Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-21
COTTON EXCHANGE.
Proposed Amendments to the Constitu-
ton with View to the Change
of the Organization to
A Stock Concern, and the Opening of a
Future BOard-Meeting Called for
Consideration of the Matter.

4 few days ago, at a regular meeting OF
4 the Cotton Exchange, resolution was
/ adopted converting that organization into 4
| stock concern, and authorizing the opening
of future board. This change caused a
| rush for membership to the extent that,
| within half a week after the adoption of the
measure, there were more applications for
1 membership on file than had been received
| for months previous. But the stored slip
! that comes 'twixt cup and lip" IN other
matters presented itself in this case IN
most formidable shape--the change, or the
manner of making it, was discovered TO be
mot accordln 10 the statoots" governing the
| Cotton Exchange, and the movement came
| to 4 dead stand still. Sage parliamentsrians
| put their heads together, resulting in de-
! termination of making 'Mahomet go to the
mountain" and TO this end a meeting OF the
Board OF Directors was held yesterday, at
| which the following proceedings traRspired.
The following resolution was unanimously
| adopted:
Kesolced, That the following amendments
to the constitution be recomme nded for
adoption by the Memphis Cotton Exchange:
The following petition was then presented:
The undersigned, members of the Mem
phis Cotton Exchange, recommend the fol-
lowing changes in the constitution, viz:
Strike out article 4, section /, and substi
tute the following, viz:
SECTION /. All persons twenty-one years
of age. resident or nonresident, OF good
character and commercial standing, may be
elected members of this exchange, but no
person whose application for membership
has been acted upon and rejected by the ex-
change shall be again eligible for election
until after the expiration of six months from
date of such rejection.
"Ssc ,. The initiation fee for membership
in the exchange shall be $3.50, for which
certificate of membership shall be issued,
until 200 members are received, when the
Board of Directors may increase the initiation
fee at their discretion. The receipts from
initiation fees shall be placed in the hands
of three trustees, viz: The president, first
vice-president and treasurer OF the exchange,
TO be kept intact as a fund for the erection
of a new building for the exchange.
Sec. s. A certificate of membership may
be transferred to a member or member-elect,
but to no other person, by a surrender thereof
with a duly executed assignment thereof,
and a fee of s. for transferring the
certificate, whereupon the treasurer shall
issue a new certificate of membership to the
member, or member-elect, mentioned in said
assignment. But no certificate Of member
ship shall be 20 transferred until notice of
the intention TO make such transfer, sub
scribed by the member owning the certificate,
shall he posted upon the bulletin of the ex-
change for ten days, and until all claims
against such member, which may be pre-
scented within said ten days, by other men,
bers of the exchange, shall be settled or
while any annual dues, or assessments levied,
on such membership shall remain unpaid.
The executors, or administrators, of a de-
ceased member may transfer their decedents
certificate az herein provided.
Strike out article :, section l, and subst-
tute the following, viz:
SECTION /. Ga every membership in the
exchange there shall be paid such annual
dues as may be fixed by the Board of Dircc-
tors. at their regular monthly meeting in
each year. not exceeding S75 per annum, and
such assessments as may be from time to
time levied by the Board OF Directors
Sec. =. All annual dues shall be payable
in advance on the frat Monday of Deem
Der in each year, and all other assessments
shall be due and payable at such times as
the Board of Directors may appoint.
"Sec. 8. Any member OF the exchange who
shall fail to pay any annual dues or assess.
ments upon any membership, or member
ship owned by him, within ten days after
the same shall have become due and pay
able, shall be notified OF such failure by the
treasurer, and shall be deprived of the priv
ileges OF the exchange until the same shall
be paid, and the sum of fifty cents per day
shall be added TO the amount Of such dues
and assessments on each membership for
each and every day, not exceeding thirty
days, that the same shall remain unpaid
after the sending of such notice by the treas
urer AT the expiration of said thirty days,
if the member notified shall still fail to pay
such dues or assessments, the Board of Direc-
tors may declare his membership at an end,
and order a sale of all his rights of member
ship, and after deducting the amount in
arrear, together with all penalties and
charges accrued thereon from the purchase
money realized in such sale, shall place the
balance to the credit OF said member, pay
able without interest to him or to his cred
itors or legal representatives.
These amendments 10 take effect on and
after their adoption.
&c. P. HUNT & co,
ID. PATERACHG,
WATSON d HILL.
as. KATZENBERGERS SONS.
Nv. 4. PRINCE & CO,
"DILLAkD Il COFFIN,
''R f PATTERSON d CO.
WILLIAM BOwLES 4 son,
"HtNRY b. CAMP,
FERGUSON & HAMPsON.
"In accordance With the foregoing request
a general meeting OF the Cotton Exchange is
called for Thursday, March 30th, at $3.50
o'clock pm.
NAPOLEON HILL, President"
Resolutions proposed for adoption by the
Board of Directors after the adoption of
amendments to the constitution:
RtsOlred, That the present members Of the
membership, including one for each member
of their firm, by paying to the treasurer $3.50
1.-THE amount of the initiation fee) for each
certificate on or before May l, 1882. After
that time the application OF new members
will be acted upon.
ResoLrsd, That all new members coming
into the exchange prior to December l, 1882,
shall pay so per month in advance for the
remaining time, from date OF election to said
date, in addition TO the initiation fee.
Resolrtd, That the present members of the
exchange, who have paid their annual dues
to December l, 1882, but who have not paid
the initiation fee as required by the amended
constitution, shall be entitled to all the priv
ileges of the exchange, under the old con-
stitution, to said date.
Rssolued, That the rules governing business
in contracts for the future delivery of cotton,
adopted by the New Orleans Cotton Ex-
change, January, 1850, including all revi-
sIons and amendments TO the same up 10
J anEary -, 1882, be adopted az the rules TO |
govern this exchange in such contracts, ex-
cept the form q contract A shall call for |
the delivery Of The cotton in ware houses, or |
,, at the option OF the seller; said |
rules TO take efec May !, 1882.