Document:

EXHIBIT 10.4

                               CRIT SPECIAL, INC.

                            ARTICLES OF INCORPORATION

                                    ARTICLE I
                                      NAME

         1.       Name. The name of the Corporation is CRIT Special, Inc.

                                   ARTICLE II
                                    PURPOSE

         2.       Purpose. Notwithstanding any provision hereof to the contrary,
the  following  shall  govern:  The  business,  operations  and  purposes of the
Corporation are limited solely to the following:

                  (a)      To  serve  as the  sole  member  of,  and to have the
entire  membership  interest in, CRIT-NC II, LLC, a Delaware  limited  liability
company (the "LLC"),  in  accordance  with the  provisions  hereof and the LLC's
Operating  Agreement,  which by its terms  limits the business of the LLC to the
ownership,  operation and  management of those certain  parcels of real property
listed on Schedule A hereto,  together  with all  improvements  located  thereon
(collectively,  the  "Properties"),  and limits the indebtedness of the LLC to a
first lien  mortgage on the  Properties  arising  from  financing by First Union
National  Bank (the  "Mortgage"),  any other  indebtedness  permitted  under the
Mortgage,  and normal trade accounts payable in the ordinary course of the LLC's
business; and

                  (b)      To  exercise  all powers that are  enumerated  in the
Virginia  Stock  Corporation  Act and that are necessary or  convenient  for the
business, operations or purposes of the Corporation as set forth herein.

<PAGE>

                                   ARTICLE III
                                  PROHIBITIONS

         3.       Certain Prohibited  Activities.  Notwithstanding any provision
hereof to the contrary, the following shall govern:

                  (a)      For so long as any obligation secured by the Mortgage
remains  outstanding and not paid in full, the Corporation's  indebtedness shall
consist  only of  indebtedness  it is  permitted  to have under the Mortgage and
normal  trade  accounts  payable in the  ordinary  course of  business,  and the
Corporation  shall not cause or permit  the LLC to have any  indebtedness  other
than the following:  (i) the Mortgage,  (ii) any other  indebtedness  the LLC is
permitted to have under the Mortgage, and (iii) normal trade accounts payable in
the ordinary course of the LLC's business.

                  (b)      The  Corporation  shall not consolidate or merge with
or into any other  entity,  or convey or  transfer  its  properties  and  assets
substantially as an entirety to any entity, unless:

                           (i)      the   entity   that  is  formed   upon  such
consolidation,  that  survives such merger (if other than the  Corporation),  or
that  acquires  by  conveyance  or  transfer  the  properties  and assets of the
Corporation  substantially as an entirety,  shall: (A) be organized and existing
under the laws of the United  States of America or any State or the  District of
Columbia,  (B) include in its organizational  documents the same limitations set
forth in this Article III and in Article VII (Separateness  Covenants),  and (C)
expressly   assume  the  due  and  timely   performance  of  the   Corporation's
obligations; and

                           (ii)     immediately  after  giving  effect  to  such
transaction,  no  default  or event of  default  will  have  occurred  under any
agreement to which the Corporation is a party.

                  (c)      The Corporation  shall not cause or permit the LLC to
consolidate or merge with or into any other entity, or to convey or transfer its
properties and assets substantially as an entirety to any entity, unless:

                                      -2-
<PAGE>

                           (i)      the   entity   that  is  formed   upon  such
consolidation,  that  survives  such  merger  (if other  than the LLC),  or that
acquires  by  conveyance  or  transfer  the  properties  and  assets  of the LLC
substantially  as an entirety,  shall:  (A) be organized and existing  under the
laws of the United  States of America or any State or the  District of Columbia,
(B) include in its  organizational  documents the same  limitations set forth in
this Article III and in Article VII (Separateness Covenants),  and (C) expressly
assume the due and punctual performance of the LLC's obligations; and

                           (ii)     immediately  after  giving  effect  to  such
transaction,  no  default  or event of  default  will  have  occurred  under any
agreement to which the LLC is a party.

                  (d)      For so long as any obligation secured by the Mortgage
remains outstanding and not paid in full, the Corporation shall not, without the
unanimous consent of the Board of Directors (i) voluntarily commence a case with
respect to itself, as debtor,  under the Federal  Bankruptcy Code or any similar
federal  or state  statute;  or (ii)  cause  or  permit  the LLC to  voluntarily
commence a case with respect to the LLC, as debtor, under the Federal Bankruptcy
Code or any  similar  federal or state  statute.  For so long as any  obligation
secured by the Mortgage  remains  outstanding  and not paid in full, no material
amendment to these Articles of Incorporation or to the Corporation's  Bylaws may
be made without the prior  approval of the mortgagee  holding the Mortgage,  and
the Corporation  shall not cause or permit any material  amendment to be made to
the LLC's  Certificate  of Formation or  Operating  Agreement  without the prior
approval of the mortgagee holding the Mortgage.

                                   ARTICLE IV
                                AUTHORIZED SHARES

         4.1.     Number and  Designation.  The number of shares the Corporation
is authorized to issue is set forth below, together with the designation thereof
and the par value per share:

         Number of Shares    Class Designation    Par Value Per Share
         ----------------    -----------------    -------------------
         5,000               Common               no par value

                                      -3-
<PAGE>

         4.2      Preemptive  Rights. No holder of outstanding shares shall have
any  preemptive  right  with  respect  to:  (a) any  shares  of any class of the
Corporation,  whether now or hereafter authorized;  (b) any warrants,  rights or
options to purchase any such shares; or (c) any obligations convertible into any
such shares or into warrants, rights or options to purchase any such shares.

         4.3      Voting and  Distributions.  The  holders of the Common  Shares
shall have  unlimited  voting  rights and shall be  entitled  to receive the net
assets  of  the  Corporation  upon  the  liquidation  of  the  Corporation,  its
dissolution or the winding up of its affairs.

                                    ARTICLE V
                       INITIAL REGISTERED OFFICE AND AGENT

         5.1      Initial  Registered  Office.  The initial registered office of
the Corporation is located in the City of Richmond,  Virginia,  at the following
address:

                       McGuireWoods LLP
                       One James Center
                       901 East Cary Street
                       Richmond, Virginia  23219

         5.2      Initial  Registered Agent. The initial registered agent of the
Corporation is Martin B. Richards,  Esquire,  whose business office is identical
with the  initial  registered  office and who is a resident  of  Virginia  and a
member of the Virginia State Bar.

                                   ARTICLE VI
                     LIMIT ON LIABILITY AND INDEMNIFICATION

         6.1      Limit on  Liability.  To the maximum  extent that the Virginia
Stock  Corporation  Act,  as it exists on the date  hereof or may  hereafter  be
amended,  permits  elimination  of, or  limitations  upon,  the  liability  of a
director  or  officer  of a  corporation,  the  directors  and  officers  of the
Corporation shall have, as applicable,  no liability or limited liability to the
Corporation or its shareholders.

                                      -4-
<PAGE>

         6.2      Indemnification, Advancement of Expenses and Related Matters.

                  (a)      The  Corporation,  in  accordance  with the mandatory
indemnification   provisions  of  the  Virginia  Stock  Corporation  Act,  shall
indemnify a director who entirely  prevails in the defense of any  proceeding to
which he was a party because he is or was a director of the Corporation  against
reasonable  expenses  incurred  by him in  connection  with the  proceeding.  An
officer of the Corporation  shall be entitled to such mandatory  indemnification
to the same extent as a director.

                  (b)      In addition  to any  mandatory  indemnification,  the
Corporation  shall provide the maximum  indemnification  permitted by law to any
director,  officer,  employee or agent of the Corporation in connection with any
proceeding (including any proceeding by or in the right of the Corporation) that
is brought  against  such person and that is based on the  actions  taken or not
taken by such  person  on behalf of the  Corporation,  or on the  status of such
person as a director,  officer, employee or agent of the Corporation,  except to
the extent that such person has  engaged in (i)  willful  misconduct,  or (ii) a
knowing violation of the criminal law.

                  (c)      The provisions of this Article shall not be deemed to
prevent,  deny or limit (i) the  indemnification  or insurance  permitted  under
applicable  law  to  the  directors,   officers,  employees  or  agents  of  the
Corporation,  or (ii) the authority of the Corporation  under  applicable law to
advance,  reimburse or pay expenses  for the benefit of any  director,  officer,
employee or agent.

                  (d)      The  determination  of  whether  the  Corporation  is
required or permitted,  in a particular case, to indemnify a director,  officer,
employee  or  agent  (or  to  provide   such  person  with   related   advances,
reimbursements  or other payments of expenses)  shall be conducted in accordance
with Section  13.1-701 of the Virginia Stock  Corporation  Act, or any successor
provision.

         6.3      Mandatory Subordination.  Notwithstanding any provision hereof
to the contrary,  the following shall govern: Any indemnification shall be fully
subordinated  to any  obligations of

                                      -5-
<PAGE>

the  Corporation  in regard to the  Properties  and shall not constitute a claim
against the  Corporation in the event that cash flow is insufficient to pay such
obligations.

         6.4      Amendments.  No  amendment,  modification  or  repeal  of this
Article shall diminish the rights provided  hereunder to any person arising from
conduct or events occurring before the adoption of such amendment,  modification
or repeal.

                                   ARTICLE VII
                             SEPARATENESS COVENANTS

         7.1      Separateness  Covenants.  Notwithstanding any provision hereof
to the contrary,  the  following  shall  govern:  For so long as any  obligation
secured by the Mortgage  remains  outstanding  and not paid in full, in order to
preserve and ensure the Corporation's  separate and distinct corporate identity,
in  addition  to  the  other   provisions   set  forth  in  these   Articles  of
Incorporation,  the Corporation shall conduct its affairs in accordance with the
following provisions:

                  (a)      It shall  establish  and  maintain an office  through
which its  business  shall be  conducted  separate  and apart  from those of its
parent  and any  affiliate  and it shall  allocate  fairly  and  reasonably  any
overhead for shared office space.

                  (b)      It shall  maintain  separate  corporate  records  and
books of account from those of its parent and any affiliate.

                  (c)      Its  Board  of  Directors   shall  hold   appropriate
meetings,  or act by unanimous consent,  to authorize all appropriate  corporate
actions and shall observe all corporate formalities in authorizing such actions.

                  (d)      It  shall  not  commingle  assets  with  those of its
parent or any affiliate.

                  (e)      It shall conduct its own business in its own name.

                                      -6-
<PAGE>

                  (f)      It shall maintain financial  statements separate from
its parent and any affiliate.

                  (g)      It shall pay any  liabilities  out of its own  funds,
including  salaries  of any  employees,  rather  than funds of its parent or any
affiliate.

                  (h)      It shall maintain an arm's length  relationship  with
its parent and any affiliate.

                  (i) It shall not  guarantee or become  obligated for the debts
of any other person or entity (including,  without limitation, its parent or any
affiliate)  and shall not hold out its credit as being  available to satisfy the
obligations of others.

                  (j)      It shall use stationery, invoices and checks separate
from its parent and any affiliate.

                  (k) It shall not  pledge  its  assets  for the  benefit of any
other  person  or  entity  (including,  without  limitation,  its  parent or any
affiliate).

                  (l)      It shall hold itself out as an entity  separate  from
its parent and any affiliate.

                  (m)      It shall not make any loans or  advances to any third
party (including, without limitation, any affiliate).

                  (n)      It  shall  comply  with  its  obligations  under  the
agreements and instruments evidencing the Mortgage.

         7.2      Definitions.  For purpose of this Article  VII, the  following
terms shall have the indicated meanings:

                                      -7-
<PAGE>

                  (a)      "affiliate" means, with respect to a specified person
or entity:

                           (i)      any person or entity  directly or indirectly
owning, controlling or holding, with power to vote, ten percent (10%) or more of
the outstanding voting securities or interests of the specified entity;

                           (ii)     any  person or entity ten  percent  (10%) or
more of whose  outstanding  voting  securities are directly or indirectly owned,
controlled or held, with power to vote, by the specified person or entity;

                           (iii)    any person or entity  directly or indirectly
controlling,  controlled by or under common control with the specified person or
entity;

                           (iv)     any  officer,  director  or  partner  of the
specified person or entity;

                           (v)      if the  specified  person  or  entity  is an
officer,  director or partner,  any  company for which the  specified  person or
entity acts in any such capacity; and

                           (vi)     any   close   relative   or  spouse  of  the
specified person.

                  (b)      "control"   means   the   possession,   directly   or
indirectly,  of the power to direct or cause the direction of the management and
policies of a person or entity,  whether through ownership of voting securities,
by contract or otherwise.

                  (c)      "parent"  means,  with respect to a corporation,  any
other corporation owning or controlling,  directly or indirectly,  fifty percent
(50%) or more of the voting shares of such corporation.

                  (d)      "person   or   entity"   includes   any   individual,
corporation, partnership, limited liability company, joint venture, association,
joint stock company,  trust (including any

                                      -8-
<PAGE>

beneficiary thereof),  unincorporated organization,  government or any agency or
political subdivision thereof.

         7.3      Actions  with  Respect to LLC.  For so long as any  obligation
secured  by  the  Mortgage  remains  outstanding  and  not  paid  in  full,  the
Corporation  shall cause the LLC's Operating  Agreement to include  separateness
covenants  with regard to the LLC that are the same in all material  respects as
the separateness covenants contained herein with regard to the Corporation.

Dated:   November 29, 2000

                                       By:  /s/ William D. James
                                          --------------------------------------
                                            William D. James, Incorporator

                                      -9-
<PAGE>

                                   SCHEDULE A
                              (LIST OF PROPERTIES)

The Properties consist of those real properties,  together with all improvements
thereon,  that are located at the following  addresses  (and that are more fully
described in agreements and instruments evidencing the Mortgage):

Heatherwood Apartments
5931 Providence Road
Charlotte, NC  28226

Summerwalk Apartments
500 Summerlake Drive
Concord, NC  28205

                                      -10-EXHIBIT 10.5

                               CRIT SPECIAL, INC.

                                     BYLAWS

                                    ARTICLE I
                            MEETINGS OF SHAREHOLDERS

         1.1      PLACE AND TIME OF MEETINGS.  Meetings of shareholders shall be
held at such place,  either within or without the Commonwealth of Virginia,  and
at such time,  as may be provided  in the notice of the meeting and  approved by
the President or the Board of Directors.

         1.2      ANNUAL MEETING.  The annual meeting of shareholders,  shall be
held on the second  Tuesday in August of each year,  or on such date,  as may be
designated  by  resolution  of the Board of Directors  from time to time for the
purpose of electing directors and conducting such other business as may properly
come before the meeting.

         1.3      SPECIAL MEETINGS.  Special meetings of the shareholders may be
called by the  President  or the Board of  Directors  and shall be called by the
Secretary upon demand of  shareholders  as required by law. Only business within
the  purpose  or  purposes  described  in the  notice  for a special  meeting of
shareholders may be conducted at the meeting.

         1.4      RECORD DATES.  The Board of Directors  may fix, in advance,  a
record date to make a determination of shareholders entitled to notice of, or to
vote at,  any  meeting  of  shareholders,  to receive  any  dividend  or for any
purpose,  such date to be not more than  seventy (70) days before the meeting or
action requiring a determination of shareholders.  If no such record date is set
then the record  date shall be the close of  business on the day before the date
on which the first notice is given.

         When a determination of shareholders  entitled to notice of, or to vote
at, any  meeting of  shareholders  has been made,  such  determination  shall be
effective for any adjournment of the meeting unless the Board of Directors fixes
a new record date,  which it shall do if the meeting is adjourned to a date more
than one  hundred  twenty  (120)  days  after the date  fixed  for the  original
meeting.

         1.5      NOTICE OF MEETINGS.  Written notice stating the place, day and
hour of each  meeting of  shareholders  and, in case of a special  meeting,  the
purpose or  purposes  for which the  meeting is called,  shall be given not less
than ten (10) nor more than sixty (60) days before the

<PAGE>

date of the meeting (except when a different time is required in these Bylaws or
by law) either personally or by mail, courier,  facsimile,  email, or other form
of wire or wireless  communication,  to each  shareholder of record  entitled to
vote at such  meeting.  Each such notice shall be deemed  effective  on: (a) the
fifth (5th)  business day after being mailed by United  States  certified  mail,
return receipt requested,  postage prepaid;  (b) the day when delivered by hand;
(c) the first  business  day after  being  deposited  with a national  overnight
courier; or (d) the day when transmitted by facsimile or email with confirmation
of receipt or successful transmission.

         If a meeting is adjourned to a different  date,  time or place,  notice
need not be given if the new date,  time or place is  announced  at the  meeting
before  adjournment.  However,  if a new record date for an adjourned meeting is
fixed,  notice of the adjourned meeting shall be given to shareholders as of the
new record date, unless a court of competent jurisdiction provides otherwise.

         1.6      WAIVER OF NOTICE.  A shareholder may waive any notice required
by law, the Articles of  Incorporation  or these Bylaws before or after the date
and time of the meeting that is the subject of such notice.  The waiver shall be
in  writing,  be  signed  by the  shareholder  entitled  to the  notice,  and be
delivered to the  Secretary of the  Corporation  for inclusion in the minutes or
filing with the corporate records.

         A shareholder who attends a meeting waives any objection (a) to lack of
notice or  defective  notice  of the  meeting,  unless  the  shareholder  at the
beginning of the meeting objects to holding the meeting or transacting  business
at the meeting,  and (b) to consideration of a particular  matter at the meeting
that is not within the purpose or  purposes  described  in the  meeting  notice,
unless the shareholder objects to considering the matter when it is presented.

         1.7      QUORUM AND VOTING  REQUIREMENTS.  Unless otherwise required by
law, a  majority  of the votes  entitled  to be cast on a matter  constitutes  a
quorum for action on that matter. Once a share is represented for any purpose at
a meeting,  it is deemed  present for quorum  purposes for the  remainder of the
meeting and for any  adjournment  of that meeting unless a new record date is or
shall be set for that adjourned meeting. If a quorum exists, action on a matter,
other than the election of directors, is approved if the votes cast favoring the
action  exceed the votes cast  opposing the action,  unless a greater  number of
affirmative votes is required by law.  Directors shall be elected by a plurality
of the votes cast by the shares entitled

                                      -2-
<PAGE>

to vote in the  election at a meeting at which a quorum is present.  Less than a
quorum may adjourn a meeting.

         1.8      ACTION  WITHOUT  MEETING.  Action  required or permitted to be
taken at a meeting  of the  shareholders  may be taken  without  a  meeting  and
without  action  by the  Board of  Directors  if the  action is taken by all the
shareholders  entitled to vote on the action.  The action  shall be evidenced by
one or more written  consents  describing  the action  taken,  signed by all the
shareholders  and delivered to the Secretary of the Corporation for inclusion in
the minutes or filing with the  corporate  records.  Action  taken by  unanimous
consent  shall be effective  according to its terms when all consents are in the
possession  of  the  Corporation,  unless  the  consent  specifies  a  different
effective  date,  in which event the action  taken shall be  effective as of the
date specified therein provided that the consent states the date of execution by
each  shareholder.  A  shareholder  may withdraw a consent only by  delivering a
written  notice  of  withdrawal  to the  Corporation  prior to the time that all
consents are in the possession of the Corporation.

         If not  otherwise  fixed  pursuant to the  provisions  of Section,  the
record date for  determining  shareholders  entitled  to take  action  without a
meeting is the date the first  shareholder  signs the consent  described  in the
preceding paragraph.

                                   ARTICLE II
                                    DIRECTORS

         2.1      GENERAL  POWERS.   The  Corporation  shall  have  a  Board  of
Directors. All corporate powers shall be exercised by or under the authority of,
and the business and affairs of the Corporation  managed under the direction of,
its Board of Directors,  subject to any  limitation set forth in the Articles of
Incorporation.  Notwithstanding  any  provision of these Bylaws to the contrary,
the   Corporation   shall  comply  with  all   provisions  of  its  Articles  of
Incorporation  regarding  the  Board  of  Directors,  including  any  provisions
relating to the composition thereof or approval thereby.

         2.2      NUMBER,  TERM AND  ELECTION.  The number of  directors  of the
Corporation  shall be a minimum of one (1) and a maximum of five (5). The number
of directors  may be fixed or changed from time to time,  within the minimum and
the maximum, by the shareholders or by the Board of

                                      -3-
<PAGE>

Directors.  Only the  shareholders may change the range of the size of the Board
of Directors or determine  whether the Board of Directors  shall have a fixed or
variable  size.  No decrease in number shall have the effect of  shortening  the
term of any incumbent director. Each director shall hold office until his death,
resignation, retirement or removal, or until his successor is elected.

         Except as provided in Section 2.3 of this Article, the directors (other
than initial  directors) shall be elected by the holders of the Common Shares at
the annual meeting of  shareholders,  and those persons who receive the greatest
number of votes  shall be  deemed  elected  even  though  they do not  receive a
majority  of the  votes  cast.  No  individual  shall be named or  elected  as a
director without his prior consent.

         2.3      REMOVAL AND VACANCIES. The shareholders may remove one or more
directors,  with or  without  cause,  if the  number of votes cast to remove him
constitutes  a  majority  of the votes  entitled  to be cast at an  election  of
directors.  A  director  may be removed  by the  shareholders  only at a meeting
called for the  purpose of removing  him and the meeting  notice must state that
the purpose, or one of the purposes of the meeting, is removal of the director.

         A vacancy on the Board of Directors, including a vacancy resulting from
the  removal of a director or an  increase  in the number of  directors,  may be
filled  by (a)  the  shareholders,  (b)  the  Board  of  Directors  or  (c)  the
affirmative  vote of a majority of the  remaining  directors  though less than a
quorum of the Board of  Directors,  and may, in the case of a  resignation  that
will become  effective at a specified  later date,  be filled before the vacancy
occurs but the new director may not take office until the vacancy occurs.

         2.4      ANNUAL AND REGULAR MEETINGS. An annual meeting of the Board of
Directors,   which  shall  be  considered  a  regular  meeting,  shall  be  held
immediately  following each annual meeting of  shareholders,  for the purpose of
electing  officers  and  carrying on such other  business as may  properly  come
before  the  meeting.  The  Board of  Directors  may also  adopt a  schedule  of
additional meetings which shall be considered regular meetings. Regular meetings
shall  be  held  at such  times  and at  such  places,  within  or  without  the
Commonwealth  of Virginia,  as the  President  or the Board of  Directors  shall
designate from time to time. If no place is designated,  regular  meetings shall
be held at the principal office of the Corporation.

         2.5      SPECIAL  MEETINGS.  Special meetings of the Board of Directors
may  be  called  by  the  President  or a  majority  of  the  directors  of  the
Corporation,  and  shall be held at such  times  and at such  places,  within or
without  the  Commonwealth  of  Virginia,  as the person or persons  calling

                                      -4-
<PAGE>

the meetings shall designate.  If no such place is designated in the notice of a
meeting, it shall be held at the principal office of the Corporation.

         2.6      NOTICE  OF  MEETINGS.  No  notice  need be  given  of  regular
meetings of the Board of Directors.

         Notices of special meetings of the Board of Directors shall be given to
each  director in person or delivered to his  residence or business  address (or
such other place as he may have  directed in writing) not less than  twenty-four
(24) hours before the meeting by mail, courier,  facsimile, email, or other form
of wire or wireless communication or by telephoning such notice to him. Any such
notice  shall set forth the time and place of the  meeting and state the purpose
for which it is called.

         2.7      WAIVER OF NOTICE;  ATTENDANCE AT MEETING. A director may waive
any notice  required by law,  the  Articles of  Incorporation,  or these  Bylaws
before or after the date and time stated in the notice, and such waiver shall be
equivalent  to the  giving  of such  notice.  Except  as  provided  in the  next
paragraph  of this  section,  the  waiver  shall be in  writing,  signed  by the
director entitled to the notice and filed with the minutes or corporate records.

         A director who attends or participates at a meeting waives any required
notice to him of the  meeting  unless  the  director,  at the  beginning  of the
meeting  or  promptly  upon his  arrival,  objects  to  holding  the  meeting or
transacting  business at the meeting and does not thereafter vote for, or assent
to, action taken at the meeting.

         2.8      QUORUM; VOTING. A majority of the number of directors fixed in
these Bylaws  shall  constitute  a quorum for the  transaction  of business at a
meeting of the Board of Directors.  If a quorum is present when a vote is taken,
the  affirmative  vote of a majority of the directors  present is the act of the
Board of  Directors.  A  director  who is  present  at a meeting of the Board of
Directors  or a committee  of the Board of Directors  when  corporate  action is
taken is deemed to have  assented to the action  taken  unless (a) he objects at
the  beginning of the meeting,  or promptly  upon his arrival,  to holding it or
transacting  specified  business at the  meeting;  or (b) he votes  against,  or
abstains from, the action taken.

         2.9      TELEPHONIC MEETINGS.  The Board of Directors may permit any or
all directors to participate in a regular or special  meeting by, or conduct the
meeting  through the use of, any means of  communication  by which all directors
participating may simultaneously  hear each other

                                      -5-
<PAGE>

during  the  meeting.  A  director  participating  in a meeting by this means is
deemed to be present in person at the meeting.

         2.10     ACTION  WITHOUT  MEETING.  Action  required or permitted to be
taken at a meeting of the Board of Directors  may be taken  without a meeting if
the action is taken by all members of the Board.  The action  shall be evidenced
by one or more  written  consents  stating  the  action  taken,  signed  by each
director either before or after the action taken, and included in the minutes or
filed with the corporate records reflecting the action taken. Action taken under
this section shall be effective  when the last director signs the consent unless
the  consent  specifies a different  effective  date,  in which event the action
taken is effective as of the date specified  therein provided the consent states
the date of execution by each director.

         2.11     COMPENSATION.  The Board of Directors may fix the compensation
of directors and may provide for the payment of all expenses incurred by them in
attending meetings of the Board of Directors.

                                   ARTICLE III
                                    OFFICERS

         3.1      OFFICERS. The officers of the Corporation shall be a President
and a Secretary  and, in the  discretion of the Board of  Directors,  such other
officers as may be deemed necessary or advisable to carry on the business of the
Corporation. Any two or more offices may be held by the same person.

         3.2      ELECTION  AND TERM.  Officers  shall be  elected at the annual
meeting of the Board of Directors and may be elected at such other time or times
as the Board of  Directors  shall  determine.  They  shall hold  office,  unless
removed,  until the next annual meeting of the Board of Directors or until their
successors  are elected.  Any officer may resign at any time upon written notice
to the Board of Directors,  and such resignation  shall be effective when notice
is delivered unless the notice specifies a later effective date.

         3.3      REMOVAL OF  OFFICERS.  The Board of  Directors  may remove any
officer at any time, with or without cause.

         3.4      DUTIES OF OFFICERS. The President shall be the chief executive
officer of the Corporation. He and the other officers shall have such powers and
duties as generally  pertain to their respective  offices as well as such powers
and  duties  as may be  delegated  to them  from  time to time by the  Board  of
Directors.  The President,  if present, shall be chairman of all meetings of the
shareholders and the Board of Directors, as well as any committee of which he is
a member.

                                      -6-
<PAGE>

                                   ARTICLE IV
                               SHARE CERTIFICATES

         4.1      FORM.  Shares of the  Corporation,  when  fully  paid,  may be
evidenced by certificates  containing such information as is required by law and
approved by the Board of Directors.  Any share  certificates  shall be signed by
the  President  and the Secretary and may (but need not) be sealed with the seal
of the  Corporation.  The seal of the Corporation and any or all signatures on a
share certificate may be facsimile. The validity of a share certificate that has
been duly signed by an officer of the  Corporation  shall not be affected in any
way in the event that such officer,  subsequent to such signature,  ceases to be
an officer of the Corporation.

         4.2      TRANSFER.   The  Board  of   Directors   may  make  rules  and
regulations  concerning  the issue,  registration  and transfer of  certificates
representing  the  shares of the  Corporation.  Transfers  of shares  and of the
certificates  representing  such  shares  shall be made  upon  the  books of the
Corporation  by  surrender  of  the   certificates   representing   such  shares
accompanied   by   written   assignments   given   by  the   owners   or   their
attorneys-in-fact.

         4.3      RESTRICTIONS ON TRANSFER. A lawful restriction on the transfer
or  registration  of  transfer  of shares is valid and  enforceable  against the
holder or a  transferee  of the  holder  if the  restriction  complies  with the
requirements  of law and its  existence is noted  conspicuously  on the front or
back of the certificate  representing the shares.  Unless so noted a restriction
is not enforceable against a person without knowledge of the restriction.

         4.4      LOST OR DESTROYED  SHARE  CERTIFICATES.  The  Corporation  may
issue a new share certificate in the place of any certificate theretofore issued
which is alleged to have been lost or  destroyed  and may  require  the owner of
such certificate,  or his legal representative,  to give the Corporation a bond,
with or without surety, or such other agreement,  undertaking or security as the
Board of Directors shall determine is appropriate,  to indemnify the Corporation
against any claim that may be made  against it on account of the alleged loss or
destruction or the issuance of any such new certificate.

                                      -7-
<PAGE>

                                    ARTICLE V
                            MISCELLANEOUS PROVISIONS

         5.1      CORPORATE SEAL. The corporate seal of the Corporation, if any,
shall be  circular  and shall  have  inscribed  thereon,  within  and around the
circumference the full name of the Corporation.  In the center shall be the word
"SEAL" or a substantially similar term.

         5.2      FISCAL  YEAR.  The  fiscal  year of the  Corporation  shall be
determined in the  discretion  of the Board of Directors,  but in the absence of
any such determination it shall be the calendar year.

         5.3      AMENDMENTS.  Except as otherwise provided by law, these Bylaws
may be amended or repealed, and new Bylaws may be made at any regular or special
meeting of the Board of Directors.  Bylaws made by the Board of Directors may be
repealed  or changed  and new Bylaws  may be made by the  shareholders,  and the
shareholders  may  prescribe  that any Bylaw made by them shall not be  altered,
amended or repealed by the Board of Directors.

                                      -8-

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