Penalty for disorderly conduct. Power to fill vacancies and to appoint committees. First and Second Vice- Respective duties. Business and financial [RULES II.-III.-IV.] duct in or about the Exchange or other rooms of the Association, or in or about the corridors, hails, entrances or other parts of the building of the Association, he shall be for that offense suspended from admission to the Exchange rooms of the Association for such time as may be determined by the President, subject, however, to appeal to the Board of Directors; but pending such appeal the suspension shall not be enforced. SEC. 3. It shall be the duty of the President to temporarily fill any vacancy which may occur in any appointive office of the Association, and to appoint all committees whose appointment is not otherwise provided for. RULE III. VICE-PRESIDENTS – DUTIES. SECTION 1. The Vice-President serving upon the last year of his official term shall be the first Vice-President, and the VicePresident serving upon the first year of his official term shall be the second Vice-President. It shall be the duty of the Vice-Presidents, respectively, in this order, to perform the duties of President, in case of his absence or disability. RULE IV. POWERS AND DUTIES OF THE BOARD OF DIRECTORS. SECTION 1. All the business and financial concerns of the Association shall be managed and conducted (in accordance with the how managed. Charter, Rules, Regulations and By-Laws of the Association) by or under the direction of the Board of Directors. concerns, Appointment employes. SEC. 2. The Board of Directors shall, on the Tuesday succeedof officers and ing each annual election, or as soon thereafter as may be practicable. appoint a Secretary, an Assistant Secretary, a Treasurer and such Inspectors, Gaugers, Weighers, Measurers, and other officers, clerks, assistants and employes as they may consider necessary for the purposes of the Association, and they may establish such regulations for the direction and government of such appointees as they may think Compensation proper; and may fix their compensation, and determine by whom the same shall be paid. The term of office of all such appointees shall commence on the Tuesday succeeding their appointment, or at such other time as the Board of Directors may designate, and shall continue for one year, or until their successors are appointed and Appointments assume their duties; but all such appointments shall be revocable at the will and pleasure of said Board. of officers and appointees. Terms of appointed officers. revocable. SEC. 3. The Board of Directors shall require of all appointees an Oath of office. Oath to well and faithfully perform all and singular the duties of their offices, and may at its discretion require a good and sufficient bond to secure such performance. Stated meetings of Directors. Announce ment of appointments and revocations. Annual report of receipts and expenditures. Asses ments. SEC. 4. The Board of Directors shall hold stated meetings every Tuesday, except when Tuesday shall fall upon a legal holiday, in which case the meeting for that day may be omitted. SEC. 5. The Board of Directors shall cause to be announced on 'Change all appointments of public concern which they shall make, and all revocations of the same; and at every annual meeting they shall make a full report of receipts and expenditures, properly classified, and an exhibit of the financial affairs, property and general condition of the Association. They shall, previous to the annual meeting of the Association, assess on each of the members of the Association an amount which, in their judgment, will be sufficient, in the aggregate, to meet all estimated expenditures of the Associa tion for the ensuing fiscal year, and they shall, at the annual meeting, report to the Association the pro rata amount so assessed. [RULE [V.] SEC. 6. The Board of Directors shall provide suitable and con- Rooms. venient Exchange and other necessary rooms and offices for the purpose of the Association, and they shall cause the same to be kept in a comfortable, neat and orderly condition. They shall on all business days cause the Exchange Hall to be open, set apart and devoted to the purposes of a general exchange during the hours for regular trading, as provided by Section 1 of Rule XVI. They shall have power to make such Rules and Regulations as they may deem neces- Power to sary in regard to the use of the Exchange rooms, and the other regulate use rooms, offices, corridors, halls, entrances and other parts of the building of the Association, and to enforce the same by such penalties as they may prescribe. of rooms. SEC. 7. When any member of this Association has been duly Causes for convicted of failure to comply with the terms of any business obliga- suspension. tion, or with the award of any Committee of Arbitration or Committee of Appeals, made in conformity with the rules and regulations of this Association, he shall be suspended from all privileges of the Board of Trade of the City of Chicago until all his outstanding obligations to members of the said Board of Trade shall have been set- Reinstatetled, when he may, upon application to the Board of Directors, and upon stating under oath that he has settled all such outstanding Applications obligations, be reinstated. Notice of all applications for reinstate- for reinstatement shall be posted upon a properly designated bulletin in the Exchange Hall for at least fifteen (15) days prior to the hearing of such application by the Board of Directors. ment. ment. Such reinstatement shall be a bar to any further discipline by a bar to the Board of Directors of the said Board of Trade on account of further discipline. claims against such member maturing prior to his reinstatement. differences SEC. 8. Any member of the Association who shall be interested Dealing in or associated in business with, or who shall act as the representative of, or who shall knowingly execute any order or orders for the account of any organization, firm or individual engaged in the business of dealing in differences on the fluctuations in the market price of any commodity or corporate stock --without a bona fide purchase and sale of the article for an actual delivery; or who shall be a member of, or shall, in his own behalf, or as agent, directly or indirectly make, execute, or give any orders for a trade or transaction in or upon any bucketshop or any so-called exchange, wherein is conducted or permitted the business aforesaid, or who shall knowingly accept, either directly or indirectly, from any member of any so-called exchange, wherein is conducted or permitted the business aforesaid, any orders for trades or transactions to be executed in the Exchange Hall of this Association, shall be deemed guilty of unmercantile conduct, which renders him unworthy to be a member of the Association; and upon complaint to and conviction thereof by the Board of Directors, he shall be expelled from membership in the Association. Any member who shall, directly or indirectly, become or continue a member of, or in his own behalf or as agent make any trade upon, or otherwise contribute to the maintenance of, or accept any orders to be executed upon the exchange of this Association from any member of a market or exchange in the city of Chicago, permitting the distribution of its quotations covering the commodities dealt in upon the Exchange of this Association, without imposing and enforcing prohibitions upon the use of such quotations in bucketshops, such as are imposed by this Association upon its quotations, shall, upon complaint to, and conviction thereof by the Board of Directors, be expelled from membership in Penalty this Association. Orders must be executed in open market. Violation of contract. Various offenses, how punishable. Suspension absolute. Name of sus pended member not given. Vote necessary O suspend; also to expel. All orders received by any member of this Association, firm or corporation doing business upon the Board of Trade of the City of Chicago, to buy or sell for future delivery any of the articles or commodities dealt in upon the floor of the exchange (except when in exchange for cash property) must be executed in the open market in the Exchange Hall during the hours of regular trading, and under no circumstances shall any member, firin or corporation assume to have executed any of such orders or any portion thereof by taking the trades, or any portion of any of them, for their own account, either directly or indirectly, in their own name or that of an employe, broker or other member of the Association. Any member convicted of a violation of this rule by the Board of Directors shall be expelled. SEC. 9. When any member of the Association shall be guilty of a willful violation of any business contract or obligation and shall neglect or refuse to equitably and satisfactorily adjust and settle the same, or when any member shall willfully neglect or refuse to comply promptly with the award of any committee of arbitration or committee of appeals, rendered in conformity with the rules, regulations and by-laws of the Association, he shall be suspended from all the privileges of this Association until such contract or obligation is satisfactorily adjusted and settled, or such award is performed or complied with. When any member shall be guilty of improper conduct of a personal character in any of the rooms of the Association, or shali violate any of the rules, regulations or by-laws of the Association or shall be guilty of any dishonorable conduct, for which a specific penalty has not been provided, he shall be suspended by the Board of Directors from all the privileges of membership for such period as in their discretion the gravity of the offense committed may warrant. When any member shall be guilty of making or reporting any false or fictitious purchase or sale, or where any member shall be guilty of an act of bad faith, or any attempt at extortion or of any dishonest conduct, or when a member shall, either in the Exchange Building or elsewhere, contract to give to himself or another the option to sell or buy any of the articles dealt in on this Ex. change in violation of any criminal statute of this state, he shall be expelled by the Board of Directors. Any member suspended from the privileges of the Association shall not be allowed to trade or do any business upon the floor of the Exchange in his own name, either through a broker or employe. Any member of this Association trading or offering to trade, either as a broker or employe, giving the name of a suspended member, shall be considered as having violated a rule of the Association, and shall be suspended for not less than thirty days nor more than six months. A majority of a quorum sitting at a regular or adjourned meeting of the Board of Directors shall be necessary to suspend, and an affirmative vote of at least twelve members of the Board of Directors shall be necessary to expel. SEC. 10. No member of the Association nor the firm or corpora- Employes. tion with which he may be identified or associated shall in any case trade, accept or clear trades for or on behalf of any employe of another member, firm or corporation, where the name of the member, firm or corporation with whom said employe is employed appears in the transaction. SEC. 11. No member of this Association is allowed under any circumstances to be both principal and agent in any transaction in any of the commodities dealt in under the rules of this Board. Furthermore, no member of this Association in any transaction in any of the commodities dealt in under the rules of this Board shall allow himself directly or indirectly either by his own act or by the act of an employe or of a broker or other member of the Association to be placed in the position of agent for both seller and buyer. No member can be both principal and agent. This section shall not apply in case of exchange of cash property. SEC. 12. Upon the conviction by the Board of Directors of any Penalty. member of the Association, firm or corporation of the violation of Sections 10 and 11 of this rule, he or they shall be suspended from all the privileges of the Association for a period of not less than one year, and for a second offense shall be expelled. SEC. 13. In any investigation or trial before the Board of Directors, or before any other duly constituted committee or other tribunal of the Association, if any member who shall have been cited by the President, or the Chairman of any duly constituted committee or other tribunal of the Association to appear, testify and produce his books and papers, shall neglect or refuse to so appear and testify or to produce his books and papers, or, if testifying, shall refuse to answer any question which may by a majority vote of the said Board of Directors, committee or other tribunal, be declared proper and pertinent to the case in hearing, he shall be subject to suspension by the said Board of Directors from all privileges of the Association, for such period as said Board may determine; action under this section may be had on the report in writing of any such committee or other tribunal, in case the contempt shall occur before it. It is hereby provided that no witness shall be compelled to answer any question which shall criminate himself; nor shall any testimony be admitted which, in the opinion of the committee or other tribunal, is irrelevant to the case in hearing. Failure to tesbooks, etc. tify, produce SEC. 14. A suspended member may be reinstated by a major- Reinstatement. ity vote of a quorum of the Board of Directors. A suspended member shall not be reinstated during the time for which he was suspended, unless it shall subsequently be proven that he was suspended upon false testimony, or in case satisfactory evidence is presented of error in the decision of the Board of Directors as to his guilt of the charges upon which he was suspended, and notice of the application for re-hearing of all such cases must be posted upon the bulletin of the Exchange for one week prior to such rehearing. Expelled members, how readmitted. Vote necessary to readmit. SEC. 15. An expelled member shall not be readmitted to membership except upon payment of the regular initiation fee and annual assessment, and upon satisfactory evidence that he is a fit person for membership in the Association, and then only upon an affirmative vote of at least twelve members of the Board or Directors; provided, such vote shall be had at a regular meeting at least one week succeeding a motion to readmit; provided, that in case it shall subsein expulsion. quently be proven that the member was expelled on false testimony, or in case satisfactory evidence is presented of error in the decision of the Board of Directors as to his guilt of the charges upon which he was expelled, he may be restored to membership, as provided by this section, without the payment of the initiation fee. Provision to correct errors Charges to be in writing. How signed. Examination of charges. Copy of charges. Notice of the application for rehearing of all such cases must be posted upon the bulletin board of the Exchange for one week prior to such rehearing. SEC. 16. All charges made to the Board of Directors against any member of the Association for any default, misconduct, or offense, shall be in writing, and in duplicate, and shall state the default, misconduct or offense charged; and the same shall be signed by one or more members of the Association, by a business firm, one or more of whose members shall be a member of the Association, or by the Chairman of a committee of the Association. SEC. 17. No member shall be censured, suspended or expelled under this Rule, without an examination of the charges against him by the Board of Directors, nor without having an opportunity to be Notice of trial. heard in his own defense. No examination shall take place until notice has been served on the accused member, or his firm, if the charges apply to the firm, accompanied by a copy of the charges against him or them, in writing. Such notice may be served upon the accused personally, by the Secretary or any of his assistants, or it may be left at or mailed to the accused at his ordinary place of business or residence; in either of which cases the notice shall be considered sufficient, and the examination may proceed whether the accused is present or not. Sufficiency of notice. Investigation by Committee SEC. 18. It shall be the duty of the Board of Directors, in case any grave offense or act of dishonesty committed by any member involving the good name or dignity of the Association, or any act of dishonesty on the part of a member, shall come to their knowledge, either by complaint or public report, to cause a preliminary or informal investigation to be made by a committee of their number into the truth or falsity of such complaint or report; and if the said committee, after investigation, shall deem any member guilty of such offense, they shall so report to the Board of Directors, with specific charges, whereupon the member thus implicated shall be notified to appear before the Board of Directors in manner as provided by SecPunishment if tion 16 of this Rule, and if found guilty, the said member shall be suspended or expelled, as hereinbefore provided. sustained. To facilitate the investigation of all cases under this rule, the Board of Directors, or any committee appointed to make the pre |