The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1883-12-13
THE EXCHANGE
An Important Meeting OF tho Dl"
rectOry.
A Great Feature Added TO This Splen-
did Institution.
Every Members Life Insnred-Initla
tion Fee Increased to $1,000.
The New Standard Time Adopted.

The New Standard Time Adopted.
At the regular meeting of the board Of
directors, President Oppenheimor submit
ted plan of mutual insurance to be incor-
porated with the present bylaws, and after
full deliberations It was decided to call
meeting OF the members OF the merchants
exchange fer Saturday, December 10Th, 3
D. m. to discuss the plan freely; annexed
are the proposed additions. .
RUEExIv.
SECTION l. The initiation fee after this
date, shall be Isl COO one thousand dollars.
Sec, @ Each applicant shall be examined
by physician appointed by the board OF
directors and il he Is not over forty-tive
wears old and of good health, he shall be
entitled to purchase membership OF any
of the me nbers, subject however to tho APP
proval of the board OF directors as per rule
K section 8. Should the applicant be over
forty-fve years OLD or in poor health, then
such applicant can only become member
by paying the regular initiation fee OF
$4,000 one thousand dollars, and also sub
iect TO election by the board OF directors
per rule X section 9.
8, The physicians fee shall be paid by
the applicant before examination is made.
4. Ali moneys derived from initiation
and transfer fees shall be placed to the
credit OF the hereafter described redemp'
ton fund.
Section /. Each member, except such as
described in rule XVI, section 3, shall pay
to the secretary OF this exchange Within
five DAYS after the adoption OF this rule 1901
five dollars, and for which the secretary
shall issue receipt. in such form
as will hereafter be described by the board
OF directors.
Sec. 3. The moneys collected by this and
all subsequent assessments shall be Kept
separate from other funds of the exchange
and shall be known az the redemption
Each member shall file with the secretary
a document, such as hereafter to be de-
scribed by the board of directors, signed by
himself and witnessed by two members OF
the exchange, stating to whom he desires
the redemption money TO be paid In case
his death.
/ 4. Upon the death of member the Sec
retary of the exchange shall at once notify
| the party or parties designated in preced-
| ing section, that the Merchants exchange
will pay $1,000 on the surrender OF the
membership certificate OF the deceased
| member.
S. Upon the surrender of the membership
certificate of deceased member the pres
ident shall at once call meeting OF
The board of directors; who
shalI,if they find the surrender
properly made, order the treasurer to pay
| 81 600 to the party or parties designated by
| the deceased member. At the same meet
ing the board OF directors
shall order another assessment
Of So which shall be paid within five
DAYS after the order has been made and
when paid shall be placed to the credit OF
the redemption fund.
Sec. 1. The money belonging TO the re.
demption fund shall be loaned by the board
Of directors, subject to call, on proper
security to the highest interest-phyipg
bidder.
2. The money derived from the interest
and from transfer fees shall be used towards
paying the IS assessments on redeemed
memberships.
g. Members who arnnunt of thelf age
or poor state of health were compelled to
pay 81, 600 on joining the exchange shall
not be liable to any assessments for the re-
demption fund.
4. Upon the death ofsuch member as
described in preceding section, the board
of directors shall order payment to be
made for the surrender of the membership
OF the deceased, as described in rule 10, Sec
tiops 3 and 4, but no assessment shall be
made as prescribed in section 5 Of same
rule.
RULE XVII.
Sec. I. It being the policy OF this ex-
change 10 keep its membership up to 2OO.
the board of directors shall have the power
and right to dispose of the surrendered
memberships by selling same to those who
msy wish to become members, at the high
est obtsinable price, providing that no
party can pu-chasesuch membership IN
less conforming TO rule xiv, section 2.
Sec, 2. Nothing shall be construed in
the foregoing rules. go as to allow one
party to own more than one member
ship.
RULE XVIII,
Sec. 1. Any member who fails to pay
the redemption fund assessments within
five DAYS after the same have been or
dered by the board of directors, shall be
considered ns unwilling 10 share In the
benefits of said redempti fund, and his
mem bership shall not be redeemable by
said fund, and whoever purchases sucn
membership shall yign a paper properly
witnessed that be does not now, nor Will
ever in the future make any claim on the
redemption fund, otherwise the board OF
directors shall not entertain the petition
fcr the trarsfer Or snrlicstion for member
shiD
Upon m0tiou sansrd mtetlne was
called tor Saturday, December l5th p m
~ the merchant exchange, 70 ciscuss the
above rules.
A motion vas made and carried 70 adopt
The new STANDARD time rom to-day