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Les diagrammes suivants illustrent la mtthode. 1 2 3 32 X 1 2 3 4 5 6 BY-LAWS OF THI Montreal Stock Exchange. C. A. VA.Lht ^ -u. STOCK BRuKKi-.s 104 3t.Fh»kcois X»vit»-!' . MONTrttAL.. FcMcd at a Special General Meeting of the said Corporation, held in their Boardroom at Montreal, on Wednesday the tiventy-eifjhth day of May, 1884-. »¥-*■■* »'^-^« »'*-lli I JHontmtl : J. THEl>. ROBINSON, PRINTER, 52 ST. FRANCOIS XAVIER STREET. ..( " I BY-LAWS. Of thk CourouATioN. w 1. The iinmial j^eneriil innetijij^s of tlui Corpora- Gent-mi tion shall he held in the hoardrooiii of the Corporation, Mcetingt. in the City of Monlreal, on the first Wednesday in • May in each year, for the ])urpose,s authorized by the charter. But, if, from any circumstance, such meeting be not held, or there should be a failure of election on that day, the Con)mitteG of the preceding year shall hold office until a new committee is appointed ; and shall call a special general meeting of the Corporation for the purpose of transacting any busi- ness which may lawfully be done at an annual meeting, and which had not been so done. 2. Special meetings of the Corporation may be speoui 11 1 1 tu n • /^ -.^ • Mooting., called l)y the boverning Committee ; or upon re(i[ui- sition l)y five or more members, specifying the pur- pose ot such meeting ; by the Chairman, or, in lus absence, the Vice-Chairman, or by one of the Managers or the Secretary-Treasurer ; bui no subject other than that for which the meeting is called shall be discussed at such meeting. And at all meetings of the Corporation fifteen members present in person shall form a quorum. •*. Notices of meetings of the Corporation may Notices of be given by being posted for three days in the board- Mcotingt. room ; l»ut, in addition to such posting, notice of an annual meeting or meeting in lieu of an annual meeting, or for the punishment or expulsion of a 154260 Manner of Voting. member, must be {riven in writing by letter mailed to each member ten days previous thereto; and notices of special meetings must state the purposes thereof, 4. Every member may vote either personally or by proxy ; which proxy can only be held by a mem- ber of the Corporation. No member shall hold more than one proxy, nor shall he be allowed to vote as proxy, unless he fyles with the Secretary-Treasurer of the Corporation, at or before such meeting, a proxy duly executed, which shall be in effect, in the form of Schedule A as under : SCHEDULE A. Vorm of Vnxj. Election of Offlcen. T.- -,of- of- do hereby appoint- to be my proxy, for me and in my name, to vot«! at all general or special meetings of the members of the Montreal Stock Exchange, and to vote or pronounce upon any business, matter or thing that shall come before any such special or general meeting, as validly as I myself could do if personally present. In witness whereof, I have hereunto set my hand , this day of , in at- the year of our Lord eighteen hundred and eighty , in the presence of . ft. The votes for the election of officers shall be taken by ballot, and the ballots shall be taken by two Scrutineers appointed by the Chairman in the following order : — 1st. The Chairman and Vice-Chairman. 2nd, The Secretary-Treasurer. 3rd. The two Managers. At the close of each ballot, the Scrutineers shall report in writing the names of the members duly Limit nt elected for the respiictlvo dfUces. In caso of a tie, a new ballot shall bo opeiunj for the election of the official ill respect of whom the tie has oceuricd. *. The number of memb(Ms of the Corporation, Bi«mi.er.hip. shall be limiteil to forty. T The Corporation .shall hohl ordinary daily iiHiiy M««iinHi. meetin^'9, which shall be known as Hoard meetini,'s, at which ordinary bnsiiKJss only shall be transacted ; and which shall be held at such hours and for such duration as the (}t)veriiin«,' Committee may from time to time determine. Hut no alterati )f the Iiomih of meeting or closing, once ti.xed, shall be mule until notice thereof shall have been posted in the boaiil- room for three days previous. ». The order of business to "be followed at the ""'"' Butine.. Hoard meetings shall be : — 1st. Calling the Board list of stocks. 2nd. Voting on applications. 3rd. Receiving reports, resolutions; motions; and such other business as may properly come before thd Board. 4th. Receiving and postin applications for membership. 9. A list of stocks, shares and other securities i^'** "' shall be kept by the Secretary, to be called the Hoard ^*°^^'' "*"■ List, which shall contain only such stocks and .secu- rities as the Governing Committee shall from time to time approve of. A fee of fifty dollars, ($'>0), to be paid on the admission of any new^ Stock on the Call Lijt — and that if no transaction be recorded in the course of twelve months— such stock be expunged from the list. 10. If any member interrupts business during interruption of the ordinary Board meetings, he may be fined by the ^"""*"- 6 BniM of Dliouiilon. Adjoummrnl. Clinirnian ; fiuch fine to Ih! not less than twenty-five (••'iits nor more than one dollar for each ollence, at the 'liscrt'tion of the Chairman, from which there shall bo no appeal. 11. No njember sljall bo allowed to speak nioi-e than twice upon any subject under discussion, at any nieetinj,' of the Corporation, without permission of the Chairman, nor shall any member interrupt another while speaking. 12. It shall be competent, at any ordinary meeting of the Board, by a two-thirds vole of those present, to adjourn the JU)ard to such time, omitting one or more uioetings; a» may be decided upon. Of the Governing Commiti-ee. ""com.:!;."' of >»• 'i'»'« Committee of Management, which, in ManuKcnent the By-Laws of this Corporation, and in all transac- tions and instruments between its members, shall be hehl to be meant Wiien the words " Governing Com- mittee " are used, shall be elected at the annual general meeting, and shall consist of the Chairman, Vice-Ciiairman, and Secretary-Trensurer of the Cor- poration, and two ordinary members, to be called " Managers." And at the annual meeting there shall also be appointed an Auditor of the accounts, who shall njake his report to the Governing Committee previous to the next annual meetin" 14. If a vacancy occurs in the Governing Com- TaoMcy In (ioverning , - -o Committee, mitteo, a Special general meeting of the Corporation shall be called for the election of an officer to fill such vacancy, which election shall be held in the same manner as the annual elections. And the same notice of the meetings for such elections shall be given as for annual meetinys. ^ Of th^: Officers of the Corporation. If5. It shall be the duty of the Chainnaii, or in r»uty of , . '' ' Cliairmaii, Ac. his absence that of the Vice-Chainuan, to see that the provisions ot the Charter and By-Laws are enibrced ; to pieside over the meetings and proceed- ings oi' the Corporation, and be ex officio a member of all Conuuittees. lO. In all cases, when, on a division, the votes xiei, ci.airman are equal, the Chairman shall have second or easting ca8t?n«Toto. vote. And in the absence of the CI: Jian and the Vice-Chaiitnan, any member named by the majority of those present shall preside. IT. It shall be the duty of the Secretary- DuUe* of Treasurer to receive and take charge of all moneys, ' ^ and render statements of the fuuds at the annual meeting, and at such other times as the majority of the Governing Committee or the Corporation may require, and, as Secretary, to record in a Book of Minutes the proceedings of the Board, the Governing Committee and the Corporation, and to take charge of the books and other documents of the Corporation. And shall discharge such other duties as the Govern- ing Committee may regard as properly pertaining to his office. 18. The Governing Committee may appoint an Appointihent of Assistant to the Secretary-Treasurer from among the ■*'*'**" ^*"'' members of the Board, at such salary and for such period as they may see fit. And may remove him, after one month's notice, and appoint another if they think proper so to do. 19. The Governing Committee, of whom three Duties of shall form a quorum, shall control tlie finances and commute* expenditure, enforce the Eules and By-Laws, and take cognizance of offences against them, and regu- 8 Ifeetinga of Goi late all matters of detail not herein specially provided for ; and generally supervise and direct all matters affecting the interests of the Corporation. jWrning ^*' Meetings of the Governing Committee may Committee, be Called by the Chairman, or by any member of the Committee ; at least three hours' notice of which meeting shall be given to all members of the Com- mittee, by the delivery of such notice personally or at their respective places of business. ^%'L[Bio™ of ^*- I^ecisions of the Governing Committee may commme"^ ^^ appealed from to the Corporation at a general meeting, but may not be reversed except by a vote carried by a two-thirds majority of the members present at such meeting. ^E^Si'ofBr. 2»- The Governing Committee shall have autho- i*w.. rity to make such By-laws, from time to time, and the same in like manner to repeal or amend, as they may deem in the interests of the Corporation, subject to confirmation by a two-thirds vote at a meeting of the Corporation called for that purpose, after the new or amending By-laws shall have been posted in the boardroom for at least fourteen days; and in the notice calling such meeting such By-laws shall be embodied. And in the event of suspicion being entertained by the Governing Committee of the contravention of any By-law by any member of the Board, they shall have the right to investigate the conduct of such member, in the matter under suspi- cion, whether any charge or complaint shall have been made thereon or not. inTestigatioM 2Jf. Members, their Attorneys and Clerks, shall ^Commuti'e^ attend the Governing Committee when required, and shall give such information as may be in their possession relating to any matter under investigation. Of Membership. 24. The name of every candidate for adniission tropMiuon for as a member of the Corporation must be siibniitted ^*""''""''''- by one member, and seconded by another, at any ordinary Board meeting thereof, and thereupon the name of such candidate shall be jwsted in the board- room with the date of the posting thereof ; and on the first morning Board meeting held after the exjn- ration of fourteen diiys, from the first day of such posting, such candidate shall be ballotted for! On sucli ballot, one black ball in five shall exclude him. And the Chairman and two S(;rutineers to be named by him shall take such ballot, and declare the result thereof. 25. ICvery applicant for membership must be Quaimcntiou for of the age of twenty-one years, and give three ""'"^""■ months notice in writing to the Governing Com- mittee of his intention to become a candidate for membership, unless he shall have lieen employed for at least three njonths as the Attorney of a member of the Corporation. 2«. In all cases, where the entrance fee shall f*""""*"' *» not i.e paid, or where a transfer of the right of ^''■^"^'' entrance shall not be made, and notified to the Secre- ti.ry-Treasurer, by a candidate ballotted for, within seven .hiys after such ballot, the same shallcease to have any effect ; and the applicant must renew his aiiphcation, which shall then be proceeded with as if no previous application had been made. I 7. It any applicant for admission be rejected, Bejrction „f . ,i. 1 1 !■• . . , .. Applirnnt Membership, he shall not be ballotted for again for six montlu ^•"""■''"''" imn the time of such rejection. lis 10 ^"Retirement' o ^^' ^^ " '"ember of tlie Board should desire to Mem'bTrt"* °' retire from the Board, he sliall have the right -^ sell and transfer his right to entrance, snhject t. ;e election of the purchaser of such riyht. in tlie manner hereinbefore pro voided for. And thereupon, if such purcliaser be so elected, ho shall become a member without any entrance fee. But no such transfer shall be valid uidoss the retiring member shall liavo first paid all his liabilities to members of the Corporation in full, or shall have settled them to their satisfaction, and shall also have paid a fee of $25 to the Corpora- tion ; nor unless he shall have executed, and the purchaser shall have accepted, a transfer of such right of entrance in a book kept by the Corporation for that purjiose. But the Secretary-Treasurer shall not allow such transfer to be entered on the books unless seven days previous notice has been posted in the boardroom of the intention of the retiring member to sell his right of entrance, and no objection thereto has been lodged with him. The trausfer shall be in the form folio wincr : — Form of For value received from Trnnefer. of the City of Montreal, Stock Broker, I, the under- signed, do hereby transfer and assign to him my right of entrance in the Montreal Stock Exchange- And I declare that I have paid or fully settled all my liabilities to every member of the said Corporation. And this transfer is made subject to the Act of In- corporation and By-Laws of the said Montreal Stock Exchange. Witness my hand at Montreal, this day of 18 Witness : } "'4-v.« 11 I, the undersignwl, the transfeiee above nainetl, f<"'n of do hereby accept the foregoing assignment of the T™ii«f"r'' ° wglit of entrance in the Montreal Stock Excliango, snbject to the said conditions, and to election by the Board. Montreal, Witness : } 2tt. In the case of the death of any member, Docoasoof the Governing Committee shall allow his representa- ^'""'""' tives to dispose of the deceased nieml»er's right of entrance, in the same manner and nnder the same conditions as such member might have done if still alive. »0. Any member may nominate as his repre- Attomoy at tentative at Board meetings, one Attorney, who shall uZU>. be either his business partner or a Clerk in his regular employ. Attorneys shall be admitted only upon a vote to that effect by the Governing Committee ; but no admission shall be for a longer period than twelve months. All the transactions ot every such Attorney shall be made in the name, and on the responsibility of his principal. »1. Attorneys are bound equally with members Liability of to observe the regulations and by-laws of the Corpo- Attorney., ration, and are jointly and severally with their prin- cipals subject to the lines or other imnishments which may be inflicted for their contravention, but they shall have no voice in the affairs of the Corporation, and shall not vote on any questions that arise in the course of the daily business. »a. Each member who intends .„ use the pri- fc. „,.dBoud vilegc of being repre.seuted by an Attorney shall pay ^^"'^^ '^. ff I % 12 in ddvance to the funds of the Corporation a fee of ten dollars per annum, and shall si-n an undevtakinj,', in a form approved by the Governing Conmnttee, that his Attorney will act for him or his firm only, and that he will be as fully responsible for all the bargains, dealings and other acts made and done by his Attorney as if the same were made and done by himself. ti n of »»• Members may. at any time, revoke the '^^A^So^'eJ' authority given to their Attorneys, by posting m the boardroom for one clear day notice of such revocation, and signifying the same in writing to the Secretary. The Governing Committee may, in their discretion, exclude any Attorney from the boardroom, and may require his principal to revoke his nomination. 84 Any member who shall beccnne unable to "*""^''"* meet his engagements, even though such engagements be not to any member of the Board, shall be deemed a defaulter. 1»5 If any member of the Corporation shall . B«» become insolvent or bankrupt, or a defaulter within '^A i the meaning of these by-laws, he shall cease to have power to dispose of his right of entrance, and the value thereof shall thereupon revert to and vest in the CorporatioriV^nd thereafter the Governing Com- mittee may, in its discretion, sell such right of entrance to whomsoever, and in whatsoever manner and for whatever price it pleases, and shall dispose of the proceeds thereof in such manner as it shall deem expedient, having due veaard in the firsL , in^tance to the liabilitieT lI?r^such ins olvent^inkru£t_^L defe^nffrnT-S^her to membeTs of the Corporation, which liabilities the Governing Committee is autho- rised to pay in such proportion and in such manner of tee, the 5 by J by the I tlie tion, tary. ition, may ale to nents enied shiill vithin ) have d the rest in Com- ght of (lanner pose of I deem ance to upt or jration, autho- Diauner \s^^^*ikmmMi^ m-->at X X 13 iw it may deem fit. to the extent of the liioceeda of such sale. BO. Every tnember shall pay an niinual sub- Anmui ar.Tiption u[ twenty-hvn dolliuv, payable in advana;, on the first day of May in each year. Annual subscriptions are to be paid on seats held by Kxecu- tore or other representatives of deceased nieiubers, and (»n all seats held by members. 87. No mend)er of this Corporation shall asso- Menii.«r. to ciate himself with or become a member of any other ""aZ'u}!!:^ organization, the members ol which deal in .sti)cks or ""'^' *"" securities, in Montreal. Nor shall any meml).>r ol this Corporation, without the consent of the Govern- ing Committee, enter into or remain in partnership with, or employ in the sale or purchase of stocks or securities any person who is a member of any such association or organization, at Montreal, or who is not a member of this Corporation, unless such person be nominated his reprftsentative under the provisions of these by-lav 3. And no member of this Corporation shall have any transactions, either as a Broker or principal with any member of the Montreal Open Stock Exchange, or of any other body organized for similar purposes in Montreal, either iii buying or selling stocks, or in borrowing or lending either money or stocks. 38, Any member who shall neglect to pay his Forf..itur.. of annual subscription within a period of three months. hy^Alr^m!'' after having been notified by the Secretary-Treasurer so to do, shall cease to be a member of the Corporation, and his right of entrance may be disposed of by the Governing Committee, and the proceetis tli.Meof applied in the same way as herein provided for in the case of insolvent members. 4c. Bis mmimmmm mm nMMiMiiiiMi 14 / Defaulters Applying fcr Ke-admiS8ioi . "Ihro'^h ^*- -^ member who becomes a defaulter by inS^Kiioe'ioi reason in any mateiial degree of speculations on his tm^oneycar. owu acoouiit, shall Hot be eligible as a candidate for re-admission to the Corporation for the period of one year. 40. Tn the event of any defaulter applying for re-admission, he must furnish the Governing Com- mittee with satisfactory proof of his legal discharge ; and a statement of the settlements he has made with his creditors ; and such other information as they may require ; whereupon the Governing Committee may permit him to be proposed and balloted for in the same manner as a new applicant. Wilful Mis- 41. Any wilful misstatement by any applicant stiitomcnt by„,.. ,.. , , ' ^ Applicants lor admissioii or re-admission made upon a matenal for adiniBsion, . in-/. Ac. point, shall, it such applicant be elected, subject him to expulsion. 43. Members must make all their purchases and sales of stocks, shares, securities, bonds and debentures, except such as are not quoted on the Board List, in the boardroom only ; and any member who, contrary to this by-law, shall make any such purchase or sale, except in the boardroom, during the authorized Board hours, shall, for the first offence, be fined a sum not exceeding $500 ; for the second he shall be suspended three months ; and, in case of a third offence, he shj,ll be deemed a defaulter. And piiy promise or agreement to buy or sell stocks, shares or bonds, made after hours or elsewhere than in boardroom, or any attempt in any other form to evade this by-law, . shall subject the offenders to the penalties mentioned herein. And* if any person associated with a member as his partner in business, or acting on his behalf as his employee or otherwise, shall make any purchase or sale of stocks, shares, securities, bonds or debentures in the manner prohi- Purchases and Sales nt Uonrd Meetings only. '■« 'i>AliiM«H>lMlrm<vj 0- j.*r Wi n \ ■--.y i 16 bited by tbis by-law, sucb purcbase or sale sliall be held to be a purcbase or sale by such member, and lie shall be liable to the penalties herein provided <or, as if such purcbase or sale bad been made by himself in person. But this rule shall not apply to transactions with parties out of Montreal. 4». The Governin g Committee may fine to the DiBhonoraWo or extent ot^frrTTuCT^d^d^IlaiSrirT^-^^^^^^^^ or ""cS^"* •^^,?®L?!iy._^,'^^^"'^^i' <^1 tlie Corporation wlio shall be SHiSi^dJslioborable or disgraceful conduct ; violate any of tTe by-laws or rules; fail to obey and coiiform to any decision of the Governing Committee, or >iiia£s^ii^te£-jiltto^ . o|.W by- J^»^ Juit a resolution for suspension or expulsion shall have no force or effect unless it be passed at a meeting of the Governing Committee specially sum- moned for the purpose, and (if appealed from "by the accused member) be confirmed by a .special general meeting of the Corporation called as herein provided. And such appeal may be had upon a demand in wrjting delivered to the Secretary withJn twenty- four hours from the receipt of notice of the decision of the Governing Committee. 44. Any member having a claim against another Bu.ine.. member which is not settled on demand, shall imme- m'/S.° diately give notice thereof in writing to the Governing Committee, and thereupon the Governing Committ.ee shall call upon the debtor, by notice in writing to perform his obligations in respect of such cfaim within sucb time a^ shall be mentioned in such notice, and shall hear any reasons which the debtor shall have to urge against such claim. And if such cljiim be dispute, the claimant shall be directed t<j refer his claim to arbitiation in the manner provided ^ by these by-laws ; but if it be nxrt disputed upon grounds which shall appear to the Governino Com- 16 mittee to be bona fiiUy the debtor shall be ordered finally to settle such claim ; and, in default of so doinuf in conformity to such order, he shall become a defaulter within the meaning of these by-laws. Any member having an unsettled account with a defaulter shall fyle a statement of such account with the Governing Committee within seven days from notice being given in the boardroom of such member being declared a defaulter. And any cre<iitor failing to fyle such statement within the said time shall forfeit all claim to a share of any money that ma} come into the hands of the Governing Committee for distribution. Bate of Com- 4fJ, The commission charged on all securities mission, Ac. , ,, , , shall be not less than one-quarter per centum on the par value. And any member charging less ; or allow- ing a rebate of commission ; or buying at the tariff' rate, and making no charge for selling ; or entering into or remaining in partnership with any person or persons out of Montreal or having a branch esta- blishment out of Montreal with a view of charging a less rate of Commission ; or otherwise attempting to evade making and receiving the minimum charge of one-quarter per cent, for a purchase or sale, shall be held to have contravened this by-law. No trans- action in stocks or securities shall be permitted to be made at a lower fraction of one per cent, than one-quarter ; and the custom of dealing " in splits " necessitating a lower average quotation than one- quarter of one per cent, shall be abandoned, aiid shall be considered, and is hereby declared, to be an infraction of this by-law. Members «« -r n i • • i • Contracting 40. lu aL coutracts where no principal is Personallr . , „ , , Bound, declared at the time of contracting, it shall be under- stood as a condition of such contract that both ■«-'^l \. ^ form Bindlnf^ ContractB. 1^ . ' : members contractinj? are personally bound to the fullilment of the contract, unless either or both of tlieni shall alierward.s he relieved from such personal responsibility by declaring a principal satisfactory to the other, and all members of the Board shall be bound so to understand and construe the contracts they make, and not to issue contract notes bearing any other construction. 47. All offers for stocks or securities made and Accepted offer, accepted shall be held to form a binding contract, "" ''^'•" whether such stock or secnrity has been called by the Chairman or not ; and in case there are two or more claimants for the purchase or sale of any stock the Chairman shall decide the same, or he may appeal to the members present for their decision. All calls of the listol stocks shall be binding on both buyer and seller the same as the first call at the Morning Board, and on last call at p. m. Board until the close" Ofters to buy or sell smaller quantities of stock than 25 shares shall be binding during the call. Members making offers for stock are to preface their offers by the conditions. If an appeal be made from the deci- sion of the Chairman, and the appeal be seconded by two members, the question shall be decided by a majority of the members present ; but it shall not be competent for any member interested to vote in the case to which he is a party, and the Chairman shaU have a casting vote in case of a tie. 4». Any member offering to sell or purchase oitem a any stock or share at a given price, without the qXI^"' quantity ol stock being mentioned, shall be held to have made such offer of or for twenty-five shares If the security offered be not in shares, then such offer shall be held to be of or for two thousand doUars ($2,000 par value. PriTlIeges of Members at 18 411. At all Board meetin<:;s, during the call, Meoln"^ the member last accepting an offer of sale or pur- chase of any stock shall have the privilege of refusing or accepting the next ofl'er of the same stock at the same price, provided he immediately declares his intention so to do. Ordw of Often Accrued Settlemeut of TranaactioiiF. 50. Any member during the call who may give a quotation as buyer loses his position on any other member giving a higher price, and cannot claim to be the buyer at his old quotation unless he repeat the same. And the principle of this rule shall also apply to a member giving a quotation as a seller. 51. In the event of a sale and purchase of Debentures, Bonds, Dominion Stock, or City of Montreal registered Stock, where no mention is made of the interest accrued thereon, it shall be understood that such accrued interest shall belong to the seller, and shall be paid for as part of the sale. ttS8. All transactions made on any one day are to be settled before two o'clock P.M. on the bank day next following, except such day be a Saturday, in which case the settlement need only be made on the Monday following, unless otherwise stipulated at the time of sale. FiititioM saiei. ^53 ^^ fictitious salcs or contracts shall be made at this Board. Payment of 54. In all salcs of stocks transferable in this PurchaBe , . 1 1 • 1 • 1 ' Money, city, either party shall have the right to require the purchase money to be paid at the time and place of transfer or delivery. Deposit on 55. In any bargain made at a Board meeting, g»"« «* except for cash, a deposit of ten per cent, shall be Meeunga. py^ up and kept good by either or both of the parties, if 80 requested by the other, and such deposit shall be 1 > k 10 made in a bank, in tlie name of the (.MiainiKui and Secrotary-Timsuror in tiust. in a special acoount tn he kept for snch dei)osit.s. And the amount of ,su(!h deposit ahall he paid over, with such interest as may have accrued tliereon, if any, to such person as the two contractinj,' parties may direct ; hut, in the event of disagreement between the contracting parties, the amount shall remain on such deposit until a settle- ment is arrived at, or competent authority obtained for the payment thereof. »«. In all cases of sales for future delivery or s.i.m for Future payment, every intermediate advantage shall belong ^""'"^" to the purchaser, unless otherwise declared at the time of sale. »7. No prospective dividend on stocks shall be ivo.pecti,o sold, under a penalty not exceeding five hundred stoJk^"'''"'" dollars, at the discretion of the Governing Committee, for each and every transaction. 58. All contracts in stocks falling due while contrucu the transfer books of such stocks are closed, shall B^kfcio.e<i. be completed on the opening of the books. «». When stock is sold sellers option, the T,.oBar«ai„. interest begins from day when stock would be deli- fnt'e/t vered if sold regular. In all cases of sellers options, the interest shall cease on day of expiry of contract.' In all time bargains the rate of interest shall be six per cent., nnless otherwise specified, to be calculated l>y days, according to bank usage. And no member shall charge (customers) a less rate of inte- rest than six (6 %) per cent, per annum for carrying stocks, or lend money to customers on stocks at a less rate, or allow in any case interest on short sales. Brokers making time and optional sales may allow such interest to their customers. BetponiibilitT of 8cir«r. VloUtlon or Rngagemflntii. Jtfgiitercd DcfaulUri kon-fialfllmeat of Contract. , M 20 «0. Thft seller of seen ri ties is rpfipon«il)le for the gemiinenoss and rt'^.ilHrity of all docunients delivered, until reasonahlt! time haw l)een allowed to tlie purchaser for verification and rejrJHtration. «1. Each and every member may report publicly to the Corporation, at any Hoard m.-etin-, the name of any person, other than a mend)er of the Board, who shall violate his enRaKements with him as a broker. «». The names of all persons, whom the (iovernin^r Committee shall determine to \m defaulters shall be re^nstered in a book kept by the Secretary-' Treasurer for that purpose. And so long as the name of a defaulter continues registered as such, any mem- ber who shall execute, or cause to be executed, any business for him, shall be deemed a defaulter within the meaning of these by-laws. «». Should any member neglect to fulfil any contract entered into by him with any other member of the Corporation, according to its terms and the rules of this Corporation, after having been didy notified so to do, the party contracting with him may, after giving notice of his intention, employ one of the officers of the Corporation to purchase or sell, (as the case may be,) the stock or security to which such contract relates, at the first Board meeting on the day following, and shall account with the member in default for any surplus, or charge him with any deficiency. And, in ca.se of there being a deficiency, such defaulting member shall make good such defi-' ciency at or before the next Board meeting, or shall be held to be a defaulter within the meaning of these by-laws. In the event of any dispute arising between DiRpnt«« 04. between ' . « x o •■uv*.. Member., members in reference to any transaction entered into ! 21 between them in the exercise of their profession as stock brokers, such dispute shall be submitted to the decision of two arbitrators, who shall be members of the Corporation, one to be named by each party, with power to nominate a third arbitrator, who shall also be a member of the Corporation. And the decision of the majority of such arbitrators, delivered in writing to the Secretary-Treasurer, shall be binding on the parties. «5. The procedure for the nomination 6f arbi- No,»ina«onof trators for the conduct of the arbitration, providad Arbitrators, for by the last preceding section, shall be as follows : The member believing himself to be the injured party shall deliver to the Secretary-Treasurer a memorandr. m in writing, stating in a summary way the matter in dispute, and the redress he claims, and naming his arbitrator. And thereupon the Secretary-Treasurer shall communicate a copy of such memorandum to the opposite party, who shall, within twenty-four hours, lyle with the Secretary-Treasnrer a memoran- dum m writing, containing his statement of the matter m dispute and naming his arbitrator ; and thereupon the Secretary-Treasurer shall communicate the papers so fyled with him to the two arbitrators named, and they shall proceed to the nomination of a third arbi- trator by a memorandum signed by them both, which shall be kept with the papers. ««. The three arbitrators so named shall forth- Duties of with notify the parties of the time and place of their Arbitr.tort. first sitting, and shall require them to be present and produce before them any documents or papers respecting the matter in issue. And at such time and place, or at any other time and place to which they shall adjourn, or of which they shall subsequently give notice to the partitas, the arbitrators shaU hear 2^ Award, if not Explicit, to be Beferred to Chairman. the parties ; shall make such enquiries and receive su€h evidence as they deem necessary; and shall niake their award in writing to the Secretary -Treasu- rer, deciding the subject matter in dispute, and upon the costs of the reference. And both parties shall conform themselves to such award in all respects. «T If there should be any ambiguity in such award, or any matter connected therewith requiring further regulation, the .siiuie sliall be referred to the Chairman, who shall give his interpretation of the same in writing, and make any further order which he may consider requisite to do justice between the parties in conformity to the spirit of the award. ""Nonwor! ^^ ^^ ^""Y member shall take any proceedings ot'irbitfrrB^ ""^ 1*^ i" ^-espect of any dispute which is hereinbefore ordered to be referred to arbitration in the manner herein provided, either before or after a reference to arbitration, according to these by-laws, or if he shall - fail to conform himself in all respects to the award made by the arbitrators upon any such matter, or to any subsequent order made by the Chairman for the better carrying out of such award, he shall be deemed to be a defaulter within the meaning of these by- laws. Stooka carried for Defaulters. BusineM for Defaulter. 6». A member carrying stocks for, or having stocks carried by, or having an open contract with another member who becomes a defaulter, must sell the same at the iirst Board held within twenty-four hours after such defaulter has been reported and posted in the boardroom as such ; otherwi.se, the prices quoted at that Board will be held to be the basis for the adjustment of his claim. 70. No member shall do business for a defaulter without the consent of the Governing Committee. i receive lud shall ^-Treasu- ind upon ies shall pects. ■ in such equiring (1 to the 1 of the 5r which veen the ,rd. jeedings in before manner ence to he shall • e award r, or to for the deemed lese by- having ct with ust sell ty-four ed and se, the be the faulter tee. i ( - e 1 1 23 71. No payment or claim on a defaulter's ouiipon account that does not arise from a Stock Exchange AecoiL"" transaction shall be admitted by the Governing Committee. in 73. All fines shall be paid, by the person fined, Finei. to the Secretary-Treasurer, on the first Monday of the montli next following the month in which the tine is imposed, provided notice in writing of such fine be given to the offender at least three days previous to such Monday, otherwise, such fine shall be paid on the Monday next following and more than three days after such notice. And the non- payment of a fine — according to the provisions here- of, — shall incapacitate the member fined from doing business at the Board, until such fine be paid. 7S. No dogs allowed in the Board Room. 74. No member of the Board shall execute an order for any employee of another member of the Board.