The original view of the position of the president was that he was merely the presiding officer of the board of directors. As such, he would not have any greater power to bind the corporation by his individual acts than any single director.1 Thus if the articles of incorporation provide that the directors shall conduct the affairs of the corporation, and that they shall elect from their own number a president who shall have such duties as shall be prescribed by the by-laws, the president has, as such, no authority to bind the corporation in the absence of by-laws authorizing him to contract.2 Under this view he cannot bind the corporation by signing its name to a note.3 The practical workings of modern corporations have in most cases necessitated a departure from this original view. The president is the chief executive officer of the corporation, in many cases by a special grant of such power to him.4 In other cases, without express grant of such power, he has in fact exercised such power with the acquiescence and approval of the corporation that the corporation is bound by his acts on the theory that it has held him out to the world as possessing such authority.5 This view of the power of the president is especially clear where the president, either by express authority or by the acquiescence of the corporation, assumes the powers of the general manager.6 Thus the president and manager can agree that the corporation will not plead the statute of limitations in consideration of delay,7 or may give a note, even if he is the payee, as long as the note is given for the benefit of the corporation,8 or employ a superintendent,9 or a cook for a mining camp.10 So a president who by acquiescence of the corporation has executed all the corporate instruments for years has implied power to bind the corporation by a mortgage.11 The president has implied power to indorse negotiable paper owned by the corporation.12 The president may bind the corporation by his acquiescence in a bill of sale executed by the manager.13 Unusual contracts in whole or in part outside the business of the corporation are without the implied authority of the president. Thus if without the usual business of the corporation he cannot sell property of the corporation,14 nor can he buy property for the corporation outside of its usual business.15 The president and actuary of an insurance company cannot employ a medical examiner for life.16 The president has no implied power to bind the corporation the benefits of which are to enure to him personally,17 or to another corporation in which he is interested as stockholder.18

3 Jones v. Stoddart, - Ida. -; 67 Pac. 650; Murray v. Beal, 23 Utah 548; 65 Pac. 726.

4 New Haven, etc., Co. v. Hayden, 107 Mass. 525; Sias v. Lighting Co., 73 Vt. 35; 50 Atl. 554.

5 Nevada Nickel Syndicate v. Nickel Co., 96 Fed. 133; Kansas City, etc., Co. v. Devol, 72 Fed. 717; Alta Silver Co. v. Mining Co., 78 Cal. 629; 21 Pac. 373; Gash-wiler v. Willis, 33 Cal. 11; 91 Am. Dec. 607; Morrison v. Gas Co., 91 Me. 492; 64 Am. St. Rep. 257; 40 Atl. 542; England v. Dearborn, 141 Mass. 590; 6 N. E. 837; Calumet Paper Co. v. Printing Co., 144 Mo. 331; 66 Am. St. Rep. 425; 45 S. W. 1115; Edwards v. Water Co.. 21 New. 469; 34 Pac. 381; Columbia Bank v. Church, 127 N. Y. 361; 28 N. E. 29; People's Bank v. Church, 109 N. Y. 512; 17 N. E. 408; State v. Ben. Association, 42 O. S. 579; 97

Limer v. Traders' Co., 44 W. Va. 175; 28 S. E. 730.

6 Thompson v. West, 59 Neb. 677; 49 L. R. A. 337; 82 N. W. 13.

7 Union Pacific Ry. v. Ry., 163 U. S. 597; Andres v. Fry, 113 Cal. 124; 45 Pac. 534; Leavitt v. Mining Co., 3 Utah 265; 1 Pac. 356. Contra, Tempel v. Dodge, 89 Tex. 68; 32 S. W. 514; 33 S. W. 222.

1 City Electric Street Ry. v. Bank, 62 Ark. 33; 54 Am. St. Rep. 282; 31 L. R. A. 535; 34 S. W. 89; Groeltz v. Real Estate Co., 115 Ia. 602; 89 N. W. 21; Titus v. R. R., 37 N. J. L. 98; Bangor, etc., Ry. v. Slate Co., 203 Pa. St. 6; 52 Atl. 40; Lyndon Mill Co. v. Institution, 63 Vt. 581; 25 Am. St. Rep. 783; 22 Atl. 575; St. Clair v. Rutledge, 115 Wis. 583; 95 Am. St. Rep. 964; 92 N. W. 234; Consolidated Water-Power Co. v. Nash, 109 Wis. 490; 85 N. W. 485.

2 Groeltz v. Real Estate Co., 115 Ia. 602; 89 N. W. 21.

3 City Electric Street Ry. v. Bank, 62 Ark. 33; 54 Am. St. Rep. 282; 31 L. R. A. 535; 34 S. W. 89.

4 McCorrnick v. R. R., 130 Cal. 100; 62 Pac. 267; National State Bank v. Bank, 141 Ind. 352; 50 Am. St. Rep. 330; 40 N. E. 799.

5 State National Bank v. Bank, 16S 111. 519; 48 N. E. 82; National State Bank v. Tool Co., 157 Ind. 10; 60 N. E. 699; White v. Creamery Co., 108 Ia. 522; 79 N. W. 283; Jones v. Williams, 139 Mo. 1; 61 Am. St. Rep. 436; 37 L. R. A. 682; 39 S. W. 486; 40 S. W. 353.

6 Pettibone v. Town Co., 134 Cal. 227; 66 Pac. 218; Wells Fargo Co. v. Enright, 127 Cal. 669; 49 L. R. A. 647; 60 Pac. 439; Ceeder v. Lumber Co., 86 Mich. 541; 24 Am. St. Rep. 134; 49 N. W. 575; Africa v. Tribune Co., 82 Minn. 283; 83 Am. St. Rep. 424; 84 N. W. 1019; Sand-berg v. Mining Co., 24 Utah 1; 66 Pac. 360; Meating v. Lumber Co., 113 Wis. 379; 89 N. W. 152.

7 Wells Fargo Co. v. Enright, 127 Cal. 669; 49 L. R. A. 647; 60 Pac. 439.

8 Africa v. Tribune Co., 82 Minn. 283; 83 Am. St. Rep. 424; 84 N. W. 1019.

9 Sandberg v. Mining Co., 24 Utah 1; 66 Pac. 360.

10 Meating v. Lumber Co., 113 Wis. 379; 89 N. W. 152.