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Quo rum- Adj curn-ment. Election of Offi-oars — - Term. Vacancies.* President. Section 5. Two members of the Committee shall con­stitute a quorum. If a quorum be not present at any meeting* the member of the Committee present may adjourn the meeting until a later day or hour* and a minute of such adjournment shall be entered on the records by the Secretary; or the member or members present, whether constituting a quorum or net, at his or their option, shall have the power to appoint a substitute or substi­tutes from the members of the Board of Directors to act during the temporary absence of any member or members of the Committee. ARTICLE IV. Officers and Agents. Section 1. At the first regular-meeting of the Board of Directors after the annual election, the Board shall elect from its members a President, and shall al­so elect a Vice-President, a Secretary, a Treasurer, an Auditor and such other officers as the Board of Direc­tors shall determine. The officers so elected shall hold their offices for the term of one year and until their successors are elected and qualified. Any va—j, nanny occurring in any of the above offices may be fill­ed' for the unexpired term by the Board cf Directors. Section 3. The President shall, subject to the Board of Directors and the Executive Committee, have personal supervision and control of the business of the Company, and shall sign all such instruments of contract and conveyance as shall have been approved by the Board of Directors. He shall, either in person or by such representatives as he shall designate, approve all pay­rolls and other accounts payable, and shall discharge such other duties as ray be imposed by the Board of Directors. - 5 -