any new terminal that may be authorized by the Secretary of Commerce in accordance with the provisions of Section 3-b above, except upon the inclusion in such contract or agreement of a clause providing that the payment to be made by the Corporation for the use of such terminal shall be upon the basis of a stated rate per ton for freight handled in or through such terminal.

d. No expenditure of funds of the Corporation shall be made for the following purposes, except upon the approval of the Secretary of Commerce:

1. Complete replacement of old or acquisition of new wharf or track barges at terminals.

2. Complete replacement or acquisition of any new unit of floating equipment.

e. All contracts or leases shall be made in the name of the Corporation and shall be signed by the President or by those authorized by the President.

f. All funds and securities of the Corporation shall with the approval of the Secretary of Commerce be deposited in such depositories and under such conditions as may be designated by the Secretary of the Treasury.

g. All checks and drafts on the Corporation's bank accounts and all bills of exchange and promissory notes and all acceptances, obligations and other instruments, authorizing the payment of money, shall be signed by at least two (2) officers or agents as shall be thereunto authorized from time to time by the President of the Corporation and the Secretary of Commerce.

h. Borrowing of money or the issuance of notes shall only be done when specifically authorized and approved by the President of the Corporation and the Secretary of Commerce.

1. No purchase, sale or transfer of real estate shall be made except upon the approval of the President of the Corporation and the Secretary of Commerce.

J. No equipment owned by the Corporation shall be leased or chartered for a period of longer than six (6) months except upon the approval of the President of the Corporation and the Secretary of Commerce.

k. No lease of real estate, covering a period of longer than one (1) year, shall be entered into without the approval of the President of the Corporation and the Secretary of Commerce, nor shall any real estate owned by the Corporation be leased to others for a period in excess of one (1) year except upon the same approval.

1. No sale or transfer of equipment or other capital assets having a book value of $5,000.00 or more shall be made except upon the approval of the President of the Corporation and the Secretary of Commerce. However, no direct obligation of the United States or obligation guaranteed by it as to principal or interest, or both, in excess of $100,000.00 may be sold or purchased with

out the approval of the Secretary of the Treasury.

m. All questions of the legal rights or responsibilities of the Corporation, involving its status as an agency of the United States in its relations to the Congress or other Government departments, shall be referred by it and determined by the Solicitor of the Department of Commerce, providing that this clause shall not be construed to affect or include legal questions involved in the Corporation's ordinary and usual relations with its customers.

n. The President of the Corporation shall make an annual report on a fiscal year basis as of June 30 and such other reports to the Secretary of Commerce, in such form and of such kind, as the Secretary of Commerce may from time to time direct.

o. All personnel, budget and administrative service activities will be conducted in accordance with existing or future applicable laws, Executive Orders and regulations issued by agencies of the Federal Government which have application to the Corporation and policies and regulations of the Department of Commerce relating to the Inland Waterways Corporation.

Article II

SEC. 1. The Secretary of Commerce shall appoint all general officers; prescribe their duties; fix their compensation, and, if considered advisable, remove them or any of them and appoint others in their places.

SEC. 2. The general officers of the Corporation shall be a President, such Vice-Presidents as may be determined by the Secretary of Commerce, a Secretary-Treasurer, an Executive Assistant, and such others as the Secretary of Commerce may from time to time deem proper.

SEC. 3. (a) The President of the Corporation shall have general administrative direction of the business of the Corporation, subject to such general limitations as are prescribed in Sections 1, 2 and 3 of Article I hereof, or in any other of these by-laws or as may be from time to time enjoined upon him by the Secretary of Commerce. Within such limitations as are defined in these by-laws, or amendments thereto, he shall formulate such rules and regulations as may be necessary for the proper and efficient management and operation of the business and affairs of the Corporation. He shall have prepared for the Secretary of Commerce an annual budget estimate for submission to the President (of the United States) through the Bureau of the Budget. The President is authorized to incur such obligations, disburse such monies and employ such personnel as may be authorized by law, subject to such limitations as may be included in these by-laws or the directives of the Secretary of Commerce.

(b) In the absence of the President of the Corporation, or a vacancy in that office, a Vice President, or such other officer as may

be designated by the Secretary of Commerce, may be authorized to exercise any or all of the powers or duties of the President of the Corporation. Subject to such limitations as the Secretary of Commerce may, from time to time prescribe by amendment to these bylaws or through the issuance of rules, regulations or orders, the general officers of the Corporation shall have such powers and duties as generally and usually pertain to such officers.

(c) The Treasurer and Assistant Treasurer, and such other officers and employees as are designated by the President of the Corporation, shall be required to give bond for the faithful discharge of their duties in such sums and with such surety or sureties as he may from time to time prescribe.

Article III

ADVISORY BOARD

SEC. 1. The Advisory Board shall be constituted and shall have such powers and duties as are provided by law.

SEC. 2. It shall be the duty of the Chairman of the Advisory Board to preside at its meetings; give to members full advance information on subjects scheduled for discussion and transmit its recommendations to the Secretary of Commerce. The Chairman may exercise any of the functions vested in the Secretary of Commerce.

SEC. 3. Meetings of the Advisory Board shall be held at such times and places as may be determined by the Secretary of Commerce. SEC. 4. The order of proceedings at the meetings of the Advisory Board shall be: a. Reading of minutes.

b. Reports of committees.

c. Consideration of and recommendations on special matters submitted to it by the Secretary of Commerce.

d. Consideration of matters respecting the management and operation of existing facilities or the development and operation of new lines, on which it deems advice and rec

ommendations should be furnished to the Secretary of Commerce.

e. Miscellaneous business.

SEC. 5. Members of the Advisory Board shall receive no salary for their services on said board, but shall be paid by the Corporation $25.00 per diem compensation for attending meetings of said board and for time spent on special service of the Corporation when assigned thereto by the Secretary of Commerce, and their traveling expenses to and from such meetings, or when assigned as aforesaid to such special service. The time necessarily spent by members in proceeding from the places of their respective residences to any meetings of the Advisory Board, and in returning thereto by the most expeditious and practical route, shall be deemed to have been spent on special service. In determining per diem compensation, a day shall be considered as beginning at midnight and a quarter day will be allowed for each period of six hours or portion thereof.

Article IV

SEC. 1. The seal of the Corporation shall be a circle in the center of which shall appear the coat of arms of the United States and upon the outer margin of which shall appear the words, "Inland Waterways Corporation, Act of June 3, 1924."

SEC. 2. These by-laws and amendments thereto shall be binding upon the Corporation, its officers, agents and employees, including attorneys, and upon all persons dealing with it.

SEC. 3. These by-laws, or any of them, may be amended or repealed by the Secretary of Commerce at any time. (43 Stat. 360, 44 Stat. 1261, 45 Stat. 978, 48 Stat. 968, 49 Stat. 958, 50 Stat. 304, 53 Stat. 1434, 54 Stat. 950; 49 U. S. C. 151–157)

(Pub. Law 404, 79th Cong., 60 Stat. 237; 5 U.S.C., Sup., 1001 et seq.) [By-laws, Sept. 1, 1946, effective Sept. 11, 1946, 11 F.R. 177A-325]