The first election of Directors, after the consolidation shall have been effected, shall be held at the principal office of the consolidated corporation at such time, not more than six months after the consolidation has been sanctioned by the stockholders of the consolidating corporations as the Board of Directors of the consolidated corporation may determine, and notice of the time fixed for such first election of Directors shall be given in the same way as notice is required to be given of the annual meeting of the stockholders for the election of Directors. Anything herein contained to the contrary notwithstanding, the Directors so to be elected at said first election of Directors shall hold office until the first annual meeting of the stockholders or until their successors are chosen and qualify.

There shall be an annual meeting of the stockholders of said consolidated corporation held on the................. each year, at its principal office, at which

Directors of said consolidated corporation for the ensuing year shall be elected by a majority vote of the stock voted; but the date of such annual meeting may be changed by the bylaws. The Directors so elected shall continue in office until others are chosen and qualify in their places. Vacancies in the Board of Directors may be filled by the Directors in such manner as the by-laws may provide.

The President shall be chosen by ballot of the Directors, and Vice-President, a Treasurer and a Secretary shall be appointed by the Board at the first or any subsequent meeting of the Board after the annual election; and vacancies in office shall be filled by the Board. The Directors of said consolidated corporation from time to time may appoint such other officers as they may deem necessary, who shall hold their respective offices during the pleasure of the Board.