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Cumulative voting is used only in the election of directors. It is allowed in a large majority of states, and some have gone so far as to compel its use, declaring it to be the only proper system for the election of directors. The individual stockholder has few rights and few duties to perform. He receives notice of, and has a right to attend all stockholders' meetings in person Powers of or by proxy, and to cast votes for his stock. stockStockholders assembled together in corporate hold< Meetings have power to elect directors, make by-laws, unless this power is delegated to directors, provide for increase or decrease in capital stock, authorize amendment to charter, give their assent in certain states to the sale or mortgaging of the company's property, and sanction the dissolution of the corporation. The board of directors for whom a majority of votes is cast at the annual meeting has active control of an enterprise and the stock 56 ECONOMICS OF BUSINESS Holders have little to do until the next annual meeting. A stockholder has the right to inspect the accounts of a corporation, but the courts and the legislatures have placed various restrictions upon this right. The chief officers of a corporation are the president, secretary, and treasurer. Two of the offices may be Officers of ne Y the same person. In large corporaa corpora- tions, the number is increased by one or more Vice-presidents, assistant secretaries, assistant treasurers, a general manager, auditor, general counsel, and a chairman of the board of directors. The chairman and the president are always members of the board, but the others may or may not be directors. The officers are usually chosen by the board, but a few states permit them to be elected by the stockholders. The by-laws usually name the different officers, their mode of appointment, and clearly define the duties of each....