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                                    BYLAWS

                                      OF

                                   eBAY INC.

                           (a Delaware corporation)

                           As Adopted March 13, 1998
<PAGE>
 
                                    BYLAWS
                                      OF
                                   eBAY INC.

                            A Delaware Corporation

                               TABLE OF CONTENTS

 
 
                                                                                             PAGE
                                                                                             ----
                                                                                           
ARTICLE I - STOCKHOLDERS..................................................................   

     Section 1.1:    Annual Meetings......................................................     1
                                                                                               
     Section 1.2:    Special Meetings.....................................................     1
                                                                                               
     Section 1.3:    Notice of Meetings...................................................     1
                                                                                               
     Section 1.4:    Adjournments.........................................................     1
                                                                                               
     Section 1.5:    Quorum...............................................................     2
                                                                                               
     Section 1.6:    Organization.........................................................     2
                                                                                               
     Section 1.7:    Voting; Proxies......................................................     2
                                                                                               
     Section 1.8:    Fixing Date for Determination of Stockholders                             
                     of Record............................................................     3
                                                                                               
     Section 1.9:    List of Stockholders Entitled to Vote................................     3
                                                                                               
     Section 1.10:   Action by Written Consent of Stockholders............................     3
                                                                                               
     Section 1.11:   Inspectors of Elections..............................................     4
                                                                                               
ARTICLE II - BOARD OF DIRECTORS...........................................................     
                                                                                               
     Section 2.1:    Number; Qualifications...............................................     5
                                                                                               
     Section 2.2:    Election; Resignation; Removal; Vacancies............................     5
                                                                                               
     Section 2.3:    Regular Meetings.....................................................     6
 

                                       i
<PAGE>
 
                                    BYLAWS
                                      OF
                                   eBAY INC.

                            A Delaware Corporation

                          TABLE OF CONTENTS (cont'd)



 
 
                                                                                             PAGE
                                                                                             ----
                                                                                           
     Section 2.4:   Special Meetings.....................................................      6          
                                                                                                          
     Section 2.5:   Telephonic Meetings Permitted........................................      6          
                                                                                                          
     Section 2.6:   Quorum; Vote Required for Action.....................................      6          
                                                                                                          
     Section 2.7:   Organization.........................................................      6          
                                                                                                          
     Section 2.8:   Written Action by Directors..........................................      6          
                                                                                                          
     Section 2.9:   Powers...............................................................      6          
                                                                                                          
     Section 2.10:  Compensation of Directors............................................      7           
                                                                                                 
                                                                                                 
ARTICLE III - COMMITTEES.................................................................        
                                                                                                 
     Section 3.1:   Committees...........................................................      7          
                                                                                                          
     Section 3.2:   Committee Rules......................................................      7           
                                                                                                 
                                                                                                 
ARTICLE IV - OFFICERS....................................................................        
                                                                                                 
     Section 4.1:   Generally............................................................      8          
                                                                                                          
     Section 4.2:   Chief Executive Officer..............................................      8          
                                                                                                          
     Section 4.3:   Chairman of the Board................................................      8          
                                                                                                          
     Section 4.4:   President............................................................      9          
                                                                                                          
     Section 4.5:   Vice President.......................................................      9          
                                                                                                          
     Section 4.6:   Chief Financial Officer..............................................      9          
                                                                                                          
     Section 4.7:   Treasurer............................................................      9          
                                                                                                          
     Section 4.8:   Secretary............................................................      9           
 

                                      ii
<PAGE>
 
                                    BYLAWS
                                      OF
                                   eBAY INC.

                            A Delaware Corporation

                          TABLE OF CONTENTS (cont'd)


 
 
                                                                                             PAGE
                                                                                             ----
                                                                                           
     Section 4.9:   Delegation of Authority..............................................      9        
                                                                                                        
     Section 4.10:  Removal..............................................................      9         
                                                                                              
                                                                                              
ARTICLE V - STOCK........................................................................     
                                                                                              
     Section 5.1:   Certificates.........................................................     10         
                                                                                                        
     Section 5.2:   Lost, Stolen or Destroyed Stock Certificates;                                       
                    Issuance of New Certificate..........................................     10        
                                                                                                        
     Section 5.3:   Other Regulations....................................................     10         


ARTICLE VI - INDEMNIFICATION.............................................................

     Section 6.1:   Indemnification of Officers and Directors............................     10        
                                                                                                        
     Section 6.2:   Advance of Expenses..................................................     11        
                                                                                                        
     Section 6.3:   Non-Exclusivity of Rights............................................     11        
                                                                                                        
     Section 6.4:   Indemnification Contracts............................................     11         

     Section 6.5:   Effect of Amendment..................................................


ARTICLE VII - NOTICES ...................................................................

     Section 7.1:   Notice...............................................................     11

     Section 7.2:   Waiver of Notice.....................................................     12


ARTICLE VIII - INTERESTED DIRECTORS......................................................

     Section 8.1:   Interested Directors; Quorum.........................................     12
 

                                      iii
<PAGE>
 
                                    BYLAWS
                                      OF
                                   eBAY INC.

                            A Delaware Corporation

                          TABLE OF CONTENTS (cont'd)


 
 
                                                                                             PAGE
                                                                                             ----
                                                                                           
ARTICLE IX - MISCELLANEOUS  .............................................................     13
                                                                                              
     Section 9.1:   Fiscal Year..........................................................     13        
                                                                                                        
     Section 9.2:   Seal.................................................................     13        
                                                                                                        
     Section 9.3:   Form of Records......................................................     13        
                                                                                                        
     Section 9.4:   Reliance Upon Books and Records......................................     13        
                                                                                                        
     Section 9.5:   Certificate of Incorporation Governs.................................     13        
                                                                                                        
     Section 9.6:   Severability.........................................................     13         


ARTICLE X - AMENDMENT....................................................................

     Section 10.1:  Amendments...........................................................     14
 

                                      iv
<PAGE>
 
                                    BYLAWS

                                      OF

                                   eBAY INC.

                           (a Delaware corporation)

                           As Adopted March 13, 1998

                                   ARTICLE I

                                 STOCKHOLDERS

     Section 1.1:  Annual Meetings.  An annual meeting of stockholders shall be
     -----------   ---------------                                             
held for the election of directors at such date, time and place, either within
or without the State of Delaware, as the Board of Directors shall each year fix.
Any other proper business may be transacted at the annual meeting.

     Section 1.2:  Special Meetings.  Special meetings of stockholders for any
     -----------   ----------------                                           
purpose or purposes may be called at any time by the Board of Directors, the
Chairman of the Board, the Chief Executive Officer, the President, the holders
of shares of the Corporation that are entitled to cast not less than one-tenth
of the votes at the meeting or by a majority of the members of the Board of
Directors.  Special meetings may not be called by any other person or persons.
If a special meeting of stockholders is called by any person or persons other
                                                                        -----
than by a majority of the members of the Board of Directors, then such person or
----                                                                            
persons shall call such meeting by delivering a written request to call such
meeting to each member of the Board of Directors, and the Board of Directors
shall then determine the time, date and place of such special meeting, which
shall be held not more than one hundred twenty (120) nor less than thirty-five
(35) days after the written request to call such special meeting was delivered
to each member of the Board of Directors.

     Section 1.3:  Notice of Meetings.  Written notice of all meetings of
     -----------   ------------------                                    
stockholders shall be given stating the place, date and time of the meeting and,
in the case of a special meeting, the purpose or purposes for which the meeting
is called.  Unless otherwise required by applicable law or the Certificate of
Incorporation of the Corporation, such notice shall be given not less than ten
(10) nor more than sixty (60) days before the date of the meeting to each
stockholder entitled to vote at such meeting.

     Section 1.4:  Adjournments.  Any meeting of stockholders may adjourn from
     -----------   ------------                                               
time to time to reconvene at the same or another place, and notice need not be
given of any such adjourned meeting if the time, date and place thereof are
announced at the meeting at which the adjournment is taken; provided, however,
                                                            --------  ------- 
that if the adjournment is for more than thirty (30) 
<PAGE>
 
days, or if after the adjournment a new record date is fixed for the adjourned
meeting, then a notice of the adjourned meeting shall be given to each
stockholder of record entitled to vote at the meeting. At the adjourned meeting
the Corporation may transact any business that might have been transacted at the
original meeting.

     Section 1.5:  Quorum.  At each meeting of stockholders the holders of a
     -----------   ------                                                   
majority of the shares of stock entitled to vote at the meeting, present in
person or represented by proxy, shall constitute a quorum for the transaction of
business, except if otherwise required by applicable law.  If a quorum shall
fail to attend any meeting, the chairman of the meeting or the holders of a
majority of the shares entitled to vote who are present, in person or by proxy,
at the meeting may adjourn the meeting.  Shares of the Corporation's 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
are held, directly or indirectly, by the Corporation), shall neither be entitled
to vote nor be counted for quorum purposes; provided, however, that the
                                            --------  -------          
foregoing shall not limit the right of the Corporation or any other corporation
to vote any shares of the Corporation's stock held by it in a fiduciary
capacity.

     Section 1.6:  Organization.  Meetings of stockholders shall be presided
     -----------   ------------                                             
over by such person as the Board of Directors may designate, or, in the absence
of such a person, the Chairman of the Board, or, in the absence of such person,
the President of the Corporation, or, in the absence of such person, such person
as may be chosen by the holders of a majority of the shares entitled to vote who
are present, in person or by proxy, at the meeting.  Such person shall be
chairman of the meeting and, subject to Section 1.11 hereof, shall determine the
order of business and the procedure at the meeting, including such regulation of
the manner of voting and the conduct of discussion as seems to him or her to be
in order.  The Secretary of the Corporation shall act as secretary of the
meeting, but in his or her absence the chairman of the meeting may appoint any
person to act as secretary of the meeting.

     Section 1.7:  Voting; Proxies.  Unless otherwise provided by law or the
     -----------   ---------------                                          
Certificate of Incorporation, and subject to the provisions of Section 1.8 of
these Bylaws, each stockholder shall be entitled to one (1) vote for each share
of stock held by such stockholder.  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.  Such a proxy may be prepared, transmitted and
delivered in any manner permitted by applicable law.   Voting at meetings of
stockholders need not be by written ballot unless such is demanded at the
meeting before voting begins by a stockholder or stockholders holding shares
representing at least one percent (1%) of the votes entitled to vote at such
meeting, or by such stockholder's or stockholders' proxy; provided, however,
                                                          --------  ------- 
that an election of directors shall be by written ballot if demand is so made by
any stockholder at the meeting before voting begins.  If a vote is to be taken
by written ballot, then each such ballot shall state the name of the stockholder
or proxy voting and such other information as the chairman of the meeting deems
appropriate.  Unless otherwise provided in the Certificate of Incorporation or a
Certificate of Designation relating to a series of Preferred Stock, directors
shall be elected by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of
directors.  Unless otherwise provided by 

                                      -2-
<PAGE>
 
applicable law, the Certificate of Incorporation or these Bylaws, every matter
other than the election of directors shall be decided by the affirmative vote of
the holders of a majority of the shares of stock entitled to vote thereon that
are present in person or represented by proxy at the meeting and are voted for
or against the matter.

     Section 1.8:  Fixing Date for Determination of Stockholders of Record.
     -----------   -------------------------------- ---------------------- 

     (a) Generally.  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 to express consent to corporate action in writing
without a meeting, 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 precede the date upon which the resolution fixing the record
date is adopted by the Board of Directors and which shall not be more than sixty
(60) nor less than ten (10) days before the date of such meeting, nor more than
sixty (60) days prior to any other action.  If no record date is fixed by the
Board of Directors, then the record date shall be as provided by applicable law.
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 1.9:  List of Stockholders Entitled to Vote.  A complete list of
     -----------   -------------------------------------                     
stockholders entitled to vote at any meeting of stockholders, arranged in
alphabetical order and showing the address of each stockholder and the number of
shares registered in the name of each stockholder, 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.  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 who is present at the meeting.

     Section 1.10:  Action by Written Consent of Stockholders.
     ------------   ----------------------------------------- 

     (a) Procedure.  Unless otherwise provided by the Certificate of
         ---------                                                  
Incorporation, and except as set forth in Section 1.8(b) above, any action
required or permitted to be taken at any annual or special meeting of the
stockholders may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken,
shall be signed by the holders of outstanding stock having not less than the
number of votes that would be necessary to authorize or take such action at a
meeting at which all shares entitled to vote thereon were present and voted.
Written stockholder consents shall bear the date of signature of each
stockholder who signs the consent and shall be delivered to the Corporation by
delivery to its registered office in the State of Delaware, to its principal
place of business or to any officer or agent of the Corporation having custody
of the book in which proceedings of meetings of stockholders are recorded.
Delivery made to the Corporation's registered office shall be by hand or by
certified or registered mail, return receipt requested.  No written consent
shall 

                                      -3-
<PAGE>
 
be effective to take the action set forth therein unless, within sixty (60) days
of the earliest dated consent delivered to the Corporation in the manner
provided above, written consents signed by a sufficient number of stockholders
to take the action set forth therein are delivered to the Corporation in the
manner provided above.

     (b) Notice of Consent.  Prompt notice of the taking of corporate action by
         -----------------                                                     
stockholders without a meeting by less than unanimous written consent of the
stockholders shall be given to those stockholders who have not consented thereto
in writing and, in the case of a Certificate Action (as defined below), if the
Delaware General Corporation Law so requires, such notice shall be given prior
to filing of the certificate in question.  If the action which is consented to
requires the filing of a certificate under the Delaware General Corporation Law
(a "Certificate Action"), then if the Delaware General Corporation Law so
    ------------------                                                   
requires, the certificate so filed shall state that written stockholder consent
has been given in accordance with Section 228 of the Delaware General
Corporation Law and that written notice of the taking of corporate action by
stockholders without a meeting as described herein has been given as provided in
such section.

     Section 1.11:  Inspectors of Elections.
     ------------   ----------------------- 

     (a) Applicability.  Unless otherwise provided in the Corporation's
         -------------                                                 
Certificate of Incorporation or required by the Delaware General Corporation
Law, the following provisions of this Section 1.11 shall apply only if and when
the Corporation has a class of voting stock that is:  (i) listed on a national
securities exchange; (ii) authorized for quotation on an interdealer quotation
system of a registered national securities association; or (iii) held of record
by more than 2,000 stockholders; in all other cases, observance of the
provisions of this Section 1.11 shall be optional, and at the discretion of the
Corporation.

     (b) Appointment.  The Corporation shall, in advance of any meeting of
         -----------                                                      
stockholders, appoint one or more inspectors of election to act at the meeting
and make a written report thereof.  The Corporation 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.

     (c) Inspector's Oath.  Each inspector of election, 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.

     (d) Duties of Inspectors.  At a meeting of stockholders, the inspectors of
         --------------------                                                  
election shall (i) ascertain the number of shares outstanding and the voting
power of each share, (ii) determine the shares represented at a meeting and the
validity of proxies and ballots, (iii) count all votes and ballots, (iv)
determine and retain for a reasonable period of time a record of the disposition
of any challenges made to any determination by the inspectors, and (v) certify
their determination of the number of shares represented at the meeting, and
their count of all votes and ballots.  The inspectors may appoint or retain
other persons or entities to assist the inspectors in the performance of the
duties of the inspectors.

                                      -4-
<PAGE>
 
     (e) Opening and Closing of Polls.  The date and time of the opening and the
         ----------------------------                                           
closing of the polls for each matter upon which the stockholders will vote at a
meeting shall be announced by the inspectors at the meeting.  No ballot, proxies
or votes, nor any revocations thereof or changes thereto, shall be accepted by
the inspectors after the closing of the polls unless the Court of Chancery upon
application by a stockholder shall determine otherwise.

     (f) Determinations.  In determining the validity and counting of proxies
         --------------                                                      
and ballots, the inspectors shall be limited to an examination of the proxies,
any envelopes submitted with those proxies, any information provided in
connection with proxies in accordance with Section 212(c)(2) of the Delaware
General Corporation Law, ballots and the regular books and records of the
Corporation, except that the inspectors may consider other reliable information
for the limited purpose of reconciling proxies and ballots submitted by or on
behalf of banks, brokers, their nominees or similar persons which represent more
votes than the holder of a proxy is authorized by the record owner to cast or
more votes than the stockholder holds of record.  If the inspectors consider
other reliable information for the limited purpose permitted herein, the
inspectors at the time they make their certification of their determinations
pursuant to this Section 1.11 shall specify the precise information considered
by them, including the person or persons from whom they obtained the
information, when the information was obtained, the means by which the
information was obtained and the basis for the inspectors' belief that such
information is accurate and reliable.

                                  ARTICLE II

                              BOARD OF DIRECTORS

     Section 2.1:  Number; Qualifications.  The Board of Directors shall consist
     -----------   ----------------------                                       
of one or more members.  The initial number of directors shall be five (5), and
thereafter shall be fixed from time to time by resolution of the Board of
Directors.  No decrease in the authorized number of directors constituting the
Board of Directors shall shorten the term of any incumbent director.  Directors
need not be stockholders of the Corporation.

     Section 2.2:  Election; Resignation; Removal; Vacancies.  The Board of
     -----------   -----------------------------------------               
Directors shall initially consist of the person or persons elected by the
incorporator or named in the Corporation's initial Certificate of Incorporation.
Each director shall hold office until the next annual meeting of stockholders
and until his or her successor is elected and qualified, or until his or her
earlier death, resignation or removal.  Any director may resign at any time upon
written notice to the Corporation.  Subject to the rights of any holders of
Preferred Stock then outstanding:  (i) any director or the entire Board of
Directors may be removed, with or without cause, by the holders of a majority of
the shares then entitled to vote at an election of directors and (ii) any
vacancy occurring in the Board of Directors for any cause, and any newly created
directorship resulting from any increase in the authorized number of directors
to be elected by all stockholders having the right to vote as a single class,
may be filled by the stockholders, by a majority of the directors then in
office, although less than a quorum, or by a sole remaining director.

                                      -5-
<PAGE>
 
     Section 2.3:  Regular Meetings.  Regular meetings of the Board of Directors
     -----------   ----------------                                             
may be held at such places, within or without the State of Delaware, and at such
times as the Board of Directors may from time to time determine.  Notice of
regular meetings need not be given if the date, times and places thereof are
fixed by resolution of the Board of Directors.

     Section 2.4:  Special Meetings.  Special meetings of the Board of Directors
     -----------   ----------------                                             
may be called by the Chairman of the Board, the President or a majority of the
members of the Board of Directors then in office and may be held at any time,
date or place, within or without the State of Delaware, as the person or persons
calling the meeting shall fix.  Notice of the time, date and place of such
meeting shall be given, orally or in writing, by the person or persons calling
the meeting to all directors at least four (4) days before the meeting if the
notice is mailed, or at least forty-eight (48) hours before the meeting if such
notice is given by telephone, hand delivery, telegram, telex, mailgram,
facsimile or similar communication method.  Unless otherwise indicated in the
notice, any and all business may be transacted at a special meeting.

     Section 2.5:  Telephonic Meetings Permitted.  Members of the Board of
     -----------   -----------------------------                          
Directors, or any committee of the Board, may participate in a meeting of the
Board or such 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 a meeting pursuant to
conference telephone or similar communications equipment shall constitute
presence in person at such meeting.

     Section 2.6:  Quorum; Vote Required for Action.  At all meetings of the
     -----------   --------------------------------                         
Board of Directors a majority of the total number of authorized directors shall
constitute a quorum for the transaction of business.  Except as otherwise
provided herein or in the Certificate of Incorporation, or required by law, the
vote of a majority of the directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors.

     Section 2.7:  Organization.  Meetings of the Board of Directors shall be
     -----------   ------------                                              
presided over by the Chairman of the Board, or in his or her absence by the
President, or in his or her absence by a chairman chosen at the meeting.  The
Secretary shall act as secretary of the meeting, but in his or her absence the
chairman of the meeting may appoint any person to act as secretary of the
meeting.

     Section 2.8:  Written Action by Directors.  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 members of the Board or
such 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 or committee,
respectively.

     Section 2.9:  Powers.  The Board of Directors may, except as otherwise
     ------------  ------                                                  
required by law or the Certificate of Incorporation, exercise all such powers
and do all such acts and things as may be exercised or done by the Corporation.

                                      -6-
<PAGE>
 
     Section 2.10:  Compensation of Directors.  Directors, as such, may receive,
     ------------   -------------------------                                   
pursuant to a resolution of the Board of Directors, fees and other compensation
for their services as directors, including without limitation their services as
members of committees of the Board of Directors.

                                  ARTICLE III

                                  COMMITTEES

     Section 3.1:   Committees. The Board of Directors may, by resolution passed
     -----------    ----------  
by a majority of the whole Board, designate one or more committees, each
committee to consist of one or more of the directors of the Corporation.  The
Board may designate one or more directors as alternate members of any committee,
who may replace any absent or disqualified member at any meeting of the
committee.  In the absence or disqualification of a member of the committee, the
member or members thereof present at any meeting of such committee who are not
disqualified from voting, whether or not he, she or they 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.  Any such committee,
to the extent provided in a resolution of the Board of Directors, 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 and may authorize the
seal of the Corporation to be affixed to all papers that may require it; but no
such committee shall have the power or authority in reference to amending the
Certificate of Incorporation (except that a committee may, to the extent
                              ------                                    
authorized in the resolution or resolutions providing for the issuance of shares
of stock adopted by the Board of Directors as provided in subsection (a) of
Section 151 of the Delaware General Corporation Law, fix the designations and
any of the preferences or rights of such shares relating to dividends,
redemption, dissolution, any distribution of assets of the Corporation, or the
conversion into, or the exchange of such shares for, shares of any other class
or classes or any other series of the same or any other class or classes of
stock of the Corporation, or fix the number of shares of any series of stock or
authorize the increase or decrease of the shares of any series), adopting an
agreement of merger or consolidation under Sections 251 or 252 of the Delaware
General Corporation Law, recommending to the stockholders the sale, lease or
exchange of all or substantially all of the Corporation's property and assets,
recommending to the stockholders a dissolution of the Corporation or a
revocation of a dissolution, or amending the Bylaws of the Corporation; and
unless the resolution of the Board of Directors expressly so provides, no such
committee shall have the power or authority to declare a dividend, authorize the
issuance of stock or adopt a certificate of ownership and merger pursuant to
section 253 of the Delaware General Corporation Law.

     Section 3.2:  Committee Rules.  Unless the Board of Directors otherwise
     -----------   ---------------                                          
provides, each committee designated by the Board may make, alter and repeal
rules for the conduct of its business.  In the absence of such rules each
committee shall conduct its business in the same manner as the Board of
Directors conducts its business pursuant to Article II of these Bylaws.

                                      -7-
<PAGE>
 
                                  ARTICLE IV

                                   OFFICERS

     Section 4.1:  Generally.  The officers of the Corporation shall consist of
     -----------   ---------                                                   
a Chief Executive Officer and/or a President, one or more Vice Presidents, a
Secretary, a Treasurer and such other officers, including a Chairman of the
Board of Directors and/or Chief Financial Officer, as may from time to time be
appointed by the Board of Directors.  All officers shall be elected by the Board
of Directors; provided, however, that the Board of Directors may empower the
              --------  -------                                             
Chief Executive Officer of the Corporation to appoint officers other than the
Chairman of the Board, the Chief Executive Officer, the President, the Chief
Financial Officer or the Treasurer.  Each officer shall hold office until his or
her successor is elected and qualified or until his or her earlier resignation
or removal.  Any number of offices may be held by the same person.  Any officer
may resign at any time upon written notice to the Corporation.  Any vacancy
occurring in any office of the Corporation by death, resignation, removal or
otherwise may be filled by the Board of Directors.

     Section 4.2:  Chief Executive Officer.  Subject to the control of the Board
     -----------   -----------------------                                      
of Directors and such supervisory powers, if any, as may be given by the Board
of Directors, the powers and duties of the Chief Executive Officer of the
Corporation are:

     (a) To act as the general manager and, subject to the control of the Board
of Directors, to have general supervision, direction and control of the business
and affairs of the Corporation;

     (b) To preside at all meetings of the stockholders;

     (c) To call meetings of the stockholders to be held at such times and,
subject to the limitations prescribed by law or by these Bylaws, at such places
as he or she shall deem proper; and

     (d) To affix the signature of the Corporation to all deeds, conveyances,
mortgages, guarantees, leases, obligations, bonds, certificates and other papers
and instruments in writing which have been authorized by the Board of Directors
or which, in the judgment of the Chief Executive Officer, should be executed on
behalf of the Corporation; to sign certificates for shares of stock of the
Corporation; and, subject to the direction of the Board of Directors, to have
general charge of the property of the Corporation and to supervise and control
all officers, agents and employees of the Corporation.

The President shall be the Chief Executive Officer of the Corporation unless the
Board of Directors shall designate another officer to be the Chief Executive
Officer.  If there is no President, and the Board of Directors has not
designated any other officer to be the Chief Executive Officer, then the
Chairman of the Board shall be the Chief Executive Officer.

     Section 4.3:  Chairman of the Board.  The Chairman of the Board shall have
     -----------   ---------------------                                       
the power to preside at all meetings of the Board of Directors and shall have
such other powers and duties as provided in these bylaws and as the Board of
Directors may from time to time prescribe.

                                      -8-
<PAGE>
 
     Section 4.4:   President.  The President shall be the Chief Executive
     -----------    ---------                                             
Officer of the Corporation unless the Board of Directors shall have designated
another officer as the Chief Executive Officer of the Corporation.  Subject to
the provisions of these Bylaws and to the direction of the Board of Directors,
and subject to the supervisory powers of the Chief Executive Officer (if the
Chief Executive Officer is an officer other than the President), and subject to
such supervisory powers and authority as may be given by the Board of Directors
to the Chairman of the Board, and/or to any other officer, the President shall
have the responsibility for the general management the control of the business
and affairs of the Corporation and the general supervision and direction of all
of the officers, employees and agents of the Corporation (other than the Chief
Executive Officer, if the Chief Executive Officer is an officer other than the
President) and shall perform all duties and have all powers that are commonly
incident to the office of President or that are delegated to the President by
the Board of Directors.

     Section 4.5:   Vice President.  Each Vice President shall have all such
     -----------    --------------                                          
powers and duties as are commonly incident to the office of Vice President, or
that are delegated to him or her by the Board of Directors or the Chief
Executive Officer.  A Vice President may be designated by the Board to perform
the duties and exercise the powers of the Chief Executive Officer in the event
of the Chief Executive Officer's absence or disability.

     Section 4.6:   Chief Financial Officer.  Subject to the direction of the
     -----------    -----------------------                                  
Board of Directors and the President, the Chief Financial Officer shall perform
all duties and have all powers that are commonly incident to the office of chief
financial officer.

     Section 4.7:   Treasurer.  The Treasurer shall have custody of all monies
     -----------    ---------                                                 
and securities of the Corporation.  The Treasurer shall make such disbursements
of the funds of the Corporation as are authorized and shall render from time to
time an account of all such transactions.  The Treasurer shall also perform such
other duties and have such other powers as are commonly incident to the office
of Treasurer, or as the Board of Directors or the President may from time to
time prescribe.

     Section 4.8:   Secretary.  The Secretary shall issue or cause to be issued
     -----------    ---------                                                  
all authorized notices for, and shall keep, or cause to be kept, minutes of all
meetings of the stockholders and the Board of Directors.  The Secretary shall
have charge of the corporate minute books and similar records and shall perform
such other duties and have such other powers as are commonly incident to the
office of Secretary, or as the Board of Directors or the President may from time
to time prescribe.

     Section 4.9:   Delegation of Authority.  The Board of Directors may from
     -----------    -----------------------                                  
time to time delegate the powers or duties of any officer to any other officers
or agents, notwithstanding any provision hereof.

     Section 4.10:  Removal.  Any officer of the Corporation shall serve at the
     ------------   -------                                                    
pleasure of the Board of Directors and may be removed at any time, with or
without cause, by the Board of Directors.  Such removal shall be without
prejudice to the contractual rights of such officer, if any, with the
Corporation.

                                      -9-
<PAGE>
 
                                   ARTICLE V

                                     STOCK

     Section 5.1:  Certificates.  Every holder of stock shall be entitled to
     -----------   ------------                                             
have a certificate signed by or in the name of the Corporation by the Chairman
or Vice-Chairman of the Board of Directors, or 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
owned by such stockholder in the Corporation.  Any or all of the signatures on
the certificate may be a facsimile.

     Section 5.2:  Lost, Stolen or Destroyed Stock Certificates; Issuance of New
     -----------   -------------------------------------------------------------
Certificates.  The Corporation may issue a new certificate of stock in the place
------------                                                                    
of any certificate previously issued by it, alleged to have been lost, stolen or
destroyed, and the Corporation may require the owner of the lost, stolen or
destroyed certificate, or such owner's legal representative, to agree to
indemnify the Corporation and/or to give the Corporation a bond sufficient to
indemnify it, against any claim that may be made against it on account of the
alleged loss, theft or destruction of any such certificate or the issuance of
such new certificate.

     Section 5.3:  Other Regulations.  The issue, transfer, conversion and
     -----------   -----------------                                      
registration of stock certificates shall be governed by such other regulations
as the Board of Directors may establish.

                                  ARTICLE VI

                                INDEMNIFICATION

     Section 6.1  Indemnification of Officers and Directors.  Each person who
     -----------  -----------------------------------------                  
was or is made a party to, or is threatened to be made a party to, or is
involved in any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a "proceeding"), by reason of the fact that he
                                    ----------                                 
or she (or a person of whom he or she is the legal representative), is or was a
director, officer or employee of the Corporation or a Reincorporated Predecessor
(as defined below) or is or was serving at the request of the Corporation or a
Reincorporated Predecessor (as defined below) as a director, officer or employee
of another corporation, or of a partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit plans, shall be
indemnified and held harmless by the Corporation to the fullest extent permitted
by the Delaware General Corporation Law, against all expenses, liability and
loss (including attorneys' fees, judgments, fines, ERISA excise taxes and
penalties and amounts paid or to be paid in settlement) reasonably incurred or
suffered by such person in connection therewith, and such indemnification shall
continue as to a person who has ceased to be a director or officer and shall
inure to the benefit of his or her heirs, executors and administrators;
provided, however, that the Corporation shall indemnify any such person seeking
--------  -------                                                              
indemnity in connection with a proceeding (or part thereof) initiated by such
person only if such proceeding (or part thereof) was authorized by the Board of
Directors of the Corporation.  As used herein, the term "Reincorporated
                                                         --------------
Predecessor" means a corporation that is merged with and into the Corporation 
-----------                                                                     

                                      -10-
<PAGE>
 
in a statutory merger where (a) the Corporation is the surviving corporation of
such merger; (b) the primary purpose of such merger is to change the corporate
domicile of the Reincorporated Predecessor to Delaware.

     Section 6.2:  Advance of Expenses.  The Corporation shall pay all expenses
     -----------   -------------------                                         
(including attorneys' fees) incurred by such a director or officer in defending
any such proceeding as they are incurred in advance of its final disposition;
provided, however, that if the Delaware General Corporation Law then so
--------  -------                                                      
requires, the payment of such expenses incurred by such a director or officer in
advance of the final disposition of such proceeding shall be made only upon
delivery to the Corporation of an undertaking, by or on behalf of such director
or officer, to repay all amounts so advanced if it should be determined
ultimately that such director or officer is not entitled to be indemnified under
this Article VI or otherwise; and provided, further, that the Corporation shall
                                  --------  -------                            
not be required to advance any expenses to a person against whom the Corporation
directly brings a claim, in a proceeding, alleging that such person has breached
his or her duty of loyalty to the Corporation, committed an act or omission not
in good faith or that involves intentional misconduct or a knowing violation of
law, or derived an improper personal benefit from a transaction.

     Section 6.3:  Non-Exclusivity of Rights.  The rights conferred on any
     ------------  -------------------------                              
person in this Article VI shall not be exclusive of any other right that such
person may have or hereafter acquire under any statute, provision of the
Certificate of Incorporation, Bylaw, agreement, vote or consent of stockholders
or disinterested directors, or otherwise.  Additionally, nothing in this Article
VI shall limit the ability of the Corporation, in its discretion, to indemnify
or advance expenses to persons whom the Corporation is not obligated to
indemnify or advance expenses pursuant to this Article VI.

     Section 6.4:  Indemnification Contracts.  The Board of Directors is
     -----------   -------------------------                            
authorized to cause the Corporation to enter into indemnification contracts with
any director, officer, employee or agent of the Corporation, or any person
serving at the request of the Corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, including employee benefit plans, providing indemnification rights
to such person.  Such rights may be greater than those provided in this Article
VI.

     Section 6.5:  Effect of Amendment.  Any amendment, repeal or modification
     -----------   -------------------                                        
of any provision of this Article VI shall be prospective only, and shall not
adversely affect any right or protection conferred on a person pursuant to this
Article VI and existing at the time of such amendment, repeal or modification.

                                  ARTICLE VII

                                    NOTICES

     Section 7.1:  Notice.  Except as otherwise specifically provided herein or
     -----------   ------                                                      
required by law, all notices required to be given pursuant to these Bylaws shall
be in writing and may in every instance be effectively given by hand delivery
(including use of a delivery service), by depositing such notice in the mail,
postage prepaid, or by sending such notice by prepaid 

                                      -11-
<PAGE>
 
telegram, telex, overnight express courier, mailgram or facsimile. Any such
notice shall be addressed to the person to whom notice is to be given at such
person's address as it appears on the records of the Corporation. The notice
shall be deemed given (i) in the case of hand delivery, when received by the
person to whom notice is to be given or by any person accepting such notice on
behalf of such person, (ii) in the case of delivery by mail, upon deposit in the
mail, (iii) in the case of delivery by overnight express courier, on the first
business day after such notice is dispatched, and (iv) in the case of delivery
via telegram, telex, mailgram, or facsimile, when dispatched.

     Section 7.2:  Waiver of Notice.  Whenever notice is required to be given
     -----------   ----------------                                          
under any provision of these bylaws, a written waiver of notice, signed by the
person entitled to notice, whether before or after the time stated therein,
shall be deemed equivalent to notice.  Attendance of a person at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends a
meeting for the express purpose of objecting at the beginning of the meeting to
the transaction of any business because the meeting is not lawfully called or
convened.  Neither the business to be transacted at, nor the purpose of, any
regular or special meeting of the stockholders, directors or members of a
committee of directors need be specified in any written waiver of notice.

                                 ARTICLE VIII

                             INTERESTED DIRECTORS

     Section 8.1:  Interested Directors; Quorum.  No contract or transaction
     -----------   ----------------------------                             
between the Corporation and one or more of its directors or officers, or between
the Corporation and any other corporation, partnership, association or other
organization in which one or more of its directors or officers are directors or
officers, or have a financial interest, shall be void or voidable solely for
this reason, or solely because the director or officer is present at or
participates in the meeting of the Board or committee thereof that authorizes
the contract or transaction, or solely because his, her or their votes are
counted for such purpose, if: (i) the material facts as to his, her or their
relationship or interest and as to the contract or transaction are disclosed or
are known to the Board of Directors or the committee, and the Board or committee
in good faith authorizes the contract or transaction by the affirmative votes of
a majority of the disinterested directors, even though the disinterested
directors be less than a quorum; (ii) the material facts as to his, her or their
relationship or interest and as to the contract or transaction are disclosed or
are known to the stockholders entitled to vote thereon, and the contract or
transaction is specifically approved in good faith by vote of the stockholders;
or (iii) the contract or transaction is fair as to the Corporation as of the
time it is authorized, approved or ratified by the Board of Directors, a
committee thereof, or the stockholders.  Common or interested directors may be
counted in determining the presence of a quorum at a meeting of the Board of
Directors or of a committee which authorizes the contract or transaction.

                                      -12-
<PAGE>
 
                                  ARTICLE IX

                                 MISCELLANEOUS

     Section 9.1:  Fiscal Year.  The fiscal year of the Corporation shall be
     -----------   -----------                                              
determined by resolution of the Board of Directors.

     Section 9.2:  Seal.  The Board of Directors may provide for a corporate
     -----------   ----                                                     
seal, which shall have the name of the Corporation inscribed thereon and shall
otherwise be in such form as may be approved from time to time by the Board of
Directors.

     Section 9.3:  Form of Records.  Any records maintained by the Corporation
     -----------   ---------------                                            
in the regular course of its business, including its stock ledger, books of
account and minute books, may be kept on, or be in the form of, magnetic tape,
diskettes, photographs, microphotographs or any other information storage
device, provided that the records so kept can be converted into clearly legible
form within a reasonable time.  The Corporation shall so convert any records so
kept upon the request of any person entitled to inspect the same.

     Section 9.4:  Reliance Upon Books and Records.  A member of the Board of
     -----------   -------------------------------                           
Directors, or a member of any committee designated by the Board of Directors
shall, in the performance of his or her duties, be fully protected in relying in
good faith upon records of the Corporation and upon such information, opinions,
reports or statements presented to the Corporation by any of the Corporation's
officers or employees, or committees of the Board of Directors, or by any other
person as to matters the member reasonably believes are within such other
person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Corporation.

     Section 9.5:  Certificate of Incorporation Governs.  In the event of any
     -----------   ------------------------------------                      
conflict between the provisions of the Corporation's Certificate of
Incorporation and Bylaws, the provisions of the Certificate of Incorporation
shall govern.

     Section 9.6:  Severability.  If any provision of these Bylaws shall be held
     -----------   ------------                                                 
to be invalid, illegal, unenforceable or in conflict with the provisions of the
Corporation's Certificate of Incorporation, then such provision shall
nonetheless be enforced to the maximum extent possible consistent with such
holding and the remaining provisions of these Bylaws (including without
limitation, all portions of any section of these Bylaws containing any such
provision held to be invalid, illegal, unenforceable or in conflict with the
Certificate of Incorporation, that are not themselves invalid, illegal,
unenforceable or in conflict with the Certificate of Incorporation) shall remain
in full force and effect.

                                      -13-
<PAGE>
 
     ARTICLE X

                                   AMENDMENT

     Section 10.1:  Amendments.  Stockholders of the Corporation holding a
     ------------   ----------                                            
majority of the Corporation's outstanding voting stock shall have the power to
adopt, amend or repeal Bylaws.  To the extent provided in the Corporation's
Certificate of Incorporation, the Board of Directors of the Corporation shall
also have the power to adopt, amend or repeal Bylaws of the Corporation, except
insofar as Bylaws adopted by the stockholders shall otherwise provide.

                                      -14-
<PAGE>
 
                            CERTIFICATION OF BYLAWS
                                      OF
                                   eBAY INC.
                           (A DELAWARE CORPORATION)

KNOW ALL BY THESE PRESENTS:

     I, Matthew P. Quilter, certify that I am Secretary of eBay Inc., a Delaware
corporation (the "Company"), that I am duly authorized to make and deliver this
certification, that the attached Bylaws are a true and correct copy of the
Bylaws of the Company in effect as of the date of this certificate.

Dated:  March 13, 1998

                                         /s/ Matthew P. Quilter
                                         -----------------------------      
                                         Matthew P. Quilter, Secretary