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LEGISLATIVE ACT TO INCORPORATE
BOARD OF TRADE, CHICAGO.
Be it enacted by the People of the State of Illinois, represented in the
General Assembly :
SECTION 1. That the persons now composing the Board of Trade Corporate of the City of Chicago, are hereby created a body politic and corporate, under the name and style of the “BOARD OF TRADE OF THE CITY OF CHICAGO," and by that name may sue and be sued, implead and be impleaded, receive and hold property and effects, real and personal, by gift, devise or purchase, and dispose of the same by sale, lease, or otherwise (said property so held not to exceed at any time Limit of
1 property. the sum of two hundred thousand dollars); may have a common seal, Seals and alter the same from time to time; and make such Rules, Regu- power to lations and By-Laws from time to time as they may think proper or adopt Rules,
Regulations, necessary for the government of the corporation hereby created, not and By-Laws. contrary to the laws of the land.
SEC. 2. That the Rules, Regulations and By-Laws of the said Present Rules, existing Board of Trade shall be the Rules and By-Laws of the cor- and By-Laws poration hereby created, until the same shall be regularly repealed unti dury
changed. or altered; and that the present officers of said Association, known as the “ Board of Trade of the City of Chicago," shall be the officers of the corporation hereby created, until their respective offices shall regularly expire or be vacated, or until the election of new officers according to the provisions hereof.
SEC. 3. The officers shall consist of a President, one or more officers. Vice-Presidents, and such other officers as may be determined upon by the Rules, Regulations, or By-Laws of said corporation. All of said officers shall respectively hold their offices for the length of time fixed upon by the Rules and Regulations of said corporation hereby created, and until their successors are elected and qualified.
SEC. 4. The said corporation is hereby authorized to establish Rules, such Rules, Regulations and By-Laws for the management of their and By-Laws. business, and the mode in which it shall be transacted, as they may think proper. SEC. 5. The time and manner of holding elections and making Manner of
holding appointments of such officers as are not elected, shall be established elections. by the Rules, Regulations and By-Laws of said corporation.
SEC. 6. Said corporation shall have the right to admit or expel admit and expel.
such persons as they may see fit, in manner to be prescribed by the
Rules, Regulations and By-Laws thereof. Committees of Sec. 7. Said corporation may constitute and appoint Committees Arbitration and Appeals. of Reference and Arbitration, and Committees of Appeals, who shall
be governed by such rules and regulations as may be prescribed in the Rules, Regulations, or By-Laws for the settlement of such matters of difference as may be voluntarily submitted for arbitration by members of the Association, or by other persons not members thereof; the acting chairman of either of said committees, when sitting as arbitrators, may administer oaths to the parties and witnesses, and issue subpænas and attachments, compelling the attend. ance of witnesses, the same as justices of the peace, and in like
manner directed to any constable to execute. Executions SEC. 8. When any submission shall have been made in writing,
and a final award shall have been rendered, and no appeal taken within the time fixed by the Rules or By-Laws, then, on filing such award and submission with the Clerk of the Circuit Court, an execution may issue upon such award as if it were a judgment rendered in the Circuit Court, and such award shall thenceforth have the force and effect of such a judgment, and shall be entered upon the judg.
ment docket of said court. Bonds,
SEC. 9. It shall be lawful for said corporation, when they shall think proper, to receive and require of and from their officers, whether
elected or appointed, good and sufficient bonds for the faithful disOaths of charge of their duties and trusts; and the President or Secretary office.
is hereby authorized to administer such oaths of office as may be prescribed in the By-Laws or Rules of said corporation. Said bonds
shall be made payable and conditioned as prescribed by the Rules or Suits upon
By-Laws of said corporation, and may be sued and the moneys col. lected and held for the use of the party injured, or such other use as
may be determined upon by said corporation. Inspectors.
SEC. 10. Said corporation shall have power to appoint one or gaugers and weighers.
more persons, as they may see fit, to examine, measure, weigh, gauge, or inspect flour, grain, provisions, liquor, lumber, or any other arti
cles of produce or traffic commonly dealt in by the members of said Certificates, corporation; and the certificate of such person or inspector as to the evidence of quantity,
quality or quantity of any such article, or their brand or mark upon grade or quality.
it, or upon any package containing such article, shall be evidence between buyer and seller of the quantity, grade or quality of the same, and shall be binding upon the members of said corporation, or
others interested, and requiring or assenting to the employment of Employment such weighers, measurers, gaugers, or inspectors; nothing herein of appointees not obligatory. contained, however, shall compel the employment, by any one, of any
such appointee. Fines.
SEC. 11. Said corporation may inflict fines upon any of its memShall not bers, and collect the same, for breach of its Rules, Regulations, or exceed five dollars. By-Laws ; but no fine shall exceed five dollars. Such fines may be
collected by action of debt, before a justice of the peace, in the name of the corporation.
Sec. 12. Said corporation shall have no power or authority to Limitation of
non powers. do or carry on any business excepting such as is usual in the man." agement of boards of trade or chambers of commerce, or as provided in the foregoing sections of this bill.
WM. R. MORRISON,
Speaker of the Senate. Approved February 18, 1859 :
WM. H. BISSELL.
· UNITED STATES OF AMERICA, lo
RICA, ss. STATE OF ILLINOIS. I, O. M. HATCH, Secretary of State of the State of Illinois, do Certincate. hereby certify that the foregoing is a true copy of an enrolled law now on file in my office.
In witness whereof I have hereunto set my band and (SEAL.] affixed the great Seal of State, at the city of Springfield, this seventh day of March, A. D. 1859.
O. M. HATCH,
Secretary of State.