BYLAWS
                             OF
                   ALASKA AIR GROUP, INC.


         As Amended and in Effect September 14, 1993
      (Date of Previous Amendment:  February 27, 1992)
      
      
                             ARTICLE I
      
                    REGISTERED OFFICE AND AGENT
      
      The registered office of the corporation is located at
Corporate Trust Center, 1209 Orange Street, 9, County of New
Castle, Delaware 19801, and the name of its registered agent
at such address is The Corporation Trust Company.

                         ARTICLE II
                   MEETING OF STOCKHOLDERS
     Section 1.     Annual Meetings.
      A  meeting  of  the stockholders for  the  purpose  of
electing  directors and for the transaction  of  such  other
business as may properly be brought before the meeting shall
be  held  annually  at two o'clock in the afternoon  on  the
third  Tuesday of May, or at such other time or  such  other
day  as  shall  be  fixed  by resolution  of  the  Board  of
Directors.  If the day fixed for the annual meeting shall be
a  legal  holiday  such meeting shall be held  on  the  next
succeeding business day.

     Section 2.     Special Meetings.

     Special meetings of the stockholders for any purpose or
purposes  may  be  called at any time by a majority  of  the
Board of Directors or by the Chairman of the Board.

     Section 3.     Place of Meetings.

      All  meetings of the stockholders may be held at  such
places as shall be stated in the notice of the meeting.

     Section 4.     Notice of Meetings.

     Except as otherwise provided by statute, written notice
of  each meeting of the stockholders shall be given not less
than thirty and not more than sixty days before the date  of
the  meeting  to each stockholder entitled to vote  at  such
meeting.  If mailed, notice will be given when deposited  in
the  United States mails, postage prepaid, directed to  such
stockholder at his address as it appears in the stock ledger
of the corporation.

      When a meeting is adjourned to another time and place,
notice  of  the adjourned meeting need not be given  if  the
time and place thereof are announced at the meeting at which
the  adjournment is given.  If the adjournment is  for  more
than  thirty days, or if after the adjournment a new  record
date  is  fixed for the adjourned meeting, a notice  of  the
adjourned  meeting  shall be given to  each  stockholder  of
record entitled to vote at the meeting.

     Section 5.     Quorum.

      At  any  meeting of the stockholders  the  holders  or
record  of  a  majority of the total number  of  outstanding
stock of the corporation entitled to vote, present in person
or  represented by proxy, shall constitute a quorum for  all
purposes.

      If a quorum is present at any meeting of stockholders,
the  affirmative vote of the holders of three-fourths of the
stock present in person or represented by proxy and entitled
to  vote  on  the  subject matter shall be the  act  of  the
stockholders,   except   as  provided   otherwise   in   the
Certificate of Incorporation or in these Bylaws.

      In the absence of a quorum at any meeting, the holders
of a majority of the stock entitled to vote thereat, present
in  person  or  represented by proxy  at  the  meeting,  may
adjourn the meeting, from time to time, until the holders of
the number shares requisite to constitute a quorum shall  be
present in person or represented at the meeting.

     Section 6.     Organization.

      At  each meeting of the stockholders, the Chairman  of
the  Board, or in his absence such person as shall have been
designated  by the Board of Directors, or in the absence  of
such  designation  a person elected by the  holders  of  the
majority  in number of shares of stock present in person  or
represented  by  proxy and entitled to vote,  shall  act  as
chairman of the meeting.

       The  Secretary,  or  in  his  absence,  an  Assistant
Secretary or, in the absence of the Secretary and all of the
Assistant Secretaries, any person appointed by the  chairman
of the meeting, shall act as secretary of the meeting.

     Section 7.     Voting.

       Unless  otherwise  provided  in  the  Certificate  of
Incorporation  or  a  resolution of the Board  of  Directors
creating  a  series  of  stock,  at  each  meeting  of   the
stockholders, each holder of shares entitled to vote at such
meeting  shall  be entitled to one vote for  each  share  of
stock  having  voting power in respect of each  matter  upon
which  a  vote  is to be taken.  Shares of its  own  capital
stock   belonging  to  the  corporation,   or   to   another
corporation if a majority of the shares entitled to vote  in
the  election of directors of such other corporation is held
by  the  corporation, shall neither be entitled to vote  nor
counted for quorum purposes.

     Section 8.     Notification of Nominations.

      Nominations for the election of Directors may be  made
by  or  at  the  direction of the  Board  of  Directors.   A
stockholder  may  also  nominate a  person  or  persons  for
election  as Directors, but only if written notice  of  such
stockholder's intent to make such nominations is received by
the  Secretary of the corporation, not later than  (i)  with
respect  to  an  election to be held  at  a  regular  annual
meeting  of  stockholders, 90 days in advance of  the  third
Tuesday in May, and (ii) with respect to an election  to  be
held at any other meeting of the stockholders, the close  of
business  on  the 10th day following the date of  the  first
public  disclosure, which may include any public  filing  by
the corporation with the Securities and Exchange Commission,
of the Originally Scheduled Date of such meeting.  Each such
notice  shall  set  forth (a) the name and  address  of  the
stockholder who intends to make the nomination  and  of  the
person or persons to be nominated; (b) a representation that
the  stockholder is a holder of record entitled to  vote  at
such  meeting;  (c)  a  description of all  arrangements  or
understandings between the stockholder and each nominee  and
any  other person or persons (naming them) pursuant to which
the  nomination  is  to be made; (d) such other  information
regarding  each  nominee as would have been required  to  be
included  in a proxy statement filed pursuant to  the  proxy
rules  of  the Securities and Exchange Commission  had  each
nominee  been nominated by the Board of Directors;  and  (e)
the  consent  of  each nominee to serve  as  a  Director  if
elected.   The  chairman of any meeting of  stockholders  to
elect  Directors and the Board of Directors shall refuse  to
recognize  the  nomination  of  any  person  not   made   in
compliance  with the foregoing procedure.  For  purposes  of
these Bylaws, the "Originally Scheduled Date" of any meeting
of  stockholders shall be the date such meeting is scheduled
to   occur   in  the  notice  first  given  to  stockholders
regardless of whether such meeting is continued or adjourned
or  whether any subsequent notice is given for such  meeting
or the record date of such meeting is changed.

     Section 9.     Proper Business for Stockholders'
Meetings.

     At any annual or special meeting of the stockholders of
the  corporation, only business properly brought before  the
meeting may be transacted.  To be properly brought before an
annual meeting, business (i) must be specified in the notice
of  the meeting (or any supplement thereto) given by  or  at
the  direction  of  the Board of Directors,  (ii)  otherwise
properly  brought before the meeting by or at the  direction
of  the  Board  of  Directors, or (iii)  otherwise  properly
brought  before the meeting by a stockholder.  For  business
to  be  properly brought before a meeting by a  stockholder,
written  notice  thereof  must have  been  received  by  the
Secretary  of  the  corporation, not  later  than  (i)  with
respect  to a regular annual meeting, 90 days in advance  of
the third Tuesday in May, and (ii) with respect to any other
meeting, the close of business on the 10th day following the
date  of the first public disclosure, which may include  any
public  filing  by the corporation with the  Securities  and
Exchange  Commission, of the Originally  Scheduled  Date  of
such  meeting.  Any such notice shall set forth as  to  each
matter  the stockholder proposes to bring before the meeting
(i)  a  brief  description of the  business  desired  to  be
brought  before the meeting, and the reasons for  conducting
such  business  at  the  meeting and  the  language  of  the
proposal,  (ii)  the  name and address  of  the  stockholder
proposing  such  business, (iii) a representation  that  the
stockholder  is  a  holder  of  record  of  stock   of   the
corporation entitled to vote at such meeting, and  (iv)  any
material  interest of the stockholder in such business.   No
business  shall be conducted at any meeting of  stockholders
except  in accordance with this paragraph, and the  chairman
of  any  meeting of stockholders and the Board of  Directors
shall  refuse  to permit any business to be  brought  before
meeting without compliance with the foregoing procedures.


                         ARTICLE III
                              
                     BOARD OF DIRECTORS
                              
     Section 1.     Number, Qualification and Term of
Office.

      A  majority  of the members of the Board of  Directors
shall  not be employees of the Company.  These Bylaws  shall
not  be amended to change the requirement for a majority  of
outside  directors  unless  approved  by  a  vote   of   the
shareholders,  or  by a vote of a majority  of  the  outside
directors, but in no case prior to September 14, 1995.   The
number,  qualification and term of office of  the  Directors
shall be as set forth in the Certificate of Incorporation.

     Section 2.     Vacancies.

      Vacancies in the Board of Directors and newly  created
directorships resulting from any increase in the  authorized
number  of  Directors may be filled by  a  majority  of  the
Directors then in office, although less than a quorum, or by
a sole remaining Director, at any regular or special meeting
of the Board of Directors.

     Section 3.     Resignations.

     Any Director may resign at any time upon written notice
to the Secretary of the corporation.  Such resignation shall
take effect on the date of receipt of such notice or at  any
later  date  specified therein; and the acceptance  of  such
resignation shall not be necessary to make it effective.

     Section 4.     Meetings.

     Meetings of the Board of Directors may be called by the
Chairman  of the Board and shall be called by the  Secretary
on  the  written  request of a majority of  Directors.   The
Board  of  Directors may hold its meetings at such place  as
the  Chairman of the Board or in his absence a  majority  of
Directors from time to time may determine.  Notice  of  each
meeting  shall be sent to each Director by first class  mail
or  by telephone, telegraph or any other means of electronic
communication  in  each case directed to  his  residence  or
usual  place of business, or delivered to him in  person  or
given  to him orally.  Notice by mail shall be sent  by  the
Secretary  at  least ten (10) days previous, and  notice  by
telephone,  telegraph or other electronic  communication  at
least  five  (5) days previous, to the time  fixed  for  the
meeting;  unless, in case of exigency the  Chairman  of  the
Board shall prescribe a shorter notice.  A written waiver of
notice,  signed by the Director entitled to notice,  whether
before  or  after the time of the meeting, shall  be  deemed
equivalent to notice.  The notice of meeting shall state the
time and place of the meeting.

     Section 5.     Quorum and Manner of Acting.

       Except   as   otherwise  provided  by  statute,   the
Certificate of Incorporation, or these Bylaws, the  presence
of  a  majority  of  the  total number  of  Directors  shall
constitute a quorum for the transaction of business  at  any
meeting of the Board of Directors, and the act of a majority
of  the  Directors present at any such meeting  at  which  a
quorum  is  present  shall  be  the  act  of  the  Board  of
Directors.   In the absence of a quorum, a majority  of  the
Directors  present  may adjourn the meeting,  from  time  to
time, until a quorum is present.

     Section 6.     Organization.

      At  every  meeting  of  the Board  of  Directors,  the
Chairman  of the Board or in his absence, a chairman  chosen
by a majority of the Directors present shall act as chairman
of  the  meeting.   The Secretary, or  in  his  absence,  an
Assistant Secretary, or in the absence of the Secretary  and
all  the Assistant Secretaries, any person appointed by  the
chairman  of  the  meeting, shall act as  secretary  of  the
meeting.

     Section 7.     Consent of Directors in Lieu of Meeting.

      Unless  otherwise  restricted by  the  Certificate  of
Incorporation  or  by these Bylaws, any action  required  or
permitted  to  be  taken  at any meeting  of  the  Board  of
Directors, or any committee designated by the Board, may  be
taken  without  a  meeting if all members of  the  Board  or
committee  consent  thereto  in writing,  and  such  written
consent is filed with the minutes of the proceedings of  the
Board or committee.

     Section 8.     Telephonic Meetings.

      Members  of  the Board of Directors, or any  committee
designated by the Board, may participate in a meeting of the
Board  or  committee  by  means of conference  telephone  or
similar  communications equipment  by  means  of  which  all
persons  participating in the meeting can hear  each  other,
and   participation  in  such  a  meeting  shall  constitute
presence in person at such meeting.

                         ARTICLE IV
            COMMITTEES OF THE BOARD OF DIRECTORS

     Section 1.     Executive Committee.

       The  Board  of  Directors  may,  in  its  discretion,
designate annually an Executive Committee consisting of  the
Chairman  of the Board and not less than two other Directors
as  it  may from time to time determine, provided  that  the
majority of Executive Committee members shall be nonemployee
directors.   The  Board  of  Directors  shall  appoint   the
Chairman  of the Executive Committee from among the  members
of  the  Committee.  Except as limited by  statute,  by  the
Certificate of Incorporation, by these Bylaws, or by further
action  of  the Board of Directors, the Executive  Committee
may  exercise all the power of the Board of Directors.   All
action taken by the Executive Committee shall be subject  to
revision or alteration of the Board; but no such revision or
alteration of any such action shall affect any act or  right
of  any  third party dependent upon such action  and  having
occurred  or arisen prior to notice to such third  party  of
such  revision or alteration.  Any person dealing  with  the
corporation  may  rely upon a copy of any of  said  minutes,
votes  or  resolution,  certified by  the  Chairman  of  the
Committee or by the Secretary or any Assistant Secretary  of
the corporation, and a copy so certified shall be conclusive
evidence  of  the  matters therein  stated.   The  Executive
Committee  shall  not, unless specifically authorized  by  a
resolution  of  the  Board of Directors, spend,  finance  or
commit  the Company to any sum exceeding $5 million  in  any
one  instance for nonaircraft capital assets or $30  million
in any one instance for aircraft acquisitions.

      Meetings of the Executive Committee shall be  held  at
the  call of the Chairman of the Executive Committee or  the
Chairman  of  the  Board.  In addition, the Committee  shall
hold as many special meetings as it determines necessary.

     Section 2.     Other Committees.

      The Board of Directors may, by resolution passed by  a
majority  of the Directors, designate such other committees,
consisting of one or more Directors, as it may from time  to
time determine, and each such committee shall serve for such
term  and shall have and may exercise such duties, functions
and  powers as the Board of Directors may from time to  time
prescribe.   The  Chairman of each such committee  shall  be
designated by the Board of Directors.

     Section 3.     Committee; Books and Records.

      Notice of committee meetings shall be governed by  the
provisions of Article III, Section 4, above.  Each committee
shall  keep  a record of its acts and proceedings,  and  all
action  of the committee shall be reported to the  Board  of
Directors  at  the  next meeting of the Board,  except  that
minutes  of  each  Executive  Committee  meeting  shall   be
forwarded  to  each  Director  within  seven  days  of  such
meeting.

     Section 4.     Quorum and Manner of Action.

      At  each  meeting of any committee the presence  of  a
majority of the members of such committee shall be necessary
to  constitute a quorum for the transaction of business, and
if  a  quorum  is present the concurrence of a  majority  of
those  present  shall be necessary for  the  taking  of  any
action.

                          ARTICLE V
                          OFFICERS
     Section 1.     Number
      The officers of the corporation shall be a Chairman of
the Board, a President, a Secretary, and such other officers
as  may be elected by the Board of Directors or appointed by
the  Chairman  of the Board.  Any number of offices  may  be
held by the same person.

     Section 2.     Election, Term of Office and
Qualifications.

      The  officers  of  the corporation  shall  be  elected
annually by the Board of Directors.  Each officer elected by
the Board of Directors shall hold office until his successor
shall  have  been duly elected and qualified,  or  until  he
shall  have  died, resigned or been removed  in  the  manner
hereinafter provided.

     Section 3.     Resignations.

      Any officer may resign at any time upon written notice
to  the Chairman of the Board.  Such resignation shall  take
effect  on  the  date of its receipt, or on any  later  date
specified  therein; and the acceptance of  such  resignation
shall not be necessary to make it effective.

     Section 4.     Removals.

      Any  officer elected by the Board of Directors may  be
removed,  with or without cause, by the Board of  Directors.
Any  officer appointed by the Chairman of the Board  may  be
removed,  with  or  without cause, by the  Chairman  of  the
Board.

     Section 5.     Vacancies.

      Any vacancy occurring in any office of the corporation
shall be filled for the unexpired portion of the term in the
same  manner  as  prescribed in  these  Bylaws  for  regular
election or appointment to such office.

     Section 6.     Compensation of Officers

      The  salaries of all officers elected by the Board  of
Directors  shall be approved or authorized by the  Board  of
Directors or by the Chairman of the Board when so authorized
by the Board of Directors.

     Section 7.     Chairman of the Board.

      The Chairman of the Board shall be the Chief Executive
Officer  of  the corporation and shall have the general  and
active  management  of the business of the  corporation  and
general and active supervision and direction over the  other
officers,  agents  and employees and shall  see  that  their
duties  are  properly  performed.   He  shall,  if  present,
preside  at  each  meeting of the stockholders  and  of  the
Board.   He shall perform all duties incident to the  office
of  Chairman of the Board and such other duties as may  from
time  to time be assigned to him by the Board.  The Chairman
of  the  Board shall have the power to vote shares stock  of
other corporations held by the corporation, except as may be
otherwise determined by the Board.

     Section 8.     President.

     The President shall have general and active supervision
and   direction  over  the  business  and  affairs  of   the
corporation and over its several officers, subject, however,
to  the  direction of the Chairman of the Board.   He  shall
perform  all duties incident to the office of President  and
such  other  duties as may be assigned to him by the  Board,
the Chairman of the Board or these Bylaws.

     Section 9.     Secretary.

      The  Secretary  or  one or more Assistant  Secretaries
shall  attend all meetings of the Board and all meetings  of
the  stockholders  and act as secretary thereof,  and  shall
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 of the Board when required.   The
Secretary  shall  be given other duties as  pertain  to  his
office.   The Secretary shall keep in safe custody the  seal
of  the  corporation and when authorized  by  the  Board  of
Directors,  affix it, when required, to any instrument.   An
Assistant  Secretary  shall  perform  the  duties   of   the
Secretary  in  the  event of his absence or  disability  and
shall  perform such other duties as may be imposed upon  him
by the Board of Directors.

      Section 10.    Absence or Disability of Officers.
                              
      In  the absence or disability of the Chairman  of  the
Board   or  the  President,  the  Board  of  Directors   may
designate,  by  resolution,  individuals  to  perform  their

duties.  The Board of Directors may also delegate this power

to a committee.

                         ARTICLE VI

           STOCK CERTIFICATES AND TRANSFER THEREOF

     Section 1.     Stock Certificates.

       Except   as  otherwise  permitted  by  statute,   the
Certificate of Incorporation or resolution or resolutions of
the  Board  of  Directors, every  holder  of  stock  in  the
corporation shall be entitled to have a certificate,  signed
by,  or  in the name of, the corporation by the Chairman  of
the  Board and Chief Executive Officer, the President, or  a
Vice  President,  and  by  the  Treasurer  or  an  Assistant
Treasurer, or the Secretary or an Assistant Secretary of the
corporation, certifying the number of shares, and the  class
and  series  thereof, owned by him in the corporation.   Any
and  all  of  the  signatures on the certificate  may  be  a
facsimile.  In case any officer, transfer agent or registrar
who  has signed or whose facsimile signature has been placed
upon  a  certificate shall have ceased to be  such  officer,
transfer  agent  or  registrar before  such  certificate  is
issued,  it may be issued by the corporation with  the  same
effect  as  if  he  were  such officer,  transfer  agent  or
registrar at the date of issue.

       Section   2.       Lost,   Destroyed   or   Mutilated
Certificates.

      In the case of loss or destruction of a certificate of
stock,  no  new certificate shall be issued in lieu  thereof
except upon satisfactory proof to the Secretary of such loss
or   destruction;  and  upon  the  giving  of   satisfactory
security,  by  bond  or  otherwise,  against  loss  to   the
corporation, if such is deemed to be required.

     Section 3.     Record Date.

      In  order  that  the  corporation  may  determine  the
stockholders entitled to notice of or to vote at any meeting
of  stockholders or any adjournment thereof, or entitled  to
receive  payment  of any dividend or other  distribution  or
allotment of any rights, or entitled to exercise any  rights
in respect of any change, conversion or exchange of stock or
for  the  purpose of any other lawful action, the  Board  of
Directors  may fix, in advance, a record date,  which  shall
not  be more than sixty nor less than thirty days before the
date of such meeting, nor more than sixty days prior to  any
other  action.   A determination of stockholders  of  record
entitled   to  notice  of  or  to  vote  at  a  meeting   of
stockholders shall apply to any adjournment of the  meeting;
provided, however, that the Board of Directors may fix a new
record date for the adjourned meeting.

                         ARTICLE VII
                              
                          DIVIDENDS

       Except  as  otherwise  provided  by  statute  or  the
Certificate  of  Incorporation, the Board of  Directors  may
declare  dividends  upon the shares  of  its  capital  stock
whenever,  and  in  such amounts as,  in  its  opinion,  the
condition of the affairs of the corporation shall render  it
advisable.   Dividends may be paid in cash, in property,  or
in shares of capital stock of the corporation.

                        ARTICLE VIII
                       INDEMNIFICATION
     Section 1.     Right to Indemnification.
     Each person who was or is made a party or is threatened
to  be  made a party to or is otherwise involved (including,
without   limitation,  as  a  witness)  in  any  actual   or
threatened  action,  suit  or  proceeding,  whether   civil,
criminal,  administrative  or investigative  (hereinafter  a
"proceeding"), by reason of the fact that he or  she  is  or
was  a Director or officer of the corporation or that, being
or having been such a Director or officer or employee of the
corporation, he or she is or was serving at the  request  of
the corporation as a Director, officer, employee or agent of
another  corporation  or  of a partnership,  joint  venture,
trust or other enterprise, including service with respect to
an  employee  benefit  plan (hereinafter  an  "indemnitee"),
whether the basis of such proceeding is alleged action in an
official capacity as a Director, officer, employee or  agent
or  in  any  other  capacity while serving  as  a  Director,
officer,  employee or agent, shall be indemnified  and  held
harmless by the corporation to the full extent permitted  by
the Delaware General Corporation Law, as the same exists  or
may  hereafter  be  amended (but, in the case  of  any  such
amendment,  only  to the extent that such amendment  permits
the  corporation  to provide broader indemnification  rights
than permitted prior thereto) or by other applicable law  as
then  in  effect,  against all expense, liability  and  loss
(including  attorneys' fees, judgments, finds, ERISA  excise
taxes  or  penalties and amounts to be paid  in  settlement)
actually  and  reasonably  incurred  or  suffered  by   such
indemnitee  in connection therewith and such indemnification
shall  continue as to an indemnitee who has ceased to  be  a
Director, officer, employee, or agent and shall inure to the
benefit  of  his or her heirs, executors and administrators;
provided, however, that except as provided in Section 2 with
respect   to  proceedings  seeking  to  enforce  rights   to
indemnification,  the corporation shall indemnify  any  such
indemnitee  seeking  indemnification in  connection  with  a
proceeding  (or  part thereof) initiated by such  indemnitee
only if such proceeding (or part thereof) was authorized  by
the  Board  of Directors of the corporation.  The  right  to
indemnification  conferred  in  this  Section  shall  be   a
contract right and shall include the right to be paid by the
corporation  the  expenses incurred in  defending  any  such
proceeding  in advance of its final disposition (hereinafter
an  "advancement of expenses"); provided, however,  that  if
the   Delaware   General  Corporations  Law   requires,   an
advancement of expenses incurred by an indemnitee in his  or
her  capacity as a Director or officer (and not in any other
capacity  in  which  service was  or  is  rendered  by  such
indemnitee  including,  without limitation,  service  to  an
employee  benefit plan) shall be made only upon delivery  to
the   corporation   of   an  undertaking   (hereinafter   an
"undertaking"), by or on behalf of such indemnitee to  repay
all amounts so advanced if it shall ultimately be determined
by  final  judicial decision from which there is no  further
right  to appeal that such indemnitee is not entitled to  be
indemnified  for  such  expenses under  this  Section  1  or
otherwise.

      Section 2.     Right of Indemnitee to Bring Suit.
                              
      If  a claim under Section 1 is not paid in full by the
corporation within sixty days after a written claim has been
received by the corporation, except in the case of  a  claim
for  advancement of expenses, in which case  the  applicable
period shall be twenty days, the indemnitee may at any  time
thereafter bring suit against the corporation to recover the
unpaid  amount of the claim.  If successful in whole  or  in
part  in any such suit, the indemnitee shall be entitled  to
be  paid  also  the expense of prosecuting such  suit.   The
indemnitee   shall   be   presumed   to   be   entitled   to
indemnification  under this Article  upon  submission  of  a
written claim (and, in an action brought to enforce a  claim
for advancement of expenses, where the required undertaking,
if  any  is required, has been tendered to the corporation),
and  thereafter  the corporation shall have  the  burden  of
proof to overcome the presumption that the indemnitee is not
so   entitled.   Neither  the  failure  of  the  corporation
(including   its  Board  of  Directors,  independent   legal
counsel,  or  its stockholders) to have made a determination
prior  to the commencement of such suit that indemnification
of  the  indemnitee  is proper in the circumstances  nor  an
actual determination by the corporation (including its Board
of    Directors,   independent   legal   counsel,   or   its
stockholders)  that  the  indemnitee  is  not  entitled   to
indemnification shall be a defense to the suit or  create  a
presumption that the indemnitee is not so entitled.

     Section 3.     Nonexclusivity of Rights.

      The right to indemnification and to the advancement of
expenses conferred in this Article shall not be exclusive of
any  other  right  which any person may  have  or  hereafter
acquire  under any statute, provision of the Certificate  of
Incorporation,  Bylaw, agreement, vote  of  stockholders  or
disinterested  directors or otherwise.  Notwithstanding  any
amendment to or repeal of this Article, any indemnitee shall
be  entitled  to  indemnification  in  accordance  with  the
provisions  hereof and thereof with respect to any  acts  or
omissions  of  such  indemnitee  occurring  prior  to   such
amendment or repeal.

      Section 4.     Insurance, Contracts and Funding.
                              
     The corporation may maintain insurance, at its expense,
to  protect  itself and any Director, officer,  employee  or
agent   of   the   corporation   or   another   corporation,
partnership,  joint  venture,  trust  or  other   enterprise
against  any expense, liability or loss, whether or not  the
corporation  would have the power to indemnify  such  person
against  such expense, liability or loss under the  Delaware
General   Corporation  Law.   The  corporation  may  without
further stockholder approval, enter into contracts with  any
indemnitee in furtherance of the provisions of this  Article
and  may  create a trust fund, grant a security interest  or
use other means (including, without limitation, a letter  of
credit)  to  ensure the payment of such amounts  as  may  be
necessary  to  effect indemnification as  provided  in  this
Article.

     Section 5.     Persons Serving Other Entities.

      Any  person  who  is  or was a  Director,  officer  or
employee  of  the  corporation who is or was  serving  as  a
Director  or  officer  of  another corporation  of  which  a
majority  of the shares entitled to vote in the election  of
its directors is held by the corporation shall be deemed  to
be so serving at the request of the corporation and entitled
to indemnification and advancement of expenses under Section
1.

      Section 6.     Indemnification of Employees and Agents
of the Corporation.

      The  corporation  may,  by  action  of  its  Board  of
Directors,  grant rights to indemnification and  advancement
of expenses to any employee or agent, or any group or groups
of  employees  or agents, of the corporation with  the  same
scope  and  effect  as the provisions of this  Article  with
respect  to the indemnification and advancement of  expenses
of directors and officers of the corporation.

                         ARTICLE IX
             CHECKS, DRAFTS, BANK ACCOUNTS, ETC.

     Section 1.     Checks, Drafts, Etc.; Loans.

      All checks, drafts or other orders for the payment  of
money,  notes or other evidences of indebtedness  issued  in
the  name of the corporation shall be signed by such officer
or  officers, agent or agents of the corporation and in such
manner  as  shall,  from  time to  time,  be  determined  by
resolution of the Board of Directors.  Such authority may be
general or confined to specific circumstances.


     Section 2.     Deposits.


    All funds of the corporation shall be deposited, from
time to time, to the credit of the corporation in such
banks, trust companies or other depositories as the Board of
Directors may select, or as may be selected by any officer
or officers, agent or agents of the corporation to whom such
power may, from time to time, be delegated by the Board of
Directors; and for the purpose of such deposit, any officer
or agent to whom such power may be delegated by the Board of
Directors, may endorse, assign and deliver checks, drafts
and other orders for the payment of money which are payable
to the order of the corporation.

                          ARTICLE X
                              
                         AMENDMENTS
                              
      These Bylaws may be altered or repealed and new Bylaws
may be  made  by the affirmative vote of a majority of the
Board  of Directors, subject to the right of the
stockholders to  amend  or repeal  Bylaws  made or amended
by the Board of Directors  or  to adopt  new Bylaws, by the
affirmative vote of a majority  of  the outstanding stock of
the corporation entitled to vote thereon and the  holders of
three-fourths of the stock present in  person  or
represented by proxy at the meeting, provided that notice of
the proposed action be included in the notice of such
meeting.

      Terms of the masculine gender used for convenience in
these Bylaws  should  be  understood  in  the  feminine
gender   where appropriate.