Document:

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                                                                     EXHIBIT 4.1

                          CERTIFICATE OF INCORPORATION

                                       OF

                              WESTECH CAPITAL CORP.

         The undersigned natural person, acting as an incorporator of a
corporation under the General Corporation Law of Delaware, hereby adopts the
following Certificate of Incorporation for such corporation:

                                    ARTICLE I
                                      NAME

         The name of the corporation is Westech Capital Corp. (the
"CORPORATION").

                                   ARTICLE II
                                     PURPOSE

         The purpose for which the Corporation is organized is to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Delaware.

                                   ARTICLE III
                                     SHARES

         The aggregate number of shares which the Corporation has authority to
issue is fifty million (50,000,000) shares of common stock, $.001 par value per
share. The shares are designated as common stock and have identical rights and
privileges in every respect.

                                   ARTICLE IV
                           DENIAL OF PREEMPTIVE RIGHTS

         Except as may be set forth in a written agreement executed by an
authorized representative of the Corporation, no stockholder of the Corporation
or other person shall have any preemptive right to purchase or subscribe to any
shares of any class or any notes, debentures, options, warrants or other
securities, now or hereafter authorized.

<PAGE>   2

                                    ARTICLE V
                           REGISTERED OFFICE AND AGENT

         The street address of the initial registered office of the Corporation
is 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, and the
name of its initial registered agent at such address is The Corporation Trust
Company.

                                   ARTICLE VI
                                INITIAL DIRECTORS

         The number of directors constituting the initial Board of Directors is
one (1) and the name and address of the person who is to serve as the sole
director until the first annual meeting of the stockholders, or until his
successor or successors are elected and qualify is:

         Charles H. Mayer
         2700 Via Fortuna
         Suite 400
         Austin, Texas  78746

                                   ARTICLE VII
                  LIMITATION OF PERSONAL LIABILITY OF DIRECTORS

         To the greatest extent permitted by applicable law, no director
(including any advisory director) of the Corporation shall be liable to the
Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director; provided, however, the foregoing shall not limit the
liability of a director (including any advisory director) (i) for any breach of
the director's duty of loyalty to the Corporation or its stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii) under Section 174 of Title 8 of the Delaware
General Corporation Law, or (iv) for any transaction from which the director
derived an improper personal benefit.

                                  ARTICLE VIII
                                    INDEMNITY

         SECTION 8.1 The Corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by
reason of the fact that such person is or was a director, officer, employee or
agent of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, or by reason of any action alleged to
have been taken or omitted in such capacity, against costs, charges,

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expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by such person or on such person's
behalf in connection with such action, suit or proceeding and any appeal
therefrom, if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe such person's conduct was unlawful. The termination
of any action, suit or proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not meet the standards of conduct set forth in
this Section 8.1.

         SECTION 8.2 The Corporation shall indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Corporation to procure a
judgment in its favor by reason of the fact that such person is or was a
director, officer, employee or agent of the Corporation, or is or was serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise, or
by reason of any action alleged to have been taken or omitted in such capacity,
against costs, charges and expenses (including attorneys' fees) actually and
reasonably incurred by such person or on such person's behalf in connection with
the defense or settlement of such action or suit and any appeal therefrom, if
such person acted in good faith and in a manner such person reasonably believed
to be in or not opposed to the best interests of the Corporation, except that no
indemnification shall be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable for gross negligence or
misconduct in the performance of such person's duty to the Corporation unless
and only to the extent that the Court of Chancery of Delaware or the court in
which such action or suit was brought shall determine upon application that,
despite the adjudication of such liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such
costs, charges and expenses which the Court of Chancery or such other court
shall deem proper.

         SECTION 8.3 Notwithstanding the other provisions of this Article VIII,
to the extent that a Director, officer, employee or agent of the Corporation has
been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit or
proceeding referred to in Sections 8.1 and 8.2, or in the defense of any claim,
issue or matter therein, such person shall be indemnified against all costs,
charges and expenses (including attorneys' fees) actually and reasonably
incurred by such person or on such person's behalf in connection therewith.

         SECTION 8.4 Any indemnification under Sections 8.1 and 8.2 (unless
ordered by a court) shall be paid by the Corporation unless a determination is
made (i) by the Board of Directors by a majority vote of a quorum consisting of
Directors who were not parties to such action, suit or proceeding, or (ii) if
such a quorum is not obtainable, or even if obtainable a quorum of disinterested
Directors so directs, by independent legal counsel in a written opinion, or
(iii) by the stockholders, that indemnification of the Director, officer,
employee or agent is not proper in the circumstances because such person has not
met the applicable standards of conduct set forth in Sections 8.1 and 8.2.

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         SECTION 8.5 Costs, charges and expenses (including attorneys, fees)
incurred by a person referred to in Sections 8.1 and 8.2 in defending a civil or
criminal action, suit or proceeding (including investigations by any government
agency and all costs, charges and expenses incurred in preparing for any
threatened action, suit or proceeding) shall be paid by the Corporation in
advance of the final disposition of such action, suit or proceeding; provided,
however, that the payment of such costs, charges and expenses incurred by a
Director or officer in such person's capacity as a Director or officer (and not
in any other capacity in which service was or is rendered by such person while a
Director or officer) in advance of the final disposition of such action, suit or
proceeding shall be made only upon receipt of an undertaking by or on behalf of
the Director or officer to repay all amounts so advanced in the event that it
shall ultimately be determined that such Director or officer is not entitled to
be indemnified by the Corporation as authorized in this Article VIII. No
security shall be required for such undertaking and such undertaking shall be
accepted without reference to the recipient's financial ability to make
repayment. The repayment of such charges and expenses incurred by other
employees and agents of the Corporation which are paid by the Corporation in
advance of the final disposition of such action, suit or proceeding as permitted
by this Section 8.5 may be required upon such terms and conditions, if any, as
the Board of Directors deems appropriate. The Board of Directors may, in the
manner set forth above, and subject to the approval of such Director, officer,
employee or agent of the Corporation, authorize the Corporation's counsel to
represent such person, in any action, suit or proceeding, whether or not the
Corporation is a party to such action, suit or proceeding.

         SECTION 8.6 Any indemnification under Sections 8.1, 8.2 or 8.3 or
advance of costs, charges and expenses under Section 8.5 shall be made promptly,
and in any event within 30 days, upon the written request of the Director,
officer, employee or agent directed to the Secretary of the Corporation. The
right to indemnification or advances as granted by this Article VIII shall be
enforceable by the Director, officer, employee or agent in any court of
competent jurisdiction if the Corporation denies such request, in whole or in
part, or if no disposition thereof is made within 30 days. Such person's costs
and expenses incurred in connection with successfully establishing such person's
right to indemnification or advances, in whole or in part, in any such action
shall also be indemnified by the Corporation. It shall be a defense to any such
action (other than an action brought to enforce a claim for the advance of
costs, charges and expenses under Section 8.5 where the required undertaking, if
any, has been received by the Corporation) that the claimant has not met the
standard of conduct set forth in Sections 8.1 or 8.2, but the burden of proving
that such standard of conduct has not been met shall be on the Corporation.
Neither the failure of the Corporation (including its Board of Directors, its
independent legal counsel, and its stockholders) to have made a determination
prior to the commencement of such action that indemnification of the claimant is
proper in the circumstances because such person has met the applicable standard
of conduct set forth in Sections 8.1 and 8.2, nor the fact that there has been
an actual determination by the Corporation (including its Board of Directors,
its independent legal counsel, and its stockholders) that the claimant has not
met such applicable standard of conduct, shall be a defense to the action or
create a presumption that the claimant has not met the applicable standard of
conduct.

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         SECTION 8.7 The indemnification provided by this Article VIII shall not
be deemed exclusive of any other rights to which a person seeking
indemnification may be entitled under any law (common or statutory), agreement,
vote of stockholders or disinterested Directors or otherwise, both as to action
in such person's official capacity and as to action in another capacity while
holding office or while employed by or acting as agent for the Corporation, and
shall continue as to a person who has ceased to be a Director, officer, employee
or agent and shall inure to the benefit of the estate, heirs, executors and
administrators of such person. All rights to indemnification under this Article
VIII shall be deemed to be a contract between the Corporation and each Director,
officer, employee or agent of the Corporation who serves or served in such
capacity at any time while this Article VIII is in effect. No amendment or
repeal of this Article VIII or of any relevant provisions of the Delaware
General Corporation Law or any other applicable laws shall adversely affect or
deny to any Director, officer, employee or agent any rights to indemnification
which such person may have, or change or release any obligations of the
Corporation, under this Article VIII with respect to any costs, charges,
expenses (including attorneys' fees), judgments, fines, and amounts paid in
settlement which arise out of an action, suit or proceeding based in whole or
substantial part on any act or failure to act, actual or alleged, which takes
place before or while this Article VIII is in effect. The provisions of this
Section 8.7 shall apply to any such action, suit or proceeding whenever
commenced, including any such action, suit or proceeding commenced after any
amendment or repeal of this Article VIII.

         SECTION 8.8 For purposes of this Article VIII:

                  (i) "THE CORPORATION" shall include any constituent
         corporation (including any constituent of a constituent) absorbed in a
         consolidation or merger which, if its separate existence had continued,
         would have had power and authority to indemnify its Directors,
         officers, and employees or agents, so that any person who is or was a
         Director, officer, employee or agent of such constituent corporation,
         or is or was serving at the request of such constituent corporation as
         a Director, officer, employee or agent of another corporation,
         partnership, joint venture, trust or other enterprise, shall stand in
         the same position under the provisions of this Article VIII with
         respect to the resulting or surviving corporation as such person would
         have with respect to such constituent corporation if its separate
         existence had continued;

                  (ii) "OTHER ENTERPRISES" shall include employee benefit plans,
         including, but not limited to, any employee benefit plan of the
         Corporation;

                  (iii) "SERVING AT THE REQUEST OF THE CORPORATION" shall
         include any service which imposes duties on, or involves services by, a
         Director, officer, employee, or agent of the Corporation with respect
         to an employee benefit plan, its participants, or beneficiaries,
         including acting as a fiduciary thereof;

                  (iv) "FINES" shall include any penalties and any excise or
         similar taxes assessed on a person with respect to an employee benefit
         plan;

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                  (v) A person who acted in good faith and in a manner such
         person reasonably believed to be in the interest of the participants
         and beneficiaries of an employee benefit plan shall be deemed to have
         acted in a manner "not opposed to the best interests of the
         Corporation" as referred to in Sections 8.1 and 8.2; and

                  (vi) Service as a partner, trustee or member of management or
         similar committee of a partnership or joint venture, or as a Director,
         officer, employee or agent of a corporation which is a partner, trustee
         or joint venturer, shall be considered service as a Director, officer,
         employee or agent of the partnership, joint venture, trust or other
         enterprise.

         SECTION 8.9 If this Article VIII or any portion hereof shall be
invalidated on any ground by a court of competent jurisdiction, then the
Corporation shall nevertheless indemnify each Director, officer, employee and
agent of the Corporation as to costs, charges and expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement with respect to any
action, suit or proceeding, whether civil, criminal, administrative or
investigative, including an action by or in the right of the Corporation, to the
full extent permitted by any applicable portion of this Article VIII that shall
not have been invalidated and to the full extent permitted by applicable law.

         SECTION 8.10 The Corporation shall purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
Corporation, or is or was serving at the request of the Corporation as a
Director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against any liability asserted against such
person and incurred by such person or on such person's behalf in any such
capacity, or arising out of such person's status as such, whether or not the
Corporation would have the power to indemnify such person against such liability
under the provisions of this Article VIII, provided that such insurance is
available on acceptable terms as determined by a vote of a majority of the
entire Board of Directors.

                                   ARTICLE IX
                                     BYLAWS

         The Bylaws of the Corporation may be amended or repealed, or new Bylaws
may be adopted, (i) by the Board of Directors of the Corporation at any duly
held meeting or pursuant to a written consent in lieu of such meeting, or (ii)
by the holders of a majority of the shares represented at any duly held meeting
of stockholders, provided that notice of such proposed action shall have been
contained in the notice of any such meeting, or pursuant to a written consent
signed by the holders of a majority of the outstanding shares entitled to vote
thereon.

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                                    ARTICLE X
                                  INCORPORATOR

         The name and address of the incorporator is:

                                    Scott Christiansen
                                    5400 Renaissance Tower
                                    1201 Elm Street
                                    Dallas, Texas  75270-2199

         The undersigned, being the incorporator hereinbefore named, for the
purpose of forming a corporation pursuant to the General Corporation Law of the
State of Delaware, does make this certificate, hereby declaring and certifying
that this is my act and deed and the facts herein stated are true, and
accordingly I have hereunto set my hand this the 30th day of April, 2001.

                                                     /s/ Scott Christiansen
                                                     --------------------------
                                                     Scott Christiansen

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                                                                     EXHIBIT 4.2

                                     BYLAWS

                                       OF

                              WESTECH CAPITAL CORP.

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE
                                                                                                               ----

<S>              <C>                                                                                           <C>
ARTICLE 1         OFFICES.........................................................................................1
         SECTION 1.1  REGISTERED OFFICE...........................................................................1
         SECTION 1.2  OTHER OFFICES...............................................................................1
ARTICLE 2         MEETINGS OF STOCKHOLDERS........................................................................1
         SECTION 2.1  PLACE OF MEETINGS...........................................................................1
         SECTION 2.2  ANNUAL MEETING..............................................................................1
         SECTION 2.3  SPECIAL MEETINGS............................................................................1
         SECTION 2.4  NOTICE......................................................................................1
         SECTION 2.5  VOTING LIST.................................................................................2
         SECTION 2.6  QUORUM......................................................................................2
         SECTION 2.7  REQUIRED VOTE...............................................................................2
         SECTION 2.8  PROXIES.....................................................................................3
         SECTION 2.9  RECORD DATE.................................................................................3
         SECTION 2.10  ACTION WITHOUT A MEETING...................................................................4
         SECTION 2.11  INSPECTORS OF ELECTIONS....................................................................5
ARTICLE 3         DIRECTORS.......................................................................................5
         SECTION 3.1  MANAGEMENT..................................................................................5
         SECTION 3.2  NUMBER; CLASSES; ELECTION...................................................................5
         SECTION 3.3  CHANGE IN NUMBER............................................................................5
         SECTION 3.4  REMOVAL.....................................................................................5
         SECTION 3.5  VACANCIES AND NEWLY CREATED DIRECTORSHIPS...................................................6
         SECTION 3.6  CUMULATIVE VOTING PROHIBITED................................................................6
         SECTION 3.7  PLACE OF MEETINGS...........................................................................6
         SECTION 3.10  ANNUAL MEETINGS............................................................................6
         SECTION 3.11  REGULAR MEETINGS...........................................................................6
         SECTION 3.12  SPECIAL MEETINGS...........................................................................6
         SECTION 3.13  QUORUM.....................................................................................6
         SECTION 3.12  ACTION WITHOUT MEETING; TELEPHONE MEETINGS.................................................7
         SECTION 3.13  CHAIRMAN OF THE BOARD......................................................................7
         SECTION 3.14  COMPENSATION...............................................................................7
ARTICLE 4         COMMITTEES......................................................................................7
         SECTION 4.1  DESIGNATION.................................................................................7
         SECTION 4.2  NUMBER; TERM................................................................................7
         SECTION 4.3  AUTHORITY...................................................................................7
         SECTION 4.4  COMMITTEE CHANGES; REMOVAL..................................................................8
         SECTION 4.5  ALTERNATE MEMBERS; ACTING MEMBERS...........................................................8
         SECTION 4.6  REGULAR MEETINGS............................................................................8
         SECTION 4.7  SPECIAL MEETINGS............................................................................8
         SECTION 4.8  QUORUM; MAJORITY VOTE.......................................................................8
         SECTION 4.9  MINUTES.....................................................................................8
</TABLE>

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<PAGE>   3

                                TABLE OF CONTENTS
                                  (continued)

<TABLE>

<S>              <C>                                                                                           <C>
         SECTION 4.10  COMPENSATION...............................................................................9
ARTICLE 5         NOTICES.........................................................................................9
         SECTION 5.1  METHOD......................................................................................9
         SECTION 5.2  WAIVER......................................................................................9
         SECTION 5.3  EXCEPTION TO NOTICE REQUIREMENT.............................................................9
ARTICLE 6         OFFICERS.......................................................................................10
         SECTION 6.1  OFFICERS...................................................................................10
         SECTION 6.2  ELECTION...................................................................................10
         SECTION 6.3  COMPENSATION...............................................................................10
         SECTION 6.4  REMOVAL AND VACANCIES......................................................................10
         SECTION 6.5  CHIEF EXECUTIVE OFFICER....................................................................10
         SECTION 6.6  PRESIDENT..................................................................................11
         SECTION 6.7  VICE PRESIDENTS............................................................................11
         SECTION 6.8  SECRETARY..................................................................................11
         SECTION 6.9  ASSISTANT SECRETARIES......................................................................11
         SECTION 6.10  TREASURER.................................................................................11
         SECTION 6.11  ASSISTANT TREASURERS......................................................................12
         SECTION 6.12 OTHER OFFICERS.............................................................................12
ARTICLE 7         CERTIFICATES REPRESENTING SHARES...............................................................12
         SECTION 7.1  CERTIFICATES...............................................................................12
         SECTION 7.2  LEGENDS....................................................................................12
         SECTION 7.3  LOST CERTIFICATES..........................................................................12
         SECTION 7.4  TRANSFER OF SHARES.........................................................................13
         SECTION 7.5  REGISTERED STOCKHOLDERS....................................................................13
ARTICLE 8         INDEMNIFICATION................................................................................13
         SECTION 8.1  ACTIONS, SUITS OR PROCEEDINGS OTHER THAN BY OR IN THE RIGHT OF THE CORPORATION.............13
         SECTION 8.2  ACTIONS OR SUITS BY OR IN THE RIGHT OF THE CORPORATION.....................................14
         SECTION 8.3  INDEMNIFICATION FOR COSTS, CHARGES AND EXPENSES OF SUCCESSFUL PARTY........................14
         SECTION 8.4  DETERMINATION OF RIGHT TO INDEMNIFICATION..................................................14
         SECTION 8.5  ADVANCE OF COSTS, CHARGES AND EXPENSES.....................................................14
         SECTION 8.6  PROCEDURE FOR INDEMNIFICATION..............................................................15
         SECTION 8.7  OTHER RIGHTS; CONTINUATION OF RIGHT TO INDEMNIFICATION.....................................15
         SECTION 8.8  CONSTRUCTION...............................................................................16
         SECTION 8.9  SAVINGS CLAUSE.............................................................................17
         SECTION 8.10  INSURANCE.................................................................................17
ARTICLE 9         GENERAL PROVISIONS.............................................................................17
</TABLE>

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                                TABLE OF CONTENTS
                                  (continued)

<TABLE>

<S>                  <C>                                                                                       <C>
         SECTION 9.1  DIVIDENDS..................................................................................17
         SECTION 9.2  RESERVES...................................................................................17
         SECTION 9.3  AUTHORITY TO SIGN INSTRUMENTS..............................................................18
         SECTION 9.4  FISCAL YEAR................................................................................18
         SECTION 9.5  SEAL.......................................................................................18
         SECTION 9.6  TRANSACTIONS WITH DIRECTORS AND OFFICERS...................................................18
         SECTION 9.7  AMENDMENTS.................................................................................18
</TABLE>

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<PAGE>   5

                                     BYLAWS
                                       OF
                              WESTECH CAPITAL CORP.
--------------------------------------------------------------------------------

                                    ARTICLE 1
                                     OFFICES

         SECTION 1.1 REGISTERED OFFICE. The registered office and registered
agent of Westech Capital Corp., a Delaware corporation (the "CORPORATION"), will
be as from time to time set forth in the Corporation's Certificate of
Incorporation or in any certificate filed with the Secretary of State of the
State of Delaware to amend such information.

         SECTION 1.2 OTHER OFFICES. The Corporation may also have offices at
such other places, both within and without the State of Delaware, as the Board
of Directors may from time to time determine or the business of the Corporation
may require.

                                    ARTICLE 2
                            MEETINGS OF STOCKHOLDERS

         SECTION 2.1 PLACE OF MEETINGS. Meetings of stockholders for all
purposes may be held at such time and place, either within or without the State
of Delaware, as shall be stated in the notice of the meeting or in a duly
executed waiver of notice thereof.

         SECTION 2.2 ANNUAL MEETING. An annual meeting of stockholders of the
Corporation shall be held each calendar year at such time as shall be designated
from time to time by the Board of Directors and stated in the notice of the
meeting or in a duly executed waiver of notice of such meeting. At such meeting,
the stockholders shall elect directors and transact such other business as may
properly be brought before the meeting.

         SECTION 2.3 SPECIAL MEETINGS. Special meetings of the stockholders, for
any purpose or purposes, unless otherwise prescribed by statute, the Certificate
of Incorporation or these Bylaws, may be called by the Chief Executive Officer ,
the President, or a majority of the Board of Directors. Business transacted at
all special meetings shall be confined to the purposes stated in the notice of
the meeting.

         SECTION 2.4 NOTICE. Written or printed notice stating the place, date,
and hour of each meeting of the stockholders and, in the case of a special
meeting, the purpose or purposes for which the meeting is called, shall be given
not less than ten (10) or, in the event of merger or consolidation, not less
than twenty (20), nor more than sixty (60) days before the date of the meeting,
to each stockholder entitled to vote at such meeting. If such notice is sent by
mail, notice is given when deposited in the United States mail, postage prepaid,
directed to the stockholder at the stockholder's

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<PAGE>   6

address as it appears on the records of the Corporation. Notice of any meeting
of stockholders shall not be required to be given to any stockholder who shall
attend such meeting in person or by proxy and shall not, at the beginning of
such meeting, object to the transaction of any business because the meeting is
not lawfully called or convened, or who shall, either before or after the
meeting, submit a signed waiver of notice, in person or by proxy.

         SECTION 2.5 VOTING LIST. At least ten (10) days before each meeting of
stockholders, the Secretary or other officer of the Corporation who has charge
of the Corporation's stock ledger, either directly or through another officer
appointed by the Secretary or such other officer or through a transfer agent
appointed by the Board of Directors, shall prepare a complete list of the
stockholders entitled to vote at the meeting, arranged in alphabetical order and
showing the address of each stockholder and the number of shares registered in
the name of each stockholder. Such list shall be open to the examination of any
stockholder, for any purpose germane to the meeting, during ordinary business
hours, for a period of at least ten (10) days prior to the meeting, either at a
place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting, or, if not so specified, at the place
where the meeting is to be held. Such list shall also be produced and kept at
the time and place of the meeting at all times during such meeting and may be
inspected by any stockholder who is present.

         SECTION 2.6 QUORUM. A majority of the shares entitled to vote, present
in person or represented by proxy, shall constitute a quorum at any meeting of
stockholders, except as otherwise provided by statute, the Certificate of
Incorporation or these Bylaws. The stockholders present at a duly constituted
meeting may continue to transact business until adjournment, notwithstanding the
withdrawal of enough stockholders to leave less than a quorum. If a quorum shall
not be present at any meeting of stockholders, the stockholders entitled to vote
thereat who are present, in person or by proxy, or, if no stockholder entitled
to vote is present, any officer of the Corporation presiding over such meeting,
may adjourn the meeting from time to time until a quorum shall be present. When
a meeting is adjourned to another time or place, notice need not be given of the
adjourned meeting if the time and place are announced at the meeting at which
the adjournment is taken. At any adjourned meeting at which a quorum shall be
present, any business may be transacted which might have been transacted at the
original meeting had a quorum been present. If the adjournment is for more than
thirty (30) days, or if after the adjournment a new record date is fixed for the
adjourned meeting, a notice of the adjourned meeting shall be given to each
stockholder of record entitled to vote at the meeting.

         SECTION 2.7 REQUIRED VOTE. In all matters other than the election of
directors, the affirmative vote of the majority of shares present in person or
represented by proxy at the meeting and entitled to vote on the subject matter
shall be the act of the stockholders, unless the question is one on which, by
express provision of statute, the Certificate of Incorporation or these Bylaws,
a different vote is required, in which case such express provision shall govern
and control the decision of the question. Directors of the Corporation shall be
elected by a plurality. In determining the

                                      -2-
<PAGE>   7

number of shares entitled to vote, shares abstaining from voting or not voted on
a matter (including elections) will be treated as not entitled to vote.

         SECTION 2.8 PROXIES. (a) Each stockholder entitled to vote at a meeting
of stockholders or to express consent or dissent to corporate action in writing
without a meeting may authorize another person or persons to act for such
stockholder by proxy, but no such proxy shall be voted or acted upon after three
(3) years from its date, unless the proxy provides for a longer period. Each
proxy shall be filed with the Secretary of the Corporation prior to or at the
time of the meeting.

         (b) Without limiting the manner in which a stockholder may authorize
another person or persons to act for such stockholder as proxy pursuant to
subsection (a) of this section, the following shall constitute a valid means by
which a stockholder may grant such authority:

                   (1) A stockholder may execute a writing authorizing another
         person or persons to act for such stockholder as proxy. Execution may
         be accomplished by the stockholder or by an authorized officer,
         director, employee or agent of the stockholder signing such writing or
         causing such stockholder's signature to be affixed to such writing by
         any reasonable means including, but not limited to, by facsimile
         signature.

                   (2) A stockholder may authorize another person or persons to
         act for such stockholder as proxy by transmitting or authorizing the
         transmission of a telegram, cablegram, or other means of electronic
         transmission to the person who will be the holder of the proxy or to a
         proxy solicitation firm, proxy support service organization or like
         agent duly authorized by the person who will be the holder of the proxy
         to receive such transmission, provided that any such telegram,
         cablegram or other means of electronic transmission must either set
         forth or be submitted with information from which it can be determined
         that the telegram, cablegram or other electronic transmission was
         authorized by the stockholder. If it is determined that such telegrams,
         cablegrams or other electronic transmissions are valid, the inspectors
         or, if there are no inspectors, such other persons making that
         determination shall specify the information upon which they relied.

         (c) Any copy, facsimile telecommunication or other reliable
reproduction of the writing or transmission created pursuant to subsection (b)
of this section may be substituted or used in lieu of the original writing or
transmission for any and all purposes for which the original writing or
transmission could be used, provided that such copy, facsimile telecommunication
or other reproduction shall be a complete reproduction of the entire original
writing or transmission.

         (d) A duly executed proxy shall be irrevocable if it states that it is
irrevocable and if, and only as long as, it is coupled with an interest
sufficient in law to support an irrevocable power.

         SECTION 2.9 RECORD DATE. (a) In order that the Corporation may
determine the stockholders entitled to notice of or to vote at any meeting of
stockholders or any adjournment

                                      -3-
<PAGE>   8

thereof, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors, and which record date shall not be more than sixty
(60) nor less than ten (10) days before the date of such meeting. If no record
date is fixed by the Board of Directors, the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall
be at the close of business on the day next preceding the day on which notice is
given, or, if notice is waived, at the close of business on the day next
preceding the day on which the meeting is held. A determination of stockholders
of record entitled to notice of or to vote at a meeting of stockholders shall
apply to any adjournment of the meeting; provided, however, that the Board of
Directors may fix a new record date for the adjourned meeting.

         (b) In order that the Corporation may determine the stockholders
entitled to receive payment of any dividend or other distribution or allotment
of any rights or the stockholders entitled to exercise any rights in respect of
any change, conversion or exchange of stock, or for the purpose of any other
lawful action, the Board of Directors may fix a record date, which record date
shall not precede the date upon which the resolution fixing the record date is
adopted, and which record date shall be not more than sixty (60) days prior to
such payment, exercise, or other action. If no record date is fixed, the record
date for determining stockholders for any such purpose shall be at the close of
business on the day on which the Board of Directors adopts the resolution
relating thereto.

         SECTION 2.10 ACTION WITHOUT MEETING. (a) Unless otherwise provided in
the Certificate of Incorporation, any action required or permitted to be taken
at a meeting of the stockholders of the Corporation may be taken without a
meeting or a vote, if a consent or consents in writing, setting forth the action
so taken, shall be signed by the holder or holders of shares having not less
than the minimum number of votes that would be necessary to take such action at
a meeting at which the holders of all shares entitled to vote on the action were
present and voted. Such consent or consents shall be delivered to the
Corporation at its registered office in Delaware, at its principal place of
business, or to an officer or agent of the Corporation having custody of the
book in which proceedings of meetings of stockholders are recorded. Such
delivery shall be by hand or by certified or registered mail, return receipt
requested.

         (b) Every written consent shall bear the date of signature of each
stockholder who signs the written consent, and no consent shall be effective to
take the corporate action referred to therein unless, within sixty (60) days of
the earliest dated consent delivered in the manner required by this Section 2.11
to the Corporation, written consents signed by a sufficient number of
stockholders to take action are delivered to the Corporation in the manner
required by this Section 2.11.

         (c) Prompt notice of the taking of the corporate action without a
meeting by less than unanimous written consent shall be given by the Corporation
to those stockholders who have not consented to the action in writing.

                                      -4-
<PAGE>   9

         SECTION 2.11 INSPECTORS OF ELECTIONS. The Board of Directors shall, in
advance of any meeting of stockholders, appoint one or more inspectors to act at
such meeting or any adjournment thereof. If any of the inspectors so appointed
shall fail to appear or act, the chairman of the meeting shall appoint one or
more inspectors. Each inspector, before entering upon the discharge of such
inspector's duties, shall take and sign an oath faithfully to execute the duties
of inspector at such meeting with strict impartiality and according to the best
of such inspector's ability. The inspectors shall determine the number of shares
of capital stock of the Corporation outstanding and the voting power of each,
the number of shares represented at the meeting, the existence of a quorum, and
the validity and effect of proxies and shall receive votes, ballots, or
consents, hear and determine all challenges and questions arising in connection
with the right to vote, count and tabulate all votes, ballots, or consents,
determine the results, and do such acts as are proper to conduct the election or
vote with fairness to all stockholders. On request of the chairman of the
meeting, the inspectors shall make a report in writing of any challenge,
request, or matter determined by them and shall execute a certificate of any
fact found by them. No director or candidate for the office of director shall
act as an inspector of an election of directors. Inspectors need not be
stockholders.

                                    ARTICLE 3
                                    DIRECTORS

         SECTION 3.1 MANAGEMENT. The business and affairs of the Corporation
shall be managed by or under the direction of a Board of Directors, who may
exercise all such powers of the Corporation and do all such lawful acts and
things as are not by statute, the Certificate of Incorporation or these Bylaws
directed or required to be exercised or done by the stockholders. The Board of
Directors shall keep regular minutes of its proceedings.

         SECTION 3.2 NUMBER; ELECTION. The Board of Directors shall consist of
no less than three (3) nor more than twelve (12) members. Directors shall be
elected at the annual meeting of the stockholders, except as hereinafter
provided, and each Director elected shall hold office until his successor shall
be elected and shall qualify.

         SECTION 3.3 CHANGE IN NUMBER. The number of directors constituting the
whole Board of Directors may be fixed from time to time in a resolution adopted
by the Board of Directors, or, if no such resolution has been adopted, the
number of directors constituting the whole Board of Directors shall be the same
as the number of directors of the initial Board of Directors as set forth in the
Certificate of Incorporation. No decrease in the number of directors
constituting the whole Board of Directors shall have the effect of shortening
the term of any incumbent director.

         SECTION 3.4 REMOVAL. Any Director may be removed either for or without
cause at any annual or special meeting of stockholders by the affirmative vote
of a majority in number of shares of the stockholders present in person or by
proxy at such meeting and entitled to vote for the election of such Director, if
notice of the intention to act upon such matters shall have been given in the
notice calling such meeting.

                                      -5-
<PAGE>   10

         SECTION 3.5 VACANCIES AND NEWLY CREATED DIRECTORSHIPS. Except as
otherwise provided in the Certificate of Incorporation, vacancies and newly
created directorships resulting from any increase in the authorized number of
directors shall be filled only by the affirmative vote of a majority of the
directors then in office, even though less than a quorum or by a sole remaining
director, and not by the stockholders. Any director elected in accordance with
this Bylaw shall hold office until such director's successor shall have been
elected and qualified. If at any time there are no directors in office, an
election of directors may be held in the manner provided by statute. Except as
otherwise provided in these Bylaws, when one or more directors shall resign from
the Board of Directors, effective at a future date, a majority of the directors
then in office, including those who have so resigned, shall have the power to
fill such vacancy or vacancies, the vote thereon to take effect when such
resignation or resignations shall become effective, and each director so chosen
shall hold office as provided in these Bylaws with respect to the filling of
other vacancies.

         SECTION 3.6 CUMULATIVE VOTING PROHIBITED. Cumulative voting shall be
prohibited.

         SECTION 3.7 PLACE OF MEETINGS. The directors of the Corporation may
hold their meetings, both regular and special, either within or without the
State of Delaware.

         SECTION 3.10 ANNUAL MEETINGS. The annual meeting of each newly elected
Board shall be held without further notice immediately following the annual
meeting of stockholders, and at the same place, unless by unanimous consent of
the directors then elected and serving, such time or place shall be changed.

         SECTION 3.11 REGULAR MEETINGS. Regular meetings of the Board of
Directors may be held without notice at such time and place as shall from time
to time be determined by the Board of Directors.

         SECTION 3.12 SPECIAL MEETINGS. Special meetings of the Board of
Directors may be called by the Chairman of the Board or the Chief Executive
Officer on twenty-four (24) hours' notice to each director, if by telecopier,
electronic facsimile, telegram or other electronic means, or hand delivery, or
on three (3) days' notice to each director, if by mail. Except as may be
otherwise expressly provided by law or the Certificate of Incorporation, neither
the business to be transacted at, nor the purpose of, any special meeting need
be specified in a notice or waiver of notice.

         SECTION 3.13 QUORUM. At all meetings of the Board of Directors, a
majority of the total number of directors shall constitute a quorum for the
transaction of business, and the vote of a majority of the directors present at
any meeting at which a quorum is present shall be the act of the Board of
Directors, except as may be otherwise specifically provided by law or the
Certificate of Incorporation. If a quorum shall not be present at any meeting of
directors, the directors present thereat may adjourn the meeting from time to
time, without notice other than announcement at the meeting, until a quorum
shall be present.

                                      -6-
<PAGE>   11

         SECTION 3.12 ACTION WITHOUT MEETING; TELEPHONE MEETINGS. Any action
required or permitted to be taken at a meeting of the Board of Directors or of
any committee thereof may be taken without a meeting if a consent in writing,
setting forth the action so taken, is signed by all the members of the Board of
Directors or committee, as the case may be. Such consent shall have the same
force and effect as a unanimous vote at a meeting. Subject to applicable notice
provisions and unless otherwise restricted by the Certificate of Incorporation,
members of the Board of Directors, or any committee designated by the Board of
Directors, may participate in and hold a meeting by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in such
meeting shall constitute presence in person at such meeting, except where a
person's participation is for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully
called or convened.

         SECTION 3.13 CHAIRMAN OF THE BOARD. The Board of Directors may elect a
Chairman of the Board to preside at their meetings and to perform such other
duties as the Board of Directors may from time to time assign to such person.

         SECTION 3.14 COMPENSATION. The Board of Directors may fix the
compensation of the members of the Board of Directors at any time and from time
to time. Nothing herein contained shall be construed to preclude any director
from serving the Corporation in any other capacity and receiving compensation
therefor.

                                    ARTICLE 4
                                   COMMITTEES

         SECTION 4.1 DESIGNATION. The Board of Directors may designate one or
more committees.

         SECTION 4.2 NUMBER; TERM. Each committee shall consist of one or more
directors. The number of committee members may be increased or decreased from
time to time by the Board of Directors. Each committee member shall serve as
such until the earliest of (i) the expiration of such committee member's term as
director, (ii) such committee member's resignation as a committee member or as a
director, or (iii) such committee member's removal as a committee member or as a
director.

         SECTION 4.3 AUTHORITY. Each committee, to the extent expressly provided
in the resolution of the Board of Directors establishing such committee, shall
have and may exercise all of the authority of the Board of Directors in the
management of the business and affairs of the Corporation except to the extent
expressly restricted by statute, the Certificate of Incorporation or these
Bylaws.

                                      -7-
<PAGE>   12

         SECTION 4.4 COMMITTEE CHANGES; REMOVAL. The Board of Directors shall
have the power at any time to fill vacancies in, to change the membership of,
and to discharge any committee. The Board of Directors may remove any committee
member, at any time, with or without cause.

         SECTION 4.5 ALTERNATE MEMBERS; ACTING MEMBERS. The Board of Directors
may designate one or more directors as alternate members of any committee. Any
such alternate member may replace any absent or disqualified member at any
meeting of the committee. In the absence or disqualification of a member of a
committee, the member or members present at any meeting and not disqualified
from voting, whether or not such member or members constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at the
meeting in place of any such absent or disqualified member.

         SECTION 4.6 REGULAR MEETINGS. Regular meetings of any committee may be
held without notice at such time and place as may be designated from time to
time by the committee and communicated to all members thereof.

         SECTION 4.7 SPECIAL MEETINGS. Special meetings of any committee may be
held whenever called by the Chairman of the committee, or, if the committee
members have not elected a Chairman, by any committee member. The Chairman of
the committee or the committee member calling any special meeting shall cause
notice of such special meeting, including therein the time and place of such
special meeting, to be given to each committee member at least (i) twenty-four
(24) hours before such special meeting if notice is given by telecopy,
electronic facsimile, telegram or other electronic means, or hand delivery or
(ii) at least three (3) days before such special meeting if notice is given by
mail. Neither the business to be transacted at, nor the purpose of, any special
meeting of any committee need be specified in the notice or waiver of notice of
any special meeting.

         SECTION 4.8 QUORUM; MAJORITY VOTE. At meetings of any committee, a
majority of the number of members designated as the committee by the Board of
Directors shall constitute a quorum for the transaction of business. Alternate
members and acting members shall be counted in determining the presence of a
quorum. If a quorum is not present at a meeting of any committee, a majority of
the members present may adjourn the meeting from time to time, without notice
other than an announcement at the meeting, until a quorum is present. The vote
of a majority of the members, including alternate members and acting members,
present at any meeting at which a quorum is present shall be the act of a
committee, unless the act of a greater number is required by law or the
Certificate of Incorporation.

         SECTION 4.9 MINUTES. Each committee shall cause minutes of its
proceedings to be prepared and shall report the same to the Board of Directors
upon the request of the Board of Directors. The minutes of the proceedings of
each committee shall be delivered to the Secretary of the Corporation for
placement in the minute books of the Corporation.

                                      -8-
<PAGE>   13

         SECTION 4.10 COMPENSATION. Committee members may, by resolution of the
Board of Directors, be allowed a fixed sum and expenses of attendance, if any,
for attending any committee meetings or a stated salary.

                                    ARTICLE 5
                                     NOTICES

         SECTION 5.1 METHOD. Whenever by statute, the Certificate of
Incorporation, or these Bylaws, notice is required to be given to any
stockholder, director or committee member, and no provision is made as to how
such notice shall be given, personal notice shall not be required, and any such
notice may be given (a) in writing, by mail, postage prepaid, addressed to such
committee member, director, or stockholder at such person's address as it
appears on the books or (in the case of a stockholder) the stock transfer
records of the Corporation, or (b) by any other method permitted by law
(including, but not limited to, overnight courier service, electronic facsimile
transmission, electronic mail, telegram, telex, telefax or other means of
electronic transmission). Any notice required or permitted to be given by mail
shall be deemed to be given when deposited in the United States mail as
aforesaid. Any notice required or permitted to be given by overnight courier
service shall be deemed to be given at the time delivered to such service with
all charges prepaid and addressed as aforesaid. Any notice required or permitted
to be given by electronic facsimile transmission, electronic mail, telegram,
telex, telefax or other means of electronic transmission shall be deemed to be
delivered and given at the time transmitted with all charges prepaid and
addressed as aforesaid.

         SECTION 5.2 WAIVER. Whenever any notice is required to be given to any
stockholder, director, or committee member of the Corporation by law, the
Certificate of Incorporation or these Bylaws, a written waiver thereof, signed
by the person or persons entitled to such notice, whether before or after the
time stated therein, shall be equivalent to notice. Attendance of a stockholder,
director, or committee member at a meeting shall constitute a waiver of notice
of such meeting, except when the person attends for the express purpose of
objecting at the beginning of the meeting to the transaction of any business on
the ground that the meeting is not lawfully called or convened.

         SECTION 5.3 EXCEPTION TO NOTICE REQUIREMENT. The giving of any notice
required under any provision of the General Corporation Law of Delaware, the
Certificate of Incorporation or these Bylaws shall not be required to be given
to any stockholder to whom (i) notice of two consecutive annual meetings, and
all notices of meetings or of the taking of action by written consent without a
meeting to such stockholder during the period between such two consecutive
annual meetings, or (ii) all, and at least two, payments (if sent by first class
mail) of dividends or interest on securities during a twelve-month period, have
been mailed addressed to such person at such person's address as shown on the
records of the Corporation and have been returned undeliverable. If any such
stockholder shall deliver to the Corporation a written notice setting forth such
stockholder's then current address, the requirement that notice be given to such
stockholder shall be reinstated.

                                      -9-
<PAGE>   14

                                    ARTICLE 6
                                    OFFICERS

         SECTION 6.1 OFFICERS. The officers of the Corporation shall be a Chief
Executive Officer, a President, one or more Vice Presidents (who shall rank in
such order and who shall have such additional titles or designations, such as
"Executive," "Senior," "First," or "Second," as may be determined from time to
time by the Board of Directors), a Secretary, and a Treasurer. The Board of
Directors may also choose a Chairman of the Board, a Vice Chairman of the Board,
additional Vice Presidents and one or more Assistant Secretaries and Assistant
Treasurers and such other officers and agents, as it shall deem necessary,
including without limitation, a Chief Financial Officer. Any two or more offices
may be held by the same person.

         SECTION 6.2 ELECTION. The Board of Directors at its first meeting after
each annual meeting of stockholders shall elect the officers of the Corporation,
none of whom need be a member of the Board, a stockholder or a resident of the
State of Delaware. The Board of Directors may appoint such other officers and
agents as it shall deem necessary, who shall be appointed for such terms and
shall exercise such powers and perform such duties as shall be determined from
time to time by the Board of Directors.

         SECTION 6.3 COMPENSATION. The compensation of all officers and agents
of the Corporation shall be fixed by the Board of Directors.

         SECTION 6.4 REMOVAL AND VACANCIES. Each officer of the Corporation
shall hold office until such officer's successor is elected and qualified or
until such officer's earlier death, resignation or removal. Any officer or agent
elected or appointed by the Board of Directors may be removed either for or
without cause by a majority of the directors represented at a meeting of the
Board of Directors at which a quorum is represented, whenever in the judgment of
the Board of Directors the best interests of the Corporation will be served
thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed. If the office of any officer becomes vacant for
any reason, the vacancy may be filled by the Board of Directors.

         SECTION 6.5 CHIEF EXECUTIVE OFFICER. The Chief Executive Officer shall
be the senior officer of the Corporation, shall preside at all meetings of the
stockholders and the Board of Directors unless the Board of Directors shall
elect a Chairman of the Board, in which event the Chief Executive Officer shall
preside at meetings of the Board of Directors only in the absence of the
Chairman of the Board. The Chief Executive Officer shall be an ex-officio member
of the executive committee (if established), and will share the general and
active management of the business of the Corporation with the President, and
shall see, along with the President, that all orders and resolutions of the
Board of Directors are carried into effect. Under the seal of the Corporation,
he shall execute bonds, mortgages, and other contracts requiring a seal, except
where required or permitted by law to be otherwise signed and executed, except
where the signing and execution shall be especially delegated by the Board of
Directors to some other officer or agent of the Corporation.

                                      -10-
<PAGE>   15

         SECTION 6.6 PRESIDENT. The President shall have general and active
management of the business of the Corporation and shall see, along with the
Chief Executive Officer, that all orders and resolutions of the Board of
Directors are carried into effect. He shall have the authority to execute bonds,
mortgages, and other contracts requiring a seal, under the seal of the
Corporation, except where required or permitted by law or by these Bylaws to be
otherwise signed and executed, except where the signing and execution thereof
shall be especially delegated by the Board of Directors to some other officer or
agent of the Corporation.

         SECTION 6.7 VICE PRESIDENTS. In the absence of the President or in the
event of the President's inability or refusal to act, the Vice President (or in
the event there is more than one Vice President, the Vice Presidents in the
order designated by the Board, or in the absence of any designation, then in the
order of their election or appointment) shall perform the duties of the
President, and when so acting shall have all the powers of and be subject to all
of the restrictions upon the President. Each Vice President shall have only such
powers and perform only such duties as the Board of Directors may from time to
time prescribe or as the Chief Executive Officer or President may from time to
time delegate.

         SECTION 6.8 SECRETARY. Unless the Board of Directors requests
otherwise, the Secretary shall attend all sessions of the Board of Directors and
all meetings of the stockholders and record all votes and the minutes of all
proceedings in a book to be kept for that purpose and shall perform like duties
for any committee when required. In the event the Board of Directors requests
the Secretary not to attend or to leave a session of the Board of Directors or a
meeting of the stockholders, or in the event the Secretary is absent from such
session or meeting, the presiding officer at such session or meeting shall
appoint another person to record the votes and minutes of said proceedings.
Except as otherwise provided herein, the Secretary shall give, or cause to be
given, notice of all meetings of the stockholders and special meetings of the
Board of Directors, and shall perform such other duties as may be prescribed by
the Board of Directors or Chief Executive Officer or President, under whose
supervision the Secretary shall be. The Secretary shall keep in safe custody the
seal of the Corporation and, when authorized by the Board of Directors, affix
the same to any instrument requiring it, and, when so affixed, it shall be
attested by the signature of the Secretary or by the signature of the Treasurer
or an Assistant Secretary.

         SECTION 6.9 ASSISTANT SECRETARIES. Each Assistant Secretary shall have
only such powers and perform only such duties as the Board of Directors may from
time to time prescribe or as the Chief Executive Officer may from time to time
delegate.

         SECTION 6.10 TREASURER. The Treasurer shall have the custody of the
corporate funds and securities and shall keep full and accurate accounts of
receipts and disbursements of the Corporation and shall deposit all monies and
other valuable effects in the name and to the credit of the Corporation in such
depositories as may be designated by the Board of Directors. The Treasurer shall
disburse the funds of the Corporation as may be ordered by the Board of
Directors, taking proper vouchers

                                      -11-
<PAGE>   16

for such disbursements, and shall render to the Chief Executive Officer, the
President and directors, at the regular meetings of the Board of Directors, or
whenever they may require it, an account of all the Treasurer's transactions as
Treasurer and of the financial condition of the Corporation, and shall perform
such other duties as the Board of Directors may prescribe. If required by the
Board of Directors, the Treasurer shall give the Corporation a bond in such
form, in such sum, and with such surety or sureties as shall be satisfactory to
the Board of Directors for the faithful performance of the duties of the office
of Treasurer and for the restoration to the Corporation, in case of the
Treasurer's death, resignation, retirement or removal from office, of all books,
papers, vouchers, money, and other property of whatever kind in the Treasurer's
possession or under the Treasurer's control belonging to the Corporation.

         SECTION 6.11 ASSISTANT TREASURERS. Each Assistant Treasurer shall have
only such powers and perform only such duties as the Board of Directors may from
time to time prescribe.

         SECTION 6.12 OTHER OFFICERS. The Board of Directors may appoint such
other officers and agents as it shall deem necessary, including without
limitation, a Chief Financial Officer who shall be appointed for such terms and
shall exercise such powers and perform such duties as shall be determined from
time to time by the Board of Directors.

                                    ARTICLE 7
                        CERTIFICATES REPRESENTING SHARES

         SECTION 7.1 CERTIFICATES. The shares of the Corporation shall be
represented by certificates in such form as shall be determined by the Board of
Directors. Such certificates shall be consecutively numbered and shall be
entered in the books of the Corporation as they are issued. Each certificate
shall state on the face thereof the holder's name, the number and class of
shares, and the par value of such shares or a statement that such shares are
without par value. Each certificate shall be signed by the President or a Vice
President and by the Secretary or an Assistant Secretary and may be sealed with
the seal of the Corporation or a facsimile thereof. Any or all of the signatures
on a certificate may be facsimile.

         SECTION 7.2 LEGENDS. The Board of Directors shall have the power and
authority to provide that certificates representing shares of stock shall bear
such legends as the Board of Directors shall authorize, including, without
limitation, such legends as the Board of Directors deems appropriate to assure
that the Corporation does not become liable for violations of federal or state
securities laws or other applicable law.

         SECTION 7.3 LOST CERTIFICATES. The Corporation may issue a new
certificate representing shares in place of any certificate theretofore issued
by the Corporation, alleged to have been lost, stolen or destroyed, upon the
making of an affidavit of that fact by the person claiming the certificate to be
lost, stolen or destroyed. The Board of Directors, in its discretion and as a
condition precedent to the issuance thereof, may require the owner of such lost,
stolen or destroyed certificate, or such

                                      -12-
<PAGE>   17

owner's legal representative, to advertise the same in such manner as it shall
specify and/or to give the Corporation a bond in such form, in such sum, and
with such surety or sureties as it may direct as indemnity against any claim
that may be made against the Corporation with respect to the certificate alleged
to have been lost, stolen or destroyed.

         SECTION 7.4 TRANSFER OF SHARES. Shares of stock shall be transferable
only on the books of the Corporation by the holder thereof in person or by such
holder's duly authorized attorney. Upon surrender to the Corporation or the
transfer agent of the Corporation of a certificate representing shares duly
endorsed or accompanied by proper evidence of succession, assignment or
authority to transfer, it shall be the duty of the Corporation or the transfer
agent of the Corporation to issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its books.

         SECTION 7.5 REGISTERED STOCKHOLDERS. The Corporation shall be entitled
to treat the holder of record of any share or shares of stock as the holder in
fact thereof for any and all purposes, and, accordingly, shall not be bound to
recognize any equitable or other claim or interest in such share or shares on
the part of any other person, whether or not it shall have express or other
notice thereof, except as otherwise provided by law.

                                    ARTICLE 8
                                 INDEMNIFICATION

         SECTION 8.1 ACTIONS, SUITS OR PROCEEDINGS OTHER THAN BY OR IN THE RIGHT
OF THE CORPORATION. The Corporation shall, to the fullest extent authorized or
permitted by law, indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the Corporation) by reason of the fact that such
person is or was or has agreed to become a Director, officer, employee or agent
of the Corporation, or is or was serving or has agreed to serve at the request
of the Corporation as a Director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, or by reason
of any action alleged to have been taken or omitted in such capacity, against
costs, charges, expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person or on
such person's behalf in connection with such action, suit or proceeding and any
appeal therefrom, if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe such person's conduct was unlawful. The termination
of any action, suit or proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not meet the standards of conduct set forth in
this Section 8.1.

                                      -13-
<PAGE>   18

         SECTION 8.2 ACTIONS OR SUITS BY OR IN THE RIGHT OF THE CORPORATION. The
Corporation shall, to the fullest extent authorized or permitted by law,
indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that such
person is or was a Director, officer, employee or agent of the Corporation, or
is or was serving at the request of the Corporation as a Director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, or by reason of any action alleged to have been taken or
omitted in such capacity, against costs, charges and expenses (including
attorneys' fees) actually and reasonably incurred by such person or on such
person's behalf in connection with the defense or settlement of such action or
suit and any appeal therefrom, if such person acted in good faith and in a
manner such person reasonably believed to be in or not opposed to the best
interests of the Corporation, except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable for gross negligence or misconduct in the performance of
such person's duty to the Corporation unless and only to the extent that the
Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of such
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such costs, charges and expenses
which the Court of Chancery or such other court shall deem proper.

         SECTION 8.3 INDEMNIFICATION FOR COSTS, CHARGES AND EXPENSES OF
SUCCESSFUL PARTY. Notwithstanding the other provisions of this Article 8, to the
extent that a Director, officer, employee or agent of the Corporation has been
successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit or
proceeding referred to in Sections 8.1 and 8.2, or in the defense of any claim,
issue or matter therein, such person shall be indemnified against all costs,
charges and expenses (including attorneys' fees) actually and reasonably
incurred by such person or on such person's behalf in connection therewith.

         SECTION 8.4 DETERMINATION OF RIGHT TO INDEMNIFICATION. Any
indemnification under Sections 8.1 and 8.2 (unless ordered by a court) shall be
paid by the Corporation unless a determination is made (a) by the Board of
Directors by a majority vote of a quorum consisting of Directors who were not
parties to such action, suit or proceeding, or (b) if such a quorum is not
obtainable, or even if obtainable a quorum of disinterested Directors so
directs, by independent legal counsel in a written opinion, or (c) by the
stockholders, that indemnification of the Director, officer, employee or agent
is not proper in the circumstances because such person has not met the
applicable standards of conduct set forth in Sections 8.1 and 8.2.

         SECTION 8.5 ADVANCE OF COSTS, CHARGES AND EXPENSES. Costs, charges and
expenses (including attorneys fees) incurred by a person referred to in Sections
8.1 and 8.2 in defending a civil or criminal action, suit or proceeding
(including investigations by any government agency and all costs, charges and
expenses incurred in preparing for any threatened action, suit or proceeding)
shall be paid by the Corporation in advance of the final disposition of such
action, suit or proceeding; provided, however, that the payment of such costs,
charges and expenses incurred by a Director or

                                      -14-
<PAGE>   19

officer in such person's capacity as a Director or officer (and not in any other
capacity in which service was or is rendered by such person while a Director or
officer) in advance of the final disposition of such action, suit or proceeding
shall be made only upon receipt of an undertaking by or on behalf of the
Director or officer to repay all amounts so advanced in the event that it shall
ultimately be determined that such Director or officer is not entitled to be
indemnified by the Corporation as authorized in this Article 8. No security
shall be required for such undertaking and such undertaking shall be accepted
without reference to the recipient's financial ability to make repayment. The
repayment of such charges and expenses incurred by other employees and agents of
the Corporation which are paid by the Corporation in advance of the final
disposition of such action, suit or proceeding as permitted by this Section 8.5
may be required upon such terms and conditions, if any, as the Board of
Directors deems appropriate. The Board of Directors may, in the manner set forth
above, and subject to the approval of such Director, officer, employee or agent
of the Corporation, authorize the Corporation's counsel to represent such
person, in any action, suit or proceeding, whether or not the Corporation is a
party to such action, suit or proceeding.

         SECTION 8.6 PROCEDURE FOR INDEMNIFICATION. Any indemnification under
Sections 8.1, 8.2 or 8.3 or advance of costs, charges and expenses under Section
8.5 shall be made promptly, and in any event within 30 days, upon the written
request of the Director, officer, employee or agent directed to the Secretary of
the Corporation. The right to indemnification or advances as granted by this
Article 8 shall be enforceable by the Director, officer, employee or agent in
any court of competent jurisdiction if the Corporation denies such request, in
whole or in part, or if no disposition thereof is made within 30 days. Such
person's costs and expenses incurred in connection with successfully
establishing such person's right to indemnification or advances, in whole or in
part, in any such action shall also be indemnified by the Corporation. It shall
be a defense to any such action (other than an action brought to enforce a claim
for the advance of costs, charges and expenses under Section 8.5 where the
required undertaking, if any, has been received by the Corporation) that the
claimant has not met the standard of conduct set forth in Sections 8.1 or 8.2,
but the burden of proving that such standard of conduct has not been met shall
be on the Corporation. Neither the failure of the Corporation (including its
Board of Directors, its independent legal counsel, and its stockholders) to have
made a determination prior to the commencement of such action that
indemnification of the claimant is proper in the circumstances because such
person has met the applicable standard of conduct set forth in Sections 8.1 and
8.2, nor the fact that there has been an actual determination by the Corporation
(including its Board of Directors, its independent legal counsel, and its
stockholders) that the claimant has not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that the claimant has
not met the applicable standard of conduct.

         SECTION 8.7 OTHER RIGHTS; CONTINUATION OF RIGHT TO INDEMNIFICATION. The
indemnification provided by this Article 8 shall not be deemed exclusive of any
other rights to which a person seeking indemnification may be entitled under any
law (common or statutory), agreement, vote of stockholders or disinterested
Directors or otherwise, both as to action in such person's official capacity and
as to action in another capacity while holding office or while employed by or
acting as

                                      -15-
<PAGE>   20

agent for the Corporation, and shall continue as to a person who has ceased to
be a Director, officer, employee or agent and shall inure to the benefit of the
estate, heirs, executors and administrators of such person. All rights to
indemnification under this Article 8 shall be deemed to be a contract between
the Corporation and each Director, officer, employee or agent of the Corporation
who serves or served in such capacity at any time while this Article 8 is in
effect. No amendment or repeal of this Article 8 or of any relevant provisions
of the Delaware General Corporation Law or any other applicable laws shall
adversely affect or deny to any Director, officer, employee or agent any rights
to indemnification which such person may have, or change or release any
obligations of the Corporation, under this Article 8 with respect to any costs,
charges, expenses (including attorneys' fees), judgments, fines, and amounts
paid in settlement which arise out of an action, suit or proceeding based in
whole or substantial part on any act or failure to act, actual or alleged, which
takes place before or while this Article 8 is in effect. The provisions of this
Section 8.7 shall apply to any such action, suit or proceeding whenever
commenced, including any such action, suit or proceeding commenced after any
amendment or repeal of this Article 8.

         SECTION 8.8  CONSTRUCTION.  For purposes of this Article 8:

                  (i) "the Corporation" shall include any constituent
         corporation (including any constituent of a constituent) absorbed in a
         consolidation or merger which, if its separate existence had continued,
         would have had power and authority to indemnify its Directors,
         officers, and employees or agents, so that any person who is or was a
         Director, officer, employee or agent of such constituent corporation,
         or is or was serving at the request of such constituent corporation as
         a Director, officer, employee or agent of another corporation,
         partnership, joint venture, trust or other enterprise, shall stand in
         the same position under the provisions of this Article 8 with respect
         to the resulting or surviving corporation as such person would have
         with respect to such constituent corporation if its separate existence
         had continued;

                  (ii) "Other enterprises" shall include employee benefit plans,
         including, but not limited to, any employee benefit plan of the
         Corporation;

                  (iii) "Serving at the request of the Corporation" shall
         include any service which imposes duties on, or involves services by, a
         Director, officer, employee, or agent of the Corporation with respect
         to an employee benefit plan, its participants, or beneficiaries,
         including acting as a fiduciary thereof;

                  (iv) "fines" shall include any penalties and any excise or
         similar taxes assessed on a person with respect to an employee benefit
         plan;

                  (v) A person who acted in good faith and in a manner such
         person reasonably believed to be in the interest of the participants
         and beneficiaries of an employee benefit plan

                                      -16-
<PAGE>   21

         shall be deemed to have acted in a manner "not opposed to the best
         interests of the Corporation" as referred to in Sections 8.1 and 8.2;
         and

                  (vi) Service as a partner, trustee or member of management or
         similar committee of a partnership or joint venture, or as a Director,
         officer, employee or agent of a corporation which is a partner, trustee
         or joint venturer, shall be considered service as a Director, officer,
         employee or agent of the partnership, joint venture, trust or other
         enterprise.

         SECTION 8.9 SAVINGS CLAUSE. If this Article 8 or any portion hereof
shall be invalidated on any ground by a court of competent jurisdiction, then
the Corporation shall nevertheless indemnify each Director, officer, employee
and agent of the Corporation as to costs, charges and expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement with respect
to any action, suit or proceeding, whether civil, criminal, administrative or
investigative, including an action by or in the right of the Corporation, to the
full extent permitted by any applicable portion of this Article 8 that shall not
have been invalidated and to the full extent permitted by applicable law.

         SECTION 8.10 INSURANCE. The Corporation shall purchase and maintain
insurance on behalf of any person who is or was or has agreed to become a
Director, officer, employee or agent of the Corporation, or is or was serving at
the request of the Corporation as a Director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against any liability asserted against such person and incurred by such person
or on such person's behalf in any such capacity, or arising out of such person's
status as such, whether or not the Corporation would have the power to indemnify
such person against such liability under the provisions of this Article 8,
provided that such insurance is available on acceptable terms as determined by a
vote of a majority of the entire Board of Directors.

                                    ARTICLE 9
                               GENERAL PROVISIONS

         SECTION 9.1 DIVIDENDS. The Board of Directors, subject to any
restrictions contained in the Certificate of Incorporation, may declare
dividends upon the shares of the Corporation's capital stock. Dividends may be
paid in cash, in property, or in shares of the Corporation, subject to the
provisions of the General Corporation Law of Delaware and the Certificate of
Incorporation.

         SECTION 9.2 RESERVES. By resolution of the Board of Directors, the
directors may set apart out of any of the funds of the Corporation such reserve
or reserves as the directors from time to time, in their discretion, think
proper to provide for contingencies, or to equalize dividends, or to repair or
maintain any property of the Corporation, or for such other purposes as the
directors shall think beneficial to the Corporation, and the directors may
modify or abolish any such reserve in the manner in which it was created.

                                      -17-
<PAGE>   22

         SECTION 9.3 AUTHORITY TO SIGN INSTRUMENTS. Any checks, drafts, bills of
exchange, acceptances, bonds, notes or other obligations or evidences of
indebtedness of the Corporation, and all deeds, mortgages, indentures, bills of
sale, conveyances, endorsements, assignments, transfers, stock powers, or other
instruments of transfer, contracts, agreements, dividend and other orders,
powers of attorney, proxies, waivers, consents, returns, reports, certificates,
demands, notices, or documents and other instruments or writings of any nature
whatsoever may be signed, executed, verified, acknowledged, and delivered, for
and in the name and on behalf of the Corporation, by such officers, agents, or
employees of the Corporation, or any of them, and in such manner, as from time
to time may be authorized by the Board of Directors, and such authority may be
general or confined to specific instances.

         SECTION 9.4 FISCAL YEAR. The fiscal year of the Corporation shall be
fixed by resolution of the Board of Directors.

         SECTION 9.5 SEAL. The corporate seal shall have inscribed thereon the
name of the Corporation. Said seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced or otherwise.

         SECTION 9.6 TRANSACTIONS WITH DIRECTORS AND OFFICERS. No contract or
other transaction between the Corporation and any other corporation and no other
act of the Corporation shall, in the absence of fraud, be invalidated or in any
way affected by the fact that any of the directors of the Corporation are
pecuniarily or otherwise interested in such contract, transaction or other act,
or are directors or officers of such other corporation. Any director of the
Corporation, individually, or any firm or corporation of which any such director
may be a member, may be a party to, or may be pecuniarily or otherwise
interested in, any contract or transaction of the Corporation; provided,
however, that the fact that the director, individually, or the firm or
corporation is so interested shall be disclosed or shall have been known to the
Board of Directors or a majority of such members thereof as shall be present at
any annual meeting or at any special meeting, called for that purpose, of the
Board of Directors at which action upon any such contract or transaction shall
be taken. Any director of the Corporation who is so interested may be counted in
determining the existence of a quorum at any such annual or special meeting of
the Board of Directors which authorizes such contract or transaction. Every
director of the Corporation is hereby relieved from any disability which might
otherwise prevent such director from carrying out transactions with or
contracting with the Corporation for the benefit of such director or any firm,
corporation, trust or organization in which or with which such director may be
in anywise interested or connected.

         SECTION 9.7 AMENDMENTS. These Bylaws may be amended or repealed, or new
Bylaws may be adopted, only (i) by the Board of Directors at any duly held
meeting or pursuant to a written consent in lieu of such meeting, or (ii) by the
holders of a majority of the shares entitled to vote thereon represented at any
duly held meeting of stockholders, provided that notice of such proposed action
shall have been contained in the notice of any such meeting, or pursuant to a
written consent signed by the holders of a majority of the outstanding shares
entitled to vote thereon.

                                      -18-

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