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BY-LAWS <br /> of the <br /> Sanford Canal Company <br /> ARTICLE I <br /> Section 1. The officers of the Sanford Canal Company shall consist of a <br /> president, vice-president, secretary, and treasurer. <br /> Section 2: The president shall preside at all meetings of the stockholders and at <br /> all meetings of the Board of Directors; he shall sign all certificates of stock, all <br /> contracts, official papers, and documents of the company. He may call special <br /> -�1 , meetings of the Board of Directors at any time of his own volition and must do so <br /> upon written request of two or more members of the Board. He shall perform <br /> such other executive duties and functions as ordinarily devolve upon the president <br /> of a corporation. <br /> Section 3: In the absence or inability of the president to act, the vice-president <br /> shall act in his place with all the power and authority of the president. And,the <br /> \) E? Board of Directors may, in case of the absence or inability to act of both president <br /> and vice-president, appoint a president pro tern. <br /> Section 4: The secretary shall have charge of the records,books, documents, and <br /> correspondence of the company; shall keep a permanent record of all the <br /> Zy proceedings of meetings of the stockholders and the Board of Directors; shall sign <br /> SAC j all certificates of stock; shall sign and give notice of the time and place of all <br /> stockholders and Board meetings; shall have custody of the corporate seal, and <br /> shall affix it to all certificates of stock, deeds, contracts, and other instruments <br /> executed by, and requiring the seal of the corporation, after the same has been <br /> signed by the president and his signature attested by the signature of the secretary; <br /> shall keep a full and accurate record upon stock ledgers and certificate books <br /> showing the name, post office address and amount of stock held by each <br /> stockholder; and shall make an accurate annual report to the stockholders at the <br /> meetings of the stockholders of his accounts showing the condition of the <br /> company. He shall do the things required or permitted to be done by law by the <br /> secretary of corporations, and in a manner required by law, and not otherwise; he <br /> shall perform such other duties as shall be required of him by the Board of <br /> Directors. <br /> Section 5: The treasurer shall have custody and control of all funds and <br /> V ,Z securities of the company and hold, deposit, disburse, and deliver the same as the <br /> Board may direct and not otherwise;he shall have custody of all checks, drafts, <br /> notes, and orders for the payment of money received or given, and pay and <br /> dispose of the same under the direction of the Board of Directors. The treasurer <br /> 1 <br />