The officers of the corporation, in addition to the managers, shall be a president, who shall be 1 of the managers, a secretary, a treasurer, and such other officers as the bylaws prescribe. The managers shall be elected annually at such place and in such mode as the bylaws direct, and upon their election the managers shall appoint and may from time to time by resolution remove and reappoint the president, secretary, treasurer and other officers of the corporation. The managers shall have the management of the affairs and business of the corporation, and the acts of a majority shall be valid.

13 Del. Laws, c. 419, § ?3; Code 1915, § ?2188; Code 1935, § ?2495; 27 Del. C. 1953, § ?303;