The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-20
FoR RENEWAL or CHARTER.

s~~>~-,-~-~-~~~~~-~~~~~-~
70 abide by the same and also BY an the
rules and regulations Of the Exchange
now or hereafter 70 be established, and
hy said signature bind himself and the
nrn OF which he is a member or reprcsen-
tativc. TO agree 10 the arbltrations and
appeals. and TO abide by and perform the
final awards and decisions. and TO submit
TO the penalties when incurred, provided
for and imposed I'm the second and fore
going article.
ARTICLE ".
Section 1. The capital OF the said Asso-
citation shall be Fifty Thousand Dollars,
divided into two hundred and fifty shares
OF Two Hundred Dollars each, which has
been paid in run. All certificates Of stock
shall be signed by the President OF Acting
President, and cOuntersgned 10y the SUI
peulntendent, and shall be transfera~
bic on the books of the
corporation; provided that the said ia
change shall hold lien on the share or
shares of any stakeholder, who may be
indebted to 10. and such shares shall not
be assigned or transferred by the holders
thereof until such Indebtedness SHAH Zoe
discharged; and. provided further. that the
Board OF Directors shall have power TO
enforce said lien I'm the following manner :
They shall cause default 10 Dee entered
on the minutes Of the EXCHANGE asalust
the delinquent member. ANA shail cause
said stock 10 hc sold az public cutlery on
the first Tuesday Of the month, between
the legal hours Of sale, before inc Court
AANhHE NkAAs AADNAIH kfAfltNN - Atta 'tt-f
ca IN the official paper OF the Nlly OF 90
vannah once a week for G3ur weeks prior
10 such sale, and shall apply rue llotes'ls
arising from such sale, first, 10 me Sosls
and expenses of such sale, second, 10 lht
discharge OF the Indebtedness Of the ae-
lnquent member: and third. paying tn
surplus. If any. to the owner OF said stock.
And, provided further. that the Exchange
shall have the right TO bid at such sale,
aud TO buy In such stock.
Sec. ?. Ia No application for member
ship shall be entertained until such ap-
plicant shall have proven himself the
owner of one share of the Capital Stock.
No initiation Zee shall be charged.
(b) Every member of the Association
shall be required TO be the holder Of at
least one snare OF the capital stock In
his own name.
Sec. 3. The ownership Of one or more
shares of the capital stock shall not con
fer upon the holder thereof any of the
rights or privileges OF membership. nor
any voice OF vote In the deliberations
or management OF the corporations the
latter being entirely in the hands of the
Board Of Directors and of the members.
as shall be provided for in the bylaws,
and no member shall have more than one
vote, no matter what may be the NUM-
Der OF shares he holds nor shall any vote
by proxy be permitted.
Sec. .. The real and personal property
now owned by the Association. shall be
considered as a permanent fund. and
no part Of IL shall be used TO defray any
OF the current annual expenses Of the
he renvested only in such securities as
the state of Georgia designates for trust
funds or in such other investments as
may be recommended by the Finance Com
mittee and approved by a three-fourths
vote Of the fun Board Of Directors; and an
no case shall such permanent fund be
responsible for any debt, obligation or
liability of such corporation TO any of
its members.
Sec r. The interest or reut which may
from time TO time be derived from such
H. ftnf ha NIL 10 Na
said permanent fund. but shall be paid
into the working fund of the Exchange,
out OF which IT'S running expenses are de-
frayed, and which shall be raised and
provided for in such manner as the By
Laws shall point out.
Sec 6. stockholders shall not be liable
for the debts OF The corporation beyond
the amount of their unpaid stock.
ARTICLE V.
Section ]. Ia 1t shall be lawful for the
members at "A meeting convened for that
purpose, after thirty 500 days pre-
vious notice published Ia the on
cial paper OF the City Of SaVam-
nah, and held between the LIST of
November and the lst Of April, to dissolve
the corporation by an Affirmative vote OF
not less than seven7eigRths Of all the &C.
tive members
% ANY application for a change in this
Charter shah require an affirmative vote
of not less than twO-thirds of all the ac-
tive members.
ARTICLE VI
Section I. The said corporation shall
have all the common powers incident "a
corporations in this state.
f. Wherefore your petitioner prays that
the Charter as above set forth be granted
and confirmed unto your petitioner The
Savannah Cotton Exchange" and that the
same be duly renewed for a period Of TWEEN
~ years, with the privilege OF further re-
newal at the expiration OF that time
VIM. w. GORDON. JR.
Attorney for Petitioner
Petition for Amendment Of Charter, and
renewal thereof in amended form, filed IN
office this 30th day of April. 1895.
EMILE A. GRADOT
Deputy clerk $. G. G. C., Geo.