Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-12-05
COTTON EXCHANGE.
Adjourned Meeting Yesterday-Business
Transacted-RepOrt Of the Di.
reetOrs on Location
-E# Approved.
Full Copy Of the Constitution and By
La'6s AdOpted-Tke Exchange
rf Ready fgr Business.


rf Ready fJr Business.
-. he members OF the cotton exchange met a
Aree o'clock yesterday afternoon, the presi
Gent, hr. Gslbreath, IN the chair. The at
tendance was good and the proceedings har
1lenlous, the members carefully threading
their way through the propositions laid before
them for bylaws, and carefully amending
Where changes appeared desirable. Mr.. Pet
81, rom tue COZ mittee OF the board OF di.
reciors. reported that the board has secured
for the use Of the Memphis cotton
exchange, the convenient and centrally.
located premises lately occupied By
the Memphis insurance COMPANY, al
The north corner OF Madison and Front Streets
Eile report Of the committee on bylaws was
then taken up ana the by. laws, as presented
by the committee, were adopted as drawn uD,
with the exception Of the second section OF
tI1e hlheleentn araeie-referr1ng 10 brokers'
On motion OF Mr. Petit, the board OF
directors were instructed TO take the proper
steps Tor procuring chatter for the associa-
Lon.
The meeting then adjourned until this
frtdasl afternoon when the board OF
directors is expected TO report its selections for
The various COMMITTEES
The following Is the constitution and by
laws adopted Tor 1hs government Of the ex-
change
THE CONSTITUTION.
ARTICLEI-TTT
The title Of this association shall be The
Memphis Cotton exchanges.
ARTICLE II-PUEPOsEs.
The purposes Of this association shall he "a
provide and maintain suitable rooms for q
cotton exchange in the city OF Memphis: Ia
adjust controversies between -remhlrs. 10 -
tahlish just and equitable principles, uniform
usages, rules and regulations, and standards
Tor caSsincations, which shall govern an
transactions connected with the cotton trade
70 sequ qu1re, preserve and disseminate informa-
uon eoonecled herewith; TO decrease the
risks incident thereto; and, generally, to pro-
mote the interests OF the trade and increase
the facilities aud the amount OF tie cotton
oustness In the city OF Memphis.
AETICLE III-oFFICERs
The officers OF this association shah consis,
of President, three vice-presidents, treas
nrer and seven utrect0rS, all OF whom shall
IN December.
ARTICLE Ty-NyzABERs AND VISITING MEN.
BERs.
SECTION / All persons who, as principals,
are engaged, and OF good standing, in the cot
ton Trade q Memphis, ana also any person
who has the exclusive control and manage
ment OF the cO5son business Of any house in
good Standing fn the cotton trade Of Memphis
may be elecLsu mem bers OF this associafiol
SHCIIQSA A card OF admission, as visiting
memoeE % the exchange rooms, may be issued
70 any person not engaged in the cotton trade,
on TIE recommendation OF the committee on
mel nbership, upon the payment by such per
EtGed. that such person shall be subject TO aIl
the rules OF order which apply 10 member
and may be required 10 Withdraw from the
privileges Of tne exchange, for cause, at the
written request OF ave members, said request
70 De subject 70 the approval OF the board of
directors; and provided further, thRt such
visiting member shall not be allowed to vote,
or attend executive sessions of the exchange.
AKrIcLE v-ADzIssIOE OF MEMBERS.
Applicants for membership shall be balloted
for, after being recommended by the majority
Of the board Of directOrs-
ARTICLE YI-BOARD OF APPEALs.
Far l. 1.af1
the board OF directors, and shall consist OF
nVe lJl mem oers Of the exchange. three C31 Of
whom shall constitute quorum for the pur-
pose OF hearing and deciding such cOntrover-
sizes as may be submitted to them, on appeal
rom decision Of the board of arbitrator.
All expenses attending such appeal shall be
from the maj award, including a sum Of
twenty-five 50 dollars, TO be paid into the
treasury Of the exchange.
ARTICLE vII-lNTTIArIoN FEE AND ANNUAL.
SUBSCRIPTION.
The annual fee shall be one hundred fSlQO
dollars, payable on the hrst Of December OF
each year, and no member shall be entitled to
admission 70 this exchange whose dues are
not paid by the twenty-fifth OF December
and such exclusion shall continue until all
dues are paid in full, provided that any per-
son elected a member OF the exchange alter
the inst Of July snail pay his subscription at
the rate OF ten tSlO) dollars per month for the
uneXpired portion Of the year.
ARTICLE vIII-DUTIEs OF MEMBERS
Every member, upon signing the eonstitu-
tion, pledges himself to abide by the same,
and also BY ali bylaws, rules and regulations
OF the exchange
ARTICLE TI-sUsPENsIoN Oh EXPULSION OF
MEMBKRS.
Any member Of this exchange who shall be
accused of wilfully violating the constitution
bylaws or rules, or Of fraudulent breach OF
couLacl- or OF any proceeding inconsistent
with Just and equitable prinoi piles Of trade, or
of other misconduct, may, on complaint, be
summoned before the committee on member
ship, when, II desired, he shall be heard in his
defense, and II the charge or charges against
him be, IN the opinion Of the committed, sub
stRntiated, the complaint shall be referred to
the full board OF directors, who may, by vote
OF not less than two-thirds 90 Of ali the mem
berS present. suspend or expel him from the
exchange
ARTICLE K RE-ABNIssIoS OF ExPELLED
MEMBERS.
Expelled members desiring re-admiSsion 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 members Seven-eighihs "a OF the votes
cast shall oe necessary 70 re-instate expelled
ARTICLE xI-AMESDMESTs.
Amendments 70 the constitution or bylaws
must be proposed in writing by ten QO) mem
Defs, ana the proposed amendments poste in
the exchange rooms for ten days, after which
the president snail call q general meeting for
tn.e purp lSe OF considering their acceptance
- reJsetlon- A vote OF three-lourths % me
members present being necessary % ratify the
amendment. No changes shall be made in
the constitution or bylaws between the first
OF Nay and the FIRST OF November.
THE BYLAWS.
The following were adopted:
ARTICLE I-ELECTIoNN OF OFFICERs.
SECTION 1. The property and funds Of the
association shall be managed and held IN
trust FOR the association by the board Of offi-
GERS, which shall consist OF the president,
vlee-presicenI, treasurer, aud the directors
elected
SECTION ?. Il shall be the duty Of the presi-
dent 70 appoint three inspectors OF election
hye days previous 10 the election, and ten
DAYS notice shall be posted in the exchange
rooms; polls shall be opened from ten O'Clock
evening in the rooms OF the exchange.
Each member shall De entitled 70 one vote
In person, by ballot; a majority Of the votes
cast snail elect the persons for whom they
shall have been given.
SEcTION 3. The board OF directors shall en-
Ter upon The duties Of their Office on the first
Thursday succeeding their election, and shall
continue in once until the first Thursday fol-
lowing the election Of their successors.
ARTIC-- LETTINGS.
SECTION /. An au. 4al meeting Of the ex-
change snail ee held at the general meeting
room, on the Wednes iay proceeding the cleo
ton Of Officers and oiTectOrS, at seven o'clock
in the evening, A. which shall be presented
by the board Of directors, a general statement
OF the affairs and finances OF the exchange,
together with an estimate OF the expenses for
the next year. The proceedings OF said an
uual meetlng shall be recorded in the book OF
minutes Of The board Of directors.
= q
held on the frsi wednesday OF each month,
ana the president OF tue board may call
special meetings when deemed necessary, and
snail 40 80 when requested In writing By three
SECrION 8. The president shall also call
meetings Of the exchange when ordered by
the board, or requested % do 10 IN writing by
ten members Of the exchange, and, when
present, shall preside at all meetings, both Of
NAV Siso an u nesti29 Sis Of tbe sxeSsS1s sS1lss
Whenever, IN his discretion, he shall deem IL
Necessary In the absence Of the president
the vice president shall perform the duties OF
the president; and IN the absence OF both, a
chairman pro TEN. shall be appointed, upon
whom shall deyolve all the duties OF the presi-
dent Al q general meeting not less than
twenty members shall constitute quorum.
SECTION 4 From october lst 70 April S0th,
tne e1chanFe rooms snail De open daily froTn
eight o'clock ~ the morning 10 eight in the
evening, and from May lst to September s0th,
from eight O'Clock in The morning 20 seven In
the ereniug--Sundays ana holidays excepted.
ARTICLE III-BoARD OF DIRECTORS.
SECTION l. The board Of directors shall
have general and entire management OF the
ASSOCIATION, not Inconsistent with the ,consii-
tuition and bylaws; shall adopt such rules
and regulations ss they may deem best 10
carry out the purposes OF the association (;
have power to hire or lease and nj up such
rooms As may be required Tor The purposes Of
the exchange, and 10 appoint such subordi-
nate officers or employees. and With such Sala-
Ties a. they may deem necessary
SECTION 2 They shall appoint the following
committees from the members OF tae eX-
change at the first meeting OF the board after
their election, viz:
COMMITTEES on membership.
Committee on Information and statistics.
Committee on trade.
Committee on classification and quotations.
Finance comm ttee, 70 consist OF three
members OF the board OF directors.
Committee on arbitration.
Boald OF appesls-
And, from time 70 time, such other commit
tees as they may deem advisable.
ARTICLE Iv-CoNMIrrEE on MEMBERSHIP.
The committees on membership shall have
charge OF ali applications for membership. for
xisLLlng MON Der.hip. and lor DoWera Of altor-