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Whereas Henry Pellatt, James Browne, William Preamble. Hope, Harrison E. Forbes, Casimer S. Gzowski, the younger, William James Baines, W. Alexander, B. Beaty, Philip Browne, Ewing Buchan, C. J. Campbell, W. G. Cassels, R. Cochran, P. S. Barnston, H. L. Hime, W. Kersteman, the younger, Herbert Mortimer, E. B. Osier, W. A. Phipps, A. B. Campbell, and R. H. Temple, resident and carrying on business in the City of Toronto, and being all the members of the now existing unincorporated Toronto Stock Exchange, have petitioned for the incorporation of themselves and others as the Toronto Stock Exchange, and to be in- vested with certain powers hereinafter mentioned ; and whereas it is expedient to grant their prayer :— Therefore Her Majesty, by and with the advice and consent of the Legislature of Ontario, enacts as follows : — 1. The aforesaid persons and all those who may here- incorporation, after become associated with them shall be and they are hereby constituted a body politic and corporate by the Name and powers. * Proviso. B-' ■f ^■toi' '' •■-f VI ' . ^^^^K 5 ■ f ^^^^^^^B&'ijB <* B ^^''' V WM Objects of cor- poration. n. name of the Toronto Stock Exchange, and may acquire for themselves and their successors, under any legal title whatsoever, property real and personal but only to the extent requisite for the purposes of their business ; may alienate, sell, convey, lease, or otherwise dispose of the same, or any part thereof from time to time as occasion may require, for such price or prices, and on such terms and conditions as they may see fit ; and may, should they see fit, acquire other real and personal estate in lieu thereof, for the purposes of this Act : may borrow money on mortgage of the real estate of the corporation for such time and on such terms and at such rates of interest as they may see fit ; Provided always, that the clear annual value of the said real estate at any one time shall not exceed five thousand dollars, and provided also, that the said corporation shall not have or exercise any corporate powers whatever except such as are expressly conferred by this Act or which are necessary for carrying the same into effect. 2. The objects of the said corporation are hereby de- clared to be — to compile records and publish statistics, to acquire and distribute information respecting stocks, shares, bonds, and debentures, to provide and regulate a suitable building or room or rooms for a stock exchange and offices in the City of Toronto, tc promote the observance of such regulations and requirements as may be by by-law established not contrary to law, to which ends the corporation is hereby empowered by vote of the majority at annual, quarterly, or special meetings of the said corporation, to make and establish such proper and needful rules and regulations, and by-laws for its government as they may deem expedient and necessary for the interest and administration of the property and affairs of the said corporation ; for the employment of a secretary and treasurer and such clerks and other officers and servants as may be necessary ; for regu- lating the mode of voting at any ordinary, special, or III. aay acquire y legal title 3nly to the iness ; may pose of the as occasion such terms lay, should il estate in lay borrow corporation ch rates of s, that the ly one time )vided also, xeroise any e expressly or carrying hereby de- tatistics, to ing stocks, regulate a k exchange omote the nts as may r, to which by vote of neetings of ich proper awB for its L necessary operty and oyment of and other for regu- special, or general meeting, or to determine whether the presiding officer shall or shall not vote, or shall or shall not have a double or casting vote in case of a tie, and for all or any of the purposes within the powers conferred by this Act, and for the administration of their affairs generally : Provided always, such by laws are not contrary to law, * and further to amend and repeal such by-lawb from time to time in the manner provided by such by-laws. 3. The affairs, business and concerns of the cor- officers of poration hereby created shall be managed by a president, corpora ion. secretary, treasurer, and three managers or such other officers and number of managers as may be provided by the by-laws, all of whom shall be members of the said Toronto Stock Exchange, and shall together constitute the committee of management; and shall be elected annually at such time and place as may bo provided by the by-laws ; all vacancies which may occur in the said committee by death or otherwise shall be filled by the said committee, and a majority of the number of the said committee or such other nnmber as may be estab- lished by the by-laws shall constitute a quorum for the transaction of business. 4. An annual meeting shall be held for the election of Annual meet- the committee of management and for such other ^^g- business as may be brought before such meeting, at such time and place, and under such regulations and notices as the by-laws of the corporation shall determine ; and may be adjourned as decided at such meeting ; but in , case of any accident, iailure, or neglect to hold such general election the corporation shall not thereby lapse or terminate, but shall continue and exist and the then officers shall continue to act until the next general election or until their successors are appointed. 5. The corporation may admit as members such Mombership. persons, residentb of Toronto, as they see fit: such admission to membership shall be governed by the by- 2 IV. By-laws and rules. Present oiHcers to continue. Liability of members. Subscriptions of members. laws of the corporation ; and the said corporation may expel any member for such reasons and in such manner as may be by by-law provided. 6. The by-laws and rules of the now existing uumcor- porated Toronto Stock Exchange now in force shall be the by-laws and rules of the said corporation, until amended or repealed. 7. Until others shall be elected the present officers of the said existing Toronto Stock Exchange shall be those of the corporation constituted by this Act, and such officers shall have all the powers assigned to the com- mittee of management of the said corporation by this Act, and by the by laws and rules of the said existing Toronto Stock Exchange so far as the same are not con- trary to law. 8. No member of the corporation shall be liable for any of the debts thereof, beyond the amount of the annual subscription of such member which may remain unpaid. 9. All subscriptions of members due to the said corporation and all penalties incurred under any by- law by any person bound thereby, and all other sums of money due to the said corporation shall be paid to the treasurer thereof, and in default of payment may be recovered in any action brought in the name of the said coporation ; and it shall only be necessary in such action to allege that such person is indebted to the paid corporation in the sum of money being the amount of such arrears, on account of such subscription, penalty, or otherwise, whereby an action hath accrued to the said corporation by virtue of this Act, and on the trial or hearing of any such suit it shall be sufficient prima Jade evidence for the said corporation to prove that the defendant at the time of the institution of such action was, or had been a member of the said cor- j)oration, and that the amount claimed by reason of such T. )rporation may n such manner tisting uuincor- force shall be poration, until sent officers of shall be those A.ct, and such sd to the com- )ration by this B said existing le are not con- eubscription or otherwise, was standing unpaid in the books of the said corporation. 10. The said company shall at all times when re- Returns to bo quired by the Lieutenant-Governor or by the Legislative ^outenant- Assembly, make a full return of all its property, real g^J^/iSt^v^^ and personal, and of its habilities, receipts, and ex- Assembly, penditures, to the Lieutenant-Governor or Legislative Assembly, as the case may be, for such period and with such details and other information as the Lieutenant- Governor or Legislative Assembly may require on that behalf. 11 be liable for amount of the h may remain to the said mder any by- other sums of se paid to the ment may be name of the Bssary in such 3d to the 3aid the amount of (tion, penalty, ccrued to the d on the trial ifficient prima to prove that ition of such the said cor- •eason of such 4 i', ■; ^, Toronto Stock ExcHANaB. BY-LAWS. Passed at a Special Meeting of the Corporation on October 12, 1885. 1 All former By-Laws and Rales are hereby repealed, old Bv-Lawe and the following shall be the By-Laws of the Cor- '■*'^'^'' poration. The Officers of the Corporation shall consist of a officers. President, Vice-??esident, Secretary and Treasurer. The Committee of Management, otherwise called Co^^^jjtee^f the "Managing Committee," shall consist of the Officers how constitut'd of the Corporation and three other members of the Cor- poration, and such Committee shall be elected at the Annual Meeting of the Corporation, or at the Meeting in lieu of the Annual Meeting, and at such Meeting there ahall also be appointed two Auditors. Auditors. The President or acting President shall be ex-oj^cio a g^°f JJ^Xr's Member of all Committees. ot Committees. 5 Sec. 1. The President (or in his absence the Vice- Chairman of President) shall preside at all the meetings of the Cor- poration and of the Board, and in case of the absence of both these officers, the members present shall choose one of their number as Chairman for the time being. i»M (* BY-LAWS. Chairman to enforce all By-laws. Sec. 2. The Chairman shall see that all the provisions of these By-Laws are duly enforced. Eules of Order. Sec. 3. He shall enforce the following Rules of Order : a. Motion to adjourn. Penalties for violating rules of order. Chairman wishing to speak to vacate chair. Amendrnputs, only two allowed. On taking his seat he shall sound his bell, when all the members shall take their seats and keep order. h. Members must rise to address the Chairman. c. No member shall speak except to a motion. d. No member shall interrupt the speaker while addressing the meeting, except he rise to a point of order. e. The Chairman shall decide whether the point of order is well taken. /. No member except the mover of a resolution phall speak more than once, unless with the permission of the Chairman. g. The mover of a resolutir n may, at the close of a discussion, answer the objections raised. h. A motion to adjourn is always in order, but no discussion shall take place thereon. Sec. 4. A member violating any of these Rules of Order, shall, for the first offence, be named by the Chair- man, and for a second or further breach of the same shall be fined not less than twenty-five cents, or more than five dollars for each of such violations. KSec. 5. The President, or other Chairman, wishing to participate in the discussion arising at any meeting of the Corporation or of the Board, shall vacate the Chair before speaking, and shall call some other member thereto pro tern. Sec. 6. He shall not allow more than two amend- ments to be proposed to any resolution offered, and the last amendment, if there are two, shall be first voted upon, and in case it is lost, then the first one shall be ill the provisions owing Rules of sound his bell, i take their seats the Chairman. to a motion. e speaker while spt he rise to a lether the point of a resolution unless with the at the close of a )ns raised. in order, but no reon. these Rules of d by the Chair- h of the same, cents, or more is. lan, wishing to- ny meeting of sate the Chair, other member two amend- fered, and the be first voted > one shall be TORONTO STOCK EXCHANGE. O Dut when if that also is lost, the original resolution must be put and voted upon, and if lost, the subject shall not be brought up again at that meeting., but only at a Special Meeting called for that purpose by the Managing Committee. Sec. 7. Wuen taking the vote he shall ask those in Votmgon^^ favour of the resolution or amendment, to signify the same by holding up their right hand ; then those op- posed to it to signify their dissent in hke manner; any member shall have the right to call for the yeas and nays and have their names recorded in the minutes, provided such call iB made immediately after the vote is taken and before any other business is commenced ; or should any member present demand that the vote be by hallo it shall so be taken, and a majority of those votmg shall decide all questions, except where otherwise provided for in these By-Laws. Sec. 8. He may cast his vote by ballot, ^^^^^^^^^^ Chairm- v^^^^ shall not vote on any question except in case of a t.e, - case of Ue. when he shall give his casting vote. ^oo Q He shall sign all Minutes of the previous Chairman to „>eeting after they have been read and approved „f-iBn.in„te,._ by the meeting. Sec. 10. Any appeal against the ruling of the C^air^ Appea^ag^^^^^^ man must be put in writing and decided by a majority ot ^^^^^g, those voting at the meeting. all the cor- secretary. Sec. 1. The Secretary shall conduct respondence of the Corporation. Sec. 2. He shall keep a book, shewing the names of BllBec^r^dof the members, the date of the admission of each, shew- ing whether by payment of admission fee, and amount of the same, or by purchase of seat and from whom, and for what amount, and the disposition whether by death, sale, or otherwise. 6 BY-LAWS. Partnership Eegister, Defaulters liegister. Secretary duties. Minutes. Attendance of Members to be entered. List of Stocks Calling of stocks. Eecording quotations. Share List for daily papers. Share List. To be kept reliable. Sec. 3. He shall keep a record in a book to be kept for that purpose of all partnerships, and the dissolution of any such wherein one or more of such partners may be members of the Corporation, and shall post up such announcement on the Notice Board. See Bv-Law No. 20. ^ Sec. 4. He shall keep a book for the purpose of regis- termg, and shall register therein the name of any member reported as a defaulter, as well as the name oi every member so complaining of him. Sec. 5. He shall attend all meetings of the Corporation and of the Board, take Minutes of the same, and enter the same in books to be kept for that purpose. Sec. 6. He shall read the Minutes of the previous meet- ing for approval or alteration, if necessary, at that meeting. Sec. 7. He shall enter the attendance of the members at all Meetings of the Corporation and of the Board, as well as that of Attorneys of members present. Sec. 8. He shall keep a list of all Stocks, Debentures or other Securities, to be called the Share List. Sec. 9. He shall call the Stocks at all the Meetings of the Board. * Sec. 10. He shall record the quotations and sales in a book to be kept for that purpose. Sec. 11. He shall prepare the Share List w.th quota- tious and sales, for publication in the daily papers. Sec. 12. He shall prepare a Share List, for the pub- lishers, as directed by the Managing Committee. Sec. 13. He shall keep the said Share List thoroughly rehable by constantly correcting the same, showing the mcrease or reduction of the Capital Stock of any of the Corporations quoted in the said Share List, the in- crease or impairment of the Reserve fund, and also any change in the dividends. %w^ * ok to be kept for lie dissolution of partners may be II post up such See By-Law )urpose of regis- I name of anj'^ all as the name a. ihe Corporation, same, and enter pose. I previous meet- Bssary, at that the members at > Board, as well £8, Debentures, List. be Meetings of and sales in a st with quota- papers. for the pub- nittee. ist thoroughly ime, showing tock of any of ) List, the in- and also any \ TORONI'O STOCK EXCHANGE. 7 Sec. 14. He shall keep a record of the dates of the Transfej^books closing and opening of the Transfer Books for dividends. noUce.and^^^^ elections, &c., of the various Corporations whose Stocks dividends, are quoted, and put up notices of the same on the Notice Board. Sec. 15. He shall prepare and send out all Notices for Notices^of the Meetings of the Corporation of the Managmg Com- mittee and of the Board, stating the object thereof, and shall post the same upon the Notice Board. Sec. 16. He shall not be allowed to deal in Stocks when calling the same. Sec. 17. In defining the duties of Secretary, the term As^^^stant Sec- «' Secretary" shall be taken to apply also to the office of Assistant Secretary in so far as it may relate to the duties apportioned and delegated to him. K An Assistant Secretary may be appointed at a How appointed salary to be determined by the Managing Committee, who shall also apportion and define his duties. He shall not necessarily be a member of the Corporation. 8 Sec. 1. The Treasurer shall receive and take charge Treasurer's of all moneys, and pay out the same upon vouchers certified and approved of by the Managing Commit+eo. Sec. 2. He shall deposit all the funds of the Corporation in an Incorporated Bank to the credit of the Toronto Stock Exchange, which shall be withdrawn only by ^^^^^^^^_ cheque, signed by the President, (or in his absence by banking. the Vice-President), and by the Treasurer. The choice of such Bank to be decided upon by the Managing Committee. Sec. 3. He shall render a statement of capital account AccomUs^a^^ and of receipts and f xnonditure, and also estimate of the same for the coming year. These statements shall be for the year ending the 3lst of May, and shall be pre- sented at the Annual Meeting of the Corporation when 8 BY-LAWS. InvestmentB. Pees — how col- lected. Fines— how collected. Meetings of Conimittee — how called. Chairman. Quorum of Committee & duties. Decisions of Committee may be ap- pealed. duly certified to by the Auditors ; and shall prepare all other financial statements of the affairs of the Corpora- tion when so required by the Corporation or by the Managing Committee. Sec. 4. He shall call the attention of the Managing Committee to all funds applicable for investment as soon as received by him, and on receiving the direc- tion of the Managing Committee, shall dispose of the same as ordered. Sec. 5. He shall collect all fees of members, and after one month's default in payment of the same shall re- port the default to the Managing Committee. Sec. 6. He shall receive all fines the day after they are imposed, and report to the Managing Committee in case of default. 9 Sec. 1. Meetings of the Managing Committee may be called by the Chairman, or by any member of the Com- mittee ; at least one hour's notice in writing of which meet- ing shall be given to all members of the Committee by delivery of such notice personally or at their respective places of business. Sec. 2. They shall choose their own Chairman, and also a Secretary. Sec. 3. The Managing Committee, of whom four shall form a quorum, shall control the finances and expendi- ture, enforce the Rules and By-Laws, and take cognizance of offences against them, and regulate all matters of detail not herein specially provided for ; and generally supervise and direct all matters affecting the interests of the Corporation. Sec. 4. Decisions of the Managing Committee may be appealed from to the Corporation at a Meeting specially called for the purpose of considering the matter of such appeal, but may not be reversed or altered except by a vote carried by a majority of two-thirds of the members voting at such meeting. i TORONTO STOCK EXCHANGE. 9 shall prepare all ; of the Corpora- •ation or by the 3f the Managing it investment as eiving the direc. 11 dispose of the smbers, and after e sacae shall re- ittee. ay after they are ommittee in ease mmittee may be nber of the Com- Qg of which meet- ae Committee by their respective lairman, and also whom four shall ces and expend i- i take cognizance 3 all matters of •; and generally g the interests of mmittee may be [eeting specially e matter of such (red except by a of the membera Sec. 5. In the event of complaint being made in wntm? ^rs^ga^o *" to the Managing Committee of the contravention of any coxrt-vention By-Law by any member, they shall have the right to investigate the conduct of such member in the matter. Sec. 6. Members, their Attorneys and Clerks shall ^mmoning attend the Managing Committee when required, and shall give such information as may be in their possession relating to any matter under investigation. Sec. 7. The Managing Committee may fine to the ^X" inAf "^y" g^^^. tent of five hundred dollars, or may suspend or expel ^^^^^.3^ any member of the Corporation or Attorney who shall be guilty of any criminal offence or dishonorable or dis- graceful conduct ; wilfully circulate any false reports, rumour or quotation ; mislead or attempt to mislead the Managing Committee when required to give information ; violate any of the By-Laws or Rules ; fail to obey and conform to any decision of the Managing Committee or of the Corporation, or become a defaulter within the meaning of any of the By-Laws. But such ^^e, or a |uspen8ion. resolution for suspension or expulsion shall have no force or effect unless it be imposed or passed at a meeting of the Managing Committee specially summoned for the pur- pose of hearing and enquiring into the complaint or charge against such member or Attorney, and of which meeting at least one day's notice in writing shall have been mailed to the person accused, who shall be entitled to be present thereat to be heard in his own defence. Provided also that the person so accused shall have the right, upon a demand in writing delivered to the Secre- tary of the Corporation within fourteen days from the mailing to him, by registered letter, of the decision of Managing Committee, to an appeal to a meeting of the Corporation to be specially called for the purpose of hearing s.ich appeal. Notice in writing of such meeting and of the object thereof shall be mailed to the accused three days previously thereto, and he shall be entitled to be present and heard thereat, and such meeting may ;, "'^* i- I ■jA^!, 10 BY-LAWS. Committee to direct Assistant Secretary. Eeports for Annual Meeting. Committee to report on application foi membership, 4&C. Report of Committee. Posting of notices of meetings. Auditors duties. Annual meeting. (subject, however, to the provision of section 4 of this By-Law) confirm, reverse, alter or modify the decision of the Managing Committee. Sec. 8. They shall direct the Assistant Secretary as to his duties, and see that he fulfils the same. Sec. 9. They bhall have prepared for the Annual Meeting a report of the business of the Corporation, giving full statistics of the same, and comparing it with that of former years, to shew the increase or decrease of the transactions, giving both weekly and monthly sales of the principal Stocks dealt in. Sec. 10. They shall examine and report upon all ap- plications for the admission or re-admission of Members, and upon all applications for placing on the Share List all Stocks, Debentures, oi other Securities, requested to be called ; upon all matters submitted to them by the Corporation, or by any Officer of the Corporation ; and shall carry out any instructions given them at any meeting of the Corporation. Sec. 11. And every report submitted by them must be in writing, and be signed by the Chairman of such Meet- ing, and give the names of the Members present. Sec. 12. They shall see that all Notices of Meetings for all purposes are posted upon the Notice Board in the Board Room by the Secretary. 10 The Auditors shall make a careful examination of the Treasurer's books and investments of the Corporation, and shall report in writing to the Annual Meeting, giving all information on matters and things coming under their attention which they may deem necessary. 11 Sec. 1. The Annual Meeting of the Corporation for the election of Officers, and members of the Managing Committee, reception of reports, and transaction of all other business, shall be held on the third Tuesday in i TORONTO STOCK EXCHANGE. 11 section 4 of this fy the decision of ant Secretary as same. for the Annual the Corporation, somparing it with rease or decrease dy and monthly ort upon all ap- sion of Members, •n the Share List ties, requested to i to them by the iorporation ; and n them at any 3y them must be an of such Meet- 8 present. 3 of Meetings for ce Board in the amination of the the Corporation, 1 Meeting, giving s coming jcessary. under •rporation for the f the Managing •ansaction of all third Tuesday in June in each year, at the Board Room of the Cor- poration, or at such other place and at such hour as the Managing Committee may designate. But it, from any circumstances, such Meeting be not held, or if there should be a failure of election on that day, the Officers and Managing Committee of the previous year shall hold office until their successors are appointed, and the Managing Committee shall call a Special Meeting of the Corporation for the purpose of transactmg any business which might lawfully be done at any Annual Meeting, and which had not been so done. Sec. 2. All the officers and members of the Manag. R^-elefon of ing Committee shall be eligible for re-election, ex- cept the President, who shall not be eligible for more than two years in succession. Sec. 3. All officers, members of the Managing Com- Offlc|r8-how mittee and Auditors shall be chosen by ballot m the following order : 1st, the President ; 2nd, the Vice- President : 3rd, the Secretary ; 4th, the Treasurer ; 5th, the members of the Managing Committee ; 6th, the Auditors. In the case of only two candidates, the one for whom the majority of votes are cast shall be elected ; or in the case of more, the one having the greatest number of votes ; so also for the other members of the Managing ; Committee, those having the greatest number of votes : shall be elected. Sec. 4. Two Scrutineers shall be chosen by the ^^'^'^ '°®®'^^- meeting from among the members present, to take the vote by ballot, and they shall give the result to the Chairman, who shall announce the same to the meeting. Sec. 1. Eleven members present in person shall Q^/^J^S^^^f constitute a quorum at any meeting of the Corporation, corporation. Sec. 2. Special Meetings of the Corporation to con- Specia^^Meet- sider matters of an urgent character may be called bj^^^ff^^ °^ the Managing Committee at any time they may deem it #1 1-^ 12 BY-LAWS. Notices of meetings. Ballot Scrutineers. Complaints. Qualification of applicants. Names of can- didates to be posted. necessary, by giving three hours' written notice thereof, specifying its object ; such notice to be given personally or delivered at the usual place of business of each member. All other Special Meetinj^s of the Corporation, unless herein otherwise specially provided for, may be called by the Managing Committee on giving the notice provided for in the next section, and shall be so called by said Committee upon a requisition in writing made to them by five or more members, stating the object of such meeting. Sec. 3. Notices of all meetings of the Corporation, when not otherwise herein specially provided for, shall be given by being posted for three days in the Board- Room, and by a written notice mailed to each member three days previous, and all such notices shall state briefly the object of such meeting. Sec. 4. At any Special Meeting where the vote to be taken is by ballot two Scrutineers shall be appointed, as in Bv-Law 11, Sec. 4. All complaints or other communications must be in writing, signed by the writer, and addressed to the Managing Committee, who shall take such action thereon as they may deem fit. 14 Sec. 1. Every applicant for membership must be of the age of twenty-one years, and give one month's notice in writing to the Managing Committee of his in- tention to become a candidate for membership, and he shall not be eligible unless he has been in business for at least 3 months as a stock broker in the City of Toronto, or employed for at least 3 months as the Attorney of a member of the Corporation prior to his application. Sec. 2. The name of every candidate for admission as a member of the Corporation must be submitted by one member anfl seconded by another, at any ordinary Board ten notice thereof, jiven personally or 8 of each member, orporation, unless , may be called by be notice provided 80 called by said ing made to them tie object of such the Corporation, )rovided for, shall ays in the Board- d to each member lotices shall state re the vote to be I be appointed, as lications must be I addressed to the :ake such action Brship must be of give one month's tnmittee of his in- embership, and he 3 in business for at le City of Toronto, the Attorney of a s application. te for admission as submitted by one ,ny ordinary Board TORONTO STOCK EXCHANGE. 13 Ballot for same Proposer and secouder. Applicants once rejected. Penalties for mis-statements by applicants. ivieeting thereof, and thereupon the name of such can- didate shall be posted in the Board Room, with the date of the posting thereof; and on the first Morning Board Mebtin- held after the expiration of fourteen days Irom the fir^ day of such posting, such candidate shall be balloted for. On such ballot one black ball in five shall exclude him. Two Scrutineers, appointed as by Sec. 4, By-Law 11, shall take such ballot. I Sec. 3. The proposer and seconder shall not bo mem- bers of the same firm. Sec. 4. If any applicant for admission be rejected, he shall not be balloted for again for six months from the time of such rejection. Sec. 5. Any wilful mis-statement by any applicant for i admission or re-admission made upon a material point, ; shall, if such applicant be elected, subject him to expul- sion. 15 fSec 1. Each member, heretofore and hereafter Members to elected, shall subscribe his name to the Constitution and Jo By-Law^s^°^^ ' By-Laws of the Corporation, and undertake to abide by the same, and by any amendments, alterations, or addi- tions which may be made thereto at any time during his membership. I Sec. 2. And each person hereafter elected shall only be Admission fefe. i admitted to membership on payment of an admission fee ■ of Four Thousand Dollars, or of the purchase money for his seat and transfer fees, as provided for in By-Law No. 18, and such payment shall be made within seven days after such election, or the same to have no effect. ?>(^(i 3 He shall pay an Annual subscription of twenty- Annual sub- c>t3u. w. j-*-« -^ r J , . ,. r xi 1 ^^^scription. five dollars, no matter at what time of the year he may be admitted. 10 I The number of the members of the Corporation is ^{^°f M limited to forty. w ^^• I * -I 14 BY-LAWS. n Annual sub- Sec. 1 . The annual subscription for each seat shall be rbffiuTdlancotventy-five dollars, payable strictly in advance on the first day of June, and should such subscription not be paid within twelve moniua from the said date the seat shall be declared forfeited. Members in ar- Sec. 2. No member shall be allowed to attend any attend m?et- meeting of the Corporation or of the Board until hia ingB. annual subscription is paid. Members with drawing or dying. Leave to sell seat on certain conditions. Deductions. 18 Sec. 1. A member wishing to withdraw from the Corporation, (or in case of the death of a member, his legal representative), may apply to the Managing Com- mittee, in writing, for leave to dispose of his seat, stating the name, address and occupation of the proposed transferee thereof, and the Managing Committee, on ap- proving of such application, shall call a Special Meeting of the Corporation at fourteen days' notice to decide whether such leave shall be granted or not, and if said leave be given, but not otherwise, he may proceoed to sell said seat to such proposed transferee as herein provided. Sec. 2. Such leave is granted only on the express stipulation that the whole of the purchase money of tue said seat be paid in to the Treasurer forthwith upon the election of the transferee, and no election of such trans- feree, based on the granting of such leave, shall be valid or of any effect to entitle the person to take his seat at the Board until such purchase money shall be paid in as aforesaid. Sec. 3. The Managing Committee shall deduct from such proceeds of sale, all fees, and fines due to the Cor- poration by the member so withdrawing, and all other liabilities of such member to the Corporation, or any other member, or his legal representative thereof, arising out of a stock exchange transaction. TORONTO STOCK EXCHANGE. 15 each seat shall be ia advance on the abscription not be ) said date the seat ved to attend any 18 Board until bis withdraw from the 1 of a naember, bis le Managing Com- of bis seat, stating L of the proposed Committee, on ap- . a Special Meeting s' notice to decide or not, and if said nay proceoed to sell as berein provided. ily on the express chase money of tue forthwith upon the ction of such trans- leave, shall be valid to take his seat at ' shall be paid in as shall deduct from nes due to the Cor- wiog, and all other corporation, or any .tive thereof, arising . Sec 4 If the proceeds (after first deducting the full Proc^oodBU> b. "amount due the Corporation) are not sufficient to pay rafa. ^be proved claims of the members, and the legal repre- Bcntatives of deceased members, if any, then they shall tbo divided amongst them p-ro rata. Sec. 6. The balance of such proceeds, if any after Balance of pre rjavment of such liabilities to the Corporation and such proved claims, shall be handed over to the member so withdrawing, or in case of death as aforesaid, to h.s legal representative. Sec. 6. If not already a member, the purchaser of Purchaser to Buch seat must apply for election as provided for m Section. Bv-Law No. 14, and if duly elected he shall pay a transfer fee of Twenty-five Dollars to the Treasurer. Sec 7. The word " Seat " as used in these By-Laws is intended to embrace and cover all the rights and privi- leges ol membership Sec 1 A member of the Corporation becoming m- cSnslq^SJiTs solvent or bankrupt, or becoming a defaulter, within the of, &c. meaning of any of these By-Laws, shall not be entitled to be present at any meeting of the Corporation or ot • the Board whilst so insolvent, bankrupt or a defaulter. i Sec. 2. A member of the Corporation shall be deen^d Lngjlv^ncy insolvent or bankrupt within the meaning of these By- ' Laws, if he comes under the operation of any Insolvent or Bankrupt Law now or hereafter in force in Canada, or if he makes an assignment for the benefit of his Creditors. I Sec. 3. He shall not have a right to dispose of his Se^-vej^e t . seat, but the said seat shall revert to tho control I of the Corporation to be dealt with as hereinafter I provided. And he shall not have any of the rights or I privileges ol a member unless and until he has procured I his discharge and been re-admitted under the provisions •^^ 16 BY-LAWS. InBolvont may apply for ro- admission. Defaulter. Members com- pounding to notify Com- mittee. Insolvents' scat may be sold. Be-admission lee. Sale of seats of expelled members. I Sec. 4. All insolvent, or bankrupt, on gfcttinf; his dis- charge, shall be allowed to apply to the Managing Com- mittee for re-admission to the Corporation at any time within a period of six months from the date of said insolvency or bankruptcy, in manner provided for in By-Law No. 14. Sec. 5. Any member who shall make default in payment of any fine duly imposed on him in pursuance of any of these By-Laws, or fail to meet his engage- ments to any member of the Board, shall be deemed a defaulter. Sec. 6. Any member who shall compound his engage- ments to any other member of the Board, shall be obliged to notify the Committee, who shall report the same to the Board. Sec. 7. In case an Insolvent or Bankrupt does not procure within said period of G months a discharge from all his liabilities, and does not apply for re-admission within said period, or in case the applicant is not elected, then the Managing Committee may proceed to sell his seat, by tender or otherwise, and the proceeds to the extent necef^sary for that pui,,'0^e shall be dis- posed of as provided for in Sectio- ^ I "d i of By-Law No. 18, and the balance (if any) shall be paid to the legal representative of the bankrupt or insolvent. Sec. 8. In the event of an insolvent or bankrupt ob- taining his discharge and applying for re-admission within said period of 6 months, and being duly elected, he shall be obliged to pay a re-admission fee of $25, and shall not be entitled to take his seat until he has satisfied all his liabilities to the corporation and all liabilities to members or their repiesentatives arising out of Stock Exchange transactions. Sec. 9. In case an expelled member, or one whose seat has been forfeited, is at the time of such . expulsion or forfeiture indebted to any member of the Corporation in TORONTO (iTOCK KXCIIANOE. 17 I gettin*? his (lis- Managing Com- ;ion at any time he date of said provided for in nake default in lim in pursuance neet his engage- shall be deemed ound his engage- Board, shall be shall report the akrupt does not a discharge from for re-admission ipplicant is not I may proceed to md the proceeds J id shall bo dis- Mid 1 of By-Law ! paid to the legal .t. i or bankrupt ob- for re-admission sing duly elected, >n fee of $25, and }il he has satisfied d all liabilities to ing out of Stock or one whose seat such . expulsion or iie Corporation in respect of a Stock Exohan,^e uausaction, the Corpora- tion may sell his seat and dispose of the proceeds as pro- vided for in Sections 8 and 4 of By-Law No. 18, but m uo case shall such expelled members or member whose ..eat has been forfeited, be entitled to any share of the proceeds. Any member forming or dissolving a partner- Formation or ship with any other member or person, shall immedi- i;artu-Blup- ately give written notice thereof to the Secretary, and ^^^ary. the Chairman shall announce the same at the next meeting of the Board, and notice of such partnership, or the dissolution of a partnership, shall be posted up on the Notice Board for at least one week. Sec. 1. Any member may nominate as his representa- Attorney. tive at Board meetings, one Attorney, who shall be either his business partner or a clerk in his regular employ as a Broker. Attorneys shall be admitted only by ballot, as provided for by By-Law 14; but no such admission shall be for a longer period than three months at any one time. All the transactions of every such Attorney shall be made in the name of and on the responsibility of his principal. Sec. 2. Attorneys shall be bound equally with members Standmg^of to observf the regulations and by-laws of the Corpora- °'"^y'- tion, and shall be jointly and severally with their prin- cipals subject to the fines or other punishments which may be inflicted for contravention thereof, but they shall 1 have no voice in the affairs of the Corporation, and shall I not vote on any question that arises in the course of the daily business. Sec. 3. Each member before using the privilege of being Pe« JJ^Sru^.f represented by an attorney shall pay in advance to the funds of the Corporation a fee of ten dollars, and ehaii sign an underiaHiug, lu » ^^'■'^ "li — .■ - 1 l> Hi ; i i I li 1 i 1 . . i ) 1 , : 1 .' i . i ' ' ■ ■ 1 1 A i I ^ 1 Bevocation of Attorneys' power. Disposition of funds. Investments. Board meetings. Hours of same. 18 BY-LAWS. Managing Committee, that bis Attorney will act for him or hislarm oniy, and that he will be as fully responsible for all the bargains, dealings and other acts made and done by his Attorney as if the same were made and done by himself. Sec. 4. Members may, at any time, revoke the author- ity given to their Attorneys, by posting in the Board Room for oue clear day, notice of such revocation, and signify- ing the same in writing to the Secretary. The Managing Committee, may, in their discretion, exclude any Attor- ney Irom the Board Room, and may require his principal to revoke his nomination. All monies received shall be disposed of as directed by the Managing Committee. All investments may be sold out and reinvested in other Securities as provided for in By-Law No. 9, or in the purchase of land for building on or in the purchase, or erection of buildings for the purposes of the Cc-rporation, provided that before any dealing in buildings or lands is made it must be sanctioned at a Special Meeting of the Corporation, called by the Manag- ing Committee at fourteen days' notice. Sec. 1. The regular Meetings of the Toronto Stock Exchange shall be known as " Board Meetings," other- wise herein referred to as meetings of the Board. Sec. 2. They shall be held daily, except on Sundays and Public Holidays, and at the hours of 12.30 p.m., and of 3.30 p.m., except on Saturdays, when there shall be but one Meeting, and that at noon, and they shall close at the expiration of thirty minutes, unless a motion to extend that sitting be carried at any Meeting of the Boar(\ TORONTO STOCK EXCHANGE. 19 will act for him fully responsible r acts made and made and done voke the author- the Board Room ion, and signify- . The Managing :clude any Attor- iiire his principal 3d of as directed and reinvested in By-Law No. ing on or in the the purposes of ) any dealing in 3 sanctioned at a 3d by the Manag- e Toronto Stock Meetings," other- ihe Board. :cept on Sundays rs of 12.30 p.m.^ when there shall Q, and they shall 8, unless a motion ly Meeting of the Sec 8. Either or both of these MeetinRS may be dis- Bo«.;^j;Xo' pensed with on certain days or for certain times ae may ou,,.,n.ed L agreed upon from time to time, by a vote taken at a i3oard meeting. Sec 4. The hour or hours for holding tliese meehngs Hours ...av „ay be changed, but only at a Sp-cial Meeviug of the Corporation, called by the Managing Committee at fourteen days' notice, and only by a vote ol two-th.rds of these members voting. Sec. 5. The following shall be the order of proceed- P-c^^^f «« ings at such Board meetings : moetings. la) On the sounding of the Chairman's bell the members shall take their seats, ana keep order. (h) Calling the regular list of Stocks, Debentures, &c. (c) Reading the Minutes of the preceding day other than those of names of Members pre- sent, and of the quotations and sales of Stocks &c., &c. (d) Receiving Notices lor the election or re-election of Members, or any other Notices, Letters, Applications, &c., &c. (c) Reading the same, and referring them to the Managing Committee, or otherwise. (/) Receiving Reports from the Secretary, Treas- urer, and the Managing Committee. ig) Re-calling Stocks, correcting Quotations, and records of Sales. Sec 1. Any member interrupting the calling of the inJ^erruption. Stocks, by speaking or otherwise, shall be called to order bv the Chairman, and if he continue the interruption, shall pay a fine of not less tlian twenty-five cents, nor more than five dollars for each offence, at the discretion I ' i. i\ ^^21 20 BY LAWS. Record of transactions and Share List No member to publish Share List in a news- paper. Placing Stocks on List and fee for same. Committee to investigate ap- plication. Placing or re- moving same under jurisdic- tion of Com- mittee. Chairman to decide on quotations. of the Chairman, from whose decision there shall be no appeal ; and the levying of such fines shall rest ex- clusively with the Presiding Officer. Sec. 2. When any sale is made, or any other transac- tion effected .it the Board, it shall be recorded by the Secretary, stating the price, &c., in a book kept for that purpose, for the benefit and information of the members, and for the purpose of forming a reliable Share List ; and such Sbaro List may be published with the approval of the Managing Committee. Sec. 3. No member shall publish in a newspaper a •• Share List," under his own or his firm's name. Sec. 1. Any application for placing Stocks, or other Securities on the Share List, must be made in writing and must be accompanied by a full statement of the affairs of the Company, Corporation, &c., &c., and a fee of fifty dollars, unless ordered by the Managing Com- mittee to be listed without fee. Sec. 2. Such application, &c., must be submitted to the Managing Committee, who shall thoroughly investi- gate the same and make a report thereon in writing, and shall, if they think necessary, call a Special Meeting at three days' notice to consider the same. Sec. 3. No Stocks, or other Securities, shall be placed on the Share List, or removed from the same, except by order of the Managing Committee. Sec. 4. Should the difference between buyer and seller in the quotations of stocks be miore than five per cent» the Chairman shall decide which, or whether either or both of them shall be taken. Quotations to See. 5. No quotation, nor any offer to buy or sell i o? iV^c ^ **^^° Stocks, Debentures, &c., shall contain fractions less than one quarter of one per cent. Definition of S®^* ^' -^^J ^^^^ *° ^"J ®' ^^^^ Stocks, &0., without quotation. stating the quantity shall be open to acceptance for TORONTO STOCK EXCHANGE. 21 there shall be no Bs shall rest ex- ny other transac* recorded by the ok kept for that of the members, Share List ; and I the approval of I a newspaper a I's name. Stocks, or other made in writing statement of the c, &c., and a fee Managing Com- be submitted to oroughly investi- n in writing, and 3cial Meeting at 3, shall be placed same, except by L buyer and seller an five per cent, svhether either or to buv or sell tactions less than iks, &o., without <3 acceptance for L ntv Shares or Ono Thonsan,! Dollars par value of «uxi;g -a las ft quotation. n +v S«o 7 At all Board meetings during the call, the Lemte flfst offorin. to sell at a lower pHee than any UhTr member so offering, shall have the option of sell ng raUtavers then at that price; ami in like manner, he LtSu" to buy at a price higher than any other 'mlbt the; so Jring shall have the option of nymg from all sellers then at that price ; and the Broker so oZng or bidding may buy or sell to him.elf through the sSary when the buying and selling quotauons are t h n one quarter of one per cent.-but the Chairman rhaUhave power to discontinue this practice should he find the privilege being abused. Sec 9. In case there are two or more claimants for cbai™«i^o^__ the purchase or sale of Stock, &c., the Chairman shall d,i„a..ts. decide the same, or appeal to the meeting for their de- "'tec' 10 It an appeal is made from the decision of APPea_J_|J,ai-t the Chairman, the question shall be put to the vote but .isloo. in such case no claimants shall take part m the vote. Sec.1. AH transactions made at the Board sh"" /« ^rans- b°a"'- settled before 2 o'clock on the day foUowmg, unless ttied. otherwise arranged by the contractmg parties. Except transactions made on Fridays and Saturdays, which need not be settled till the Monday following. Sec. 2. All contracts in stocks falling due while *« contracts^^^ ,^ transfer books of such stocks are closed, shall be com- books close. pleted on the opening of the books. r''^" ^ , , , mam Cheques to be Sec 8 Cheques for settlement given between mem- ^^^11103. hers shall be certified by the Bank on which they are drawn, unless otherwise arranged between the members concfrnpd. 22 BY-LAWS. . Purchase money can be required at time of delivery Interest on future delivery Accrued in- terest on bonds, debentures, &c. Seller re- sponsible for genuineness of documents. Members ne- glecting to ful- fil contracts. Fictitious sales or contracts. Time bargains. Sec. 4. In all sales of stocks, either party shall have the right to require the purchase raoney to be paid at the time and place of transfer or delivery. Sec. 5. When stock is sold for future delivery, the • interest, if any, begins from day when stock would be deUvered if sold regular. See. 6. All accrued interest on Bonds, Debentures and Dominion Government Stocks shall go to the seller— to be paid for with the principal on delivery, and shall be calculated from the date of the last payment to the day of delivery. Sec. 7. The seller of securities is responsible for the genuineness of all documents delivered. Sec. 8. Should any member neglect to fulfil his contract at the time it becomes due, the member contracting with him shall — after giving notice of his intention to the member in default, either personally or by leaving a written notice at his office — have the right to employ an- other member to purchase or sell the Stock (as the case may be) if possible at the first Board meeting following, accounting to the member in default for any surplus or charging him with any deficiency. Sec. 9. No fictitious sales or contracts shall be made and each member shall transact his business openly and fairly, and in accordance with every principle of honor and integrity. Sec. 10. In lime bargains made, or ex-dividend transactions between members the Stock dealt in must be kept at the market price between buyer and seller, which price, should any dispute arise, will be settled by the Chairman on the first occasion, and from whose decision no appeal will be allowed ; and should the member of the Board who has been asked for the difference in price fail to pay the difference by the Second Board meeting, after demand biing made, he shall be declared a defaulter under these By-Laws. i TORONTO STOCK EXCHANGE. 23 3r party shall bave oney to be paid at ^ery. I iiture delivery, the • len stock would be ds, Debentures and go to the seller — delivery, and shall ast payment to the responsible for the red. to fulfil his contract )er contracting with 8 intention to the f or by leaving a right to eiiploy an- e Stock (as the case . meeting following, 1 for any surplus or acts shall be made is business openly every principle of le, or ex-dividend le Stock dealt in 36 between buyer my dispute arise, an on the first no appeal will be of the Board who )rice fail to pay the jting, after demand Bfaulter under these • Sec 11 In aU oases of sales for future deUvery or pay. Sa.e.Jor future Lfn, every intermediate advantage shall belong to tne fcCr unless otherwise declared aUhe *i-^^^^^^^^^^^ ,,_„. T «». 12 No prospective dividend on Stocks shall be sow ^n^^..^ „„t Inder fpenaUy not exceeding five hundred dollars, aUoJ^joM- t discretion oUhe Managing Committee, for each and fevery transaction. I «.. 1 The commission'to be charged on transactions Oommjssiou^^ Sec. 1. iue one-quarter of one K :: tt — t :i^ed up e.cept in transactions ILtween members of the Corporation. \ Z\ Any member charging a less commission or PenaU.e, Lllowing a ribate, or buying or selling and makm, no Lw.6 therefor; or entering into or remammg m pait- hSptuh an; person out_of Toronto, ^th a v.e. of 1 charging a less rate of commission, or otherwise S tL^:.rr = :Lce one Hundred ^d:.str^:::^r:::Lr:n!;^^.:;^- : visions of By-Law No. 9. 1 ;_» <. /.Inim aoainst another Boportiue ot ««,. 1 Anv member having a claim a^aiunu defaulters. Sec. 1. Any demand, shall imme- member which is not settlea Managing T^'f: ::7 thX n"the nrnaging Committee Committee, '"^'i t"^;;"?^. , ^^^^,, ;„ writing, to per- shall call upon the ^ebtoi, oy ^^^ form his obligations >--]> f ^J^^ticeTand shall hear ^■3?^- time as ^'^^ ' ^^—"debtorlaU have'to urge against gSe. ""\ Tm tra if such claim be 6o««^rf. disputed the ^r^half^directed to refer hUcl.^^^^^^^^ rrr'nt^rdTrt tXa «po--- It It oe uuu 1 Manaffina Committee which shall appear to the Managing 24 BY-LAWS. to be honafid^^ t'^^ debtor shall be ordered finally to settle such claim ; and in default of so doing in conformity to such order, he shall become a de- faulter within the moaning ot these By-Laws. Any member having an unsettled account with a defaulter shall fyle a statement of such account with the Managing Committee within seven days from notice being given in the Board Room of such member being declared a de- faulter. And any creditor failing to fyle such statement within the said time shall forfeit all claim to a share of any money that may come into the bands of the Managing Committee for distribution. Sec. 2. A member carrying Stocks for, or having Stocks carried by, or having an open contract with another member who becomes a defaulter, must sell the same at the first Board, at which it can possibly be done, held after such defaulter has been .sported and posted in the Board Room as such ; otherwise, the prices quoted at such Board will be held to be the basis for the adjust- ment of his claim. Sec. 3. No member shall do business for a defaulter without the consent of the Managing Committee. . X Sec 4 No payment or claim on a defaulter's account dSte?^""" that does not arise from a Stock Exchange transaction shall be admitted by the Managing Committee. Sale of defaulters' stock. Consent required to do business for defaulter. Disputes SO ^.=pu... Sec. 1. In the event of any dispute arising between Jl^^jen^ mem- j^g^^^jers in reference to any transactions entered mto rSen-edto between them in the exercise of their profession as arbitration. ^^^^^ ^^^^^^^^ ^^^^ ^.^^^^^ ^^^^^ ^^ submitted to the decision of two arbitrators, who shall be members of the Corporation, one to be named by each party, with power to nominate a third arbitrator, who shall also be a mem- ber of the Corporation. And the decision of the majority of such arbitrators, delivered in writing to the Secretary, shall be binding on the parties. TORONTO STOCK EXCHANGE. 25 ordered finally b of BO doing in I become a de- By-Law8. Any with a defaulter Tith. the Managing ice being given in ag declared a de- le such statement aim to a share of | be hands of the r, or having Stocks ract with another | }t sell the same at ibly be done, held and posted in the e prices quoted at isis for the adjust- 388 for a defaulter Committee, defaulter's account :change transaction ommittee. ite arising between ,ction8 entered into their profession as e submitted to the be members of the h party, with power ;hall also be a mem- sion of the majority Dg to the Secretary, c . 2 The procedure for the nomination of arb- Aj^'^-^V, . L the conduct of the arbitration, provided for rr l!! prece'ng section, shall be as follows: The -:;rar.::;.^-.atterind.^^^^^^ redress he claims, and nami^ng jthereupon ^ opposite party, who shall rt Tw^ntvluThours after'notice thereof, fyle with r^crtary a memorandum in writing, containing tas the Se»«*^'y » ■" i„ di te and naming his arbi- rr'^nd t hX- l^e See'retary shall communicate Itrator ; and tbereupo arbitrators r 'Ta'nVLy stu toeeo" to the nomination of a feet^ t:rt?t i^rnt,-:nr-o^ any other time and place to which they ^-^'l ^ff"'°' °^ of which they shall subsequently give notice to the ties, the arbitrators shall hear the parties ; shaU mak^ such enquiries and receive such evidence "« '^^J ^^^ necessary ; and shall make their award m wr tmg to the Sec tary deciding the subject matter in dispute and Lpon the costs of the re.renc. The award^of said I arbitrators, or a majority ol tnem, i elusive and W°«i°8 °\*; ?"'";. , any proceedings at Penalties to, ' Sec 4. If any member shall taKe any pi*j^ © not conf ormrne bee. 4. ay .^ herembefore ^ith arbitra- law m respect of any aispuie w manner tors' decision. ^ ordered to be referred to arbitration in the manner 26 BY-LAWS. :. ,\ \ herein provided, either before or after a reference to] arbitration, according to these By-Laws, (8av9 for the purpose of enforcing the award made on such reference), or if he shall fail to conform himself in all respects to the award made by tlie arbitrators upon any such matter, or to any subsequent order made by the Chairman oil the Arbitrators for the better carrying out of such award, he shall be deemed to be a defaulter within the meaning of these By-Laws. in Members can- ' Any member of this corporation uniting with any simi- notjoinsimilari Qj.„j^jj|2ationin Toronto where Stocks, Bonds, &c., are •organizations, J "^ • • • i u* —penalties. dealt in, or entering mto or remammg m partnersHip with, or employing in the sale or purchase of Stocks, Bends, &c., any person who is a member of such other organization, shall render himself liable to be expelled by the Managing Committee, or to be dealt with under By-Law No. 9. By-Laws- how Any of the foregoing By-Laws may be amended, re- repealed, ^p^^g^ ^j. g^^^g^ ^Q ,^^ ^ special meeting of the Corpora- tion called for that purpose by the Managing Committee. Ten days notice in y riting of such meeting, as also of he proposed alterations shall be mailed to each member. r a reference to] 9, (8av9 for the' such reference), n all respects to I any such matter, ihe Chairman oi i it of such award, hin the meaning ig with any simi- 5, Bonds, &c., are g in partnership rchase of Stocks, member of such ?elf liable to be r to be dealt with be amended, re- ; of the Corpora- iging Committee, leeting, as also of to each member. INDEX PAOB. 7 Accounts '.*''.'.'.*.'.'.* f Adjournments 4 Amendments 10 Annual Meetings.. .• lo Election of Officers at ^q Reports for H Scrutineers at ' lO WhenHeld 8, 21 Appeals --•"- ••••*• .''.V 24, 25 Arbitrators,— Duties of, &c 7 assistant Secretary • 7 10 Committee of Management ;;."".■.... 7, 10 Duties of ; .... 6 Recording Transactions "" 17 Attorneys ;;;;; 17 Election of, 17 Fees ;;; 17 i;iottoVote 18 Revocation of *.*.'.'.'." ...3, H> Auditors ;;;;;;.V.; 3 Appointment of lo Duties of 12, 13 Ballot • •;.•;..:. '. 7 Banking by Treasurer g^ 20 Bank Stocks, Quotations - 22 Bargains, Time ; 13 Blackballs .18,19, 20 Board Meetings 19 Disputes at 18, 19 Privileges at " 19 Proceedings at 19 Regular ".**... 22 Business, HOW Conducted •— 24 Consent to do for Defaulter t INDEX. PAOM By-laws iv. Act of Incorporation i. to vi. Breach of 6 Ghnnging 26 Enforcing 4 Kepealed 8 How Repealed 26 Subscribing 13 Buying AND Selling 21 Seller to Guarantee Genuineness, &o 22 Chairman OF Meetings 3,4,5, 21 Cheques to be Certified 21 Committee of Management 8 How Constituted 8 Arrangements to make 8 Assistant Secretary, to appoint 7, 10 By-laws, Contravention 9 Chairman 8 Instructions 10 Investments 10, 18 Meetings, Notice of 8, 10 Members, Admission 10 Reports 10 Stocks, Application to call 20 Commissions 23 Fines, Penalties, &c 23 Complaints 12 Contracts 21, 2ii Neglect to carry out 22 Fictitious 22 Time 22 Creditors 15, 16, 17 Claims : Against Defaulters 24 Death OF Members 14 Defaulters 6, 16, 23, 24 Disputes 24 Dissolution 17 Delivery 22, 23 Future, Sale lor 23 Dividends 22, 23 Prospective not to be Sold 23 Penalty for 23 Elections : Attorneys 17 Members 13 OflScers 11 INDEX. PAQB. Expulsion : By Committee ot Management v Admission of Members 13 Re-Admission of Members 16 Attorneys 1/ Calling Stocks ^^ Neglect to Pay •••• » Transfer • ^^f ^^ Treasurer to Collect ^ Fictitious Sales 22 Fines V^ Commission By-law ^^ Infliction by Committee 9 Investment of 1^ Neglect to Pay ^ Treasurer to Collect ^ Forfeiture OF Seats 14,15, 16 Funds •• Disposition of ^° Income "^^ Incorporation, Act of i- *® ^^' By-laws ^* Incorporation ^* Liability ^• Meetings ^^* Membership ^* Name ^^' Officers "I ^• Objects "• Powers ^^" Preamble • ^' Proviso ^^' Returns to Government ^^' Subscriptions J; Insolvency 1^ Interest Accrued ^^ Interest to Accrue ^^ Interruptions at Board Meetings l^ Investments °» ^^ Auditors }ri Committee of Management lo Treasurer '^' ° Liability of Members ^^* Management Committee of ........,..^.-» - « m^- ■ ^K . ^^^^^Bvf ^^^^^•A . ^^P K •% 1 INDEX. PAOB. Meetings : iVnnual Hi- Board 18, It) Proceedings at 19 Incorporation Act i. to vi. Notice of 7, 12 Quarterly 11, 12 Special 11, 12 Memhbrs III. Admission of 10 In Ar jars 14 Dying or Withdrawing 14 Compounding 16 Incorporation Act i.to vi. Liability of iv. Limitation of IB Qualifications of 12 Records of 5, 6 Rejection of 13 Rules for 12 Saleof Seatby 14 Not to join Similar Organizations 26 Penalties for 26 Minutes : Sncretary to Read 6 Chairman to Sign 5 Name , ii. Notices Buard Meetings 7 Election of Members 12 Special Meetings 7 Objects ii. Offers TO Buy OR Sell „ 20, 21 Officers 3, 11 Exofficio Members 3 01 Committee of Management 3 Partnerships 6, 17 Penalties 23, 26 Applications for Membership 10 Arbitrators' Decision 25, 26 Calling Stocks 6 As to Commission 23 Fictitious Sales 22 Rules of Order, for Violating 4 Powers, Incorporation Act = = = = = = = = === = = = ... = = = ii. President 3, 4 INDEX. FAOa. Privileges, Buying and Selling 20, 21 Proposers AND Seconders .. 1^ Publishing Shark Lists *" lu Newspapers ^ Not to be by Members •— J*" Quarterly Meetings i^* J^ Questions while calling Stocks •• J» Quorums g' 2o Quotations ' „, Definition of ^^y ^^ Re-Admission : - « Of Members t^l Fee 1^ Reports : ^^ Annual Meeting Vi Auditors ^^ Committee of Management au Returns : For Government * Rules OF Order „q Sales, for Future Delivery • • • • ^^ Seats ^*' Vi Reversion to Corporation y ^^ Secretary, Duties OF ^» ^ Aasiatant '' -.^ Scrutineers ^' 2o Share Lists VV';t*""'V 9n Where not to be published by Members ^ Special Meetings ^^' Stocks : « Calling of g List of ncx Placing application for Subscriptions ••*• \^: Annual ^^' ^* Suspensions : q By Committee of Management ^ Srlling and Buying : „„ Seller to guarantee Genuineness ^^ Sale of Defaulters' Stock ^* Transactions : on How Recorded „- When Closed ^]l Transfer Books A Transfer of Seats 4 11 I .i-^, INDEX. PAGE. Treasurer _ Duties of Vacancies * Committee of Management i^^- Vice President... Voting I On Resolutions "Witnesses ^ Summoning by Com it PAGE. . 3 7 III. . III. . 3 . 5 '. 9