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Quorum of directors.
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4. Whenever the number of directors shall by such resolution as aforesaid be reduced to thirteen, the governor, deputy governor, and directors, or any seven or more of them (of whom the governor or deputy governor, unless as in the said charter excepted or in this Act otherwise provided, to be always one), shall and may constitute a court of directors, and shall and may act according to such byelaws, constitutions, orders, rules, or directions as shall from time to time be made and given in to them by the general court of the said Corporation; and in all cases where such byelaws, constitutions, orders, rules, or directions by or from the general court shall be wanting, the said governor or deputy governor and directors, or the major part of them, so assembled, where of the governor or deputy governor is to be always one, save as herein-after is mentioned, shall and may direct and manage all the affairs and business of the Corporation as in the said charter in that behalf particularly mentioned, and subject to the provisoes in the said charter contained; and whenever the number of directors shall by such resolution as aforesaid be reduced to eleven, the governor, deputy governor and directors, or any six or more of them (of whom the governor or deputy governor, unless as in the said charter excepted or in this Act otherwise provided, to be always one), shall constitute a court of directors, and shall and may act according to such byelaws, constitutions, orders, rules, or directions as shall from time to time be made and given in to them by the general court of the said Corporation; and in all cases where such byelaws, constitutions, orders, rules, or directions by or from the general court shall be wanting, the said governor or deputy governor and directors, or the major part of them, so assembled, whereof the governor or deputy governor is to be always one, save as herein-after is mentioned, shall and may direct and manage all the affairs and business of the Corporation, as in the said charter in that behalf particularly mentioned, and subject to the provisoes in the said charter contained: Provided that if the governor and deputy governor be absent from any meeting of a court of directors for one hour after the usual time of proceeding to business, the court of directors may choose a chairman for that time only and proceed to business and transact the affairs of the said Corporation, and the transactions of the court of directors shall be as valid and effectual to all intents and purposes as if the governor or deputy governor had been present: Provided also, that in every such court of directors there be eight directors present when the number of directors is thirteen, and that there be seven directors present when the number of directors is eleven.
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