The Birmingham age-herald., 1924-08-11
By-Lalus Promulgated
 For WaterUays Body

MOBILE, Ala, Aug. 1O.-(Special Leased Wire.)-A capital stock of $5,0O0,OOO and the perpetual existence of the Inland Waterways Corporation, unless otherwise directed by Congress, is provided for in article 1 of the by laws.
 The following bylaws of the Inland Waterways Corporation, in accordance with "an act to create, the Inland Waterways Corporation for the purpose of carrying out the mandate and pur- pose of Congress as expressed in Sec tion POI and 500 of the transportation act" were promulgated
 Section 1, name: The name of the corporation shall be the Inland Water ways Corporation.
 Section 2, powers It shall have such powers as now are or which may here. after be vested in it by law.
 Section 8. Term of existence: :: It shall have perpetual existence, unless otherwise directed by Congress.
 Section 4. The capital stock of the corporation shall be $5,OO0,0OO and the ownership therein of the United States shall be evidenced as provided in the act.
 Section 5 The Secretary of War shall be deemed the Incorporation.
 Offices Designated
 Section 6. The principal office of the corporation shall be in the city of Washington, D. 0. The officers of the corporation shall be the Secretary of War, chairman of the board, secre- tary-treasurer, and such other officers, employees, agents, attorneys as the Secretary of War may deem necessary for the transaction of the business of the corporation, according to Section 1, article 2.
 The chairman shall be the executive officer of the Secretary of War in per- formance of the duties vested by the act in the Secretary of War. He shall act at all times under the direction, con- trol and supervision of the Secretary of War. Actions of the chairman shall be taken in the name of and at the direction of the Secretary of War and when thus taken shall be deemed valid He shall render written reports to the Secretary of, War respecting the busi- ness of the corporation as often as once q month, and shall submit such other reports as may be directed by the Secretary of War, or whenever deemed proper by the chairman. In the ab- sence of the Secretary of War, he shall preside at all meetings of the advisory board, according to provisions in
 All duties of the secretary-treasurer shall be performed under the direction and supervision of the chairman. The secretary shall have the GUS tody of tho seal of the corporation with power to affix and attest the same tc all instruments requiring it, Section 4 provides. q
 Secretary Provided
 He will act as secretary of the board, attend the meetings, and keep an ac- .curate record of the proceedings of the board. For this service he shall not re- ceive any compensation in addition to that allowed as an officer of the cor poration, provided, however, that when absent from Washington, either on business of the corporation, or attend. ing meetings of the board, he may be al- lowed such reasonable living and travel ing expenses as the Secretary of War may establish.
 He shall be accountable officer for all funds and securities of the corpora tiOn. It shall be his duty to collect, re- ceiye and hold the moneys, notes, bonds, certificates of stock, and other evil dences of value and security of the cor poration, and deposit them in such de- positories, under such conditions as may be approved by the Secretary. of War. He shall be responsible for the forma- tion and administration of the general accounting policy of the
 He shall submit statement monthly,