Article V. Directors.
Section 1. The business of the corporation shall be managed by a Board of twenty Directors who shall be elected by the stockholders at each annual meeting, and shall hold office for one year or until their successors shall be chosen.
Section 2. In case of the death, resignation, disqualification or removal of any of the Directors, the Board of Directors may fill the vacancy by the election of a member for the unexpired term. The Directors shall elect the Officers of the Company, viz.: President, Vice-President, Secretary and Treasurer. The Secretary and Treasurer may or may not be Directors.
Section 3. The Directors shall have full authority to make contracts and shall take all steps necessary for the conduct of the business; they shall have power to appoint whatever officers, agents and employees may be necessary to properly carry on the business of the Company, and to discharge them at any time, and prescribe and fix the compensation of such officers, agents or employees, subject to the vote of the stockholders, as prescribed in Article 4. They shall have full control and management of all the business of the Company, and may delegate to such Agent or Agents, as they deem best, such of their powers as they may find necessary and for the advantage of the Company to so delegate.
Section 4. They shall cause the books of the Treasurer to be audited immediately before each annual meeting and shall exhibit to the stockholders at the annual meeting, or oftener if expedient, a statement or report showing the financial condition of the Association; the amount due by the Association, the amount of profit and loss sustained during the year. They shall judge of the expediency of declaring dividends, and if declared, the amount. They shall also report fully upon the moral side of the work.