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. . duly elected and shall have qualified; or until his death; or until he shall resign; or until he shall have been removed in the manner hereinafter provided. Section 3. Removal. ~ny officer or agent may be removed by the Board of Directors or by the ex~cutive committee 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 50 removed. Election or .appointment of an officer or agent shall not in itself create contract rights. Section 4. Vacancies. A vacancy in any office, however occurring, may be filled by the Board of Directors for the unexpired portion of the term. Section 5. Bond. The secretary and treasurer shall give bond in such sum and with such 6ecurity as the directors may require, conditioned on the faithful performance of the duties and to turn over to their sUCcessors in office, all papers, vouchers, money, funds and property of whatever kind or nature belonging to the company, upon the expiration of their respective terms of office or upon being removed therefrom, or with such other conditions as may be proper. Section 6. President. The president shall preside at all meetings of the directors or stockholders. He shall sign as president all certificates of stock and all contracts and other instruments in writing, which ,may have been ordered by the Board of Directors. He shall supervise all officers, and employees of the company and shall see that their duties are promptly discharged and refer to the Board of Directors any negligence or misconduct of such officers or employees. He shall see that ditches are in repair for carrying water and see that water is running in said ditches during the period set by the Board each year. In the absence or disability of the president, the vice president shall perform his duties. Section 7. Secretary. The secretary shall keep a record of the proceedings had by the Board of Directors, and also the meetings of the stockholders. He shall keep a book of blank certificates of the stock, complete and countersign all certificates issued and make corresponding entries upon the marginal stub of each such certificate issued. He shall keep a stock ledger in due form, showing the number and class of shares issued to and transferred by any stockholder, and the date of issuance and transfer. He shall have charge of the corporate seal and affix the same to all instruments requiring a seal. He shall keep in the manner prescribed by the Board of Directors all the accounts of the compar.y in books provided for such purpose. He shall collect all money due the company and pay the same over to the treasUrer taking his receipt therefor. He shall sign all checks ~for the payment of money. He shall discharge such other duties as pertain to his office and as may be prescribed by the Board of Directors. The office of the secretary and treasurer may be held by the same person. The Board of Directors have power to appoint an assistant secretary if they find it necessary. Section 8. Treasurer. The treasurer shall keep safely all moneys belonging to the company and disburse the same under the direc- tion of the Board of Directors upon the checks signed by the secretary and countersigned by the president, and not otherwise. At each annual meeting of the stockholders he shall submit a complete statement of his accounts fo: the past year ~ith the proper vouchers for their information. He shall perform such other duties pertaining to his office as shall be prescribed by the Board of Directors. The treasurer is authorized to deposit the funds of the company in any of the local banks and in such other banks as the Board of Directors may from time to time designate. -7-