The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-25
THE NEW EXCHANGE.
THE ENTERPRISE FULLY EsTAB-
LISHED.
Constitution and Bylaws Adopted,
and Fiffy-one Members Obtained.

An adjourned meeting of the members of
the new Charleston Exchange was held yester-
day afternoon, at the rooms of the Chamber
of Commerce, with Mr.. T. D. Jervey presiding,
and Mr.. John W. Lewis acting as secretary,
and the following constitution was adopted
and subscribed to by flfty-one gentlemen pres.
ent:
Constitution.
ARTICLE little.
This association shall be called The CHARLES
TON EXCHANGE.
ARTICLE II.-PURPosEs.
The purposes OF this association are, to pro-
vide and keep up In proper manner an Ex'
change for the use and benefit OF its members,
and for the advantage OF the whole business
community of Charleston; to establish neces-
sary rules for transactions between members,
and 10 adjust controversies upon equitable
principles; to give uniformity and certainty TO
the usages ana customs now OF force; 10 pro.
vide aud keep permanent standards OF Classl.
fication; to record and publish the commercial
statistics of this market and port, and to In
crease and facilitate business generally.
ARTICLE III.-OFFIOERs.
The officers of this association shall consist
of q president and twelve directors, all OF
whom shall be elected annually on the first
Monday In December.
ARTICLE lV.-MEMBERs.
Any person engaged In business may be
elected member of this association.
ARTICLE V.-INITTATIoN FEE AND ANNUAL
SUBSCRIPTION.
The Initiation fee shall be twenty-five dol
lars Tor every member OF the Exchange, and
the directors shall lay an annual assessment
not excesdlng one hundred dollars upon each
sanao arn aod represented IN Inc E5
PAYABLE quarterly In advance. -~-.a,
ARTICLE vI.-DUTIEs OF MEMBERs:----.-,
Every member, upon signing the constltu.
tion. pledges himself to abide by the same,
and also by all the bylaws, rules and regula-
lions OF the Exchange.
ARTICLE vII.-ADMfssIoN OF MEMBERs.
Applicants for membership shall be baloted
for if they are recommended by the majority
of the board of directors.
ARTICLE VIII SUSPENSION OR EXPULSION OF
MEMBERS.
Any member OF this Exchange, who shall
be accused OF willully violating The constitu.
tion. by.laws or rules, or of breach OF q con.
tract, or of any proceeding inconsistent with
lust principles of trade, or any misdemeanor,
may, on complaint, be summoned before the
board of directors and the committee OF mem
bership, when, if desired, he shall be heard In
his defence, and II the charge Is substantiated,
the members OF the board and the committee
assembled may, by vote Of two-thirds, aus
pend or expel him from the Exchange.
ARTICLE IX.-READMIssIoN OF EXPELLED
MEMBERS.
Expelled members, desiring readmlssion to
the Exchange, must have their applications
acted upon by the committee on membership
and the board Of directors, as In the case of
new member; seven-eights of the votes cast
shall be necessary 10 reinstate expelled men,
bers.
ARTICLE X.-AMENDAENTs.
Amendments to the constitution, bylaws or
rules must be proposed, In writing, by twelve
members, and the proposed amendments
posted In the Exchange room for ten days,
after which the president shall call general
meeting for the purpose oil considering their
acceptance or rejection, avote of three-fOurths
of the members present being necessary TO
ratify the amendment. No meeting can be
called for the above purpose between the lst
Of May aud the lst OF November.
ARTICLE XT.
The association shall not be considered as
organized until this constitution shall have
been signed by no less than fifty members.
A set of bylaws was also submitted by COL
onel VIM. Trenholm, of which the principal
provisions are as follows: The funds and prop
ery of the Insltutlon are to be controlled and
held in trust by board consisting OF the pres
ident and twelve directors. These officers are
TO be Installed on the first Tuesday of every
December. The annual meeting of the Ex.
change Is to take place on the Wednesday pre-
ceding The annual election, and at this meet
ing the board of directors shall submit an aH-
nual report and an estimate Of expenses LOT
the ensuing year. The regular meetings OF
the Exchange are to be held on the frat We'd
nesday of each month, and provisions are also
made for the calling of special or extra meet
ings. At the general meeting of the Exchange
one half of the whole number of members will
ooriftltute quorum. The directors will have
the general management of the association,
with authority TO appoint the secretary and
other employees, and to regulate their salaries.
The Exchange is to be kept open from October
to April 80 from 10 A. N. to P. NJ, and
from May to September 80 from 10 A. ID. 10
Bpm. The directors are authorized to ap-
point q committee on finance, consisting OF
three directors, and committees on member
ship, trade, classlacations aud quotations.,
arbitration, appeals and Information and sta
tlstics, each to consist of FIVE members OF the
exchange, and to be presided over by dlrec-
tor. Names of candidates for membership are
to be posted for five days preceding the cleo
tIon, and there must be at least twenty-five
votes cast to secure the election of member.
One black ball In ten will exclude candidate
from membership, and If over fifty votes are
cast, six black balls will be sufficient to reject.
The remaining bylaws specify the duties OF
the secretary and treasurer, the powers OF the
officers and directors, the method OF offerlng
designations, &c.
These bylaws were considered seriatlm and
adopted. II was then resolved. upon motion
of Mr. PInckney, that the chairman appoint, at
his leisure, q committee of seven to make NOM
nations for officers of the Exchange, and to
report at meeting to be called by the chair,
and the meeting then adjourned.