§ IV. Jirgotors' Board.
113
Art. 18. The number of directors is fixed to be nine, and
elcoted among the saurehulders and the promotors, Except the
promovora, the candidate of the directors must possess at
least 500 shares. The salary of the directors will be fixed
by the Shareholders' Assembly.
Art. 10. The Directors' Board will have a President and
Special Directors. All waters will be decided by more than the
half of the directors in socord.
Art. 17. The Directors will hold a usual meeting once
every month. sut specia. meetings may be held at any moment provided more than half of the directors will sign letters to
call for then. All decisions passed in the meeting must be
signed by the direutors present.
Art.18. The Directora decide what is to be done and to be
corrected, and pass all decisions to the manager and Assistant
Hanager for execution. Jertain mumber of olerks way be
employed in the Dircutors' Board.
Art 19. The Jirectors' appointment in for three years,
but he may continue to be so in case of reelection.
V. Supervision..
Art.20. Though the business of the Co. is purely
merenantils, it is necessary to receive the supervision of the local anthorities as aerial navigation concerns military affairs.
The local authorities will be invited to appoint one
Superintendent to the Do. His appointment if fixed for three
years but the local authorities may reappoint him at the
expiration provided it is recognised to be necessary.
salary is to be decided by the Shareholders' Assembly,
Art.21.
His
The Superintendent cannot be at the same time
Director or other functioner of the Co
Art.22/