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LEGISLATIVE ACT TO INCORPORATE
Board Of Trade, Chicago0
Be it enacted by the People of the State of Illinois, represented in the
Section 1. That the persons now composing the Board of Trade £j£Jx>rot<> 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 the sum of two hundred thousand dollars); may have a common seal, ^S?m' and alter the same from time to time; and make such Rules, Kegu- Power to lations and By-Laws from time to time as they may think proper or ^p'"!^' 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Trade shall be the Rules and By-Laws of the cor- and By-Laws poration hereby created, until the same shall be regularly repealed u°ntn dlTiy or altered; and that the present officers of said Association, known chan«e<1as 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 tte 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 appointments of such officers as are not elected, shall be established elections, by the Rules, Regulations and By-Laws of said corporation.
Power to admit ana
Committees of Arbitration and Appeals.
Executions upon awards.
Suits upon bonds.
Inspectors, gaugers and weighers.
Certificates, evidence of quantity, grade or quality.
Employment of appointees not obligatory.
Shall not exceed fire dollars.
Sec. 6. Said corporation shall have the right to admit or expel such persons as they may see fit, in manner to be prescribed by the Rules, Regulations and By-Laws thereof.
Sec. 7. Said corporation may constitute and appoint Committees 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 subpoenas and attachments, compelling the attendance of witnesses, the same as justices of the peace, and in like manner directed to any const able to execute.
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 judgment docket of said court.
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 discharge of their duties and trusts; and the President or Secretary 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 By-Laws of said corporation, and may be sued and the moneys collected and held for the use of the party injured, or such other use as may be determined upon by said corporation.
Sec. 10. Said corporation shall have power to appoint one or more persons, as they may see fit, to examine, measure, weigh, gauge, or inspect flour, grain, provisions, liquor, lumber, or any other articles of produce or traffic commonly dealt in by the members of said corporation; and the certificate of such person or inspector as to the quality or quantity of any such article, or their brand or mark upon 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 such weighers, measurers, gaugers, or inspectors; nothing herein contained, however, shall compel the employment, by any one, of any such appointee.
Sec. 11. Said corporation may inflict fines upon any of Its members, and collect the same, for breach of its Rules, Regulations, or By-Laws; but no line 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 do or carry on any business excepting sucli as is usual in the man-powenagement 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.
I, O. M. Hatch, Secretary of State of the State of Illinois, do certmcat*. 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 hand 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.
RULES AND BY-LAWS
Board of Trade of the City of Chicago.
IN FORCE MAY 1, 1903.
The objects of the Association are: To maintain a Commercial Preamble. Exchange; to promote uniformity in the customs and usages of merchants; to inculcate principles of justice and equity in trade; to facilitate the speedy adjustment of business disputes; to acquire and to disseminate valuable commercial and economic information; and, generally, to secure to its members the benefits of co-operation in the furtherance of their legitimate pursuits.
In accordance with the franchises conferred by its Charter, and to accomplish the objects sought by the Association in its organization,
The Board Of Trade Of The City Of Chicago has adopted, for its direction and government, the following Rules and By-Laws: