The Birmingham age-herald., 1924-08-11

setting forth the financial condition oi the corporation; prepare annually q financial statement for the Secretary of War, as of December 31, and ren. der currently such financial and statistical statements as the Secretary of War may require, Section 4 fur ther provides.
 No officer of the corporation or any employees, attorney or agent, other than the traffic manager, Mississippi War rior service, shall receive a salary in excess of $10,000 year, Section pro- vides.
 Meetings Set
 The creation and functions of the advisory board are, provided for in ar- ticle 8. Meetings shall be called at such places or time as the Secretary of War may determine. Meeting of the board will be called by thA chairman upon the written request of four mem- bers; written notice being given all members by the chairman not less than ten days in advance of the date. thereof. Notices of meetings called by the Secre- tary of War, stating the time and place, shall be issued by the Secretary of War.
 Members of the board will receive no salary for their services on the board. but shall be paid by the corporation $25 per diem compensation for attend ing meetings of the board and for time spent on special service of the corporation when assigned thereto by the Secretary of War, and teir travel ing expenses to and from such meet ings, or when assigned as aforesaid to such special service. The time neces- sarily spent by the members of the board in proceeding from the places of their respective residences to any meet ing of the board and in returning there to by the most expeditions and practical route, shall be deemed to have been spent on special service, section 5 pro- Yides.
 Article 4 containing the following provisions: The seal of corporation shall be circle in the center of which shall appear the coat of arms of the United States and upon the center mar gin of which shall appear the words.
 'The Inland Waterways Corporation, act of June 8; 1924"
 To accord with the regulation of the Interstate commerce commission the fiscal year of the corporation shall be the calendar year.
 All contracts shall be made in the name of the corporation. i
 The signature of the Secretary of War will be required in the borrowing of money or the issuance of notes; in the making of contracts relating to the sale or purchase of real estate on con- tracts relating to the purchase, sale or disposition of personal property having value of $10,000; contracts with states, municipalities or other public bodies or public corporation purchase of repair contracts involving the ex- penditure of $10,000 or more.
 Must Be Approved
 The following contracts shall not be deemed valid unless approved in writ ing by the Secretary of War, or in his name at his direction by the chairman leases of real property or personal prop eEty, including contracts relating to the charter of vessels contracts relating to the purchase, sale, or disposition of personal property having a value of $2,500 or more; contracts involving structural changes in equipment; con tracts with common carriers relating to division of rates or joint facilities i; purchase and repair contracts involv. ing the expenditure of S2,500 or more.
 No attorney shall be employed with out the approval of the Secretary of War, according to provisions sec ton G.
 The bylaws and amendments thereto are made brinding upon the corpora tiOn to officers, agents and employees and upon all person dealing with it, by section z.
 The foregoing bylaws may be amended or reapeled by order of the