§ 4-3. Trustees - general powers.

(a) Bylaws, rules, and regulations.

A majority of said Trustees shall have power, from time to time, to enact and make bylaws and rules and regulations for the management and government of said Fund and Institute.

(b) Additional powers.

They shall also have power:

(1) to remove any one of their own number who in the opinion of the majority of said Trustees may be negligent of his duty, or otherwise conduct himself improperly;

(2) to elect annually a president, secretary, and agent, fix their salaries, and prescribe their respective duties, and to remove them at pleasure; and

(3) to appoint such other officers and servants as they may deem necessary and proper, according to such rules and bylaws as may be prescribed by them.

(c) Surety bonds.

Any officer or officers, or agent, who shall be appointed to receive and disburse the money of said Fund and Institute, shall, before he proceeds to act as such, enter into bond with such penalty and conditions as may be prescribed by said Trustees.