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Sec. 3. The President and Treasur be elected by the Exchange by ballot first Monday of June in each year.

There shall also be elected a Governin mittee in the manner following: On Monday of June, 1898, there shall be two (2) Members to take the place of t (8) Members whose terms expire at th Said two members to hold their office f years thereafter. On the first Monday 1899, there shall be elected eight (8) M two (2) of whom shall hold their office years, and six (6) of whom shall ho office for three years. On the first M

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