Question 369.— The shareholders of a company incorporated in Ontario pass a by-law authorizing the directors to appoint a president and other officers, and declaring that the president is to be the manager of the company, with power "to exercise all such powers of the company as are not required by law to be exercised by the directors or by the company in general meeting." Would this by-law empower the president to sign cheques, acceptances, etc., on behalf of the company?

Answer.—We think that the by-law is quite sufficient for the purpose named.