ART. 26.] CORPORATIONS.

43

48. Fourth. To acquire by purchase or in any other
manner, and take, receive, hold, use, employ, manage,
dispose of, or in any manner not inconsistent with law,
deal with any property, real, personal, or mixed, and
situate in or out of this state, which may be necessary
or proper to enable the said corporation to carry on the
operations, or fulfill the purposes named in its cer-
tificate of incorporation, and generally to do every
other act or thing, not inconsistent with law, which
may be necessary or proper, to promote the objects,
designs and purposes for which said corporation was
formed.

Purchase, hold,
use, &c., pro-
perty, &c.

49. Fifth. To appoint a president of the company
from among the directors, trustees or managers, and to
appoint such officers and agents as the business of the
corporation shall require; to allow them a suitable com-
pensation, require security for the faithful discharge of
their duties, and regulate the tenure of office of the said
officers.

President, offi-
cers, agents, &c.

50. Sixth. To make by-laws not inconsistent with
law, for the management of its property, the regulation
of its affairs, and for the transfer of its stock, if any
such stock there be; for the forfeiture of stock not paid
for, and for disposition of the proceeds thereof; for the
calling of regular, special and general meetings of the
directors, managers and trustees of said corporation,
and fixing the place or places where the same shall be
held, and to provide for all other matters which may
be regulated by by-laws, and may, from time to time,
repeal, amend or re-enact the same; but every such
by-law, and every repeal, amendment or re-enactment
thereof, unless in the meantime confirmed at a general
meeting of the company duly called for that pur-
pose, shall only have force until the next annual
meeting of the company, and in default of confirma-
tion thereof, shall, from that time only, cease to have
force. The stockholders or members of the corpora-
tion may, at any general meeting, make by-laws, which
shall not be rescinded by the directors, managers or
trustees.

By-laws.