make, mivpi and amend the by-laws of the Costtoration,,subject t9 the pnwors cif the stotikhnIdentio elier, repeal or modify the by-laws ichipted'hy the Board of Pi ectors. (ft) authmixe and issue oblipticuu.of Abe. Corponitioif amnia] and urimenterl. to Melody therein such provisions as to redeemability; etit