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<P align="center"><FONT size="2"><B>As filed with the Securities and Exchange Commission on April&nbsp;22, 2003</B>
</FONT>

<P align="right"><FONT size="2"><B>Registration No.&nbsp;333-____________</B>
</FONT>
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<HR size="1" noshade color="#000000" style="margin-top: -10px">

<P align="center"><FONT size="3"><B>SECURITIES AND EXCHANGE
COMMISSION<BR></B>
</FONT><FONT size="2"><B>Washington, D.C. 20549</B>
</FONT>

<P>
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<P>


<P align="center"><FONT size="4"><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</FONT>

<P>
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="6"><B>Chemung Financial Corporation</B><BR>
</Font><FONT size="1"><I>(Exact name of registrant as specified in
its charter)</I></FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>New York</B><BR>
</Font><FONT size="1"><I>(State or other jurisdiction of<BR>
incorporation or organization)</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">16-123703-8<BR>
</Font><FONT size="1"><I>(IRS employer identification number)</I></FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="1"><I>(Address, including zip code, and telephone number,<BR>
including area code, of registrant&#146;s principal<BR>
executive offices)</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Chemung Canal Trust Company<BR>
Profit Sharing, Savings, and Investment Plan</B><BR>
</Font><FONT size="1"><I>(Full title of the Plans)</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Jane Adamy<BR>
Corporate Secretary<BR>
Chemung Financial Corporation<BR>
One Chemung Canal Plaza<BR>
P.O. Box 1522<BR>
Elmira, New York 14902<BR>
(607)&nbsp;737-3711<BR>
</Font><FONT size="1"><I>(Name, address and telephone number of Agent
for Service)</I></FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Copy to:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Stuart G. Stein, Esq.<BR>
Hogan &#038; Hartson L.L.P.<BR>
555 Thirteenth Street, N.W.<BR>
Washington, D.C. 20004-1109<BR>
(202)&nbsp;637-8575</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17"><Font size="1"><hr noshade size="2"></Font>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>per Share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, par value $.01 per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center"><FONT size="2">325,000 </FONT></TD>
    <TD nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="3" align="center"><FONT size="2">$26.58(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap colspan="3" align="center"><FONT size="2">$8,638,500(2)</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colspan="1"><FONT size="2">$698.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416(c) under the Securities Act of 1933,
this Registration Statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Estimated solely for the purpose of calculating the registration fee
pursuant to Rule&nbsp;457(h) of the Securities Act of 1933, as amended, based on the
average of the bid and ask price on April 16, 2003.</FONT></TD>
</TR>
</TABLE>
<P>
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<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<!-- link1 "INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part I will be sent
or given to employees participating in the Chemung Canal Trust Company Profit
Sharing, Savings, and Investment Plan (the &#147;Plan&#148;) as specified by Rule
428(b)(1) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). In
accordance with the instructions to Part I of Form&nbsp;S-8, such documents will not
be filed with the Securities and Exchange Commission (the &#147;Commission&#148;) either
as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule&nbsp;424 of the Securities Act. These documents and
the documents incorporated by reference pursuant to Item&nbsp;3 of Part II of this
registration statement, taken together, constitute the prospectus as required
by Section&nbsp;10(a) of the Securities Act.
</FONT>
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<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemung Financial Corporation (the &#147;Company&#148;) hereby incorporates by
reference into this registration statement the following documents filed by it
with the Commission:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Company&#146;s annual report on Form&nbsp;10-K for the
year ended December&nbsp;31, 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The description of the Company&#146;s common stock,
par value $.01 per share (&#147;Common Stock&#148;), contained in the
Company&#146;s registration statement on Form&nbsp;8-A filed on
September&nbsp;30, 1985 under Section&nbsp;12 of the Securities and
Exchange Act of 1934, as amended, (the &#147;Exchange Act&#148;) which
incorporates the description of the Company&#146;s Common Stock
contained in the registration statement on Form&nbsp;S-14 filed
with the Commission on February&nbsp;11, 1985.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents and reports filed by the Company or the Plan
subsequent to the date hereof pursuant to Sections&nbsp;13(a), 13(c), 14, and 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be part hereof from the date of filing of
such documents or reports. Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Common Stock is registered with the Commission under Section
12 of the Exchange Act.
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As authorized by Section&nbsp;722 of the New York Business Corporation Law, the
Company may indemnify its directors and officers against judgments, fines,
amounts paid in settlement and reasonable expenses, including attorneys&#146; fees
actually and necessarily incurred as a result of such action or proceeding, or
any appeal therein, if such director or officer acted in good faith, for a
purpose which he reasonably believed to be in, or, in the case of service for
another corporation or any partnership, joint venture, trust, employee benefit
plan or other enterprise, not opposed to, the best interests of the corporation
and, in criminal actions or proceedings, in addition, had not reasonable cause
to believe his conduct was unlawful. If the legal proceeding, however, is by
or in the right of the Company, the director or officer may not be indemnified
in respect of (1)&nbsp;a threatened action, or a pending action which is settled or
otherwise disposed of, or (2)&nbsp;any claim, issue or matter as to which he shall
have been adjudged to be liable to the Company unless and only to the extent
that, the court in which the action was brought, or if not action was brought,
any court of competent jurisdiction, determines otherwise.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;XI of the Company&#146;s Bylaws requires that, to the fullest extent
permitted by law, either directly or by the purchase of insurance or in part
directly and in part by the purchase of insurance, the Company must indemnify
each officer and director, or if deceased, his personal representative made or
threatened to be made a party to any action or proceeding civil or criminal,
including an appeal therein against the reasonable expenses, attorneys&#146; fees,
judgments, fines and amounts paid in settlement, provided only that the officer
or director acted in good faith for a purpose which he reasonably believed
would be in the best interest of the Company or in the case of service for any
other corporation or any partnership, joint venture, trust, employee benefit
plan or other enterprise, not opposed to the best interests of the corporation,
and in criminal proceedings had no reasonable cause to believe that his conduct
was unlawful.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s obligations under Article&nbsp;XI of its Bylaws shall be reduced
by the amount of any insurance which is available to any officer or director
whether such insurance is purchased by the Company or otherwise. The right of
indemnity created in Article&nbsp;XI of the Bylaws is personal to the officer and
director and their respective legal representatives and in no case shall any
insurance carrier be entitled to be subrogated to any rights created under the
Bylaws. The Company is not obligated to indemnify directors and officers
against any claim arising out of personal injuries, bodily injuries or property
damage.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also has the power to purchase and maintain insurance on
behalf of its directors, officers, trustees, employees and agents and persons
serving in such capacities with other entities at the Company&#146;s request. The
Company has a policy of liability insurance covering its directors and
officers, the effect of which is to reimburse the directors and officers of the
Company against certain damages and expenses resulting from certain claims made
against them caused by their negligent act, error or omission.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing indemnity and insurance provisions have the effect of
reducing directors&#146; and officers&#146; exposure to personal liability for actions
taken in connection with their respective positions.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing is only a general summary of certain aspects of New York law
and the provisions of the Company&#146;s Certificate of Incorporation and Bylaws
dealing with indemnification of directors and officers and does not purport to
completely describe such law and such provisions. It is
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">qualified in its entirety by reference to the relevant statutes which contain detailed
provisions regarding indemnification and to the Company&#146;s Certificate of
Incorporation and Bylaws, which are incorporated herein by reference.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit<BR>
    No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade width="5%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan.</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Incorporation (incorporated herein by reference from
Exhibit&nbsp;3.1 to Registration Statement on Form&nbsp;S-14, filed February&nbsp;11,
1985, Registration No.&nbsp;2-95743).</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment to the Certificate of Incorporation
(incorporated herein by reference to Exhibit&nbsp;A of the Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1988, File No.&nbsp;0-13888).</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws (incorporated herein by reference to Exhibit&nbsp;A to Registrant&#146;s
Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2002, File No.&nbsp;0-13888).</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Internal Revenue Service letter of determination, dated March&nbsp;4, 2002
concerning the Plan&#146;s qualification under Section&nbsp;401 of the Internal
Revenue Code.</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included on signature page).</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of KPMG LLP.</FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Sections&nbsp;721-726 of the New York Business Corporation Law.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective
statement:</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events
arising after the effective date of the registration
statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the
registration statement;</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">4</FONT>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided,
however,</I> that paragraphs (1)(i) and (1)(ii) do not
apply if the registration statement is on Form&nbsp;S-3, or Form&nbsp;S-8,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that
are incorporated by reference in the registration statement.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question of whether such indemnification by it
is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURES" -->
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registrant. </I>Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Elmira state of New York, on April&nbsp;17, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" colspan="3"><FONT size="2">
CHEMUNG FINANCIAL CORPORATION</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Jan P. Updegraff<BR>
</FONT><HR size="1" noshade><FONT size="2">
Jan P. Updegraff<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below appoints Jan P. Updegraff or
John R. Battersby, Jr., jointly and severally, each in his or her own capacity,
as true and lawful attorneys-in-fact, with full power or substitution in such
person&#146;s name, place and stead, in any and all capacities to sign any
amendments to this Registration Statement on Form&nbsp;S-8 and to file the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, hereby ratifying and confirming all
that said attorney-in-fact, or their substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on April&nbsp;17, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade width="15%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade  width="5%"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Jan P. Updegraff<BR>
</FONT><HR size="1" noshade><FONT size="2">
Jan P. Updegraff</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President and Chief Executive Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/  John R. Battersby, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
John R. Battersby, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer and Treasurer<BR>
(Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Robert E. Agan<BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert E. Agan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ David J. Dalrymple<BR>
</FONT><HR size="1" noshade><FONT size="2">
David J. Dalrymple</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Robert H. Dalrymple<BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert H. Dalrymple</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ William D. Eggers<BR>
</FONT><HR size="1" noshade><FONT size="2">
William D. Eggers</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Frederick Q. Falck<BR>
</FONT><HR size="1" noshade><FONT size="2">
Frederick Q. Falck</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Stephen M. Lounsberry, III<BR>
</FONT><HR size="1" noshade><FONT size="2">
Stephen M. Lounsberry, III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Thomas K. Meier<BR>
</FONT><HR size="1" noshade><FONT size="2">
Thomas K. Meier</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Ralph H. Meyer<BR>
</FONT><HR size="1" noshade><FONT size="2">
Ralph H. Meyer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ John F. Potter<BR>
</FONT><HR size="1" noshade><FONT size="2">
John F. Potter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Charles M. Streeter, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
Charles M. Streeter, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Richard W. Swan<BR>
</FONT><HR size="1" noshade><FONT size="2">
Richard W. Swan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ William C. Ughetta<BR>
</FONT><HR size="1" noshade><FONT size="2">
William C. Ughetta</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Nelson Mooers van den Blink<BR>
</FONT><HR size="1" noshade><FONT size="2">
Nelson Mooers van den Blink</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">7</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Plan. </I>Pursuant to the requirements of the Securities Act of 1933, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Elmira, state of New
York, on April&nbsp;17, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2"><B>Chemung Canal Trust Company Profit Sharing,<BR>
Savings and Investment Plan</B></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2">By:   /s/ Linda M. Struble<BR>
</FONT><HR size="1" noshade><FONT size="2">
Name: Linda M. Struble<BR>
Title: Plan Administrator</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">8</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit<BR>
No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade width="8%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan.</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Incorporation (incorporated herein by reference from
Exhibit&nbsp;3.1 to Registration Statement on Form&nbsp;S-14, filed February&nbsp;11,
1985, Registration No.&nbsp;2-95743).</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment to the Certificate of Incorporation
(incorporated herein by reference to Exhibit&nbsp;A of the Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1988, File No.&nbsp;0-13888).</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws (incorporated herein by reference to Exhibit&nbsp;A to Registrant&#146;s
Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2002, File No.&nbsp;0-13888).</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Internal Revenue Service letter of determination, dated March&nbsp;4, 2002
concerning the Plan&#146;s qualification under Section&nbsp;401 of the Internal
Revenue Code.</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of KPMG LLP.</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Sections&nbsp;721-726 of the New York Business Corporation Law.</FONT></TD>
</TR>
</TABLE>
</CENTER>
</BODY>
</HTML>
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{"company-data": {"conformed-name": "CHEMUNG FINANCIAL CORP", "cik": "0000763563", "assigned-sic": "6022", "irs-number": "161237038", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-104663", "film-number": "03657931"}, "business-address": {"street1": "ONE CHEMUNG CANAL PLZ", "street2": "P O BOX 1522", "city": "ELMIRA", "state": "NY", "zip": "14902", "phone": "6077373711"}, "mail-address": {"street1": "ONE CHEMUNG CANAL PLZ", "street2": "P O BOX 1522", "city": "ELMIRA", "state": "NY", "zip": "14902"}}
sv8
As filed with the Securities and Exchange Commission on April 22, 2003
Registration No. 333-____________
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Chemung Financial Corporation
(Exact name of registrant as specified in
its charter)
New York
(State or other jurisdiction of
incorporation or organization)
16-123703-8
(IRS employer identification number)
(Address, including zip code, and telephone number,
including area code, of registrant's principal
executive offices)
Chemung Canal Trust Company
Profit Sharing, Savings, and Investment Plan
(Full title of the Plans)
Jane Adamy
Corporate Secretary
Chemung Financial Corporation
One Chemung Canal Plaza
P.O. Box 1522
Elmira, New York 14902
(607) 737-3711
(Name, address and telephone number of Agent
for Service)
Copy to:
Stuart G. Stein, Esq.
Hogan & Hartson L.L.P.
555 Thirteenth Street, N.W.
Washington, D.C. 20004-1109
(202) 637-8575
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
Amount of
Title of securities
to be
Offering Price
Aggregate Offering
Registration
to be registered
Registered
per Share
Price
Fee
Common Stock, par value $.01 per share
325,000
(1)
$26.58(2)
$8,638,500(2)
$698.85
(1)
In addition, pursuant to Rule 416(c) under the Securities Act of 1933,
this Registration Statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.
(2)
Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(h) of the Securities Act of 1933, as amended, based on the
average of the bid and ask price on April 16, 2003.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I will be sent
or given to employees participating in the Chemung Canal Trust Company Profit
Sharing, Savings, and Investment Plan (the "Plan") as specified by Rule
428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). In
accordance with the instructions to Part I of Form S-8, such documents will not
be filed with the Securities and Exchange Commission (the "Commission") either
as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 of the Securities Act. These documents and
the documents incorporated by reference pursuant to Item 3 of Part II of this
registration statement, taken together, constitute the prospectus as required
by Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.     Incorporation of Documents by Reference.
Chemung Financial Corporation (the "Company") hereby incorporates by
reference into this registration statement the following documents filed by it
with the Commission:
(a)
The Company's annual report on Form 10-K for the
year ended December 31, 2002.
(b)
The description of the Company's common stock,
par value $.01 per share ("Common Stock"), contained in the
Company's registration statement on Form 8-A filed on
September 30, 1985 under Section 12 of the Securities and
Exchange Act of 1934, as amended, (the "Exchange Act") which
incorporates the description of the Company's Common Stock
contained in the registration statement on Form S-14 filed
with the Commission on February 11, 1985.
In addition, all documents and reports filed by the Company or the Plan
subsequent to the date hereof pursuant to Sections 13(a), 13(c), 14, and 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be part hereof from the date of filing of
such documents or reports. Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
Item 4.     Description of Securities.
The Company's Common Stock is registered with the Commission under Section
12 of the Exchange Act.
2
Item 5.     Interests of Named Experts and Counsel.
Not applicable.
Item 6.     Indemnification of Directors and Officers.
As authorized by Section 722 of the New York Business Corporation Law, the
Company may indemnify its directors and officers against judgments, fines,
amounts paid in settlement and reasonable expenses, including attorneys' fees
actually and necessarily incurred as a result of such action or proceeding, or
any appeal therein, if such director or officer acted in good faith, for a
purpose which he reasonably believed to be in, or, in the case of service for
another corporation or any partnership, joint venture, trust, employee benefit
plan or other enterprise, not opposed to, the best interests of the corporation
and, in criminal actions or proceedings, in addition, had not reasonable cause
to believe his conduct was unlawful. If the legal proceeding, however, is by
or in the right of the Company, the director or officer may not be indemnified
in respect of (1) a threatened action, or a pending action which is settled or
otherwise disposed of, or (2) any claim, issue or matter as to which he shall
have been adjudged to be liable to the Company unless and only to the extent
that, the court in which the action was brought, or if not action was brought,
any court of competent jurisdiction, determines otherwise.
Article XI of the Company's Bylaws requires that, to the fullest extent
permitted by law, either directly or by the purchase of insurance or in part
directly and in part by the purchase of insurance, the Company must indemnify
each officer and director, or if deceased, his personal representative made or
threatened to be made a party to any action or proceeding civil or criminal,
including an appeal therein against the reasonable expenses, attorneys' fees,
judgments, fines and amounts paid in settlement, provided only that the officer
or director acted in good faith for a purpose which he reasonably believed
would be in the best interest of the Company or in the case of service for any
other corporation or any partnership, joint venture, trust, employee benefit
plan or other enterprise, not opposed to the best interests of the corporation,
and in criminal proceedings had no reasonable cause to believe that his conduct
was unlawful.
The Company's obligations under Article XI of its Bylaws shall be reduced
by the amount of any insurance which is available to any officer or director
whether such insurance is purchased by the Company or otherwise. The right of
indemnity created in Article XI of the Bylaws is personal to the officer and
director and their respective legal representatives and in no case shall any
insurance carrier be entitled to be subrogated to any rights created under the
Bylaws. The Company is not obligated to indemnify directors and officers
against any claim arising out of personal injuries, bodily injuries or property
damage.
The Company also has the power to purchase and maintain insurance on
behalf of its directors, officers, trustees, employees and agents and persons
serving in such capacities with other entities at the Company's request. The
Company has a policy of liability insurance covering its directors and
officers, the effect of which is to reimburse the directors and officers of the
Company against certain damages and expenses resulting from certain claims made
against them caused by their negligent act, error or omission.
The foregoing indemnity and insurance provisions have the effect of
reducing directors' and officers' exposure to personal liability for actions
taken in connection with their respective positions.
The foregoing is only a general summary of certain aspects of New York law
and the provisions of the Company's Certificate of Incorporation and Bylaws
dealing with indemnification of directors and officers and does not purport to
completely describe such law and such provisions. It is
3
qualified in its entirety by reference to the relevant statutes which contain detailed
provisions regarding indemnification and to the Company's Certificate of
Incorporation and Bylaws, which are incorporated herein by reference.
Item 7.     Exemption from Registration Claimed.
Not applicable.
Item 8.     Exhibits.
Exhibit
No.
Exhibit
4.1
Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan.
4.2
Certificate of Incorporation (incorporated herein by reference from
Exhibit 3.1 to Registration Statement on Form S-14, filed February 11,
1985, Registration No. 2-95743).
4.3
Certificate of Amendment to the Certificate of Incorporation
(incorporated herein by reference to Exhibit A of the Annual Report on
Form 10-K for the year ended December 31, 1988, File No. 0-13888).
4.4
Bylaws (incorporated herein by reference to Exhibit A to Registrant's
Form 10-Q for the quarter ended September 30, 2002, File No. 0-13888).
5
Internal Revenue Service letter of determination, dated March 4, 2002
concerning the Plan's qualification under Section 401 of the Internal
Revenue Code.
24
Power of Attorney (included on signature page).
23
Consent of KPMG LLP.
99.1
Sections 721-726 of the New York Business Corporation Law.
Item 9.     Undertakings.
The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a post-effective
statement:
(i)     To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)     To reflect in the prospectus any facts or events
arising after the effective date of the registration
statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the
registration statement;
4
(iii)     To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;
provided,
however,
that paragraphs (1)(i) and (1)(ii) do not
apply if the registration statement is on Form S-3, or Form S-8,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in the registration statement.
(2)     That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial
bona fide
offering
thereof.
(3)     To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question of whether such indemnification by it
is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
5
SIGNATURES
Registrant.
Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Elmira state of New York, on April 17, 2003.
CHEMUNG FINANCIAL CORPORATION
By:
/s/ Jan P. Updegraff
Jan P. Updegraff
President and Chief Executive Officer
Each person whose signature appears below appoints Jan P. Updegraff or
John R. Battersby, Jr., jointly and severally, each in his or her own capacity,
as true and lawful attorneys-in-fact, with full power or substitution in such
person's name, place and stead, in any and all capacities to sign any
amendments to this Registration Statement on Form S-8 and to file the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, hereby ratifying and confirming all
that said attorney-in-fact, or their substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on April 17, 2003.
Signature
Title
/s/ Jan P. Updegraff
Jan P. Updegraff
President and Chief Executive Officer and Director
(Principal Executive Officer)
/s/  John R. Battersby, Jr.
John R. Battersby, Jr.
Chief Financial Officer and Treasurer
(Principal Financial Officer and Principal Accounting Officer)
/s/ Robert E. Agan
Robert E. Agan
Director
/s/ David J. Dalrymple
David J. Dalrymple
Director
6
/s/ Robert H. Dalrymple
Robert H. Dalrymple
Director
/s/ William D. Eggers
William D. Eggers
Director
/s/ Frederick Q. Falck
Frederick Q. Falck
Director
/s/ Stephen M. Lounsberry, III
Stephen M. Lounsberry, III
Director
/s/ Thomas K. Meier
Thomas K. Meier
Director
/s/ Ralph H. Meyer
Ralph H. Meyer
Director
/s/ John F. Potter
John F. Potter
Director
/s/ Charles M. Streeter, Jr.
Charles M. Streeter, Jr.
Director
/s/ Richard W. Swan
Richard W. Swan
Director
/s/ William C. Ughetta
William C. Ughetta
Director
/s/ Nelson Mooers van den Blink
Nelson Mooers van den Blink
Director
7
The Plan.
Pursuant to the requirements of the Securities Act of 1933, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Elmira, state of New
York, on April 17, 2003.
Chemung Canal Trust Company Profit Sharing,
Savings and Investment Plan
By:   /s/ Linda M. Struble
Name: Linda M. Struble
Title: Plan Administrator
8
EXHIBIT INDEX
Exhibit
No.
Exhibit
4.1
Chemung Canal Trust Company Profit Sharing, Savings, and Investment Plan.
4.2
Certificate of Incorporation (incorporated herein by reference from
Exhibit 3.1 to Registration Statement on Form S-14, filed February 11,
1985, Registration No. 2-95743).
4.3
Certificate of Amendment to the Certificate of Incorporation
(incorporated herein by reference to Exhibit A of the Annual Report on
Form 10-K for the year ended December 31, 1988, File No. 0-13888).
4.4
Bylaws (incorporated herein by reference to Exhibit A to Registrant's
Form 10-Q for the quarter ended September 30, 2002, File No. 0-13888).
5
Internal Revenue Service letter of determination, dated March 4, 2002
concerning the Plan's qualification under Section 401 of the Internal
Revenue Code.
23
Consent of KPMG LLP.
99.1
Sections 721-726 of the New York Business Corporation Law.