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Sciences
Corporation

23 WEf T »4AIN STREET

W;:<i: !ER,N.Y. 14580

(716) 873-4503

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Victoria

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Victoria

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THE WINNIPEG-

^m \ pifoduce Exchange. |

-•— • — •-

ADOPTED AT A QENEEAL MEETING, HELD 26th DOT., 1838,

{Amended 16lh Dec, 1891, and Lith Jan,, ISjU.)

RULES AND REGULATIONS ^

FOR THK

GOVERNMENT OF THE CALL BOARD.

KELATINO TO

SALES FOR li-UTURE DELIVERY.

TERMS OF TRADE.

-•— •— ^-

WINNIPEG :

THE OOMMEBCUL PRINT.
1892.

-ZZ^^XZZZZXlSEZZ^CZ£33Si^

fvZ

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^^^^^T^n^^^^^^^^^'^^^'1

KiliCHCR

change.

I-

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AMENDMENT.

Add to Article 7 nf P,r i«
1891. th.followLl words :~"' ^' ^^"'°^^^^ ^^^'^ December

" Anfl provided that when from Inc.. i ^
cause (satisfactory to the ct cih a.^' ff?' "' ""^^ «^^^^
declaration to that effect h.« l ^ /, , "^^^''^ '^ statutory

a duplicate certificate it' Vt it'^^^^^^^^^^^^

duplicate, so issued, .hall in pvIm? . "" "leinber. the said

the original." " ^""""'y ^^'-^P^ct cancel and replace

\MNNIl'K(; :

TIIK. (■ 'MMKRCIAI, I'KINT,

l.SO'2.

VICTORIA. B. a

,*«■■•

fvir

'^t/^f-

[

change.

;h OCT., 1888.

• D?.)

"IONS

Fl)H the
GOVERNMENT OF THE CALL BOARD.

RELATINfJ TO

SALES KOR FUTURE DELIVERY.

TERMS OF TRADE.

VMNNIl'KG:

THK (' 'MMKRCIAL I'RINT.

1 H92.

VICTORIA, B, a

fc:

H^.»»Jk.

..♦".

'■r-

u —

THE WINNIPEG

^m \ pi'oduce E^^chancie.

ADOPTED AT A BENERAL HEETINQ, HELD 26tll OCT,, 1888.

{Amriiikd ir.lh D>i\, ISDI, nnd Lith Jan., 18DS.)

RUhKS AND RE(;ULATIONS

Vow. TllK

GOVERN MENT OF THE CALL BOARD.

RKLATIXO TO

SAT.ES KOR KUTURE DELIVERY.

TERMS OF TRADE.

VMNNIl'F.O :

TUK (■ •MMKRCIAI, PRINT.

VICTORIA, B, a

V^M

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ACT OP INCORPORATION

•JK TMK—

11,

Winqipeg (qfaii) and produce Ej^change.

^^\ Vic, CltajK :'.l. Atixeyited to !>s//- J/^/vV. 1891.

WHEREAS, Frederick Williain 'rii(.iiii)s<in, Jjium's A. Mit-
clu'U, Chivrlt's NajniT Bell, Samuel Spiiik, Saiiiuc! Alcxamlci
McGaw, Arthur Atkinson, Nicholas IJawH', Stephen Naii'
William W. McMillan, Sanniel V. Clark, William Martin, K
war<l L. IJrewry, Rodman P. Rohlin, Merhert ('i'o'ac, Roderick
Stewart, Samuel W. tarrell, and Duncan (!. M(d5ean and
others hereinafter referred to, resident and earryin^' on trade
in the City of WinnipcLj, in the Province of Manitoha hasc,
hy their petition to the LcL^isIature, rt-pi-esented that they
have associated themselves touether for some time |)ast for
the purpose of promotino- measures for the advancement of
triKle and commerce in tlie sai<l Province, under an Associa-
tion known as 'The WinJiipeg Grain and Produce Exchnn^e,"
and have further represented that the advantaec-s ari-^in^'
from the said Association wouM he increased if they and
their associates were incorporated, atid ceitain powei-s confer-
red upon them.

And whereas, it is expedient to li-rant the prayer of the
said petition :

TiiEiiEFOUK, Her Majesty hy and with the advice and con-
sent of the Lej^islativeAssemhly of the rro\ince of Ma-iitoha
enacts as follows :

1. Frederick William Thompson, James A. Mitchell, Charles
Napier Bell, Sanniel Spink, Samuid Alexander Me(iaw, Arthur
Atkinson, Nicholas Bawlf. Stephen Nairn, William W. Mc-
Millan, Sanmel P. Clark, William .Martin, Edward L. Drewry,
Hndman P. Rohlin, Herbert Crowe, Roderick Stewart, Samuel
W. Farrell and Duncan G. McBean, and other present mem-
bers associated with them under the said Association of "The

iJ'.^o 4

Winnipeg Grain and Produce Excliani^c" in fjood standing
acf )rding to the rules and regulations thereof, and all other
persons who may liereafter becouu> members of the Corpora-
tion hereby created shall be and they are iiercby const tuted
a body corporate under the name of " The Winnipeg Grain
and Produce Exchange," hereinafter called the said Corpora-
tion, and may by that name sue and he sued, implead and
be impleaded, answer and he answered, defend and be defend-
ed in all courts of law and equity; and by that name they
and their successors shall have perpetual succession ; may
have a conunon seal and may change and alter the same at
pleasure ; may accjuire by purchase or otherwise for them-
selves and their successors under any title whatsoever, pro-
perty real and personal; may alienate, sell, mortgage, convey,
lease or otherwise dispose of the same or any part thereof
from time to time 8s occasion may require, for such price or
prices as they shall see tit, ac(|uire other real and personal
property for the purpose of this Act; may borrow money on
the hypothecation or mortgage, or security' of the immoveable
])roperty of the said Corporation, or by the issue of deben-
tures or debenture stock, bonds or fully paid up preference
shares, upon such terms and at such rates of interest as the}'^
shall see tit, with power to execute all necessary bonds or
mortgages to tiustees to secure the repayment of any moneys
borrowed ; provided that the nggregate amount borrowed
shall not exceed in the whole the sum of Two Hundred and
Fifty Thousand Dollars (S2o0,000); provided always the clear
value of the real and personal estate together held by the said
Corporation at any one time shall not exceed Five Hundred
Thousantl Dollars ($500,000); and provided also that tlu' said
Corporation shall not have nor exercise any corporate powci's
whatsoever, except as are expressly conferred by this Act, or
as are necessary for carrying the same into etlect.

2. The objects of the said Corporation are hereby declared
to be

(a.) To compile, record, and publish statistics, and acquire
and distribute information respecting tlie produce and pro-
vision trades, and promote the establishment and maintenance
of uniformity in the business, customs and legulations among
the persons engaged in the said trades throughout the Pro-
vince.

(b.) To provide and regulate a suitable building or room for

•*

a Grain aiul Produce Exchange and offices iji the City of
Winnipeg, and encourage tlie centralizati jn of tlie pro(hice
and the provision tradt'S of the said City thereat ; to promote
the fstahHshiiient and maintenance of uiiifonnity in tiie
husiness of its nieud:ers and tl-.ose (h'aling with tliein ; to
compih^ record and pnhlish statistics i-especting the same;
to promote the observance of sucli regulations and re(|uire-
ments as may be bj' by-law established, n(^t being contrary to
law and to adjust, settle and determine controversies and mis-
uiidi.'rstandings between persons engaged in the said trades, or
which may be submitted to arbitration as hereinafter pnnid-
ed ; to which ends the said Coi'poration is hereb}' empinvered
by vote of the majority at any animal, quarterly or special
meeting of the Association, to make all proper needful by-
laws f()r its government ; for the maintenance and due regu-
lation of the Grain and Produce Exchange offices and property
thereof; for the raising of capital, iK.tt exceeding in amount
the aforesaid sum of Two Hundred and Fifty Thousand Dol-
lars (S250,000), by the issue of transfera1)le or fully paid up
preference shares, debentures oi- debenture stock or otherwise,
and for tlie appointing of the terms, rights and privileges (in-
cludino- the riuht of voting but such right of voting to be in-
dependent of th'' right of voting incident to right of member-
ship of the said Corporation) and rate of interest under
wliich saiil shares or debentures or bonds may be held, trans-
ferred or be forfeited ; Provided that any by-laws or resolu-
tions regulating the said terms, rights and privileges shall re-
main in force and be binding on the said Corporntioii, and
shall not be altered or amended so Jong as any of such <leben-
ture stock or shares shall remain unredeemeil unless with the
consent in writing of the liolders thereof: for the employment
of a secretary and such clerks and other officers and servants
as ma}' be necessary ; for regulating the mode (jf xoting at
any ordinary or general meeting ; and to determine wliether
the presiding officer shall or shall not vote or shall or shall
not have a double or casting vote in case of a tie ; to invest
the funds of the said Corporation in the bonds and debentures
of the Dominion of Cutiada or any of the Provinces thereof or
on first mortgages on real estate or of (k'!"entnres of any Loan
Company, or to deposit the same with any (corporate IJank or
Loan Company with or without interest : and for all and any
other purposes within the powers conferred by this Act, and
for the administration oY their affairs generally ; pro\ided al-
ways such by-laws are not contrary to law, and further, to

amend .in<l repeal such l»y-laws; an«l goncrally shall have all
needful corporate powers for tlie purposes of this Act.

3. The affairs, business and concerns of the said Corpora-
tion shal Hie nianao-cd by a President, Vice-Pr sident, Secre-
tar3^ Treasurer and such otlier nunilter of members as may be
provided by the by-laws: all of whom shall be members of the
said Corporation, and shall t(\i:;ether constitute and be called
the Council of Management, and be elected annually at such
time and place as ma}^ be provided by tiio by-laws. xVU vac-
ancies which may occur in the said Council by death or other-
wise shall be filled by the said Council : and a majority of the
number of the said Council shall coiistitute a (juorum for the
transaction of business. Provided that the otHcers of the said
Association shall remain in ollice, and b.' the officers of the
said Corporation until others shall be ajjpoinS'd in accordance
with the provisions of this Act, and all tlie existing- rules, by-
laws and reu'ulations of the said Assuiiutiun shall continue in
force and effect and be binding on the said Corporation and
its members until repealed or changed under tlu^ [irovisions of
this Act.

4. No member, office-holder or shareholder shall in an}'
manner be liable or charged with the payment of an}' dt-bt or
demand due by the said Corporation, beyond the amount of
his unpaid subscribed share or shares in the Capital Stock of
tlie said Corporation, annual dues and subscriptions. Provid-
ed that any member may withdraw from the said Corpora-
tion at any time on payment of all moneys due by him to the
said Corporation, inclusive of his subscription for the year
then current, after which he shall have no claim or demand
of any kind against or any rights or privileges (except as a
creditor) in the said Corporation.

'). An anrmal meeting shall be held for the election of the
Council of ^Management (and for > uch other purposes as may
l>e brought before such meeting), at such time and place,
and under such regulations and notices as the by-laws of the
said Corporation shall determine, and may be adjourned as
decided at such meeting; l)ut in case of any accident, failure
or neglect to hold such genei'al election the said Corpoi'ation
shall not thereby lapseor terminate, I tut shall continue and ex-
ist, and the old officers shall hold office until the next general
election, or until such other period as may be provided for in
the by-laws.

■I

(1. Tli(i saul Oorf)or;ition may admit as mcml)crs such per-
sons rusidmts of Canada, as they see iit, and may expel any
mend>er for such reasons and in such maimer as may he hy
hy-laws ai)])()inted.

7. Tlic said Corporation sliall iiave [lower to pro\ide by l)y-
law foi' tlic election or appointment hy nomination of Arbitra-
tors nu.Muhers of the said Corporation, to hear and^ to decide
controversies, disputes, or misunderstandings relatinn- to any
conunercial matter which may arise hctween mendiers of the
said Corporation or any person whatsoever claiming l)y,
through or under them, which may Ix' voluntarily sul)mitted
i'or arT.itration hy the parties in dispute : hut nothing shall
prevent tht; parties in any case from naming memhers of the
said Covj)oration, or other than memhers of the Council of
Manao'cment, as the Arbitrators to whom the matter will be
submitted

8. M-mdu-is and persons assenting to an arbitration by an
nistrum.ut in writing, signed by them according to the form
in the Schedule'A" to this Act, shall hv understood to have suh-
iin"tted to tlu! decision of the majority of the Arbitrators, \vho,
under any by-law or by nomination by the parties, or by the
submission, may l)e appointe'd to hear the case, and to decide
upon the same.

0. The elected Arbitrators shall, after their election and be-
fore they act as Arbitrators, take and subscribe an ^oath or
athrmation before any Justice of the Peace, or any Commis-
sioner appointed to receive affidavits, in the Superior Courts
(who are hereby empowered to administer such oaths), that
they will faithfully, diligently, and impartially perform their
duties as Arbitrators, and will in all cases to be submitted,
give a tru(^ and just award according to the l)est of their
fudgment and ability, without fear, favor or afiection, of or
for any party or person whomsoever; and Arbitrators nom-
inated bv the parties shall, in each case before they act, take
and subscribe a similar oath or afHrmation in manner afore-
said ; and such oath or affirmation may be according to th(^
i\)rm in Schedule 'B " of this Act.

10. The members appointed to hear any case submitted for
arbitration, as aforesaid, or any two of them, shall have full
power to examine upon oath or affirmation (which oath, or
affirmation any of such three members is hereby empowered
to administer "and which may b,> according to the form in

SeUedule "C" of tliis Act) any party or witness who, appearing
voluntarily before them, shall ho williii'^ to be so examined,
anfl shall give their award thereupon in writing ; and their
decision, or tliat of any two of them, given in such award,
shall bind the parties aceor<ling to the terms of the submis-
sion and the previsions of this Act.

11. Tile said Corporation shall at all times, when thereunto
re(|uired under the provisions of an}' Statute to that effect,
make a full return of its property, real and per.sonal, and of
its <lebts, receipts and expenditure for such periods, and with
such details and other information as may be required under
the provisions of the said Statute.

12. Wlienever the merchants engaged in the Produce or
Provision trades in anv eitv, town or village in the said Pro-
vinee, desire to form a liranch Association in their respective
cities, towns or villages, in connection with the said Corpora-
tion, they may notify the Secretary of the sai<i Corporation,
of the names of tlieir mendiers and proposed officers ; and so
soon as they shall have obtained a certificate as liereinafter
inentioned, they shall become entitled to the powers and privi-
leges, and subject to the regulations hereinafter contained in
respect of Branch Associations.

1 3. The certificate of the Seci'etary of the said Corporation
tliat a branch has become affiliated therewith may be in form
of Schedule "D" to this Act, and may only be issued l)y order
of tlie Council of Management; provided always that no cer-
tificate shall be issued to any Branch Association unless and
until the terms of payment for mutually furnishing trade
statistics an<l information between the said Corporation and
sucli Branch Association shall be agreed upon, for at least one
year ensuing affiliation, and untd the mode of settling and
fixing the said terms of payment for the future shall be also
agreed upon ; and such terms of payment for the future shall
be settled with reference in all cases to the actual cost of col-
lecting and transmitting such information, and not with a
view to such payments being a source of profit to the Associa-
tion receiving them.

14. Any certificate or affiliation may be at any time revok-
ed and cancelled by the said Corporation by resolution passed
at a General Annual Meeting, and thereupon the Branch As-
sociation whose certificate is so cancelled, shall cease to have

10, appearing

so examined,

f ; and their

such award,

the suhmi.s-

en thereunto
► that effect,
^onal, and of
lis, and with
mired under

Produce or
he said Pro-
ir respective
aid Corpora-
Corporation,
3ers ; and so

hereinafter
rs and privi-
3ontained in

Corporation
/ be in form
led hy order
tliat no cer-
n unless and
shing trade
Deration and
at least one
settling and
shall be also
future shall
cost of col-
not with a
the Associa-

time revok-

ition passed

Branch As-

'ase to have

■J

any of the privileijfes l)y this Art conferred upon Branch As-
sociations; provided nlways, that, the Coinicil of Manaueiiient
shall have given notice in wi'itiiig of the intention to bring
forward suuh resolution to the Secretary of the Branch As-
sociation at lea«t tliree iiiontli-s before such Annual Meeting.

1'). Kach Branch Association shall el(>ct unnually from
among those of lis members, who Jire oidinary nit-inbers in
good standin^r, a Presidnt; and each perscm so holding the
office of Pn-Niden*'. of a Branch Association shall be ex-ofjicio
an Honorary Vice-Pnsident of the said Corf)oration. The
other officei-s and members of Branch Associations shall be
elected and admitted as may be provided by their by-laws.

If). Kvery Branch Association shall have the right to col-
lect the subscriptions of members thereof, and to apply the
same to the renting of necessary rooms fer meeting, to the
payment of a Secretary to the collection and distribution of
trade statistics and information, and to any other h gal pur-
pose for the promotion of the interests of tbe produce and
provision trades in the places where such Branch Associations
maj' be established.

17. All disputes or misunderstandings relating to any com-
mercial matters which may arise between members of any
of the Branch Association or betwt'en members of any
Branch Association and members of the said Corporation, may
be referred for settlement by a voluntary submission to Ar-
bitrators appointed under this Act; and the provisions of this
Act shall be binding upon the parties to such submission.

18. It shall be the duty of the said Corporation to furnish
to each of the Branch Associations, and it .shall be the duty of
each Branch Association to furnish to the said Corporation,
respectively, regular market reports and other information re-
i.*ting to the produce and provision trades, upon terms of pay
nient to be settled as hereinbefore provided.

11). The Secretary of each Branch Association, shall tran-
smit annually, immediately after the Annual Meeting of .such
Branch Association, to the Secretary of the said Corporation,
a statement over his signature showing the office-holdei's and
the members for the current year.

20. In all respects not provided for by this Act. the said
Branch Associations shall have full power to make all proper

VICTORIA. P. ^..

and noedful by-laws, Jiot contrary to law, for the appointment
of officers, their own <fovenunent, and the regulatitm of their
affidrs, and sliali havf power to anu-nd and repeal all such by-
laws from time to time.

21. In all cities, towns and villages in the said Province
where there are no l^rjinch Associations under this Act, and
where Hoards of Trade exist, it shall be lawful for any such
Board of Trade to pa^s a i-esoUition, at a Special General
Meetintr called for th^ purpose, declaring the desire of such
Board t(> Iteeonie affiliated with the said Corporation; and
after such rcsolntion shall have been connnunicated to the
Secretary of and ace(q')ted by tlie said Corporation, then such
Board of Trade shall become entitled to the powers and privi-
leges, an<l subject to the regulations hereinbefore contained in
respect of Branch Associations.

22 All property owned by the said Association shall be the
;prn])erty of the said Corporation, and tlie said Corporation
shall be chargeable and liable for all the debts, liabilities and
obligations of the said Association.

2*3. All subscriptions, penalties and other sums of money
due and payable to the said Corporation under any by-law
shall be paid to the Secretary or Treasurer of the said Cor-
poration, and in default of payment may be recovered by
action or sued in the name of the said Corporation in any
court of competent jurisdiction.

24. The fun<ls and property of the said Corpoiation shall be
used and arplied to and for such purposes oidy as may be
calculated to promote the lawful trade, commerce and manu-
factures of the said Province and of the said City of Winni-
peg more especially, or as nmy be necessary for obtaining the
objects contemplated by this Act.

25. This Act shall come into force on the day upon which
it shall be assented to.

ppointincnt
it 111 of their
all such by-

d Province
is Act, and
jr any such
ial General
lire of such
ration; and
Bited to the
[, then such
s and privi-
ontained in

shall be the
Corporation
bilities and

of money
my by-law
; said Cor-
covered by
ion in any

ion shall be
as n-ay be
and manu-
/ of Winni-
taining the

ipon which

SCHEDUVE "A."

TKKMS OK SUBMISSION.

Know all men that we. . . .and. . . of having a difference as to our rights

in a cat>e touching

, have

!igree<l and hound duraelvea to abide \>y and jjer-
forni the award to be made under the A>t incorporating *' The Winnipeg
firain and I'roduce Kxehange," and we hereby agree to submit onr sanl diHer-

encea and idl matter.^ conneoied thece-vith to the Arbitrators appointed

under the authority ('f the said A<t, or to . ... named by the said with

power to the said Atbitrators to name a third.

And we agree that the said award of the said Arbitrators or of a majority
uf thtMn, hh 111 he final and conclusive to all intents and purposes l)eiween us ;
and we agree to pay such costs, fees and expenses as may be directed by
such award.

In witness whereof we have hereto set our hancla and seals, at Winnipeg,
this day of .... 18

8igned, sealed and delivered in presence of

.SCHEDULE "U."

FOKM OF OATH — AKIUTKATORS.

I, do solemnly swear that I will faithfully, diligently and im-
partially perform my duty a'* A hi train r, and I will (in all cases i or (in the

case between and now submitted to me) give a true and justawaid

according to the best of my judgment and ability, without fear, favor oi*
affection, of or for any party or person whomsoever.

So help me God.

SCHEDULE "C."

FORM OF OATH — WIT.NESSFS.

I, solemnly swear that I will true answer make to al' such ques-
tions as shall be a«iked of me as a witness under examination in this case,
between and .. .and therein I will to the best of tny knowledge, in-
formation and belief, speak the truth, the whole truth and nothing but tne
truth.

So help me God,

SCHEDULI "D."

FORM OF CERTIFICATE OF AFFILIAKON FOR BRANCH ASSOCIATION.

This is to certify that the Biarch Grain and Produc Exchange, of
che . . of in the Province of Manitoba has complied with the require-
ments *or affiliiition with "The Winnipeg Grain and Produce Exchange,"
and is now entitled to all the privileges and subject to all the conditions of a
Brntich Exchange, uuder the Act of the said " The Wiunipeg Grain and Pro-
duce E.^cchange.

In witness whereof the said "The Winnipeg Grain and Produce Ex*
change " have hereunto caused to be affixed their Corporate rfeal at Winni-

peg, this day of.

,A.D. 18

(Signed) A B.

President.

(Signed) CD.

Secretary.

(L.S.)

BY-IrAWS

-OF TUE —

Winqipeg (Jfaii] and produce Exchange,

ADOPTED AT A GENERAL MEETIHD, HELD 2Bth OCT., 1888.

( Ifepluctmj thone cvloptM, pro tern. , G/h Dec. , 1887. )
{AmenUtd 16th Dec, 1891, ami ISth Jan., 1802.)

IXTEHPRE'lATION CLACSES.

1. Whenever the words "the Exchange " occur in the fol-
lowinjr By-Laws, they slmll be iimlersto)! to mean " The
Wmmpecr Grain and Produce Exchange."

2. Whenever the words " the Council" occur in the follow-
ing By-Laws, they .shall be understood to mean '• the Council
of the Winrdpeg Grain ..nd Produce Exchange"

FINANCIAL YEAH.

.3. The financial year of this Assoaiation shall commcace on
the 1st of January.

MEMBERSHIP

4. Any person directly or indirectly engaged in or interest-
ed in trade or commerce, whether a resident of the City of
Winnipeg or not, shall be eligible for admission as a member ;
and it shall be lawful for any two members to propose any
such person as aforesaid, as a can(Jidate for becomin<r a mem-
ber of the Association, by placing such nomination in writin^y
and signed by the proposers, in the hands of the Secretary"
and such candidate may be balloted for at the next General
Meeting, not being less than one week after his proposition
.shall have been handed to the Secretary, and in the mean time
the name of the p(.^rson proposed, and of the proposer and
seconder, shall be posted in a conspicuous part of the usual
place ot meeting of the Association ; and if at the meetincr at

change.

3T., 1888.

in the fol-
nean " The

he follow-
he Council

fimcace on

r interest-
»e City of
r member ;
:>pose any
f^ a mem-
n writing
lecretary ;
t Ceneral
roposition
luan time
)oser and
bhe usual
leeting at

whk-li sucli con(li<lato shall Ix? hallotod for, not l»vs.s thnn fonr-
tifihs (if tho iiicmbers privscnt >hn\\ vote for his atlniissioii, he
shjill thonecforth be a monibcr of the Association, and shall
have all the rii^hts, ami bo subjcnt to all the obligations, which
the oHier inembcra pos>^ess or aix» subject to, and shall be
bound by nil the By-Laws of tlui Association.

') No ineiMlter shall be permitted to use the privile<:f(*s of
the Exchange, or to vote on any qu' stion, until he shall have
signed tlie By-Laws and Regulations of the Assix'iation in a
book kt'pt for that purpose, and have paid his fees for the
current year; and on signing this book every niend>er shall
receive a printed copy of die By-Laws at the expense of the
Association.

ENTRANCE FEES.

G. An Entrance Fee of One Hundred Dollars shall be
charged t) all persons desiring to become mentbers of the As-
sociation after the lOth December, 1891.

CERTIFICATE OF MEMBERSHIP.

7. Each niendjer shall be entitled to receive a certificate of
Membership bearing the official seal of this Associatit)n, and
the signatures of the President and Secretaiy, which shall be
transferable on the books thereof oidy to a person duly quali-
fied and elect'-d to membership, upon the payment of a trans-
fer fee of Five Dollars, and any unpaid liability attaching
thereto.

8. The Certificate of Membership of a deceased memb.er
may be transferred to his legal representative, and any By-
law inconsistent with these By-Laws w^ill be held to har-
monize therewith.

ANNUAL SURSCBIPTION.

9. Each member of the Exchange shall pay an avmual con-
tribution, or fee, of $15, payable on or before the 1st January.
Any person admitted a member of this Exchange after the
1st January, ^nd prior to the 1st July, shall pay the full
amount of $15 for that fiscal year, and persons admitted after
the 1st July, shall pay a contribution or fee of $10 for the
remainder of the current fiscal year, and these payments shall
be made within thirty days of admission in each case.

SUSI'KNSION OR EXrULSKiN OF .MEMHETIS.

10. Should nny inoniher bi^ ;j^nilty of will'ul violation of the
Constitution or By-Laws— witlilioldini,' paymont of dues after
*iUS(>«uMon — reporting' (pi (tutions to the Secretary knowing
thi'ni to he false or fictitious— hn-arh of hiisinoss eon; nets,
ciilusr written or vt'rhal -or otiier (lish'>noral»le conduet in
husiness, that in tht^ opinion of the Council demands investi-
gation, it shall he the duty of the IVesident, oi of the Vice-
President acting in the ahsence of th'' l*re>ident, as soon as the
facts ^hall coni'^ to his or their knowledge, to r.port the s;nne
to the Council, and the Council shall theieupon take the mat-
ter into consideration. And if tliey, or a majority of them,
and alter the party riiarii'.'d therewith has had an opportunity
of defending liunself, shall he of opinion that the said mem-
ber has acted in such a mann(>r as to hrinij discredit (m tiiis
Association as a mercantile hoiIy, they slmll mark th'-ir dis-
proval of the sanif^ by suspending him from nii-mber.ship for
such a period as they may determine; or sh(aild the C^tuncil
be of opinion that the case is one calliiig for the expulsion of
tlie member, they shall pass a resolution to that < ffect, and
subndt the (|Urstion before tin- next special or general meet-
ini;- of thu Exchange. A vote to expel must be carried by at
least two-thirds of all tlie members pres^•nt. In the event of
the suspi'nsion or expulsion of a member, all fees due by him,
if any, shall be recoverable under the Agreement, and his Cer-
tificate of Member.ship shall become void.

11. Any member failing to pay his dues for one month
from the time when they have beconie due, may, at the dis-
cretion of the Council, • e suspended until such payment is
made. The names of parties who may have left the country
under dishonorable circnmstances, or who are convicted of
crime, may be removed from th(^ roll of members by the
Council, and their Certificates cancelled and made void.

WITHDRAWAL OF MEMBER.S.

12. Every member, who may w^ish to withdraw from the
Association, shall give notice thereof in writing, but his wi.sh
shall not be acceded to until he shall have paid up his sub-
scription to the expiration of the year in which the applica-
tion to withdraw shall have been made.

ation of the
f (lues ?it'rcr
v knowinijr
s C'»n;iMcts,
colli I net ill
ids iiivcjsti-
tho Vico-
soon as (he
fc the same
vc th(; niat-
ity of tht'in,
opportunity
t' said nicin-
etlit on this
k th'ir dis-
nhorsliip for
the C'Oimcil
yxpnision of
t iff 'ct, and
neral nieut-
arried by at
ihe event of
diiH !)y him,
iiid his Cer-

one month
', at tlie dis-

payment is
the country
onvicted of
ors by the
void.

vv from the
•ut his wish
up his sub-
he applica-

M'llKS (»F l'i:i .slltKN I.

|:!. Ii sha'l be tlu- diii\ nt" thf l'rc-idiiiL( ( Ulifrr wln-n in
tlic rifi.r, ;it iiiiy iik; ■lini^, Im ri-L;nlati' the I'l-'U-r tht'rcol' mid
to I'-ci'.vi' and put iiKiti'iMs, in inrorin tlu' Kxehaup' ot i ho
])l<i(rc.,iii'js siiici' lb'- I ist Ill'Ctiiii^ Id c use the Rt'purts i»t" tiio
< 'iiiiliril 1 1 1(1 I it hi! I coiimi'iiiii'fitions to \>r ii'ail, nlid (o nnnnunce
to tbi' inrftiMi,' wbiit in them hi- in ly think cniicirns tin- nu'r-
cinti ' intcri'st. lie sbu 1 kreji onlo , but an appeal may be
h-d IV'Pin till- ncei^ioti mI" thf ( bair, lt> tlu' iiKMida-rs pn M'lit.
]t al>i» sliall be the duty of tlu; I'lTsulint, nr in Ids alj-mcf of
tbc Vic- l*i('-;idciit, to fall a inei'tini;' of tin' xcban^c; at any
tiiiir at thi' request of six iii<'iiibers of the h.xcbanfi^e, ifjvinu^
two davs notice tlieic'if, and statnig the j)Urpose for wbich
tbc meeting is convened : pi'ovideil always, that if lioiii the
rresideiit and the Vice-PresiJent lie absent, any mcnU'er of
tbe ("oinicii shall lie c iinpetent to call siuh meeting in man-
ner afonsaid.

f THK TllE^SUUEU.

14. The Treasurer siiall have the cliarge of all moneys and
securitirs lielongiiiL;' to tbe Association, and shall deposit the
same weMn in some Ineorporated l>aid< in this city, to lie
designated by the Couhcib in tbe name of "The \\ innijietr
(jlrani and Produce Kxchaitnc; " and such moneys sliall 011I3'
be drawn out on his cbe(|Ue, couniersiyncd by the President
or the Vice-President and the Sei-i-etary, or. in the absence of
any of these officers, by such other pi-rson or persons as nay
be appointed by tbe i'ouneil for that purpose And it shad
be his duty to see all moneys received l»y i\u\ Secretary are
accounted for (hiily by that officer Out of the receipts the
Treasurer shall pay all accounts which have been approved
l)y the Council, and shall enter all receipts and disbursements
in a book to l>e provided for that purpose--said book to be
balanced and laid before the Council fjuarterly for tfieir in-
formation, and, whenever required by the Council, he shall
also pro luce an abstract of his accounts.

At the Annual General Meeting, the Treasurer shall hand
in a detailed statement of the yea'-'s receipts and expenditure
— the same having been previously audited and certified to
by the Auditors appointed by the Council.

TITE HECUETARY.

15. Tho Srcrotary, undfi- the .su|H'riiit('ii<lt'nc«' ol' the Coun-
cil, shall he tho Ext'cutivi' otHccr (>F the Kxehunj^o. jui"! sliall
k(H'p tlio books of the Association, and condnot its conospoiid-
enco. Ui) shall retain copii's of all olficial K'ttcrsainl preserve
all official (locuiuents and papers. It shall he the Secr.tary's
duty to ^iv(? proper notice of all ineetin(,rs of the Kxehan<r«^
and Council, and of connnittets ; also to attend and take
minutt'S of all meetinus, and make an accurate record of the
actions and business of the Kxc'hanjjfe and Coinicil, as well as
all committees of .same. He shall also collect all stntistics
ordered by resolution of the ( 'ouncil, as s<k)>i thereafter as
practicable. And, further, he shall perform such other duties
as pro[)erIy pertain to iiis office. The Secretary shall also
colltct all moneys accruiui,' to the Exchange, from members
subscriptions, rent of officfs, dice, and pay over »ime daily to
the Treasurer ; and for the due fulfilment thereof he shall
give a GuaraJitce Bond in such an amount as nviy from time
to tinje Ik? ordered V)y thy Council.

visitor's register.

16. *The Secretary shall also keep a book for the registra-
tion of strau'^ers, in which any meml>er intn^ducing a stranger
8hall enter the name and address of the party so introduced,
and his own signature ; but none others than members of the
Association shall be allowed to transact business on Change.

FUNCTIONS OF COUNCIL.

17. The Council of this Association shall have the sole
management of all and every the real and innnoveable pro-
perty which may now or hereafter h^^ acquired by the Asso-
ciation, and shall have power to authorize the President, or
in his absence the Vice-President, to grant a lease or leases, of
all or any of the houses, buiMings, or premises of, or belong-
ing to the Association, for such term of year.s, and for sucli
rent or sum of money, as to the said Council shall appear just
and reasonable, and most for the interests of the Association ;
and shall also from time to time, when requisite, bargain and
contract for, and have power to authorize the President, or

i' the Couri-
v., mi'l sljiill

lul proscrve
Sccrt'tary's

nnd take
con I of the
as well as
ill stntistics
hereafter as
other duties
shall also
III inemlters
me daily to
of he shall
y from time

tlie re^istra-
i<jr a stranijer
introduced,
ibers of the
>n Change,

vo. the sole
veable pro-
>y the Asso-
Vesident, or
or leases, of
or belonjr-
nd for sucli
appear just
Lssociation ;
)argain and
resident, or

the Vicc-Pre'^ident to accept a deed of sale, or lease, of all
such houses, liiiilding-', or premises, as may l)e rcfiuisitc and
ni'f'i'ssar\' fitr tlu' pros< cuiion ol the ohjects of the Assoeia-
tioii, oil sueh terms, and conditions, and in ease of a deed of
Icasi' foi sueh period, as the said Council in their diso'ftion
shall see lit.

IS. The Council shall conduct all the business of the As-
sociation, ii'poi ting its proci^edings at each Ordinary Abeting.

1!). The (Jonncil shall appoint Auditors and other ofticers,
not otherwise provided for, and regulate their salaries and
duties when not otherwise detined. They shall fix the sahiry
of the Secretary.

20. The Council shall draw up pctiti(ms and refer the .same
to the Association at either a Central or Special Meeting; or
in the event of prompt action being neces.sary, the Council
may petition Parliament direct. Thi-y shall, if re(]uired hy
the A.ssociation, draw up and forward such petitions as the
Association may agree upon at any Regular iMeeting. All
petitions to be signed by the President or the Vice-Presi<lent,
and couiiti'isigned hy the Secretary, with the Seal of the As-
sociation affixed.

21. The Council shall have full power to appoint Commit-
tees, who shall report their proceedings to the Council.

COU^'CIL MEETINGS.

; 22. Meetings of the Council shall be summoned at any con-
venient time by the Secretary, at the instance of the Pi'e.si-
dent, or, in his absence, bj; the Vice-President, or of any three
member.s.

Seven shall be a (juorum.

Every member of the Council who may have occasion to
spt'ak, shall rise and address the Chair. All motions shall be
madi' in writing and seconded. No person shall interrupt
anotlier while speaking, and all persons who may have once
spoken to any motion shall, prior to speaking again, obtain
permission from the Presidinijf Officer. It shall be lawful,
however, for the Presiding Officer at any period of the meet-
ing to announce that the subject is open for conversational
discussion, and in such case this rule shall not apply.

VICTORIA. B. a

The Council shall conduct its meetings as follows :

If there should he no quorum within fifteen minutes after
the hour fixed for the meeting, the Council may adjourn.

All reports of Committees or other communications shall be
read and orders takeii thereon from the Pres'dent or Presid-
ing Officer, uidess sufficiently important to be the subject of a
motion.

All Drafts of Letters, Petitions and By daws prepared shall
be read.

A motion to adjourn shall always be in order.

NOTICE TO MEM15EIIS OF MEETINGS.

23. Annual Meetings shall l)e advertized twice in each of
two of the daily newspapers of the city ; and notice thereof
shall also be given by circular. Notification by circular, or
otherwise, shall be sufficient for all general and special meet-
in o^s.

■ n

1 i

OF rXCHANGE MEETINGS.

24. The Annual Meetings of the Exchange shall be held on
the second Wednesday of January.

25. Regular J.leetings of the Exchange shall be held on each
Wednesday for the purpose of the proposal of and balloting
for candidates for membership, and any general business.
No other notice oi these meetings shall be necessary than
posting in the Exchange room for twenty-four hours' previ-
ously.

29. Special Meetings of the Exchange shall he summoned
at the instance of the President or Vice-President, or in the
absence of both, by a (]uoruia of the Council by an advertise-
ment in two of the daily newspa])ers published in the city of
Winnipeg, or by a circular from the Secretary to each mem-
ber, the .said advertisement to be inserted, or the said notice to
be mailed at least two days before the time of uieetino-

At meetings seven shall be a ({uorum.

All motions shall be made in writini;^, and seconded.

■s :

tiuti's after
Ijourri.

oils shall bi'
it or Fresid-
subject of a

epared shall

e in each of

)tice tliereof

circuhir, or

>ecial ineet-

I be held on

JK^ld on each
id bullotino'
al business,
essary than
lours previ-

i' summoned
it, or in the
n advertise-
the city ol"
> each meni-
lid notice to
,'tino-.

ided.

-•tf

1 1'^

% No debate shall bti allowed except on a motion regularly
ljef(jre the chair.

T\w previous ([uestion, when moved, must be seconded by
at least three niendjers.

The President or Presiding Officer shall be judge of all
(juestions of order.

At Special Meetings, the subject for which it is called shall
take precedence of all others.

A motion in- the reception only of a Petition, B,eport, or
,)th.>r document, does not bind the Association to an approval
of the contents of such petition or document, but must be
made before any remarks can be offered upon it.

The ord..>r of business, when not changed by order of the
President or Presiding Officer, to be observed at all Regular
Meetings, shall be the following :

1st Reading of Minutes of preceding meeting.

2nd. Reports of the Secretary and the Treasurer

?rd. Reports of Standing Committees.

4th. Reports of Special Committees.

oth. Notices of Motion.

6th. Unfinished Business

7th. Gt-neral Business.

8th. Election of Officers.

9th. Election of Members.

No proxy votes shall be allowed.

The President, or other Presiding Officer, shall have the
ri.^ht to vote as a m.m.ber, an.l also to give a casting vote on
alT cas.vs of equality of votes upon any resolution or election.

Bv motion reouiarly carried, any resolution or proposed
action may be voted upon by ballot, and on any niatter allow^
ed to go to an open vote two members shall be entitled to call
for the yeas and nays.

RELATING TO ELECTIONS.

27. At the Annual Meeting of the Exchange there shall be
elected bv ballot a President, Vice-President Treasurer and
Secretary", and eleven other members, who with the President,
Vice-Pre.^ideut, Treasurer and Secretary shall form the Coun-

cil, and also a Board of Arbitrators numberingj ton shall be
elected by ballot. A plurality oF voti'S to constitute in each
case a choice. Th ^ I'lesident, Vice-President, Treasurer and
Seci-etary shall be elfcrted by separate ballots and the Council
by a "jeneral ballot ; the Board of Arbitration also by a
general ballot.

28 In electinj; members the vote .shall be taken by ballot,
and the voting to proceed oidy on such names as may have
been previously proposed and .seconded.

RESPECTING ARBITRATIONS.

29. All questions of disputes or misunderstandings which
may arise between inembei's of the Exchange may be submit-
ted lor .settlement to tlie Board of Arbitrators, at the request
of one or both parties madi? in writing, addressed to the
President or Secretary of the E.xchange.

80. Should eithei' party in t!ie dispute refuse to submit to
arbitration, the case shall be referred in writing to the Coun-
cil of the Exchange, by the party deeming himself aggrieved,
who shall produce evidence to the satisfaction of sucii Coun-
cil, that he has just grounds for complaint, when the Council
shall require both parties to submit their difficulty or mis-
understanding to the Board of Arbitrators.

81. If, after such decision has been given by tlie Council,
the defendant in such case shall still continue to refuse to
submit his cas(^ to the Board of Arbitrators for their decision,
such determination on his or their part, shall be considered a
flagrant breach of the Constitution and By-Laws of this Ex-
change, and shall be deemed sufficient grounds for ."-uspension
or expulsion from the Exchanuc : Provided always, that such
expulsion shall be decided on after the decision of the Coun-
cil shall have been submitted to a general meeting of the
Exchange and the same a'^reed to bj- a two-thirds vote of all
the m«;mbers present— due notice having been first given to
the party or parties that such ineeting will be held, when an
opportunity will l)e given them of being heard, either in per-
son or by counsel.

ton shall be
itute in each
reasurcr and

the Council
I also by a

n by ballot,
IS may have

lings which

be submit-

the request

ised to the

D submit to
) the Coun-
[ augrioved,
.such Coun-
the Council
ilty or mis-

he Council,
o refuse to
sir decision,
onsidered a
:)f this Ex-
."•uspension
, that such
the Coun-
ng of the
vote of all
t given to
I, when an
ler in per-

J^2. It shall be the duty of the Secretary, immediately after
the Exchfinge has passed a resolution for the expulsion of any
member, to inform such member of their decision, in writing,
and forward to liim at the same time a copy of said resolu-
tion, and also to taki; the necessary steps to prevent such
membtr from partaking in any way of the privileges of the
Exchange.

8.'}. If at any time, for good and sufficient reasons, it may
be deemed advisable to re-instate a member who has been ex-
pelled, it may be competent to do so, provided always, that
thM same bo decided on by resolution of a two-thirds vote of
a general meeting of the Exchange.

34. An equal number of ArlMtrators^shall be nominated by
the several parties in a dispute, and the said parties may
either agree to en)power the Arbitrators named by them to
call in the assistance of an TTmpire in the event of a tie, or
agree upon an Umpire themselves before the case is consider-
ed. Parties in a dispute desirous of having Arbitrators nam-
ed by others, must assume the nominations of .such as their
own.

35. Parties in rlispute availing themselves of the arliitration
powers granted by the Exchange Aj:reement must commuiii-
catf with tlie Secretary, sign the act of submission in due
form before him, therein name the Arbitrators, and insert a
clear statement of the case.

3() The fees for Arbitration under the sanction of the Ex-
chan<;e shall be as follows :

For each award under ?oOO ^^12 00

" " " " SoOO to 1,000 lo 00

1,000 " 1,500 IS 00

1,.^00 " 2,500 25 00

2,.500 " 5,000 50 00

5,000 and upwards . . 50 00

The word award to mean the difference or balance in dis-
pute.

.■>7. For matters not involving pecuniary transactions, tho
fees to be charged in proportion to the time and trouble, and
referred, if objected to, to the Council, and on cause being
shown to the satisfaction of the Council, the fees of the Arbi-
tratoi's may be increased or decreased as may seem to them
just and reasonable.

88. The Secretary, upon receiving the award from the
Arbitrators, shall notify the parties who un\y have a matter
under arbitration, of the amount of the fees ; and on receipt
of tlic same, the award will be delivered to them.

89. These fees shall be paid to the Secretary for the benefit
of the sitting members as Arbitrators, and in addition, the
Secretary shall ])e entitled to S2 for each case submitted.

ALTERATION OF BY-LAWS.

^O. The By-Laws of this Association may be altered or
amended at any general meeting, on notice to that effect hav-
ing Vieen given at a previous general meeting

actions, the
'ouble, anci
ause beino
f the Arbi-
3m to them

from the

e a matter

on receipt

the benetit
Idition, the
litteil.

altered or
effect hav-

HULES RELATING TO THE SALE

-OF

Finur and G-rain far FuturE DBlivEry

{Adopted ISth October, 186S.)

That in future at the Call Board also during the regular
sessions on Change, Flour, Grain and all other produce may
be bought and sold for future delivery under the following
rules and regulations : —

' 1. All sales of Grain shall be understood to be No. 1 Mani-
toba Har<l grade, and not less than one carload, unless other-
wise specitie<l.

2. All sales of Flour, Feed, Meal or other produce shall be
understood to be not less than one carload, unless otherwise
specified.

S. All sales for future delivt;ry (seller's option) shall be
F. 0. C. Winnipeg, iniless otherwise stated, and the seller
shall have the right to deliver on any tlay during the time
specified, but must give the buyer twenty-four hours written
notice of his intention to deli^'er.

r 4. All sales for future delivery are <lue and deliverable by
ll:oO a.m. ow the last day of tin' contract uidess previously
settled.

if; 5. When a contract shall mature oti a Sunday or a legal
holiday, delivery on such contract shall be made on the suc-
ceedmg business day.

I 0. Both parties to the contract ma}' demand at the time,
' or subsiKjUently, ten per cent, margin tu be deposited and
kept good--based on the mark(?t value — until the contract
has Imcu carried out. Margin so called for nmst be depos-
ited in one of the regular chartered lianks, to be named by
the party calling for niargins, within twenty-four hours after
they are called for.

7. Tho bank receipt for margins deposited sliall be made-
payable to the buyer and seller jointly, and shall require tho
endorsement of both parties to the contract, or an order of
tbe President of the Winnipeg Grain and Produce Exchanjre.
endorsed on either the original or duplicate receipt before the
money can be drawn.

8. If any dispute arise as to market price for mar<:fin pur-
poses the same shall be referred to the President or the Vice-
President, whose decision shall be linal.

9. The bank so agreed upon shall issue certificates in dupll
cate, not transferable, for all such deposits. Said Certificate
shall state by whom the deposit was made and for whose
security the same is held, that the deposit has been mad<!
under the rules of the Winnipeg Grain and Produce Exchange
and is ]iayable upon the return of the certificate or its dupli-
cate, duly endorsed by the parties to the contract or contracts,
or an order of the President of the Winnipeg Grain and Pro-
duce Exchange, as provided by Section 9 of this rule.

Said certificate shall be in the following form, to wit:

Original (or) Duplicate.

Not nei^otiable or transferable.

Winnipeg, 18

has deposited with

dollars, as margin or security on a contract or
contracts between the depositor and which

ainount is payable <m the return of the certificate or its dupli-
cat(; duly endorsed b}' both of the above named parties, or on
the order of tlu; President of the Winnipeg Grain and Produce
Exchange, endorsed on either the original («' duplicate hereof,
as provided by tlu; rules of the said P^xchange, under which
the abf)ve named deposit has been made.

Cashier.

JO. In case of failure to deposit as above, then the party
calling the margin shad have the right to cover his or then
contract at discretion, for account of the party failing to re-
spond to the call for margin. In case of failure of any baidv

MI be madc-

[roquire th(^

m order of

Exchaiifro.

ft before the

in whieli sncli iiiai'n'ins slinll have been deposited, the h)ss
shall be ]>(»i-iie by the party <>r [);irties to wliom it may be
found said nmr'j,iiis are due, takni;;- the avenio-c price of Hke
deiivt-rits on the day siieh i)aiik failed as a basis of settle-
ment.

^larnrin pur-
)r the Vice-

;es in dupli
1 Certificate
for w!,o-s(>
been made
:e Exeliange
3r its rlupli-
)r contracts,
in and Pro-
ule.

wit:

contract or
vvliich
r its dupli-
rties, oi- on
id Produce
ate liereof,
ider which

. . Cashiei-.

the party
is or then
ling to re-

any batdc

11. When notice; given to deliver by tlu; .seller (>ellei''8
option) sueii notice s!; dl J)e final and shall hv. l»in(hng on both
parties, and the property sold must be delivered.

1'2. In case any ])roperty contracted for delivery be not
delivei-ed ut maturity of contract, the purchaser shall notify
in writini; the Secretavv of the lv\change of the failure to
deliver, and such notict.' shall be read at next Call, and the
president or the V^iee-Proident shall l)Uy in at the Call l)oard
or at any time durinn' the next twerity-four hoius at his dis-
cretion, after lotiee of such default has been read for account
of the party directing the purchase.

Any loss to the buyer shall be paid by the party in default,
and the property .so bought in shall be a good delivery on de-
faulted contracts maturir.g that day.

In case the President is unal)h; to purchase said property
the matter shall be referred to the Call Board Committee to
determine the market valu3, whost; decision shall be accepted
by both parties as a basis for settlement

*
m

18. In case any property conti'acted for delivery is not re-
ceived and paid for when properly tendered, it shall be the
duty of the seller, n\ order to establish any claim on the pur-
chaser, to instruct the President or the Viee-Presid. nt to sell
it at the Call Board at any time during the next twenty four
hovu's, at his discretion after such default shall have been
made, notifying the purchaser of such sale before G o'cloek
p.m. of that day, and any lo.ss resulting to the seller shall be
paid by the party on default.

In case the President is unable to sell the propertj'' the
matter shall be referred to the Call Board < 'ommittee to de
ternnne the market value, who.se decision shall be accepted by
both parties as a basis for settlement.

FORM OF CONTRACT.

Winniper^, 18

In consideration of one dollar in hand, the receipt of which
is lierehy acknowledged, have this day sold

(or bought h-om) bushels of

Winnipeg inspection, at cents per bushel,

deliverable at seller's option - J 8

This contract is made in view of and in all respects subject
to the By-laws and Rules established by tlie Winnipeg Grain
and Produce Exchange in force at this date.

rules

RIJlES ANP ]lEGlJLATlO]>fS

— FOR —

The G-DVErnmEnt nf th.B Call Bnard.

(Adopted October IHth, 1888.)

1. At the first ineetin«^ of the Council immediately after
their election, the President shall, subject to their approval,
appoint a committee of live to be known as the Call Board
Connnittee.

2. The Call Board Connnittee shall elect the Caller, and
a member of the Committee shall act as Chairman at all
business sessions, maintain order, and enforce the rules
governing transactions.

3. The Committee shall provide for the recording of the
transactions as they occur.

4. Every sale shall vacate a previous bid or offer.

5. All offers to buy or sell shall be binding, and all bids
and offers remain in full force until the close of the Call on
that particular grade.

6. All sales shall be considered as strictly F. O. C. .unless
otherwise specified at time of sale, and shall be subject to all
rules and regulations already laid down in the by-laws of the
Association.

7. No offer or bid shall be accepted by the Caller unless
distinctly called out.

8. All offers to buy or sell shall be njade for some specified
amount, and when no amount is named it shall be ci)nsi<lered
for one Car of Grain, Flour, Meal, Fevd, or other produce;
offers or bids for less amounts shall be considered out of order.

9. In no case shall any liability attach to the Caller or
Association for any error in giving the name of buyer or
seller.

10. Whenever there is a disputed claim for the purchase
and sale of property, the Caller shall decide the same on the
spot, subject to an appeal to the members in session.

TIn; appeal must be promptly taken and a majority of the
nieiiil)or.s present, and votinij^, shall settle tlie disputed point
filially.

II. Whenever a dispute arises between members as t)
quantities or price of articles sold, the record shall he in all
ca>es taken as conect. This rule, however, is not to be con-
sttued as binding upon parties whose names appear upon th)
record, but who can show tliat they were not present at the
time the transaction was recorded.

1*2 Before closing the Call, the Caller shall read out all
transactions, giving the names of l)oth buyer and seller.

I'l The Caller shall proceed by calling, uidess otherwise
instructed by the Call Board Committee, in the following
rotation : —

according to grades.

«
(I

Flour,

Bran,

Wheat,

Barley,

Peas,

Oats,

Oatmeal,

Corn,

Rye.

And any other product that may be required by any mem-
ber of the B(mrd on their giving notice to the Chairman or
Caller before the Call Board commencts.

14. At the Call Board there shall be no trading except
through the Caller, and any person so trading outside of the
Caller shall be tin(^il one dollar on each trade, the design being
to tine both parties to the trade for every infraction of this
rule

15. Talking in a loud tone, so as to distract attention, or
an}/^ noisy conduct, shall be utterly prohibited, and a fine of
oneilollar sh dl l»e imposed for a violation of this rule, and the
Caller is authorized to impose and collect all such fines and
pay them to the Secretary, and to be accounted for, by him
to the Association.

1(3. A daily Call shall be held at noon unless otherwise
directed by the Call Board Committee.

DCriNlTlON OP TERnS

GENERALLY IN ITSK IN IirYINCl AND SKLMS'U

G-rainj Finurj Pro due a and Pro visions

IN THIS MARKET.

(Adopted l-lth Janndry, tH!)i.)

V. o. 0.

All sales made without specific conditions, will bo consider-
ed as strictly free of chari^e (F.O.C.) The seller to be under
no ol)lii>!ition to furnish conveyance.

F. (). B.

To V)e interpreted a.; Free <)\ Board Sailing or Steam
Vesskl or Barue — suci: conveyance, unle^-s specially aj^reed
on, to be provided by the I uyer ; and in case he fails to pro-
vide such conveyance within five days after date of sale, he is
recjuin d to take the property as it lies, free of all shipping
<'harges, on presentation by the .seller of a proper warehouse
receipt. l)uriii<>- the five (lays the property to be at the sel-
ler's risk of fire, but after the five days have elapsed, to be at
the buyer's risk. When bein^r shipped into vessel,tobe at buyer's
risk ; and, if not insured by Inin, the seller to be at liberty to
insure the car^o, ami to charge the same to the buyer. The
seller to give the buyer not less than five days free of storage
from date of delivery.

F. o. B CARS.

Cooperage of flour under this term being always the duty,
and at the expen.se of the sijller. The same to appl}'' to butter
and other cask goods. F.O.B. simply, not to apply to sales in
which the shipment is made V)y railroad cars, when the term
will lie distinctly F.O.B. Cars, and in this case the selli^r has
to provide the cars, and receive payment on presentation of
original shipping bill. It being understood that due di'igence

is to bo used by seller in obtiiininjjj cars, and also tliat the
buyer may, ii' ln' wishes, supply cars, but no delay in inaUinuf
delivery which may occur throu<,di not ^^ettin*,' cars, sl»all en-
title either buyer or seller to cancel tlw transaction, or to de-
mand any reduction in the price, although in the interim prices
or freight rates may have changed.

freight a;
satist'nctc
are paid.

Proper
of (jrder.

F. O. C.

These initials mean "FiiEE of Ciiarcjes."
dicated beinir :

Tiie charges in-

(d) All back charges on the property, such as railroad freight,
shuntinf; and elcvatinr;.

(h) The current term of storage, the latter being according
to the regulations of the elevator or warehouse ni wdiich the
property is placed, except in case of any special arrangement
made by the seller with the proprietors of such warehouse or
olevator, when the buyer is to have the benefit of such ar-
rarigement, unless specially provided for otherwise. The
property to be at buyer's risk of fire on delivery. The tt-rm
"Free in store" to be interpreted as having the same meaning
as F.O.C. The seller to give the buyer not less than five days
free of storage from date of delivery,

IN STORE.

The term "in store" is interpreted to mean grain in a terminal
elevator subject to one and one-quarter (Ij.) cents elevator
charges. The seller to give the buyer not less than five clear
days free of storage from date cf delivery ol! documents.

ON TRACK.

This term to mean the delivery of the property in the cars
of the Railroad, in the yard, or on the track where such cars
are ordinarily placed after arrival in the city, or at any station
on the line of road wdiere the sale may be made. The pro-
perty to be Free of Charges in its then position, and delivery
to be made by the Railroad advice note, properly endorsed to
buyer, with freight and shunting charges duly receipted
thereon. In case such advice note be not receipted, the

ProMipi
days, incl

Imined
days, inc

All sa
unless ot

All sal
on the di

F. O. B.-

fivc da
to be r
Receip

F. O. C-
Receip

In S tori
house

On Trac

receipt
is subj
inuned

Payment
the hi

agreen

'^."'.■■:*

frciylit Jind cliarrjes to be (l('(luct(*<l tVoin tlic invoice, unless
satist'Mctory evidence is aff'ortled the buyer that such clmi'<,'e.s
arc })iii(l.

Property to bo at buyer's risk inmietliately after (leliv(!ry
of order.

IMIOMIT SHEPMENT.

Proni[)t slH|)inont shall be considered any time within 15
days, inclusive.

IMMEDIATE SHIPMENT.

Tmmediato shipment shall be considered any time within ')
days, inclusive.

FUTURE DELIVEUY.

All sales for future delivery shall be at seller's option,
unless otherwise stated.

CASH.

All sales to be FOR CASH, and payment to bu made as follows,
on the dift'erent terms : —

F. O. B. — On presentation of tbe Bill of Ladinfj, unless the
five days provided for have elapsed, when the payment is
to be made on presentation of the Warehouse Receipt or
Receipts.

F. O. C. — Payment to bo made on presentation of Warehouse
Receipt or Receipts.

In Store. — Payment to be made on presentation of Ware-
house Receipt or Receipts.

On Track. — Payment to be n>ade on properly endorsed and
receipted Railway advice note, except when the property
is subject to receiver's weights, when payi) '_nt is to be made
innnediately on their being ascertained.

Payment in all cases to be made before the closing hour of
the bank on the day of presentation, unless by special
agreement.

DELI V BUY.

Delivery will be considered completed on presentation of
proper <locuments in all cases of sales F. O. B , V. O. C , and in
Store at any of the regular City Warehouses, or Elevators
duly posted on 'Change, unless otherwise specified at time of
sale; also on Track, except when bu^^er is allowed to weii>h
the property, when presentation of the invoice of tiie ascertained
weight within the two days allowed shall be sufficient.

CAR LOADS.

When Car Loads of Grain, Meal, Feed, and other produce
are purchased without any specified agreement as to quantity
to be loaded in each, it will be understood that a Car-Load
shall mean not less than the minimum capacity of the car.