Section 3. Meetings of Directors; Quorum; Officers
Said directors of trusts shall meet every month, and as often as the business entrusted to them may require; a majority of the whole shall constitute a quorum for the transaction of business; at their first meeting after organization, and annually thereafter, they shall elect from their own number a president, who shall serve until the first day of the following year, and also a secretary, who shall be a salaried officer, and not a member of the board, to serve for the same period; the treasurer of the City of Philadelphia shall be the treasurer of the said directors of trusts. 1869, June 30, P.L. 1276, Sec. 3.