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Auditor. Csrtifi-• cates of stock — when is­sued. be designated by the Auditor with the approval of the President. He shall cause to be kept in his office, true and full accounts of all receipts and disbursements of his office. He shall also perform such other duties as shall be assigned to him by the President, and shall give bond with proper surety for such amount as may be approv­ed by the President, for the faithful performance of his duties. Section 6. The Auditor shall have the immediate charge, supervision and control of all the accounts of the Company, and shall enforce and maintain the accounting rules'and regulations as prescribed from time to time. He shall require reports from the Treasurer or Assistant Treasurer, and from all officers and agents of the Com­pany who receive or disburse funds for its account, at such time and in such form as he may deem advisable, show­ing all receipts and disbursements for the Company's ac­count, and he shall have the custody of all vouchers, drafts,, invoices and other evidence of such disbursements. He is authorized to approve for payment, all vouchers, pay-rolls, drafts or other accounts when approved by the President or by such persons as shall be designated by the President in writing, and he may delegate such author­ity by appointment in writing with the approval of the President, to one or mere employes of the Accounting De­partment. ARTICLE V. Regulations relating to the issue of stock certificates and the transfer of stock. Section 1. Certificates representing stock of the Company shall be signed by the president or by a vice-president and also by the secretary or an assistant sec­retary. Unless authorized by the Board of Directors no new certificates shall be issued except upon surrender and cancellation of an old certificate for a like number of shares. -7 -