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w o * Quorum- Adj curn-ment. le c t io n f O f fi­cers - - Term* Vacancies,. P resid en t. ' S ectio n 5. Two members o f the Committee s h a ll con­s t it u t e a quorum. I f a quorum be not present at any m eeting, the member o f the Committee present may adjourn the meeting u n t il a la t e r day or hem*, and a minute o f such adjournment s h a ll be entered on the records by the S ecreta ry; or the member or members p resen t, whether c o n s titu tin g a quorum, or n e t, at h is or t h e ir op tion , s h a ll have the power to appoint a s u b s titu te or su bsti­tu tes from the members o f the Board o f D irecto rs to act during the temporary absence o f any member cr members o f the Committee. ARTICLE IV . O ffic e r s and Agents. S ectio n 1. At the f i r s t reg u la r meeting o f the Board o f D ire c to rs a f t e r the annual e le c t io n , the Board s h a ll e le c t from i t s members a P re s id e n t, and s h a ll a l­so e le c t a V ic e -P re s id e n t, a S ecreta ry , a Treasurer, an Auditor and such oth er o f f i c e r s as the Board o f D irec­to rs s h a ll determ ine. The o f f i c e r s so e le c te d s h a ll h old t h e ir o f f ic e s f o r the term o f one year and u n t il t h e ir successors are e le c t e d and q u a lifie d . Any va­cancy occu rrin g in any o f the above o f f ic e s may be f i l l ­ed- 'for the unexpired teim by the Beard o f D ire c to rs . S ectio n 3. The P resid en t s h a ll, subject to the Board o f D irecto rs and the Executive Committee, have p erson al su p ervision and c o n tro l o f the business o f the Company, and s h a ll sign a l l such instruments o f contract and conveyance as s h a ll have been approved by the Board o f D ire c to rs . He s h a ll, e ith e r in person or by such rep re se n ta tiv e s as he s h a ll d esig n a te, approve a l l pay­r o l l s and other accounts payable, and s h a ll discharge such oth er du ties as may be imposed by the Board o f D irecto rs* - 5 -