Report On the Agricultural Bank of Egypt to the Secretary of War And to the Philippine Commission
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XXI. The Governor of the National Bank of Egypt or, faUing him, the Sub-Governor of the said Bank, will preside over the Board of Directors. In-order that the decisions of the Board maybe vaild, there must be at least three Members present. The resolutions of the Board are passed by a majority of votes. In case of equal- ity, the President has a casting vote. Art. XXII. The resolutions of the Board of Directors are recorded by Minutes entered in special Registers and signed by the President or ...person acting as such. Similarly copies or extracts, to be produced for any reason whatsoever, shall be certified as correct by the President or the person acting as such. Art. XXIII. The Board of Directors has the widest powers for the management of the affairs of the Bank within the limits of the Statutes. It acts in Judicature both as plaintiff and as defendant; it exercises all recourse and appeals, sets up all pleas of objection, and grants all powers. It treats, arranges, makes references to arbitration, appoints all amicable referees, compromises, makes all remissions and abandoimients, renounces all rights, grants releases and renunciation of all liens and mortgages, rights of annulment, attachments, or impediments whatsoever, and consents to the cancelment of all inscriptions, all with or without payment.
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