Page:United States Statutes at Large Volume 31.djvu/1353

 FIFTY-SIXTH CONGRESS. Sess. 11. GH. 854. 1901. 1301 SUBCHAPTER EIGHT. BOARD OF TRADE. B<>¤¤¤ ¤f¤¤¤¢- Sec. 701. How 1NoonronAzrnD.—-Any number of persons, not less HW *¤¤<>¤>¤*¤¤d· than twenty, residing in the District, may associate themselves toglether as a board of trade, and assemble at any time and place upon w ich a majority of the members so associating may agree, and elect a resident and one or more vice-presidents, as they may see Ht, and acibpt a name, constitution, and by-laws, such as they may agree upon. Sec. 702. Such persons shall thereupon become a body corporate P°W€¤¤·¤*¤· and politic in fact and in name, by the name and style or title which they may have adopted, and by t at name shall have succession, shall be capable in law to sue and be sued, (plead and be im leaded, answer. and be answered unto, defend and be efended, in all the courts of law and equity; and they and their successors shall have a common seal, and may alter and c ange the same at their discretion. Sec. 703. Such corporation, by the name and style which·shall be h,}f§*,_f;S°¤ real °¤¤**¤ adopted, shall be capable in law of purchasing, holding, and conveying ` any estate, real or personal,_for the use of the corporation, not excee — in in quantity one city lot and building in the District. · Sec. 704. Onmonns.-—’l`he president, vice-president, secretary, and Omcm treasurer shall be ex officio members of the board of directors, and, together with the directors elected, shall manage the business of the corporation. ` Sec. 705. ELECTIONS.—All officers shall be elected by a plurality of El°°”i°¤‘· votes given at any election, and a general election of officers shall be held at least once in each year; but in case of any accidental failure or neglect to hold such general election the corporation shall not thereby lapse or terminate, but shall continue and exist, and the old officers shall hold over until the next general election of officers provided for in the constitution adopted. Sec. 706. Tnnunn on OFFICE.-····Th€ officers shall hold their offices T‘*”“’° °‘ °“*°°- for the time which shall be prescribed in the constitution adopted by the corporation and until others shall be elected and qualified as prescribed by such constitution. Sec. 707. BY-LAws.—Such corporation shall have the right to admit BY·1¤WS· as members such persons as they may see fit, and expel any members as they may see fit; and in all cases a majority of the members present at any stated meetings shall have the right to pass, and also the right to repeal, any by-law of the corporation; and in all cases the constitution and b -laws adopted by the corporation shall be bindin upon and control the same until altered, changed, or abrogated in 518 manner that may be prescribed in such constitution. Sec. 708. Fmns.-—Such corporation may inflict fines upon an of m“°S· its members, and collect the same, for breach of the provisions oiy the constitution or by-laws; but no fine Shall in any case exceed twenty- five dollars. Such fines may be collected by action of debt, brought in the name of the corporation, before a justice of the peace, against the person u on whom the fine shall have been imposed. _ Sec. 709. %HAT nusmnss fro nn orxnninn oN.—Such corporation c,§?§§,§’,§‘f"“°"s‘°'°° shall have no power or authority to do or carry on any business excepting such as is usual in the management and conduct of boards of trade or chambers of commerce and is provided for in the preceding sections of this subchapter.