EXHIBIT 3.2

                                                              AMENDED AS OF
                                                              SEPTEMBER 20, 1995



                                 AMENDED BYLAWS

                                       OF

                                DC HOLDCO, INC.

                     (hereinafter called the "Corporation")

                                   ARTICLE I

                                    OFFICES
                                    -------

     Section 1.  Registered Office.  The registered office of the Corporation
     ---------   -----------------                                           
shall be in the City of Wilmington, County of New Castle, Delaware.

     Section 2.  Principal Place of Business.  The principal place of business
     ---------   ---------------------------                                  
of the Corporation is hereby fixed and located at 500 South Buena Vista Street,
Burbank, California 91521.

     Section 3.  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.


                                   ARTICLE II

                            MEETINGS OF STOCKHOLDERS
                            ------------------------

     Section 1.  Place of Meetings.  Meetings of the stockholders for the
     ---------   -----------------                                       
election of directors or for any other purpose shall be held at such time and
place, either within or without the State of Delaware, as shall be designated
from time to time by the Board of Directors (and in the case of a special
meeting, by the Board of Directors or the person calling the special meeting as
authorized by Section 3 of this Article II) and stated in the notice of the
meeting or in a duly executed waiver of notice thereof.

     Section 2.  Annual Meetings.  The Annual Meetings of Stockholders shall be
     ---------   ---------------                                               
held on such date and at such time and place as may be fixed by the Board of
Directors and stated in the notice of the meeting, for the purpose of electing
directors and for the transaction of such other business as is properly brought
before the meeting in accordance with these Bylaws.

                                      -1-

 
     To be properly brought before the Annual Meeting, business must be either
(i) specified in the notice of Annual Meeting (or any supplement or amendment
thereto) given by or at the direction of the Board of Directors, (ii) otherwise
brought before the Annual Meeting by or at the direction of the Board of
Directors, or (iii) otherwise (a) properly be requested to be brought before the
Annual Meeting by a stockholder of record entitled to vote in the election of
directors generally, and (b) constitute a proper subject to be brought before
such meeting.  In addition to any other applicable requirements, for business to
be properly brought before an Annual Meeting by a stockholder, the stockholder
must have given timely notice thereof in writing to the Secretary of the
Corporation.  To be timely, a stockholder's notice must be delivered to or
mailed and received at 500 South Buena Vista Street, Burbank, California 91521,
not less than 50 days nor more than 75 days prior to the meeting; provided,
however, that in the event that less than 65 days' notice or prior public
disclosure of the date of the Annual Meeting is given or made to stockholders,
notice by a stockholder to be timely must be so received not later than the
close of business on the 12th day following the day on which such notice of the
date of the Annual Meeting was mailed or such public disclosure was made,
whichever first occurs.  A stockholder's notice to the Secretary shall set forth
as to each matter the stockholder proposes to bring before the Annual Meeting
(i) a brief description of the business desired to be brought before the Annual
Meeting and the reasons for conducting such business at the Annual Meeting, (ii)
the name and record address of the stockholder proposing such business, (iii)
the class, series and number of shares of the Corporation which are beneficially
owned by the stockholder, and (iv) any material interest of the stockholder in
such business.  Notwithstanding anything in the Bylaws to the contrary, no
business shall be conducted at the Annual Meeting except in accordance with the
procedures set forth in this Article II, Section 2.  The person presiding at an
Annual Meeting shall, if the facts warrant, determine and declare to the Annual
Meeting that business was not properly brought before the Annual Meeting in
accordance with the provisions of this Article II, Section 2, and if he should
so determine, he shall so declare to the Annual Meeting and any such business
not properly brought before the meeting shall not be transacted.  Written notice
of the Annual Meeting stating the place, date and hour of the Annual Meeting
shall be given to each stockholder entitled to vote at such meeting not less
than 10 nor more than 60 days before the date of the meeting.

     Section 3.  Special Meetings.  Special meetings of stockholders, for any
     ---------   ----------------                                            
purpose or purposes, may be called by the Board of Directors, the Chairman of
the Board of Directors, or the President.  Special meetings of stockholders may
not be called by any other person or persons.  Written notice of a special
meeting stating the place, date and hour of the meeting and the purpose or
purposes for which the meeting is called shall be given not less than 10 nor
more than 60 days before the date of the meeting to

                                      -2-

 
each stockholder entitled to vote at such meeting, and only such business as is
stated in such notice shall be acted upon thereat. Nominations of persons for
election to the Board of Directors may be made at a special meeting of
stockholders at which directors are to be elected pursuant to the Corporation's
notice of meeting (a) by or at the direction of the Board of Directors, or (b)
by a stockholder of the Corporation who is entitled to vote at the meeting and
who complies with the notice provisions contained in Section 2 of this Article
II.

     Section 4.  Quorum.  Except as may be otherwise provided by law or by the
     ---------   ------                                                       
Certificate of Incorporation, the holders of a majority of the capital stock
issued and outstanding and entitled to vote thereat, present in person or
represented by proxy, shall constitute a quorum at all meetings of the
stockholders for the transaction of business.  If, however, such quorum shall
not be present or represented at any meeting of the stockholders, a minority of
the stockholders entitled to vote thereat, present in person or represented by
proxy, shall have power to adjourn the meeting from time to time, without notice
other than announcement at the meeting, until a quorum shall be present or
represented.  At such adjourned meeting at which a quorum shall be present or
represented, any business may be transacted which might have been transacted at
the meeting as originally noticed.  If the adjournment is for more than 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
entitled to vote at the meeting.

     Section 5.  Voting.  Unless otherwise required by law, the Certificate of
     ---------   ------                                                       
Incorporation or these Bylaws, (i) at all meetings of stockholders for the
election of directors, a plurality of votes cast shall be sufficient to elect,
and (ii) any other question brought before any meeting of stockholders shall be
decided by the vote of the holders of a majority of the stock represented and
entitled to vote thereon.  Unless otherwise provided in the Certificate of
Incorporation, each stockholder represented at a meeting of stockholders shall
be entitled to cast one vote for each share of the capital stock entitled to
vote thereat held by such stockholder.  The Board of Directors, in its
discretion, or the officer of the Corporation presiding at a meeting of
stockholders, in his discretion, may require that any votes cast at such meeting
shall be cast by written ballot.

     Section 6.  Organization.  All meetings of the stockholders shall be
     ---------   ------------                                            
presided over by the Chairman of the Board of Directors or, if he is not
present, by the Vice Chairman of the Board of Directors, and if he is not
present, by such officer or director as is designated by the Board of Directors.
The Secretary of the Corporation or, if he is not present, any Assistant
Secretary or other person designated by the presiding officer shall act as
secretary of the meeting.

                                      -3-

 
     Section 7.  List of Stockholders Entitled to Vote.  The officer of the
     ---------   -------------------------------------                     
Corporation who has charge of the stock ledger of the Corporation shall prepare
and make, at least 10 days before every meeting of stockholders, 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 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.  The list shall also be produced and kept
at the time and place of the meeting during the whole time thereof, and may be
inspected by any stockholder of the Corporation who is present.

     Section 8.  Stock Ledger.  The stock ledger of the Corporation shall be the
     ---------   ------------                                                   
only evidence as to who are the stockholders entitled to examine the stock
ledger, the list required by Section 7 of this Article II or the books of the
Corporation, or to vote in person or by proxy at any meeting of stockholders.

     Section 9.  Inspectors of Election.  Before any meeting of stockholders,
     ---------   ----------------------                                      
the Board of Directors shall appoint one or more inspectors to act at the
meeting and make a written report thereof. The Board of Directors may designate
one or more persons as alternate inspectors to replace any inspector who fails
to act.  If no inspector or alternate is able to act at a meeting of
stockholders, the person presiding at the meeting shall appoint one or more
inspectors to act at the meeting.  Each inspector, before entering upon the
discharge of his duties, shall take and sign an oath faithfully to execute the
duties of inspector with strict impartiality and according to the best of his
ability.

     The inspectors shall:

     (a)  ascertain the number of shares outstanding and the voting power of
each,

     (b)  determine the shares represented at the meeting and the validity of
proxies and ballots,

     (c)  count all votes and ballots,

     (d)  determine and retain for a reasonable period a record of the
disposition of any challenges made to any determination made by the inspectors,
and

     (e)  certify their determination of the number of shares represented at the
meeting, and their count of all votes and ballots.

                                      -4-

 
     The inspectors may appoint or retain other persons or entities to assist
the inspectors in the performance of the duties of the inspectors.  In
determining the validity and counting of proxies and ballots, the inspectors
shall act in accordance with applicable law.

                                  ARTICLE III

                                   DIRECTORS
                                   ---------

     Section 1.  Number and Election of Directors.  Subject to the rights, if
     ---------   --------------------------------                            
any, of holders of preferred stock of the Corporation to elect directors of the
Corporation, the Board of Directors shall consist of not less than three nor
more than 21 members with the exact number of directors to be determined from
time to time solely by resolution duly adopted by the Board of Directors.
Directors shall be elected by a plurality of the votes cast at Annual Meetings
of stockholders, and each director so elected shall hold office as provided by
Article FIFTH of the Certificate of Incorporation.  A director may be removed
from office only as provided by Article SIXTH of the Certificate of
Incorporation.  Any director may resign at any time effective upon giving
written notice to the Corporation, unless the notice specifies a later time for
the effectiveness of such resignation. Directors need not be stockholders.

     Section 2.  Nomination of Directors.  Only persons who are nominated in
     ---------   -----------------------                                    
accordance with the following procedures shall be eligible for election as
directors.  Nominations of persons for election to the Board of Directors of the
Corporation at the Annual Meeting may be made at such meeting by or at the
direction of the Board of Directors, by any committee or persons appointed by
the Board of Directors or by any stockholder of the Corporation entitled to vote
for the election of directors at the meeting who complies with the notice
procedures set forth in this Article III, Section 2.  Such nominations by any
stockholder shall be made pursuant to timely notice in writing to the Secretary
of the Corporation.  To be timely, a stockholder's notice shall be delivered to
or mailed and received at the principal executive offices of the Corporation not
less than 50 days nor more than 75 days prior to the meeting; provided, however,
that in the event that less than 65 days' notice or prior public disclosure of
the date of the meeting is given or made to stockholders, notice by the
stockholder to be timely must be so received not later than the close of
business on the 15th day following the day on which such notice of the date of
the meeting was mailed or such public disclosure was made, whichever first
occurs.  Such stockholder's notice to the Secretary shall set forth (i) as to
each person whom the stockholder proposes to nominate for election or reelection
as a director, (a) the name, age, business address and residence address of the
person, (b) the principal occupation or employment of the person, (c) the class
and number of shares of capital stock of the Corporation which are beneficially
owned by the person, and

                                      -5-

 
(d) any other information relating to the person that is required to be
disclosed in solicitations for proxies for election of directors pursuant to the
Rules and Regulations of the Securities and Exchange Commission under Section 14
of the Securities Exchange Act of 1934, as amended; and (ii) as to the
stockholder giving the notice (a) the name and record address of the stockholder
and (b) the class and number of shares of capital stock of the Corporation which
are beneficially owned by the stockholder.  The Corporation may require any
proposed nominee to furnish such other information as may reasonably be required
by the Corporation to determine the eligibility of such proposed nominee to
serve as a director of the Corporation.  No person shall be eligible for
election as a director of the Corporation unless nominated in accordance with
the procedures set forth herein.  The officer of the Corporation presiding at an
Annual Meeting shall, if the facts warrant, determine and declare to the meeting
that a nomination was not made in accordance with the foregoing procedure, and
if he should so determine, he shall so declare to the meeting and the defective
nomination shall be disregarded.

     Section 3.  Vacancies.  Any vacancy on the Board of Directors, howsoever
     ---------   ---------                                                   
resulting, may be filled by a majority of the directors then in office, even if
less than a quorum, or by a sole remaining director.  Any director elected to
fill a vacancy shall hold office for a term that shall coincide with the term of
the class to which such director shall have been elected.

     Section 4.  Duties and Powers.  The business of the Corporation shall be
     ---------   -----------------                                           
managed by or under the direction of the Board of Directors which may exercise
all such powers of the Corporation and do all such lawful acts and things as are
not by statute or by the Certificate of Incorporation or by these Bylaws
directed or required to be exercised or done by the stockholders.

     Section 5.  Meetings.  The Board of Directors of the Corporation may hold
     ---------   --------                                                     
meetings, both regular and special, either within or without the State of
Delaware.  Regular meetings of the Board of Directors may be held without notice
at such time and at such place as may from time to time be determined by the
Board of Directors.  Special meetings of the Board of Directors may be called by
the Chairman of the Board of Directors, the President, or by a majority of the
Board of Directors.  Notice thereof, stating the place, date and hour of the
meeting, shall be given to each director either by mail not less than four days
before the date of the meeting, or personally or by telephone, telegram, telex
or similar means of communication on 12 hours notice, or on such shorter notice
as the person or persons calling such meeting may deem necessary or appropriate
in the circumstances.

     Section 6.  Quorum; Action of Board of Directors.  Except as may be
     ---------   ------------------------------------                   
otherwise specifically provided by law, the Certificate of Incorporation or
these Bylaws, at all meetings of the Board of Directors, a majority of the
entire Board of Directors shall

                                      -6-

 
constitute a quorum for the transaction of business and the act of a majority of
the directors present at any meeting at which there is a quorum shall be the act
of the Board of Directors.  If a quorum shall not be present at any meeting of
the Board 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.

     Section 7.  Action by Written Consent.  Any action required or permitted to
     ---------   -------------------------                                      
be taken at any meeting of the Board of Directors or of any committee thereof
may be taken without a meeting, if all the members of the Board of Directors or
committee, as the case may be, consent thereto in writing, and the writing or
writings are filed with the minutes of proceedings of the Board of Directors or
committee.

     Section 8.  Meetings by Means of Conference Telephone. Members of the Board
     ---------   -----------------------------------------                      
of Directors of the Corporation, or any committee designated by the Board of
Directors, may participate in a meeting of the Board of Directors or such
committee by means of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other,
and participation in a meeting pursuant to this Section 8 shall constitute
presence in person at such meeting.

     Section 9.  Committees.  The Board of Directors may, by resolution passed
     ---------   ----------                                                   
by a majority of the whole Board of Directors, designate one or more committees,
each committee to consist of one or more of the directors of the Corporation.
The Board of Directors may designate one or more directors as alternate members
of any committee, who may replace any absent or disqualified member at any
meeting of any such committee.  In the absence or disqualification of a member
of a committee, and in the absence of a designation by the Board of Directors of
an alternate member to replace the absent or disqualified member, the member or
members thereof present at any meeting and not disqualified from voting, whether
or not he or they constitute a quorum, may unanimously appoint another member of
the Board of Directors to act at the meeting in the place of any absent or
disqualified member.  Any committee, to the extent allowed by law and provided
in the resolution establishing such committee, shall have and may exercise all
the powers and authority of the Board of Directors in the management of the
business and affairs of the Corporation.  The Board of Directors shall have the
power to prescribe the manner in which proceedings of any such committee shall
be conducted.  In the absence of any such prescription, such committee shall
have the power to prescribe the manner in which its proceedings shall be
conducted.  Unless the Board of Directors or such committee shall otherwise
provide, regular and special meetings and other actions of any such committee
shall be governed by the provisions of this Article III applicable to meetings
and actions of the Board of Directors.  Each committee shall keep regular
minutes and report to the Board of Directors when required.

                                      -7-

 
     Section 10.  Fees and Compensation.  Directors and members of committees
     ----------   ---------------------                                      
may receive such compensation, if any, for their services, and such
reimbursement for expenses, as may be fixed or determined by the Board of
Directors.


                                   ARTICLE IV

                                    OFFICERS
                                    --------

     Section 1.  General.  The officers of the Corporation shall be chosen by
     ---------   -------                                                     
the Board of Directors and shall be a Chairman of the Board of Directors (who
must be a director), a President, a Secretary and a Treasurer.  The Board of
Directors, in its sole discretion, may also choose a Vice Chairman of the Board
of Directors (who must be a director), one or more Executive Vice Presidents,
Senior Vice Presidents, Vice Presidents, Assistant Secretaries, Assistant
Treasurers and other officers.  Any number of offices may be held by the same
person, unless otherwise prohibited by law, the Certificate of Incorporation or
these Bylaws.

     Section 2.  Election.  The Board of Directors at its first meeting held
     ---------   --------                                                   
after each Annual Meeting of stockholders shall elect the officers of the
Corporation who shall hold their offices for such terms and shall exercise such
powers and perform such duties as shall be determined from time to time solely
by the Board of Directors, which determination may be by resolution of the Board
of Directors or in any bylaw provision duly adopted or approved by the Board of
Directors; and all officers of the Corporation shall hold office until their
successors are chosen and qualified, or until their earlier resignation or
removal.  Any officer elected by the Board of Directors may be removed at any
time by the Board of Directors with or without cause.  Any vacancy occurring in
any office of the Corporation may be filled only by the Board of Directors.

     Section 3.  Chairman of the Board of Directors.  The Chairman of the Board
     ---------   ----------------------------------                            
of Directors shall be the Chief Executive Officer of the Corporation, shall
preside at all meetings of the Board of Directors and of stockholders and shall,
subject to the provisions of the Bylaws and the control of the Board of
Directors, have general and active management, direction, and supervision over
the business of the Corporation and over its officers.  He shall be a member ex
                                                                             --
officio of all committees created by the Board of Directors, excluding the Audit
- -------                                                                         
Review Committee and any committee to which he has been designated a regular
member by the Board of Directors.  He shall perform all duties incident to the
office of chief executive and such other duties as from time to time may be
assigned to him by the Board of Directors.  He shall have the right to delegate
any of his powers to any other officer or employee.

                                      -8-

 
     Section 4. President. The President shall report and be responsible to the
     ---------  ---------
Chairman of the Board. The President shall have such powers and perform such
duties as from time to time may be assigned or delegated to him by the Board of
Directors or are incident to the office of President.

     During the absence, disability, or at the request of the Chairman of the
Board of Directors, the President shall perform the duties and exercise the
powers of the Chairman of the Board of Directors.  In the absence or disability
of both the President and the Chairman of the Board of Directors, the person
designated by the Board of Directors shall perform the duties and exercise the
powers of the President, and unless otherwise determined by the Board, the
duties and powers of the Chairman.

     Section 5.  Executive Vice Presidents.  The Executive Vice Presidents shall
     ---------   -------------------------                                      
have such powers and perform such duties as from time to time may be prescribed
for them respectively by the Board of Directors or are incident to the office of
Executive Vice President.

     Section 6.  Senior Vice Presidents.  The Senior Vice Presidents shall have
     ---------   ----------------------                                        
such powers and perform such duties as from time to time may be prescribed for
them respectively by the Board of Directors or are incident to the office of
Senior Vice President.

     Section 7.  Vice Presidents.  The Vice Presidents shall have such powers
     ---------   ---------------                                             
and perform such duties as from time to time may be prescribed for them
respectively by the Board of Directors or are incident to the office of Vice
President.

     Section 8.  Secretary.  The Secretary shall keep or cause to be kept, at
     ---------   ---------                                                   
the principal executive office or such other place as the Board of Directors may
order, a book of minutes of all meetings of stockholders, the Board of Directors
and its committees, with the time and place of holding, whether regular or
special, and if special, how authorized, the notice thereof given, the names of
those present at Board of Directors and committee meetings, the number of shares
present or represented at

                                      -9-

 
stockholders' meetings, and the proceedings thereof.  The Secretary shall keep,
or cause to be kept, a copy of the Bylaws of the Corporation at the principal
executive office or business office of the Corporation.

     The Secretary shall keep, or cause to be kept, at the principal executive
office or at the office of the Corporation's transfer agent or registrar, if one
be appointed, a stock register, or a duplicate stock register, showing the names
of the stockholders and their addresses, the number and classes of shares held
by each, the number and date of certificates issued for the same, and the number
and date of cancellation of every certificate surrendered for cancellation.

     The Secretary shall give, or cause to be given, notice of all meetings of
the stockholders and of the Board of Directors and any committees thereof
required by these Bylaws or by law to be given, shall keep the seal of the
Corporation in safe custody, and shall have such other powers and perform such
other duties as may be prescribed by the Board of Directors.

     Section 9.  Treasurer.  The Treasurer shall have the custody of the
     ---------   ---------                                              
corporate funds and securities of the Corporation and shall keep and maintain,
or cause to be kept and maintained, adequate and correct accounts of the
properties and business transactions of the Corporation, and shall send or cause
to be sent to the stockholders of the Corporation such financial statements and
reports as are by law or these Bylaws required to be sent to them.

     The Treasurer shall deposit all moneys and valuables in the name and to the
credit of the Corporation with such depositaries 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, shall render to the President and
directors, whenever they request it, an account of all transactions and of the
financial condition of the Corporation, and shall have such other powers and
perform such other duties as may be prescribed by the Board of Directors.

     Section 10.  Other Officers.  Such other officers or assistant officers as
     ----------   --------------                                               
the Board of Directors may choose shall perform such duties and have such powers
as from time to time may be assigned to them by the Board of Directors.  The
Board of Directors may delegate to any other officer of the Corporation the
power to choose such other officers and to prescribe their respective duties and
powers.

     Section 11.  Execution of Contracts and Other Documents. Each officer of
     ----------   ------------------------------------------                 
the Corporation may execute, affix the corporate seal and/or deliver, in the
name and on behalf of the Corporation, deeds, mortgages, notes, bonds,
contracts, agreements, powers of attorney, guarantees, settlements, releases,
evidences of

                                      -10-

 
indebtedness, conveyances, or any other document or instrument which is
authorized by the Board of Directors or is required to be executed in the
ordinary course of business, except in cases where the execution, affixation of
the corporate seal and/or delivery thereof shall be expressly and exclusively
delegated by the Board of Directors to some other officer or agent of the
Corporation.


                                   ARTICLE V

                                     STOCK
                                     -----

     Section 1.  Form of Certificates.  Every holder of stock in the Corporation
     ---------   --------------------                                           
shall be entitled to have a certificate signed, in the name of the Corporation
(i) by the Chairman or Vice Chairman of the Board of Directors, the President or
any Executive Vice President, Senior Vice President or Vice President and (ii)
by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant
Secretary of the Corporation, certifying the number of shares owned by him in
the Corporation.

     Section 2.  Signatures.  Where a certificate is countersigned by (i) a
     ---------   ----------                                                
transfer agent or (ii) a registrar, any other signature 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 3.  Lost Certificates.  The Board of Directors may direct a new
     ---------   -----------------                                          
certificate to be issued 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 of stock to be
lost, stolen or destroyed.  When authorizing such issue of a new certificate,
the Board of Directors may, in its discretion and as a condition precedent to
the issuance thereof, require the owner of such lost, stolen or destroyed
certificate, or his legal representative, to advertise the same in such manner
as the Board of Directors shall require and/or to give the Corporation a bond in
such sum 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 4.  Transfers.  Transfers of shares of capital stock of the
     ---------   ---------                                              
Corporation shall be made only on the stock record of the Corporation by the
holder of record thereof or by his attorney thereunto authorized by the power of
attorney duly executed and filed with the Secretary of the Corporation or the
transfer agent thereof, and only on surrender of the certificate or certificates
representing such shares, properly endorsed or accompanied by a

                                      -11-

 
duly executed stock transfer power.  The Board of Directors may make such
additional rules and regulations as it may deem expedient concerning the issue
and transfer of certificates representing shares of the capital stock of the
Corporation.

     Section 5.  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 60 days nor less than 10 days before the date
of such meeting, nor more than 60 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.

     Section 6.  Beneficial Owners.  The Corporation shall be entitled to
     ---------   -----------------                                       
recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, and to vote as such owner, and to hold liable
for calls and assessments a person registered on its books as the owner of
shares, and shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not
it shall have express or other notice thereof, except as otherwise provided by
law.


                                   ARTICLE VI

                                    NOTICES
                                    -------

     Section 1.  Notices.  Whenever written notice is required by law, the
     ---------   -------                                                  
Certificate of Incorporation or these Bylaws, to be given to any director or
stockholder, such notice may be given by mail, addressed to such director or
stockholder, at his address as it appears on the records of the Corporation,
with postage thereon prepaid, and such notice shall be deemed to be given at the
time when the same shall be deposited in the United States mail. Written notice
may also be given personally or by telegram, telex, cable or facsimile
transmission followed, if required by law, by deposit in the United States mail,
with postage prepaid.

     Section 2.  Waivers of Notice.  Whenever any notice is required by law, the
     ---------   -----------------                                              
Certificate of Incorporation or these Bylaws, to be given to any director or
stockholder, a waiver thereof in writing, signed by the person or persons
entitled to said notice, whether before or after the time stated therein, shall
be deemed equivalent thereto.

                                      -12-

 
                                 ARTICLE VII

                               GENERAL PROVISIONS
                               ------------------

          Section 1.  Disbursements.  All checks or demands for money and notes
          ---------   -------------                                            
of the Corporation shall be signed by such officer or officers or such other
person or persons as the Board of Directors may from time to time designate.

          Section 2.  Fiscal Year.  The fiscal year of the Corporation shall be
          ---------   -----------                     
fixed by resolution of the Board of Directors.

          Section 3.  Voting Securities Owned by the Corporation. Powers of
          ---------   ------------------------------------------           
attorney, proxies, waivers of notice of meeting, consents and other instruments
relating to securities owned by the Corporation may be executed in the name of
and on behalf of the Corporation by the Chairman of the Board of Directors or
the President or any other officer or officers authorized by the Board of
Directors, the Chairman of the Board of Directors or the President, and any such
officer may, in the name of and on behalf of the Corporation, vote, represent
and exercise on behalf of the Corporation all rights incident to any and all
shares of any other corporation or corporations standing in the name of the
Corporation and take all such action as any such officer may deem advisable to
vote in person or by proxy at any meeting of security holders of any corporation
in which the Corporation may own securities and at any such meeting shall
possess and may exercise any and all rights and power incident to the ownership
of such securities and which, as the owner thereof, the Corporation might have
exercised and possessed if present.  The Board of Directors may, by resolution,
from time to time confer like powers upon any other person or persons.

                                  ARTICLE VIII

                                INDEMNIFICATION
                                ---------------

          Section 1.  General.  The Corporation shall indemnify to the full
          ---------   -------                                              
extent authorized or permitted by law (as now or hereafter in effect) any person
made, or threatened to be made, a defendant or witness to any action, suit or
proceeding (whether civil or criminal or otherwise) by reason of the fact that
he, his testator or intestate, is or was a director or officer of the
Corporation or by reason of the fact that such director or officer, at the
request of the Corporation, is or was serving any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise, in
any capacity.  Nothing contained herein shall affect any rights to
indemnification to which employees other than directors and officers may be
entitled by law.  No amendment or repeal of this Section 1 shall apply to or
have any effect on any right to indemnification provided hereunder with respect
to any acts or omissions occurring prior to such amendment or repeal.

                                      -13-

 
          Section 2.  Further Assurance.  In furtherance and not in limitation
          ---------   -----------------                 
of the powers conferred by statute:

          (a)  the Corporation may purchase and maintain insurance on behalf of
any person who is or was a director, officer, employee or agent of the
Corporation, or is serving at the request of the Corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his
status as such, whether or not the Corporation would have the power to indemnify
him against such liability under the provisions of law; and

          (b)  the Corporation may create a trust fund, grant a security
interest and/or use other means (including, without limitation, letters of
credit, surety bonds and/or other similar arrangements), as well as enter into
contracts providing indemnification to the full extent authorized or permitted
by law and including as part thereof provisions with respect to any or all of
the foregoing to ensure the payment of such amounts as may become necessary to
effect indemnification as provided therein, or elsewhere.


                                   ARTICLE IX

                                   AMENDMENTS
                                   ----------

          Section 1.  General.  These Bylaws may be altered, amended or
          ---------   -------                                          
repealed, in whole or in part, or new Bylaws may be adopted by either the
holders of 66-2/3% of the outstanding capital stock entitled to vote thereon or
by the Board of Directors.


                                   ARTICLE X

                              EMERGENCY PROVISIONS
                              --------------------

          Section 1.  General.  The provisions of this Article X shall be
          ---------   -------                                            
operative only during a national emergency declared by the President of the
United States or the person performing the President's functions, or in the
event of a nuclear, atomic or other attack on the United States or a disaster
making it impossible or impracticable for the Corporation to conduct its
business without recourse to the provisions of this Article X. Said provisions
in such event shall override all other Bylaws of the Corporation in conflict
with any provisions of this Article X, and shall remain operative so long as it
remains impossible or impracticable to continue the business of the Corporation
otherwise, but thereafter shall be inoperative; provided that all actions taken
in good faith pursuant to such provisions shall thereafter remain in full force
and effect unless and until revoked

                                      -14-

 
by action taken pursuant to the provisions of the Bylaws other than those
contained in this Article X.

          Section 2.  Unavailable Directors.  All directors of the Corporation
          ---------   ---------------------                                   
who are not available to perform their duties as directors by reason of physical
or mental incapacity or for any other reason or who are unwilling to perform
their duties or whose whereabouts are unknown shall automatically cease to be
directors, with like effect as if such persons had resigned as directors, so
long as such unavailability continues.

          Section 3.  Authorized Number of Directors.  The authorized number of
          ---------   ------------------------------                           
directors shall be the number of directors remaining after eliminating those who
have ceased to be directors pursuant to Section 2 of this Article X, or the
minimum number required by law, whichever number is greater.

          Section 4.  Quorum.  The number of directors necessary to constitute a
          ---------   ------                                                    
quorum shall be one-third of the authorized number of directors as specified in
Section 3 of this Article X, or such other minimum number as, pursuant to the
law or lawful decree then in force, it is possible for the Bylaws of a
Corporation to specify.

          Section 5.  Creation of Emergency Committee.  In the event the number
          ---------   -------------------------------                          
of directors remaining after eliminating those who have ceased to be directors
pursuant to Section 2 of this Article X is less than the minimum number of
authorized directors required by law, then until the appointment of additional
directors to make up such required minimum, all the powers and authorities which
the Board of Directors could by law delegate including all powers and
authorities which the Board of Directors could delegate to a committee, shall be
automatically vested in an emergency committee, and the emergency committee
shall thereafter manage the affairs of the Corporation pursuant to such powers
and authorities and shall have all other powers and authorities as may by law or
lawful decree be conferred on any person or body of persons during a period of
emergency.

          Section 6.  Constitution of Emergency Committee.  The emergency
          ---------   -----------------------------------                
committee shall consist of all the directors remaining after eliminating those
who have ceased to be directors pursuant to Section 2 of this Article X,
provided that such remaining directors are not less than three in number.  In
the event such remaining directors are less than three in number, the emergency
committee shall consist of three persons, who shall be the remaining director or
directors and either one or two officers or employees of the Corporation, as the
remaining director or directors may in writing designate.  If there is no
remaining director, the emergency committee shall consist of the three most
senior officers of the Corporation who are available to serve, and if and to the
extent that officers are not available, the most senior employees of the
Corporation.  Seniority shall be determined in accordance with any

                                      -15-

 
designation of seniority in the minutes of the proceedings of the Board, and in
the absence of such designation, shall be determined by rate of remuneration.
In the event that there are no remaining directors and no officers or employees
of the Corporation available, the emergency committee shall consist of three
persons designated in writing by the stockholder owning the largest number of
shares of record as of the date of the last record date.

          Section 7.  Powers of Emergency Committee.  The emergency committee,
          ---------   -----------------------------                           
once appointed, shall govern its own procedures and shall have power to increase
the number of members thereof beyond the original number, and in the event of a
vacancy or vacancies therein, arising at any time, the remaining member or
members of the emergency committee shall have the power to fill such vacancy or
vacancies.  In the event at any time after its appointment all members of the
emergency committee shall die or resign or become unavailable to act for any
reason whatsoever, a new emergency committee shall be appointed in accordance
with the foregoing provisions of this Article X.

          Section 8.  Directors Becoming Available.  Any person who has ceased
          ---------   ----------------------------                            
to be a director pursuant to the provisions of Section 2 of this Article X and
who thereafter becomes available to serve as a director shall automatically
become a member of the emergency committee.

          Section 9.  Election of Board of Directors.  The emergency committee
          ---------   ------------------------------                          
shall, as soon after its appointment as is practicable, take all requisite
action to secure the election of a board of directors, and upon such election
all the powers and authorities of the emergency committee shall cease.

          Section 10.  Termination of Emergency Committee.  In the event, after
          ----------   ----------------------------------                      
the appointment of an emergency committee, a sufficient number of persons who
ceased to be directors pursuant to Section 2 of this Article X become available
to serve as directors, so that if they had not ceased to be directors as
aforesaid, there would be enough directors to constitute the minimum number of
directors required by law, then all such persons shall automatically be deemed
to be reappointed as directors and the powers and authorities of the emergency
committee shall be at an end.

                                      -16-