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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.