The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-12
SIMPLE AND POSITIVE.
MEETING FOR MEMBERS
OF THE COTTON EXCHANGE.
The Constitution and Bylaws of That
Body Amended in Number OF ESSEN
tial Particulars-The Arbitration Com
mittee Must Be Sustained.

A meeting of the Cotton Exchange was
held yesterday at o'clock pm. for the
purpose Of considering amendments TO the
constitution and bylaws of the Exchange
proposed for adoption by the Board OF Di-
rectors.
The president, Emmett L. Woodson oc-
cupied the chair and explained the object
OF the meeting. Secretary Henry Hotter
read the proposed amendments, which
were unanimously adopted.
The amendments are quito lengthy and
include general overhauling and altera-
ton OF the previous constitution and by
laws. The most important changes are
those relating to the rules governing arbi-
trations and appeals, and more specifically
defining the duties Of the treasurer and
secretary. Under the former bylaws II
was the duty OF the treasurer to collect all
moneys OF the Exchange, but the work has
always been done by the secretary and the
new bylaws conform to that custom.
To the rules governing arbitration the
following clause has been added:
"Any member refusing 10 submit TO an
arbitration when asked for by another
member, providing the Arbitration Com
mittee consider there exists good grounds
fur an arbitration, or 10 abide by any
award or decision OF said committee when
rendered, shall, on complaint OF the Board
OF Directors, be suspended or expelled
from the Exchange"
To the rules governing appeals the fol-
lowing has been added:
ANY member refusing TO submit 10 an
appeal Of an arbitration case to the Board
OF Appeals, when asked for by another
member or TO abide by any award or de-
cision Of the Board of Appeals, when
rendered, shall on complaint 10 the Board
Of Directors be suspended or expelled
from the exchange"
The bylaw defining the duties OF the
treasurer is as follows:
"The treasurer shall receive from the
secretary all funds Of the exchange, give
his receipt therefor, and shall keep an
account OF same in a book prepared for
that purpose. lilo shall pay money only
upon the check OF the secretary, counter
signed by the chairman OF the Finance
Committee. He shall give such bond and
security as may be required by the Board
| pensation.
The duties Of the secretary are defined
rs follows
section /. The secretary shall keep
accurate minutes OF the meetings OF the
Exchange and the Board Of Directors; lac
shall cause notice TO be posted on the bull
lotins, aud otherwise, as may he directed
| by the President, OF all meetings OF the
exchange, and give notice in writing OF all
meetings OF the Board Of Directors. Add
| following:
"Scction ?. lie shall have custody OF the
corporate seal and all books papers and
other documents relating 10 the affairs o
the exchange. lie shall collect all money.
Of the exchange and pay over the same tC
the treasurer, taking his receipt therefor
lie shall keep an account OF all receipts
and disbursements In book TO be KEEP
for that purpose, subject at all times TO III,
examination OF the Finance COMMITTEE,
and the Board OF Directors. At the regu
lar meeting in December OF each year h'
shall furnish the Board OF Directprsa state
ment Of the financial condition Of the ox
change aud OF the receipts and disburse
menis for the previous year. lie shall
perform such other duties as are incum
bent upon the office OF secretary, and n
the expiration OF his term OF office shal
transfer to his successor all funds, books
papers aud other property OF the exchang
In his possession. lie shall give such bon,
and security for the faithful discharge q
his duties rs the board may require"