PART IV

Constitution, By-laws and Rules of the New York

Constitution

Stock Exchange

Rules for the Government of the Ex

change as amended to January 1, 1914

ARTICLE I.

Title - Objects.

The title of this Association shall be the "NEW YORK STOCK EXCHANGE."

Its object shall be to furnish exchange rooms and other facilities for the convenient transaction of their business by its members, as brokers; to maintain high standards of commercial honor and integrity among its members; and to promote and inculcate just and equitable principles of trade and business.

ARTICLE II.

Government.

The government of the Exchange shall be vested in a Governing Committee, composed of the President and the Treasurer of the Exchange, and of forty Members, elected in the manner hereinafter provided. The mem

bers of the Governing Committee, and the Secretary, shall be the officers of the Exchange.

ARTICLE III.

Governing Committee.

SEC. I. The Members of the Governing Committee shall be divided into four classes, each class consisting of ten members, as follows: first class, to hold office for one year; second class, for two years; third class for three years; fourth class, for four years.

SEC. 2. The Governing Committee shall determine the manner and form by which its proceedings shall be conducted; appoint and dissolve all Standing or other Committees, define, alter and regulate their jurisdiction as stated in this instrument; have original and supervisory jurisdiction over any and all subjects and matters referred to said Committees; it may direct and control their actions or proceedings at any stage thereof, and shall try all charges against members of the Exchange and punish such as may be found guilty. It shall have entire control of the finances of the Exchange and fix the amount of fees and compensation to be paid to members of Committees, to Officers of the Exchange and to appointees of the Governing Committee. It may require of all officers or appointees of the Exchange a good and sufficient bond to secure the faithful performance of their duties. The Governing Committee shall be vested with all other powers necessary for the government of the Ex

change, the regulation of the business conduct of its members, and the promotion of its welfare, objects and purposes.

SEC. 3. A Member, who shall be absent from three consecutive regular meetings of the Governing Committee, without having been excused by the President, may be declared by a two-thirds vote of the existing members of the Committee to be no longer a Member.

SEC. 4. All vacancies occurring in the Governing Committee shall be filled by said Committee until the ensuing annual election.

SEC. 5. No member of the Governing Committee shall be disqualified from participating in any meeting, action or proceeding of any kind whatever of said Committee, by reason of being or having been a member of a Standing Committee or Special Committee which has made prior inquiry, examination or investigation of the subject under consideration. Nor shall any member of any Standing or Special Committee be disqualified, by reason of such membership, from acting as a member of the Governing Committee upon any appeal from any decision of such Standing or Special Committee. But no member shall participate in the adjudication of any case in which he is personally interested.

SEC. 6. A majority of all the existing members of the Governing Committee shall be necessary to constitute a quorum.

SEC. 7. Any hearing or trial may be adjourned, from time to time, by the Governing Committee in its discretion; but no member thereof, who shall not

have been present at every meeting of said Committee at which evidence is taken, or at which an accused member, or a member whose conduct is involved in the hearing, is heard, shall participate in the final decision.

SEC. 8. In the absence of both the President and Vice-President, any ten members of the Governing Committee may call a meeting thereof by written announcement from the rostrum.

SEC. 9. In the case of the temporary absence, or inability to act, of both the President and Vice-President, the Governing Committee may choose an Acting President of the Exchange pro tem.

SEC. 10. The Governing Committee shall at its first regular meeting in June of each year, designate counsel for the Exchange; such counsel to be employed at the pleasure of said Committee.

ARTICLE IV.

President.

SEC. I. The executive power of the Exchange shall be vested in the President, who shall direct the enforcement of the rules and regulations and have the care of all its interests. He may preside over the Exchange whenever he shall so elect, and shall be the presiding officer of the Governing Committee.

SEC. 2. The President may call special meetings of the Exchange, and of the Governing Committee. He shall call special meetings of the Exchange, upon the written request of one hundred members, and special