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I I. I I I I I I I -- I I I I I I I. I I appointed or chosen and have qualified or until their death or until they shall resign or are removed in the manner provided by these bylaws. Section 3. Removal of Officers. Any officer or agent may be removed by the Board of Directors whenever in its jUdgment the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an officer or agent shall not of itself create contract rights. Section 4. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors. Section 5. President. The president shall be the principal executive officer of the corporation and, subject to the control of the Board of Directors, shall in general, supervise and control all of the business and affairs of the corporation. The president shall, when present, preside at all meetings of the shareholders and of the Board of Directors. The president shall present at each annual meeting of the shareholders a report of the business of the corporation for the preceding fiscal year and shall periodically make reports of the corporation's business to the Board of Directors. The president shall have general supervision of all other officers, agents and employees of the corporation, and in any case when the duties of the Officers, agents or employees of the corpora- tion are not specifically prescribed by the bylaws or by Board resolution, they shall be supervised by the president. The president may sign, with the secretary or any other proper officer of the corporation thereunto authorized by the Board of Directors, certificates for shares of the corporation, any deeds, mortgages, bonds, contracts, or other instruments which the Board ~f Directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors or by these bylaws to some other officer or agent of the corporation, or shall be required by law to be otherwise signed or executed; and in general, shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board of Directors from time to time. Section 6. Vice-Presidents. In the absence of the president or in the event of the president's death, inability or refusal to act, the vice-president (or in the event there be more than one vice-president, the vice-presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall -9-