242

LAWS OF MARYLAND.

City of Baltimore, shall be the rules for the government of the body hereby created, until the same shall be regularly repealed or altered, and that the present corporators, of the said Stock Exchange of the City of Baltimore, shall be directors of the body hereby created until the regular time for the election of officers as prescribed by the by-laws of the organization.

Management.

SEC. 3. And be it enacted, That the property, affairs, business and concerns of the corporation hereby created, shall be managed by a board of directors consisting of five members of the association, to be elected annually at such time and place as may 'be provided for in- the by-laws, which board shall elect a president, treasurer and secretary, whose duties shall be respectively prescribed by the by-laws of the corporation; all vacancies which may occur in the

Fill vacancies

said board by death, resignation or otherwise, shall be filled by the said board; a majority of the members of such boards shall constitute a quorum for the transaction of business.

Qualifications

SEC. i. And be it enacted, That said corporation shall have the power to prescribe and regulate by such by-laws, as it may see fit to adopt, the qualification of its members, and all matters and things relating. to their admission, rejection, suspension and exclusion; no person shall be entitled to the privilege of membership except in conformity with such by-laws, and unless he shall likewise be a resident of the State of Maryland or having a place of business in the City of Baltimore and shall have first signed a copy of the constitution and by-laws of said corporation.

Purposes.

SEC. 5. And be it enacted, That the purposes of said corporation shall be to provide suitable room or rooms for a Stock Exchange in the City of Baltimore, to inculcate just and equitable principles, to establish and maintain uniformity in dealings in stocks, bonds and other securities, to acquire, preserve and disseminate valuable information as to all securities, to adjust controversies and misunderstandings between its members and themselves, or