Discretionary powers of Board of Directors regarding withdrawals from membership. below the amount named in its original application, the Board of Directors may, in its discretion, upon the recommendation of the Clearing House Committee, suspend such corporation from the privileges of the Clearing House, until such impairment has been made good; provided such recommendation is approved by at least ten affirmative ballots of the Board of Directors. No firm shall have, at any time, the privileges of the Clearing House of the Board of Trade, unless every member of such firm is a member of this Association in good standing. SEC. 30. The Board of Directors shall have the power, in their discretion, to allow any member in good standing to withdraw from the Association and surrender his privilege of membership; and the Board of Directors may, in their discretion, pay such retiring member a sum of money not to exceed one thousand dollars, such sum to be taken from the general funds of the Association not already appropriated for other purposes. Any member desiring to withdraw from the Association shall file his application with the Secretary, and such application shall be posted upon the bulletin of the Exchange for at least ten days before such application is acted upon by the Board of Directors. No member shall be allowed to withdraw against whom any claim is filed. Records. Property Statistics RULE V. DUTIES OF THE SECRETARY AND ASSISTANT SECRETARY. SECTION 1. The Secretary, under the direction and control of the Board of Directors, shall keep a journal of the proceedings of the Association; take charge of the seal, books, papers and property belonging to the Association; keep an account of the imports and exports of the city; collect and record valuable statistical informa tion pertaining to the commercial, mercantile and manufacturing interests of the City of Chicago, and post the same on 'Change, daily; and, on or about the 1st of January in each year, he shall Annual report. make to the Association a full report of the business of the city for the preceding year, ending December 31, embracing such other information in his possession as may be of interest to the members. He shall furnish to the Chairman of every special committee a copy of the resolutions whereby such committee shall have been appointed, and, under the direction of the President, he shall give notice of any meetings of the Board of Directors or of the Association. He shall conduct the correspondence of the Association, and read such records Notice to Correspond ence. meetings of or papers as the presiding officer may direct; shall attend meetings Attend of the Committees of Arbitration or Appeals and of the Board of committees. Directors, and keep an official record of their proceedings, give notices when their services are required, issue the necessary notices and papers to parties, and deliver copies of all awards or findings. He shall credit all moneys due to the Association for assessments, Collections. fines, fees or otherwise, and pay the same to the Treasurer; shall keep his office open during usual business hours; shall see that the other duties. rooms and property of the Association are kept in good order, and shall perform such other duties as the Board of Directors may from time to time direct. appointment. SEC. 2. It shall be the duty of the Secretary to furnish to all Certificates of Inspectors, Gaugers, Weighers and Measurers, appointed by the Board of Directors, official certificates of their appointments, bearing the signatures of the President and Secretary and the seal of the Association. Such certificate shall specify their duty and the time for which they are appointed, and also that such appointments are Appointments revocable at the will and pleasure of said Board. revocable. the duties of SEC. 3. The Assistant Secretary shall perform such duties per- To assist in taining to the office of the Secretary as the Directors or the Secretary performing shall order, and in the temporary absence or disability of the Secre- Secretary. tary shall perform the duties of the Secretary. RULE VI. DUTIES OF THE TREASURER. funds of How disburse. SECTION 1. The Treasurer shall receive from the Secretary shall receive deposit of funds belonging to the Association, and shall disburse the same on the order of the Secretary, countersigned by the President. He shall make a full report to the Association at its annual meeting of all receipts and disbursements by him, of funds received and of the balances, if any, remaining in his hands. The accounts of the Treasurer shall be kept in books belonging to the Association, which Books books shall at all times be open for the examination of the Board of accessible to Directors or any committe of said Board. Directors. RULE VII. ANNUAL MEETING. SECTION 1. The Association shall hold its Annual Meeting on One week the second Monday after the second day of January. after annual election. Duties of Evidence. How to construe rules. Stenographic reports. Appeal to Committee of Appealsduties. RULE VIII. COMMITTEES OF ARBITRATION AND APPEALS. SECTION 1. It shall be the duty of the Committee of Arbitration to hear and determine all cases of disputed claims voluntarily submitted for their adjudication by members of the Association. All evidence in such cases shall be taken under oath or affirmation, except documentary evidence, which shall be sworn to, if demanded by either party and the committee decide it to be necessary, and shall be duly recorded. In all such adjudications the committee shall construe all Rules, Regulations and By-Laws of the Association as being designed to secure justice and equity in trade; and all awards or findings shall be made in conformity therewith. In case either party shall so demand, by previous notice given to the Secretary, the testimony and proceedings of the Committee of Arbitration shall be taken by a stenographer, the cost of which shall be assessed by the committee as in cases of other costs incurred. SEC. 2. Any award or finding of the Committee of Arbitration may be appealed from, and the case may be carried to the Committee of Appeals for revision; provided, notice of such appeal shall be given to the Secretary, in writing, within two business days after such award or finding shall have been delivered to the parties in controversy. SEC. 3. It shall be the duty of the Committee of Appeals to review such cases as may be appealed from the Committee of Arbitration and formally brought before it, and its awards or findings shall be final and binding, and shall not be subject to revision by any Its awards not other tribunal of the Association; provided, the Board of Directors subject to revision. Regularity. may determine, from the record and other evidence, as to the proper constitution of any committee and as to the regularity of its proNew evidence. ceedings. The said Committee of Appeals shall receive such new Remanding cases. Final awards. How governed. Quorum. Majority award binding. Awards, how rendered. When rendered. evidence as may be offered under oath or affirmation; and if, in its judgment, evidence is produced which will justify a rehearing of the case by the Committee of Arbitration, it shall remand the case to the said Committee of Arbitration for a new trial. Any final award or finding of the Committee of Appeals shall be based on the record of the Committee of Arbitration, and shall be made in like manner as prescribed by Section 1 of this Rule. SEC. 4. Five of either of these committees shall be a quorum for the transaction of business, and a majority decision of such quorum shall be binding. SEC. 5. The Committee of Arbitration and the Committee of Appeals shall each render their awards or findings in writing, through the Secretary of the Association, within two business days after their decisions shall have been made. Such awards or findings shall be signed by the Chairman of the Committee, and shall be certified by the Secretary under the seal of the Association. The official records Official and decisions of these committees, and all other records of the Asso- records open ciation, may be inspected by any member of the Association upon application to the Secretary. to members. how filled. Committees of SEC. 6. When, from absence or disqualification of regular mem- Vacancies, bers, either the Committee of Arbitration or Appeals cannot be formed, the parties in controversy shall be allowed to fill vacancies with any member or members of the Association willing to serve (not being of the other committee), on whom they may agree; or, if such parties are unwilling to submit their case to the Committee of Arbitration, they may choose three or more members (willing to serve and Special not being of the Committee of Appeals) whom they may agree upon; Arbitration, such agreement, in either case, to be communicated to the Secretary and governed. in writing, signed by all the parties in controversy. A majority award Awards. or finding of any such committee shall be binding, and any award or finding of committees thus formed shall be made under the same Rules, and shall have the same effect as if made by the regular committees, respectively. how formed members of SEC. 7. Before entering upon the duties of their office the members of any Committee of Arbitration or Committee of Appeals shall be required to take or subscribe to the following oath or affirmation, viz: "You do solemnly swear (or affirm) that you respectively will Oath of faithfully and fairly hear and examine all matters of controversy Committees. which may come before you during your tenure of office, and that you will in all cases make just and equitable awards or findings upon the same, in conformity with the Rules, Regulations and By-Laws of the Association, and according to the evidence, to the best of your understanding; so help your God." SEC. 8. The Chairman or Acting Chairman of any Committee of Administration Arbitration or Appeals shall have power to administer suitable oaths of oaths to the parties and witnesses, and to issue citations to witnesses. to witnesses. how made. to abide by SEC. 9. Parties desiring the services of either of the foregoing Submissions, committees shall notify the Secretary to that effect in writing, and, before the hearing of the case, shall file an agreement with him, signed Agreement by the parties to the controversy, binding themselves to abide, per- award. form and fulfill the final award or finding which shall be made touching the matter submitted, without recourse to any other court or tribunal. Neither party shall postpone the trial of a case longer than Postponement ten days after it has been submitted, unless good cause can be shown of trial. therefor, satisfactory to the committee. Trifling and unimportant matters shall not be entertained by the Committee of Arbitration. Any Trifling matmember of a firm may execute said agreement on behalf of such firm. entertained. ters not to be Fine of members of committees. Fees. Fees on appeals. Failure to appear. Costs for postpone ment. Fees on submissions by nonmembers. Costs to be assessed by committee. SEC. 10. Members of the Committees of Arbitration and Appeals failing to attend when their services are required may be fined, for the use of the Association, three dollars for each default, unless a satisfactory excuse shall be made to the committee. SEC. 11. The fees for arbitration, under the Rules, By-Laws and Regulations of the Association, shall be as follows: For each case where the amount in controversy shall be under $10.00 Where the amount in controversy shall be from $500 to $1,000. 15 00 The fees, as above, shall be paid in advance, to the Secretary, by the party bringing the case, and shall be equally divided between the members of the committee hearing the case. SEC. 12. The fees of the Committee of Appeals shall be the same as the fees in the same case before the Committee of Arbitration; and they shall be paid and disposed of in the same manner. SEC. 13. If parties to a controversy fail to appear at the time set for trial, or request a postponement, they may (if the case is postponed) be assessed with costs, by and for the use of the committee, in any sum in the committee's discretion, not exceeding five dollars. The committee, however, may insist that the trial shall take place without postponement. SEC. 14. When neither of the parties in the controversy is a member of the Association, the aforesaid fees may be doubled. Fees, and all additional costs that may be incurred in the investigation of suits, shall be finally paid by either of the parties in the case, as may be decided by the committee hearing the same, and shall be included in their award or finding. RULE IX. How appointed. SPECIAL COMMITTEES. SECTION 1. Special committees may be appointed by the Association, by the President, or by the Board of Directors, to such service and in such manner as they may see fit, and it shall be the duty of every committee appointed by the Association, the President, or the Board of Directors, to act when properly called upon. |