The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-16

becoming member Of the association shalt depost
in its circulation received from the Bank Depart
ment which il shall he authorized TO ISSUE shall
coed hundred thousand dollars then such deposit
shall be equal to two cent upon such circulation
which sum shall remain on deposit with the Association
unmpaed long the bank banker depositing the
same shall continue member thereof, and shall be
turned Withdrawing therefrom subject however. TO
any Indebtedness of such bank banker TO the Asocia
ton and 70 lite liability for It's proportion of the losses or
expenses thereof.
g. In the expenses of the Association shall exceed
its income from its business such expenses shall he ap
portoned by the Executive Committee and paid 10y the
quarterly in proportion the amount Of
demp,ions made by them respectively.
:. Fla III bank belonging to the association may he re-
esen.ed al all meetings by one or more OF its principal
officers but shall be entitled to but one vote.
8. meeting of the Association shall be held at the
Office of the Association the second Wednesday of May
in each year at which meeting president shall be elect
cd by ballot. special meetings may be called by the ex-
ective committee al their discretion and shall be called
by them the written request OF any Ave of the asso
dates Representatives from fifteen banks shall at all
Zines constitute quorum.
O. At every annual meeting a standing committee OF
five bans officers shall be elected by ballot,
i've committee whose duty it shall be to act board
directors of the Association with power to procure
rom time to time suitable for the transaction Of
The business OF The Association to provide whatever
be necessary the Of the agency appoint and
all officers, clerks other persons employed,
,ep the manager to fix their salaries apportlon and
aw for the expenses establish rules and regulations for
The conduc and management OF the business, in all
not herein provided for and generally to direct the aairs
of the agency.
by the Association He shall give security, to be APP
proved by the executive committee in the of fifty
thousand dollars for the faithful discharge of his duties
ana each clerk shall give like security in the sum Of ten
thousand dollars.
H. The manager under the direction Of the executive
committee shall have charge Of all business at the agen
cy far relates to the manner in which IL shall be
conducted and all the clerks shall be under his direction
He shall have power TO suspend clerk other person
employed for cause and shall report such suspension,
and the Of it, to the executive committee. He
shall aet as secretary at oil meetings OF the Association
ard tt la cya iyar aq
Il The Executive Committee shall have power to sus.
pend the manager whenever in their opinion the inte
rests of the Association shall require It, Upon such sus
pension being made the committee shall Immediately cali
meeting of The Association and report the Of such
suspension when FINAL action shall be taken by the Asso
citation.
H. any associate shall neglect refuse to pro
vide FOR the Of balance against such ascot
ate arising from the exchanges the manager may there
upon in his discretion return the circulating notes of the
aung bank constituting sch balance to the bank or
banks from which the were received and in the
pepo. ton sent by the first causing each parcel of
said notes returned to he duly protested The bank
in default shall thereupon from the Assoca
ion by the Executive Committee Cor in their absence by
the manager until the final determination of the Assoc
citation in the matter at meeting to be called az soon as
II. The Executive Committee shall designate bank
banks In the city of New York ia which all drafts drawn
for balances ha be deposited and the funds of the Asso
citation kept
Is. New members may be admitted into the Assoca-
ton at any ime, with the assent Of the Executive Com
mittee such members paying admission fee, to
be fixed by the Executive Committee, making the de-
post herein before mentioned, and signifyng their
these articles, in the the original
members.
49, For cause deemed sufficient by the Association at
any meeting eof any bank may be expelled from the
association provided majority of the whole number Of
associated banks shall vote in favor thereof
l.. Any member of the Association may Withdraw
theieroin at any annual meeting giving thirty days
previous notice OF its intention to withdraw to the Execu
,c Committee first paying its due proportion of all ex-
penses, liabilities and losses, If any.
rs. For the purpose of organization, and until the first
annual e'ing shall be held George W. Cuyler of Pal
myra in The county Of Wayne shall be the manager of
the Association of annual salary of five thourand dol
lars and George II. Mnmlod, of Rochester, George W.
1itit OF Buffalo Edward g. Judon and Hamilton White,
Of Syracuse Josiah n. Sarn, Of Auburn; Scion D. Hun
geroid, OF Adams, and William K. Osborne, of Bingham
Ton, shah constitute the Executive Committee.
~. These articles shall be submitted to the several
banks ana individual bankers of the state whose notes
are redeemed at par in the cities Of New York Al
bany Troy for their approval aud adoption When
approved by the Boards Of Directors Of the incorporated
banks banking associations. by individual bankers
such approval shall lie signei by the signatures there
TO- Of ne PRECEDENT Cashier financial officer of the
bank institution adopting the When fifty banks
hail have adopted these articles the agency may be put
in OF Grafton
20 Amendments Of these articles may be made at any
meeting the Association by vote Of two-thirds Of all
tho Members present being not less than majority Of
III the members belonging to the Association