GREENBRIER COMPANIES INC
EXHIBIT 10.27
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.27  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[THE GREENBRIER COMPANIES LOGO] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc1436_amendment_to_the_amended_and_restated_by-laws"> </A>
<A NAME="toc_kc1436_1"> </A>
<BR></FONT><FONT SIZE=2><B>Amendment to the Amended and Restated By-Laws    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>RESOLVED</B></FONT><FONT SIZE=2>, that Article&nbsp;II, Section&nbsp;2 of the Amended and Restated By-Laws of the Company be, and it hereby is, amended in its
entirety to read as follows: </FONT></P>

<P><FONT SIZE=2>"The
annual meeting of stockholders of the corporation for the year 2003 shall be held on January&nbsp;7, 2003 and thereafter shall be held on the second Tuesday in January of each year at such time
as may be designated from time to time by the Board of Directors for the purposes of election of Directors and transaction of such other business as may lawfully come before the meeting. The Board of
Directors from time to time may change the date of the annual meeting by amendment to these Bylaws." </FONT></P>

<P><FONT SIZE=2><B>Adopted by the Board of Directors on January&nbsp;8, 2002.</B></FONT></P>

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<TD WIDTH="40%"><BR><FONT SIZE=2>/S/&nbsp;&nbsp;KENNETH D. STEPHENS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Kenneth D. Stephens, Secretary</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_kc1436_1">Amendment to the Amended and Restated By-Laws</A></FONT><BR>
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