the shareholders entitled to vote thereon only for cause.
In case the board or a class of the board or any one or more directors are so
removed, new directors may be elected at the same meeting. The repeal of a
provision of the articles or bylaws prohibiting, or the addition of a provision
to the articles or bylaws permitting, the removal by the shareholders of the
board, a class of the board or a director without assigning any cause shall not
apply to any incumbent director during the balance of the term for which the
director was selected.

                  (b) Removal by the Board. The board of directors may declare
vacant the office of a director who has been judicially declared of unsound mind
or who has been convicted of an offense punishable by imprisonment for a term of
more than one year or if, within 60 days after notice of his or her selection,
the director does not accept the office either in writing or by attending a
meeting of the board of directors.

         SECTION 4.06. PLACE OF MEETINGS. Meetings of the board of directors may
be held at such place within or without the Commonwealth of Pennsylvania as the
board of directors may from time to time appoint or as may be designated in the
notice of the meeting.

         SECTION 4.07. ORGANIZATION OF MEETINGS. At every meeting of the board
of directors, the chairman of the board, if there be one, or, in the case of a
vacancy in the office or absence of the chairman of the board, one of the
following officers present in the order stated: the vice chairman of the board,
if there be one, the president, the vice presidents in their order of rank and
seniority, or a person chosen by a majority of the directors present, shall act
as chairman of the meeting. The secretary or, in the absence of the secretary,
an assistant secretary, or, in the absence of the secretary and the assistant
secretaries, any person appointed by the chairman of the meeting, shall act as
secretary of the meeting.

         SECTION 4.08. REGULAR MEETINGS. Regular meetings of the board of
directors shall be held at such time and place as shall be designated from time
to time by resolution of the board of directors.

         SECTION 4.09. SPECIAL MEETINGS. Special meetings of the board of
directors shall be held whenever called by the chief executive officer or by two
or more of the directors.

         SECTION 4.10. QUORUM OF AND ACTION BY DIRECTORS.

                  (a) General Rule. A majority of the directors in office of the
corporation shall be necessary to constitute a quorum for the transaction of
business and the acts of a majority of the directors present and voting at a
meeting at which a quorum is present shall be the acts of the board of
directors.

                  (b) Action by Written Consent. Any action required or
permitted to be taken at a meeting of the directors may be taken without a
meeting if, prior or subsequent to the action, a consent or consents thereto by
all of the directors in office is filed with the secretary of the corporation.

                                      -12-

<PAGE>

                  (c) Notation of Dissent. A director who is present at a
meeting of the board of directors, or of a committee of the board, at which
action on any corporate matter is taken shall be presumed to have assented to
the action taken unless his or her dissent is entered in the minutes of the
meeting or unless the director files a written dissent to the action with the
secretary of the meeting before the adjournment thereof or transmits the dissent
in writing to the secretary of the corporation immediately after the adjournment
of the meeting. The right to dissent shall not apply to a director who voted in
favor of the action. Nothing in this section shall bar a director from asserting
that minutes of the meeting incorrectly omitted his or her dissent if, promptly
upon receipt of a copy of such minutes, the director notifies the secretary, in
writing, of the asserted omission or inaccuracy.

         SECTION 4.11. EXECUTIVE AND OTHER COMMITTEES.

                  (a) Establishment and Powers. The board of directors may, by
resolution adopted by a majority of the directors in office, establish one or
more committees to consist of one or more directors of the corporation. Any
committee, to the extent provided in the resolution of the board of directors,
shall have and may exercise all of the powers and authority of the board of
directors except that a committee shall not have any power or authority as to
the following:

                           (1) The submission to shareholders of any action
requiring approval of shareholders under the Business Corporation Law.

                           (2) The creation or filling of vacancies in the board
of directors.

                           (3) The adoption, amendment or repeal of these
bylaws.

                           (4) The amendment or repeal of any resolution of the
board that by its terms is amendable or repealable only by the board.

                           (5) Action on matters committed by a resolution of
the board of directors to another committee of the board.

                  (b) Alternate Committee Members. The board may designate one
or more directors as alternate members of any committee who may replace any
absent or disqualified member at any meeting of the committee or for the
purposes of any written action by the committee. In the absence or
disqualification of a member and alternate member or members of a committee, the
member or members thereof present at any meeting and not disqualified from
voting, whether or not constituting a quorum, may unanimously appoint another
director to act at the meeting in the place of the absent or disqualified
member.

                  (c) Term. Each committee of the board shall serve at the
pleasure of the board.

                  (d) Committee Procedures. The term "board of directors" or
"board," when used in any provision of these bylaws relating to the organization
or procedures of or the manner of taking action by the board of directors, shall
be construed to include and refer to any executive or other committee of the
board.

         SECTION 4.12. COMPENSATION. The board of directors shall have the
authority to fix the compensation of directors for their services as directors
and a director may be a salaried officer of the corporation.

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                                    ARTICLE V

                                    OFFICERS

         SECTION 5.01. OFFICERS GENERALLY.

                  (a) Number, Qualifications and Designation. The officers of
the corporation shall be a president, one or more vice presidents, a secretary,
a treasurer, and such other officers as may be elected in accordance with the
provisions of Section 5.03. Officers may but need not be directors or
shareholders of the corporation. The president and secretary shall be natural
persons of full age. The treasurer may be a corporation, but if a natural person
shall be of full age. The board of directors may elect from among the members of
the board a chairman of the board and a vice chairman of the board who may be
officers of the corporation. Any number of offices may be held by the same
person.

                  (b) Bonding. The corporation may secure the fidelity of any or
all of its officers by bond or otherwise.

                  (c) Standard of Care. In lieu of the standards of conduct
otherwise provided by law, officers of the corporation shall be subject to the
same standards of conduct, including standards of care and loyalty and rights of
justifiable reliance, as shall at the time be applicable to directors of the
corporation. An officer of the corporation shall not be personally liable, as
such, to the corporation or its shareholders for monetary damages (including,
without limitation, any judgment, amount paid in settlement, penalty, punitive
damages or expense of any nature (including, without limitation, attorneys' fees
and disbursements)) for any action taken, or any failure to take any action,
unless the officer has breached or failed to perform the duties of his or her
office under the articles of incorporation, these bylaws, or the applicable
provisions of law and the breach or failure to perform constitutes self-dealing,
willful misconduct or recklessness. The provisions of this subsection shall not
apply to the responsibility or liability of an officer pursuant to any criminal
statute or for the payment of taxes pursuant to local, state or federal law.

         SECTION 5.02. ELECTION, TERM OF OFFICE AND RESIGNATIONS.

                  (a) Election and Term of Office. The officers of the
corporation (except those elected by delegated authority pursuant to Section
5.03 or filled pursuant to Section 5.05) shall be elected annually by the board
of directors, and each such officer shall hold office for a term of one year and
until a successor has been selected and qualified or until his or her earlier
death, resignation or removal.

                  (b) Resignations. Any officer may resign at any time upon
written notice to the corporation. The resignation shall be effective upon
receipt thereof by the corporation or at such subsequent time as may be
specified in the notice of resignation.

         SECTION 5.03. SUBORDINATE OFFICERS, COMMITTEES AND AGENTS. The board of
directors may from time to time elect such other officers and appoint such
committees, employees or other agents as the business of the corporation may
require, including one or more assistant secretaries, and one or more assistant
treasurers, each of whom shall hold office for such period, have such authority,
and perform such duties as are provided in these bylaws, or as the board of
directors may from time to time determine. The board of directors may delegate
to any officer or committee the power to elect subordinate officers and to
retain or appoint employees or other agents, or committees thereof,

                                      -14-

<PAGE>

and to prescribe the authority and duties of such subordinate officers,
committees, employees or other agents.

         SECTION 5.04. REMOVAL OF OFFICERS AND AGENTS. Any officer or agent of
the corporation may be removed by the board of directors with or without cause.
The removal shall be without prejudice to the contract rights, if any, of any
person so removed. Election or appointment of an officer or agent shall not of
itself create contract rights.

         SECTION 5.05. VACANCIES. A vacancy in any office because of death,
resignation, removal, disqualification, or any other cause, may be filled by the
board of directors or the board of directors may delegate to any officer or
committee the power to fill a vacancy in such office or to create a new such
office, subject to ratification by the board of directors, and if the office is
one for which these bylaws prescribe a term, shall be filled for the unexpired
portion of the term.

         SECTION 5.06. AUTHORITY.

                  (a) General Rule. All officers of the corporation, as between
themselves and the corporation, shall have such authority and perform such
duties in the management of the corporation as may be provided by or pursuant to
resolutions or orders of the board of directors or, in the absence of
controlling provisions in the resolutions or orders of the board of directors,
as may be determined by or pursuant to these bylaws.

                  (b) Chief Executive Officer. The chairman of the board or the
president, as designated from time to time by the board of directors, shall be
the chief executive officer of the corporation.

         SECTION 5.07. THE CHAIRMAN AND VICE CHAIRMAN OF THE BOARD. The chairman
of the board or in the absence of the chairman, the vice chairman of the board,
shall preside at all meetings of the shareholders and of the board of directors,
and shall perform such other duties as may from time to time be requested by the
board of directors.

         SECTION 5.08. THE CHIEF EXECUTIVE OFFICER. The chief executive officer
shall be the chief executive officer of the corporation and shall have general
supervision over the business of the corporation. The chief executive officer
shall have the general powers and shall perform the duties which by law and
general usage appertain to the office, subject, however, to the control of the
board of directors. The chief executive officer shall sign, execute and
acknowledge, in the name of the corporation, deeds, mortgages, bonds, contracts
and other instruments authorized by the board of directors, except in cases
where the signing and execution thereof shall be expressly delegated by the
board of directors, or by these bylaws, to some other officer or agent of the
corporation.

         SECTION 5.09. THE PRESIDENT. The president shall perform such duties as
from time to time may be assigned by the board of directors or the chief
executive officer (unless the president shall be the chief executive officer, in
which case the president's duties shall be those specified in Section 5.08).

         SECTION 5.10. THE VICE PRESIDENTS. The vice presidents shall perform
the duties of the president in the absence of the president and such other
duties as may from time to time be assigned to them by the board of directors or
the president.

         SECTION 5.11. THE SECRETARY. The secretary or an assistant secretary
shall attend all meetings of the shareholders and of the board of directors and
all committees thereof and shall

                                      -15-

<PAGE>

record all the votes of the shareholders and of the directors and the minutes of
the meetings of the shareholders and of the board of directors and of committees
of the board in a book or books to be kept for that purpose; shall see that
notices are given and records and reports properly kept and filed by the
corporation as required by law; shall be the custodian of the seal of the
corporation and see that it is affixed to all documents to be executed on behalf
of the corporation under its seal; and, in general, shall perform all duties
incident to the office of secretary, and such other duties as may from time to
time be assigned by the board of directors or the president.

         SECTION 5.12. THE TREASURER. The treasurer or an assistant treasurer
shall have or provide for the custody of the funds or other property of the
corporation; shall collect and receive or provide for the collection and receipt
of monies earned by or in any manner due to or received by the corporation;
shall deposit all funds in his or her custody as treasurer in such banks or
other places of deposit as the board of directors may from time to time
designate; shall, whenever so required by the board of directors, render an
account showing all transactions as treasurer, and the financial condition of
the corporation; and, in general, shall discharge such other duties as may from
time to time be assigned by the board of directors or the president.

         SECTION 5.13. SALARIES. The salaries of the officers elected by the
board of directors shall be fixed from time to time by the board of directors or
by such officer as may be designated by resolution of the board. The salaries or
other compensation of any other officers, employees and other agents shall be
fixed from time to time by the officer or committee to which the power to elect
such officers or to retain or appoint such employees or other agents has been
delegated pursuant to Section 5.03. No officer shall be prevented from receiving
such salary or other compensation by reason of the fact that the officer is also
a director of the corporation.

                                   ARTICLE VI

                      CERTIFICATES OF STOCK, TRANSFER, ETC.

         SECTION 6.01. SHARE CERTIFICATES.

                  (a) Form of Certificates. Certificates for shares of the
corporation shall be in such form as approved by the board of directors, and
shall state that the corporation is incorporated under the laws of the
Commonwealth of Pennsylvania, the name of the person to whom issued, and the
number and class of shares and the designation of the series (if any) that the
certificate represents. If the corporation is authorized to issue shares of more
than one class or series, certificates for shares of the corporation shall set
forth upon the face or back of the certificate (or shall state on the face or
back of the certificate that the corporation will furnish to any shareholder
upon request and without charge), a full or summary statement of the
designations, voting rights, preferences, limitations and special rights of the
shares of each class or series authorized to be issued so far as they have been
fixed and determined and the authority of the board of directors to fix and
determine the designations, voting rights, preferences, limitations and special
rights of the classes and series of shares of the corporation.

                  (b) Share Register. The share register or transfer books and
blank share certificates shall be kept by the secretary or by any transfer agent
or registrar designated by the board of directors for that purpose.

         SECTION 6.02. ISSUANCE. The share certificates of the corporation shall
be numbered and registered in the share register or transfer books of the
corporation as they are issued. They shall be

                                      -16-

<PAGE>

executed in such manner as the board of directors shall determine. Where a
certificate is signed by a transfer agent or a registrar, the signature of any
corporate officer upon the certificate may be a facsimile, engraved or printed.
In case any officer who has signed, or whose facsimile signature has been placed
upon, any share certificate shall have ceased to be such officer because of
death, resignation or otherwise, before the certificate is issued, it may be
issued with the same effect as if the officer had not ceased to be such at the
date of its issue. The provisions of this Section 6.02 shall be subject to any
inconsistent or contrary agreement in effect at the time between the corporation
and any transfer agent or registrar.

         SECTION 6.03. TRANSFER. Transfers of shares shall be made on the share
register or transfer books of the corporation upon surrender of the certificate
therefor, endorsed by the person named in the certificate or by an attorney
lawfully constituted in writing. No transfer shall be made inconsistent with the
provisions of the Uniform Commercial Code, 13 Pa.C.S. (S)(S)8101 et seq., and
its amendments and supplements.

         SECTION 6.04. RECORD HOLDER OF SHARES. The corporation shall be
entitled to treat the person in whose name any share or shares of the
corporation stand on the books of the corporation as the absolute owner thereof,
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.

         SECTION 6.05. LOST, DESTROYED OR MUTILATED CERTIFICATES. The holder of
any shares of the corporation shall immediately notify the corporation of any
loss, destruction or mutilation of the certificate therefor, and the board of
directors may, in its discretion, cause a new certificate or certificates to be
issued to such holder, in case of mutilation of the certificate, upon the
surrender of the mutilated certificate or, in case of loss or destruction of the
certificate, upon satisfactory proof of such loss or destruction and, if the
board of directors shall so determine, the deposit of a bond in such form and in
such sum, and with such surety or sureties, as it may direct.

         SECTION 6.06. UNCERTIFICATED SHARES. Notwithstanding anything herein to
the contrary, any or all classes and series of shares, or any part thereof, may
be represented by uncertificated shares, except that shares represented by a
certificate that is issued and outstanding shall continue to be represented
thereby until the certificate is surrendered to the corporation. Within a
reasonable time after the issuance or transfer of uncertificated shares, the
corporation shall send to the registered owner thereof, a written notice
containing the information required to be set forth or stated on certificates.
The rights and obligations of the holders of shares represented by certificates
and the rights and obligations of the holders of uncertificated shares of the
same class or series shall be identical. Notwithstanding anything herein to the
contrary, the provisions of Sections 6.01 through 6.03 and 6.05 hereof shall be
inapplicable to uncertificated shares and in lieu thereof the board of directors
shall adopt alternative procedures for registration of transfers.

                                   ARTICLE VII

                   INDEMNIFICATION OF DIRECTORS, OFFICERS AND
                        OTHER AUTHORIZED REPRESENTATIVES

         (The provisions of this Article VII were first adopted by the
shareholders of the corporation on December 20, 1991.)

         SECTION 7.01. SCOPE OF INDEMNIFICATION.

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<PAGE>

                  (a) General Rule. The corporation shall indemnify an
indemnified representative against any liability incurred in connection with any
proceeding in which the indemnified representative may be involved as a party or
otherwise by reason of the fact that such person is or was serving in an
indemnified capacity, including, without limitation, liabilities resulting from
any actual or alleged breach or neglect of duty, error, misstatement or
misleading statement, negligence, gross negligence or act giving rise to strict
or products liability, except:

                           (1) where such indemnification is expressly
prohibited by applicable law;

                           (2) where the conduct of the indemnified
representative has been finally determined pursuant to Section 7.06 or
otherwise:

                                    (i) to constitute willful misconduct or
recklessness within the meaning of 15 Pa.C.S. (S)1746(b) or any superseding
provision of law sufficient in the circumstances to bar indemnification against
liabilities arising from the conduct; or

                                    (ii) to be based upon or attributable to the
receipt by the indemnified representative from the corporation of a personal
benefit to which the indemnified representative is not legally entitled; or

                           (3) to the extent such indemnification has been
finally determined in a final adjudication pursuant to Section 7.06 to be
otherwise unlawful.

                  (b) Partial Payment. If an indemnified representative is
entitled to indemnification in respect of a portion, but not all, of any
liabilities to which such person may be subject, the corporation shall indemnify
such indemnified representative to the maximum extent for such portion of the
liabilities.

                  (c) Presumption. The termination of a proceeding by judgment,
order, settlement or conviction or upon a plea of nolo contendere or its
equivalent shall not of itself create a presumption that the indemnified
representative is not entitled to indemnification.

                  (d) Definitions. For purposes of this Article:

                           (1) "indemnified capacity" means any and all past,
present and future service by an indemnified representative in one or more
capacities as a director, officer, employee or agent of the corporation, or, at
the request of the corporation, as a director, officer, employee, agent,
fiduciary or trustee of another corporation, partnership, joint venture, trust,
employee benefit plan or other entity or enterprise;

                           (2) "indemnified representative" means any and all
directors and officers of the corporation and any other person designated as an
indemnified representative by the board of directors of the corporation (which
may, but need not, include any person serving at the request of the corporation,
as a director, officer, employee, agent, fiduciary or trustee of another
corporation, partnership, joint venture, trust, employee benefit plan or other
entity or enterprise);

                           (3) "liability" means any damage, judgment, amount
paid in settlement, fine, penalty, punitive damages, excise tax assessed with
respect to an employee benefit plan, or cost or expense of any nature
(including, without limitation, attorneys' fees and disbursements); and

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                           (4) "proceeding" means any threatened, pending or
completed action, suit, appeal or other proceeding of any nature, whether civil,
criminal, administrative or investigative, whether formal or informal, and
whether brought by or in the right of the corporation, a class of its security
holders or otherwise.

         SECTION 7.02. PROCEEDINGS INITIATED BY INDEMNIFIED REPRESENTATIVES.
Notwithstanding any other provision of this Article, the corporation shall not
indemnify under this Article an indemnified representative for any liability
incurred in a proceeding initiated (which shall not be deemed to include counter
claims or affirmative defenses) or participated in as an intervenor or amicus
curiae by the person seeking indemnification unless such initiation of or
participation in the proceeding is authorized, either before or after its
commencement, by the affirmative vote of a majority of the directors in office.
This section does not apply to reimbursement of expenses incurred in
successfully prosecuting or defending an arbitration under Section 7.06 or
otherwise successfully prosecuting or defending the rights of an indemnified
representative granted by or pursuant to this Article.

         SECTION 7.03. ADVANCING EXPENSES. The corporation shall pay the
expenses (including attorneys' fees and disbursements) incurred in good faith by
an indemnified representative in advance of the final disposition of a
proceeding described in Section 7.01 or the initiation of or participation in
which is authorized pursuant to Section 7.02 upon receipt of an undertaking by
or on behalf of the indemnified representative to repay the amount if it is
ultimately determined pursuant to Section 7.06 that such person is not entitled
to be indemnified by the corporation pursuant to this Article. The financial
ability of an indemnified representative to repay an advance shall not be a
prerequisite to the making of such advance.

         SECTION 7.04. SECURING OF INDEMNIFICATION OBLIGATIONS. To further
effect, satisfy or secure the indemnification obligations provided herein or
otherwise, the corporation may maintain insurance, obtain a letter of credit,
act as self-insurer, create a reserve, trust, escrow, cash collateral or other
fund or account, enter into indemnification agreements, pledge or grant a
security interest in any assets or properties of the corporation, or use any
other mechanism or arrangement whatsoever in such amounts, at such costs, and
upon such other terms and conditions as the board of directors shall deem
appropriate. Absent fraud, the determination of the board of directors with
respect to such amounts, costs, terms and conditions shall be conclusive against
all security holders, officers and directors and shall not be subject to
voidability.

         SECTION 7.05. PAYMENT OF INDEMNIFICATION. An indemnified representative
shall be entitled to indemnification within 30 days after a written request for
indemnification has been delivered to the secretary of the corporation.

         SECTION 7.06. ARBITRATION.

                  (a) General Rule. Any dispute related to the right to
indemnification, contribution or advancement of expenses as provided under this
Article, except with respect to indemnification for liabilities arising under
the Securities Act of 1933 that the corporation has undertaken to submit to a
court for adjudication, shall be decided only by arbitration in the county in
which the principal executive offices of the corporation are located at the
time, in accordance with the commercial arbitration rules then in effect of the
American Arbitration Association, before a panel of three arbitrators, one of
whom shall be selected by the corporation, the second of whom shall be selected
by the indemnified representative and the third of whom shall be selected by the
other two

                                      -19-

<PAGE>

arbitrators. In the absence of the American Arbitration Association, or if for
any reason arbitration under the arbitration rules of the American Arbitration
Association cannot be initiated, and if one of the parties fails or refuses to
select an arbitrator or the arbitrators selected by the corporation and the
indemnified representative cannot agree on the selection of the third arbitrator
within 30 days after such time as the corporation and the indemnified
representative have each been notified of the selection of the other's
arbitrator, the necessary arbitrator or arbitrators shall be selected by the
presiding judge of the court of general jurisdiction in such county.

                  (b) Qualifications of Arbitrators. Each arbitrator selected as
provided herein is required to be or have been a director or executive officer
of a corporation whose shares of common stock were listed during at least one
year of such service on the New York Stock Exchange or the American Stock
Exchange or quoted on the National Association of Securities Dealers Automated
Quotations System.

                  (c) Burden of Proof. The party or parties challenging the
right of an indemnified representative to the benefits of this Article shall
have the burden of proof.

                  (d) Expenses. The corporation shall reimburse an indemnified
representative for the expenses (including attorneys' fees and disbursements)
incurred in successfully prosecuting or defending such arbitration.

                  (e) Effect. Any award entered by the arbitrators shall be
final, binding and nonappealable and judgment may be entered thereon by any
party in accordance with applicable law in any court of competent jurisdiction,
except that the corporation shall be entitled to interpose as a defense in any
such judicial enforcement proceeding any prior final judicial determination
adverse to the indemnified representative under Section 7.01(a)(2) in a
proceeding not directly involving indemnification under this Article. This
arbitration provision shall be specifically enforceable.

         SECTION 7.07. CONTRIBUTION. If the indemnification provided for in this
Article or otherwise is unavailable for any reason in respect of any liability
or portion thereof, the corporation shall contribute to the liabilities to which
the indemnified representative may be subject in such proportion as is
appropriate to reflect the intent of this Article or otherwise.

         SECTION 7.08. MANDATORY INDEMNIFICATION OF DIRECTORS, OFFICERS, ETC. To
the extent that an authorized representative of the corporation has been
successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Sections 1741 or 1742 of the Business Corporation Law
or in defense of any claim, issue or matter therein, such person shall be
indemnified against expenses (including attorneys' fees and disbursements)
actually and reasonably incurred by such person in connection therewith.

         SECTION 7.09. CONTRACT RIGHTS; AMENDMENT OR REPEAL. All rights under
this Article shall be deemed a contract between the corporation and the
indemnified representative pursuant to which the corporation and each
indemnified representative intend to be legally bound. Any repeal, amendment or
modification hereof shall be prospective only and shall not affect any rights or
obligations then existing.

         SECTION 7.10. SCOPE OF ARTICLE. The rights granted by this Article
shall not be deemed exclusive of any other rights to which those seeking
indemnification, contribution or advancement of expenses may be entitled under
any statute, agreement, vote of shareholders or disinterested

                                      -21-

<PAGE>

directors or otherwise, both as to action in an indemnified capacity and as to
action in any other capacity. The indemnification, contribution and advancement
of expenses provided by or granted pursuant to this Article shall continue as to
a person who has ceased to be an indemnified representative in respect of
matters arising prior to such time, and shall inure to the benefit of the heirs,
executors, administrators and personal representatives of such a person.

         SECTION 7.11. RELIANCE ON PROVISIONS. Each person who shall act as an
indemnified representative of the corporation shall be deemed to be doing so in
reliance upon the rights of indemnification, contribution and advancement of
expenses provided by this Article.

         SECTION 7.12. INTERPRETATION. The provisions of this Article are
intended to constitute bylaws authorized by 15 Pa.C.S. (S)1746.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         SECTION 8.01. CORPORATE SEAL. The corporation shall have a corporate
seal in the form of a circle containing the name of the corporation, the year of
incorporation and such other details as may be approved by the board of
directors. The affixation of the corporate seal shall not be necessary to the
valid execution, assignment or endorsement by the corporation of any instrument
or other document.

         SECTION 8.02. CHECKS. All checks, notes, bills of exchange or other
similar orders in writing shall be signed by such one or more officers or
employees of the corporation as the board of directors may from time to time
designate.

         SECTION 8.03. CONTRACTS. Except as otherwise provided in the Business
Corporation Law in the case of transactions that require action by the
shareholders, the board of directors may authorize any officer or agent to enter
into any contract or to execute or deliver any instrument on behalf of the
corporation, and such authority may be general or confined to specific
instances.

         SECTION 8.04. INTERESTED DIRECTORS OR OFFICERS; QUORUM.

                  (a) General Rule. A contract or transaction between the
corporation and one or more of its directors or officers or between the
corporation and another corporation, partnership, joint venture, trust or other
enterprise in which one or more of its directors or officers are directors or
officers or have a financial or other interest, shall not be void or voidable
solely for that reason, or solely because the director or officer is present at
or participates in the meeting of the board of directors that authorizes the
contract or transaction, or solely because his, her or their votes are counted
for that purpose, if:

                           (1) the material facts as to the relationship or
interest and as to the contract or transaction are disclosed or are known to the
board of directors and the board authorizes the contract or transaction by the
affirmative votes of a majority of the disinterested directors even though the
disinterested directors are less than a quorum;

                           (2) the material facts as to his or her relationship
or interest and as to the contract or transaction are disclosed or are known to
the shareholders entitled to vote thereon and the contract or transaction is
specifically approved in good faith by vote of those shareholders; or

                                      -22-

<PAGE>

                           (3) the contract or transaction is fair as to the
corporation as of the time it is authorized, approved or ratified by the board
of directors or the shareholders.

                  (b) Quorum. Common or interested directors may be counted in
determining the presence of a quorum at a meeting of the board which authorizes
a contract or transaction specified in subsection (a).

         SECTION 8.05. DEPOSITS. All funds of the corporation shall be deposited
from time to time to the credit of the corporation in such banks, trust
companies or other depositaries as the board of directors may approve or
designate, and all such funds shall be withdrawn only upon checks signed by such
one or more officers or employees of the corporation as the board of directors
shall from time to time designate.

         SECTION 8.06. CORPORATE RECORDS.

                  (a) Required Records. The corporation shall keep complete and
accurate books and records of account, minutes of the proceedings of the
incorporators, shareholders and directors and a share register giving the names
and addresses of all shareholders and the number and class of shares held by
each. The share register shall be kept at either the registered office of the
corporation in the Commonwealth of Pennsylvania or at its principal place of
business wherever situated or at the office of its registrar or transfer agent.
Any books, minutes or other records may be in written form or any other form
capable of being converted into written form within a reasonable time.

                  (b) Right of Inspection. Every shareholder shall, upon written
verified demand stating the purpose thereof, have a right to examine, in person
or by agent or attorney, during the usual hours for business for any proper
purpose, the share register, books and records of account, and records of the
proceedings of the incorporators, shareholders and directors and to make copies
or extracts therefrom. A proper purpose shall mean a purpose reasonably related
to the interest of the person as a shareholder. In every instance where an
attorney or other agent is the person who seeks the right of inspection, the
demand shall be accompanied by a verified power of attorney or other writing
that authorizes the attorney or other agent to so act on behalf of the
shareholder. The demand shall be directed to the corporation at its registered
office in the Commonwealth of Pennsylvania or at its principal place of business
wherever situated.

         SECTION 8.07. AMENDMENT OF BYLAWS. Except as otherwise provided in the
express terms of any series of the shares of the corporation:

                  (a) The shareholders shall have the power to amend or repeal
these bylaws, or to adopt new bylaws, only with the approval of the board of
directors. A direction by the board that a shareholder proposal with respect to
the bylaws shall be submitted to the shareholders for action thereon, or the
sufferance by the board that such a proposal shall be so submitted, shall not
constitute approval by the board of directors of the amendment, repeal or new
bylaws.

                  (b) These bylaws may be amended or repealed, or new bylaws may
be adopted, by vote of a majority of the board of directors of the corporation
in office at any regular or special meeting of directors, including in
circumstances otherwise reserved by statute exclusively to the shareholders, the
board of directors of the corporation having under the articles of incorporation
the full authority conferred by law upon the shareholders of the corporation to
adopt, amend or repeal

                                      -23-

<PAGE>

these bylaws. Any bylaw adopted by the board of directors under this paragraph
shall be consistent with the articles of incorporation.

As amended through February 25, 2003.

                                      -24-

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