The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-13


w'hich he Is "a member or representative.
20 ahiie by the same. ana also by All the
rules and regulations OF the Exchange
now or hereafter 10 We established. and
by said signature bind himself and the
hr-n OF which be Is a member or represent
tGtiVe, 10 agree to the AFFILIATIONS and
appeals, and 60 abide hy and perform the
final awards and decisions and 10 submit
70 the penalties when incurred. provided
Tor ana imposed la the second and fore
going article
ARTICLE ~.
Section l. The capital Of the said Asso-
citation shall Dee Fifty Thousand Dollars,
divided into two hundred and fifty shares
on Two hundred Dollars each, which has
been paid ia full. All certificates OF stock
shall be signed by the President or Acting
President. and countersigned 10y the SUI
perintendeut, and shall be transfera-
corporation; provided that the said Ex-
change shall hold lien on the share or
shares or any stockholder who may ne
indebted 70 H. and such shares shall not
be assigned or transferred hy the holders
thereof. until such Indebtedness shall be
DISCHARGED; and. provided further, that the
Board OF Directors shall have power TO
enforce said lien in the following manner:
They shall cause default TO be entered
on the minutes OF the Exchange against
the delinquent member and shall cause
said stock to be sold at public cutlery On
the first Tuesday of the month. between
the legal hours OF sale, before the Court
ilNN~t AtoIs nulltt iueTtuI being dNNtFAlS-
eu IN the official paper OF the city of Sa-
Vannah once n week for four weeks prior
to such sale. and shall apply the proceeds
arising from such sale, first, 10 the costs
and expenses OF such sale. second. To the
discharge of the indebtedness OF the de-
lnquent member, and third. paying the
surplus. II any 20 the owner OF said stock.
And, provided further that the Exchange
shah have the right TO bid at such sale.
and 10 buy in such stock.
Sec. 3 tal No application for member
ship shall be entertained until such APP
phcant shall have proven himself the
owner Of one share of the Capital Stock.
No initiation Zee shall Doe charged.
(hD Every member of the Associate
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 or vote in the deliberations
or MANAGEMENT of the corporation; 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. 4. The real and personal property
now owned by the Association. shall be
considered as permanent fund. and
no part of II shall De used TO detray any
of the current annual expenses of the
be reinVested only I'm such securities as
the state of Georgia designates fer trust
funds, or in such other Investments as
may be recommended 10y the Finance Com
mttee and approved by a three-fourths
vote of the fun Board OF Directors; and in
no case shall such permanent fund be
responsible for any debt, obligation or
liability OF such corporation to any Of
its members.
Sec. .. The interest or rent which may
from time to time be derived from such
said permanent fund but shall be paid
into the working fund OF the Exchange
out of which its running expenses are de-
trayed, and which shall be raised and
provided for i'm 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 J. al 1t shall be lawful for tie
members ar a meeting convened for that
purpose. after thirty 600 days pre-
vious notice published I'm the ofii-
cial paper Of the city Of Savan-
nah. and held between the LIST of
November and the LIST Of April to dissolve
the corporation by an affirmative vote of
not less than seven-eighths OF all the ac-
tive members.
90 Any application for change in this
Charter shall require an affirmative vote
of not less than two-thrds of all the ac-
tive members.
ARTICLE VI.
Section l. The said corporation shall
| have all the common powers incident TO
/ corporations I'm this state.
4. Wherefore your petitioner prays that
the Charter as above set forth be granted
and confirmed unto your petitioner, 1.-THE
Savannah Cotton Exchange. and that the
/ same be duly renewed for period Of TWEEN
~ years, with the privilege Of further re-
| newal at the expiration Of that time.
WM. w. GORDON, JR.,
Attorney for Petitioner.
Petition for Amendment Of Charter, and
renewal thereof i'm amended form, filed In
/ office this 30th day OF April, 1895.
EMILE A. GRADOT,
Deputy Clerk S. G. G. c., Geo.