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Show securities may be delivered through Hie cleaving house, both parties agreeing. Section 5 of this articlo provides for delivery by power of attorney where transactions exceed 100 shams. Reclamations Recla-mations iu certain cases will not bo considered unless made within ten days after date of delivery. No contracts for purchase or sale shall bo made for more tliau sixty days, and all contracts maturing on .Sunday or a legal holiday shall nc settled on the day ireecding, except when the J holiday occurs on Saturday or Monday, when settlement shall be made on the following business day. Contracts maturing ma-turing regular closing of the transfer books of any company shall bo settled by delivery 'of a 'certificate and power, of attorney; and option contracts may be notified as if the books were open. Section l of this article provides for delivery of stock in satisfaction of contract con-tract by certificate and power of attorney, at-torney, "when the transfer books of any company are closed by any legal im pediment so as to render their being opened again doubtful or uncertain. . Articlo XIII relates to margins. Either party to a transaction may call for a deposit of ten per cent during the continuance con-tinuance of the transaction, which margin mar-gin must be kept good throughout fluctuations fluc-tuations at the call of cither party. Margins must bo called before 11:80 a. m. and deposited before 1:80 p. m. failure fail-ure to comply with the deniaud for margin shall be reported to the presiding presid-ing ollicer of tho exchaugc, who shall purchase. or re-sell the stock ou the board forthwith, profits therefrom, if any, to bo paid to the party entitled thereto. Articlo XIV provides for defaults. . Article XV provides for dividends and" assessments. Article XVI is devoted to miscellaneous miscella-neous rules. A member of the Salt Lake exchange cannot be a member of any - other fitock echange in JJtah. Indecorous language between members is prohibited ou penalty pen-alty of suspension, to be followed by expulsion ii repeated. Interrupting tho caller involves a line of Si for each' offense of-fense at the discretion of the caller, from which thcro shall bo no appeal. Betting during the sessions is prohibited prohibit-ed under penalty the same as for interruptions. inter-ruptions. Injury and destruction of the property of the exchango will bo repaired or replaced at the cost of the member committing tho offense. Employs Em-ploys guilty of tiiis offense shall bo dismissed; mid visitors committing such offenses shall ho, excluded.i'rom tiie.ex-cliange. tiie.ex-cliange. Suspension from membership follows neglect to pay fine or dues for five days alter notice; and any member who is delinquent for three months loses his membership. Tho consent of tho president is required before com-' muuicatious calculated to influence the market can ' bo read on tho exchange. Members may introduce strangers to tho rooms of the exchange, but such -strangers- canuot participate in tho transactions. Discussion followed, after which tho committee's report was adopted. Messrs. Judge Bennett, V, E. Van Home, and 1. M. Kaighn wero appointed ap-pointed a committee to which the report was recommitted, with instructions to prepare the matter for legal incorporation, incorpora-tion, and today the articles of incor-atiou incor-atiou wero left in Colonel Murray's office for signatures. Another meeting will be held this evening at 7:30 o'clock, and the organization will be completed. TI STOMIANGE. Main Features of the Constitution Adopted Adop-ted . at Labt Night's Meeting. SALT LAKE'S FINANCIAL REP0ET. Trading on the Exchange to be Based on Strict Business Principles. Prin-ciples. Salt Lake will have a stock exchange. The committee appointed a week ago by the mining exchange to prepare a constitution and by-laws met last evening even-ing at tho office of Colonel Murray and submitted a lengthy report. There were nearly 100 of Salt Lake's most prominent prom-inent business men present, and Judge Bennett occupied tho chair. The constitution con-stitution proposed by the. committee contains sixteen articles, divided into sections ranging from one to nine. Article I provides for a title and limits lim-its the membership to 100. The corporation corpora-tion will bo known as the Salt Lake stock exchange. Article II invests tho board of directors direct-ors with all powers necessary for the government and management of the exchange. It gives the' directors power to try all offenses against the laws of the exchaugc, and all charges against members, on due representation; and the decision of tho board shall in all cases be final. They will also fix the amount of salary to be paid to any officer or employee of the exchange, and can terminate the contract con-tract with such salaried ollicer or employee em-ployee at any time. ' Section 3 provides for the meeting of the board of directors regularly the last Saturday in each month at noon, and at such other times as they may be called together by the president on his owu motion, or when requested to do so by three members of tho board of directors. In the absence of tho president presi-dent three members of the board of directors may call special .meetings on one day's notice given from the rostrum. ros-trum. Section 3 designates the manner in which the directors shall provide for their successors in office. At a regular meeting of the board on the last Sat urday ur-day in April of each year a nominating committee of seven shall bo appointed by tho president from the body of the exchange, who will nominate and re-, port within ten clays the names of stockholding members of the exchange as candidates for directors, to be elected elec-ted at the annual meeting on the second Monday iu June. A copy of these nominations shall bo bulletined for at least ten days prior to the annual meeting. meet-ing. Articlo III provides for special meetings meet-ings of tho stockholders. Tho president will call such meetings at the request of a majority of tho board of directors, and the notices of such meetings, stating the object, shall bo bulletined at least ten days prior to the date fixed upon. Standing committees shall bo appointed by the president as follows: Finance, three members, with the president and treasurer treas-urer added cx-ollioio; membership, three members; stock listing, five members, mem-bers, and arbitration, three members. Article IV relates to the duties of officers. Articlo V details the duties of committees. com-mittees. Articlo VI is with reference to eligibility eligi-bility for membership. Applicants must bo at least tweutv-one years old, solvent and of good business repute. Application must bo made in writing anil signed by the applicant, and accompanied ac-companied by the recommendation of at least one member of the exchange, and this application shall be referred to tho membership committee, which body shall bulletin the name of tho applicant with a proper notice, and ii at the end of one week thereafter a majority of the committee shall report favorably on the application, which a majority of the board of directors must approve, the upplicanlshall be declared duly elected, upon payment of the fee auif siguiug tho by-laws. Membership fees confer no rights of property iu tho exchange, except to members at a dissolution. dis-solution. Property of tho exchange shall bo held by the president iu trust for the exchange. Every member has the right to withdraw from the exchange ex-change and to sell and transfer his membership.' Tho board of directors can dispose of a membership, the holder of which has been deprived of his privilege, for offense against the bylaws; by-laws; and the revenue thus derived shall be for t he benefit of tho exchange. Fraud by a member shall bo sufficient cause for expulsion. Articlo VII declares that any member mem-ber who falls to keep his cou'tract or becomes insolvent shall bo suspended until settlement is made with his creditors. cred-itors. A suspended member can be readmitted, re-admitted, on showing proof of .such settlement, set-tlement, by vote of the board of directors, direct-ors, und if he fails of re-election on the first ballot he shall bo entitled to be balfoted for at three cousecutivo regular regu-lar meetings of the board, and final rejection re-jection deprives him of membership. Article VIII provides for members forming and dissolving partnerships; notice of which must lie given to the secretary. Articlo IX relates to fees and dues. Membership fee, $100; transfer fee of members admitted as successors to other members, $20; fee for placing slocks und other securities ou the call list of the exchange, not less than $100 for tho lirst year, and for each subsequent sub-sequent year the amount shall -bo fixed by the board of directors, which amount tho direct ms may increase at any time; calling unlisted' slocks, $100 a year, unless otherwise ordered by the board of directors; annual dues, $25, payable quarterly. Article X fixes the hours of business. The exchange shall bo opcu daily, Suu-flays Suu-flays and legal holidays excepted, from 11 a.m. to 12 noon," and from 1 to 2 o'clock p.m. At the opening of each session there shall be a call of all stocks dealt in. and tho right is reserved to suspend tho calling ot any stock at any time by a majority vote of the board of directors. Article XI provides for bids and offers, and the same shall be construed to bo for 100 shares, where no specific number is mentioned. Bids ami offers for stock of a less market value than 15 cents to $1 per share shall havo a All purchases and sales of stock shall be settled for on delivery, and all deliveries, deliv-eries, unless otherwise" provided for, shall be mado before 12 o'clock noon ou tho first business day followiug the transaction, failing iu which contracts may be closed under the rules for defaults de-faults after duo notice to the defaulting party. Iu the absence of notice contracts con-tracts shall continue without interest until tho followiug clay. Any stock or |