Some large corporations have a chairman of the board Of directors, who presides at all their meetings. Chairman Of board of He is usually a former president and continues Directors. to perform a few Q f m ' s old duties The chie f Executive is the president. He presides at all meetings of stockholders, and, if there is not a chairman of the board, at meetings of directors. His office alone does not give him any power to buy, sell, or contract for the corporation, nor control its private funds or management. What power he possesses must be specified by the by-laws or resolutions of the board. The board usually authorizes him to sign all stock certificates, deeds, and other important instruments. The president binds a corporation by his Acts or contracts when he is expressly authorized to act Or contract, when he is permitted by a corpora * . Powers, Tion for some time to act or contract for It, and when a corporation ratifies or accepts the benefits of a contract after it is made. He makes an annual report to the board and presents the same at the annual meeting of the stockholders. A vice-president is often appointed to assist the president in the performance of his duties. He takes the place of the president in case of his absence, vicedisability, or refusal to act. The office of vice- President, president does not in itself carry any powers. The duties and powers must be clearly specified and authorized by by-laws or resolutions of the board....

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