The Law of Private Business Corporations; With Questions, Problems and Forms (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912. Excerpt: ... against many stockholders because he owns more stock and his voting power is determined by his ownership of stock. But directors vote as man and man. Each director, no matter what his ownership of stock, or whether he owns any stock, has as much power as any other director. Directors are elected on their reputation for discretion, business acumen and similar qualities. The by-laws may set forth the order of business, but even then such a provision is more advisory than mandatory. The directors may consult their own convenience in transacting the business of the meeting. Sec. 88. MINUTES. The secretary should make full and correct minutes of the meeting. These become the evidence of what Is transacted. The secretary of the corporation should attend and should carefully and regularly keep the minutes. A form of minutes is set out in the Appendix. CHAPTER 13. THE ADMINISTRATIVE OFFICERS OP THE CORPORATION. Sec. 89. INTRODUCTORY. The ordinary executive officers of the corporation are the president, one or more vice-presidents, a secretary and treasurer. Officers are elected by the directors. An executive officer of a corporation is a person who is elected by the directors to preside over and administer the affairs of the corporation, or some department thereof, under the general supervision of the directors. There are certain officers which we expect every corporation to have: The president of the board of directors, vice-president, secretary, and treasurer. Besides these executive officers there may be other officers in any particular corporation, as, for instance, that of chairman of the board, or of general manager, or auditor. In addition to these offices, there may be, of course, many positions of more or less importance, some of which are a sort of a di...