The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-27


10 abiie by. the same. and also by all the
rules and regulations Of the Exchange
now or hereafter 10 be established. and
by said signature bind himself aud the
firm Of which he Is a member or represen-
tauNe, TO agree 10 the arbitratiOns and
appeals. and 10 abide by and perform the
maj aWarus and decisions, and TO submit
70 Inc penalties when Incurred, provided
Tor and imposed In the second and fore
going article.
ARTICLE ".
Section l. The capital OF the said Asso-
ciaton shall be Fifty Thousand Dollars.
divided into two hundred and fifty shares
or Two Hundred Dollars each. which has
been paid In fun. All certificates of stock
shall be signed by the President or Acting
President, and cOuntersigned by the SUI
perlntendent, and shall be transfera-
pie on the books OF the
corporation, provided that the said Ex-
change shall hold a lien on the share or
shares OF any stakeholder. who may be
indebted 70 II. and Vch shares shall not
be assigned or transferred hv the holders
thereof until such Indebtedness shall be
discharged, and provided further. that the
board OF Directors shall have power 10
enforce said lien in the following manner.
TheY shall cause default 10 be entered
on the minutes Of the Exchange against
the delinquent member. and shall cause
said stock 70 be sold at public outcry on
the irst Tuesday Of the month, between
the legal hours Of sale before the Court
House door, notice thereof being advertis-
ca IN the official paper of the city Of Sa-
Nannah once week for four weeks prior
TO such sale, and shall apply the proceeds
arising from such sale, FIRST, to the costs
ana expenses of such sale; second, TO the
discharge Of the Indebtedness OF the de-
lnquent member; and third. paying the
surplus, II any, to the owner Of said stock.
And, provided further, that the Exchange
shan have the right to bid at such sale.
ana 10 buy In such stock.
Sec 2. la.) No application for member
snip shall be entertained until such APP
plicant shall have proven himself the
owner of one share OF the Capital Stock.
No initiation Zee shall be charged
tb( Every member of the Association
shall be required to be the holder OF al
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. q. The real and personal property
now owned by the Association. shall be
considered as permanent fund, and
no part of II shall he used to defray any
OF the current annual expenses of the
Exchange, and said permanent fund shall
be reinvested 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
mlttee 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 s. The interest or rent which NAV
from time to time be derived from such
investments, shall not be added to the
said permanent fund. but shall be paid
into the working fund of the Exchange
out of which its running expenses are de-
traycd, 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 /. al 1t shall be lawful for the
members at a meeting convened for that
purpose. after thirty t30l days pre-
yiops notice published in the. off
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.
(b) Any application for a change In this
Charter shall require an affirmative vote
of not less than two-thirds 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.
A. 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 period Of TWEEN
ty 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 In amended form, filed in
office this 30th day Of April 1895
EMILE A. GRADOT,
Deputy Clerk s. G. g. c., Geo.