or otherwise, for any object connected with the operations of the Chamber, except the Charity Fund, and to invest, control, manage and disburse the same as provided by the donors thereof.

Duties of Officers.-The President shall preside at the meetings of the Board of Trustees when present, and shall perform the usual duties of that office. The Secretary shall keep true and careful minutes of the meetings, and perform such other duties. as shall be assigned to him by the Board. The Treasurer of the Board shall be the custodian of all funds under its control, shall collect and receive all money arising from rents or otherwise, make such disbursements and payments as the Board shall direct, and keep accurate books of account therefor. All cheques against said funds shall be signed by the Treasurer and President (or, in his absence, the senior member of the Board), and appropriate vouchers shall be taken for all disbursements. The Treasurer shall, under the direction of the Board, be the general manager of the real estate.

ARTICLE VIII

Standing Committees

The Standing Committees of the Chamber shall be:

An Executive Committee.

A Committee on Finance and Currency.

A Committee on Foreign Commerce and the Revenue Laws. A Committee on Internal Trade and Improvements.

A Committee on the Harbor and Shipping.

A Committee on Insurance.

A Committee on Taxation.

A Committee on Arbitration.

A Committee on Commercial Education.

A Committee on Public Service in the Metropolitan District.

The Executive Committee shall consist of a Chairman to be elected by the Chamber at the regular Annual Meeting in May of each year, and, ex-officio, the Chairman of the Committee on Finance and Currency, the Chairman of the Committee on Foreign Commerce and the Revenue Laws, the Chairman of the Committee on Internal Trade and Improvements, the Chairman of the Committee on the Harbor and Shipping, the Chairman of the Committee on Insurance, the Chairman of the Committee on Taxation, the Chairman of the Committee on Arbitration, the Chairman of the Committee on Commercial Education, the Chairman of the Committee on Public Service in the Metropolitan District, the President of the Chamber, the Executive Vice-President, the senior Vice-President, the Treasurer, and the ex-Presidents of

the Chamber, with three members of the Chamber at large. The terms of office of the members at large shall terminate at the Annual Meeting in May, 1924, or as soon thereafter as their successors are chosen. At the Annual Meeting in May, 1924, three members at large shall be elected, one for one year, one for two years, and one for three years, their terms of service to be designated on the ballot by the Nominating Committee. At the Annual Meeting in May, 1925, and annually thereafter, a member at large shall be elected to serve for three years to take the place of the one whose term of office then expires.

Each of the Standing Committees, except the Executive Committee, shall consist of a chairman and six members. The terms of office of the chairmen and of all members of standing committees shall terminate at the Annual Meeting in May, 1924, or as soon thereafter as their successors are chosen.

At the Annual Meeting in May, 1924, chairmen of all standing committees shall be elected, and six members constituting each standing committee shall also be elected, two for one year, two for two years, two for three years, the chairman and the terms of office of the other members to be designated on the ballot by the Nominating Committee. At the Annual Meeting in May, 1925, and annually thereafter, a chairman, and two members of each standing committee to serve for three years, shall be elected to take the place of those whose terms of office then expire. The chairmen of the standing committees shall be elected for a period of one year, but they may be re-elected once, and one year after the end of their service they may be elected to serve again, provided, the Chairman of the Arbitration Committee may be re-elected at the will of the Chamber. No member of a standing committee, except the chairman, shall be eligible for re-election to the same committee until one year after the expiration of his term. Vacancies occurring in any committee may be filled at any regular meeting of the Chamber upon nomination of the Executive Committee.

Three members of any committee shall constitute a quorum for the transaction of business.

ARTICLE IX

Duties of Standing Committees

Of the Executive Committee.-The Executive Committee shall, under the direction of the Chamber, have a general control of the property and affairs of the Chamber. It shall supervise the work of the Executive Vice-President, and direct the preparation of the Annual Report of the Chamber.

Excepting bills for salaries and rent which shall be approved by the President and paid upon his order or in his absence upon the order of one of the twelve Vice-Presidents, and except

ing bills connected with the Real Estate owned by the Chamber and bills affecting the funds under the control of the Board of Trustees of the Real Estate, the Executive Committee shall audit all bills and claims against the Chamber and direct their payment if approved. It shall fix the amount of compensation received by the Executive Vice-President and by the Secretary. It shall have authority to employ such clerical and other help as in its judgment may be necessary. It shall fix the amount of all salaries and compensation for such service. The Executive Committee shall submit at the regular meeting preceding the annual election the names of seven members for appointment by the Chamber to nominate Officers and Standing Committees for election at the Annual Meeting to serve for the ensuing year, or for such periods as these By-Laws pre

scribe.

Of the Committee on Arbitration.-This Committee shall have complete supervision of all matters of arbitration referred to the Chamber and shall make rules and regulations for the conduct and disposition of all matters submitted in arbitration; it shall provide a form of agreement not inconsistent with existing provisions of law by which, so far as practicable the decision of the arbitrator or arbitrators shall become as effective as a judgment of the Supreme Court.

It shall compile and from time to time revise and keep a list of qualified persons, not less than fifty, willing to act as arbitrators under these rules, who shall be members of the Chamber. This list shall be known as “THE List of OfficCIAL ARBITRATORS" of the Chamber of Commerce.

Any matter in controversy may be referred by the disputants signing the form of agreement provided by the Committee, together with a stipulation to the effect that they will abide by the decision of the arbitrator or arbitrators, by them selected, and waiving any and all right to withdraw from such submission after the acceptance of their appointment by the arbitrator or arbitrators selected, and designating at their option either

(a) One of the persons named in said "List of Official Arbitrators," who shall act as sole arbitrator; or

(b) Any two persons to act as arbitrators, who in turn shall designate from said "List of Official Arbitrators," a third person to be associated with them as arbitrators; or

(c) The Committee on Arbitration of the Chamber of Commerce or a quorum thereof.

In any case the Committee on Arbitration may, in its discretion, decline to entertain a matter submitted for arbitration, in which event the selection of special Arbitrator or Arbitrators shall be void.

The Committee on Arbitration shall, from time to time, establish a schedule of moderate fees to be paid in all matters submitted, which fees shall be chargeable as decided by the arbi

trators.

The Secretary of the Chamber of Commerce shall be the Clerk of the Committee on Arbitration.

The Committee shall from time to time as it deems wise make reports to the Chamber.

Of Other Standing Committees.-Their duties shall be to examine into and make report upon such subjects as may be referred to them by the Chamber, or they may originate and report to the Chamber such views as they may deem proper for its consideration.

They shall, respectively, keep regular minutes of their meetings and proceedings, in which the Secretary shall give them all required assistance, and they shall make reports to the Chamber as provided above, from time to time as they may deem advisable.

ARTICLE X

Special Committees

In addition to the standing committees of the Chamber, the Board of Trustees of the Real Estate, and the Committee on the Charity Fund, Commissioners of Pilots, and the Commissioner for Licensing Sailors' Boarding Houses or Hotels hereinafter provided for, there may be, on authorization of the Chamber, special committees, the members of which, including the chairmen, shall be appointed by the President or by the Chamber. The tenure of office of the membership of all existing special committees shall cease on the day of the Annual Meeting of the Chamber in May, 1924, or as soon thereafter as their successors may be appointed. The President elected at the Annual Meeting of each year shall then, or as soon thereafter as may be convenient, reconstitute these committees and report the membership of all these committees, including their chairmen, to the Chamber for its information. He shall at the same time indicate whether in his judgment any of these committees should thereafter be discontinued.

The Chairmen and members of such reconstituted committees shall serve for one year and until their successors in the discretion of the President are named. Any or all of these committees may be discontinued at any time by vote of the Chamber.

These committees shall keep regular minutes of their meetings and proceedings. They shall make reports upon such subjects as may be referred to them by the Chamber or they may originate and report to the Chamber such views as they may deem proper for its consideration.

ARTICLE XI

The Committee on the Charity Fund

This Committee shall take charge of the moneys and securities known as the JOHN C. GREEN Fund and those received from any other source, for benevolent purposes, and invest and re-invest the same from time to time, and shall have power to make distribution of the income thereof among those intended to be benefited. The Committee shall have power to fill any vacancies that may occur in their number by death, resignation or otherwise.

ARTICLE XII

Of Election of Special Officers Under the Laws of the State The Chamber shall elect, in conformity with the laws of the State, the following named officers:

Commissioners of Pilots.-There shall be elected by ballot, to serve for two years, at a special meeting called for the purpose, three members of the Chamber to act as Commissioners of Pilots. Whenever any vacancy shall occur by death, resignation or otherwise, of either of such Commissioners so elected, the vacancy shall be filed at a special meeting of the Chamber, and the term of service of the member so elected shall date from the day of such election (as required by the law of the State of New York, passed June 28, 1853, and amendments).

Commissioner for Licensing Sailors' Boarding Houses or Hotels. There shall be elected by ballot, to serve for one year, at the Annual Meeting of the Chamber in May, a member of the Chamber to act as Commissioner for Licensing Sailors' Boarding Houses or Hotels in the City of New York (as required by the law of the State of New York, passed March 21, 1866).

Whenever any vacancy shall occur in the above named offices by death, resignation or otherwise, except in that of the Commissioners of Pilots, the same shall be filled at the regular meeting of the Chamber next following.

ARTICLE XIII

Quorum and Adjournment

Twenty-five members of the Chamber, of which number the President or one of the twelve Vice-Presidents must always be one, shall be necessary to form a quorum for the transaction of business, or to ballot for members.

In case a quorum shall not be present at the time fixed for any regular or special meeting of the Chamber, the President, or, in his absence, the senior Vice-President present, may adjourn the meeting to such other day in the same month as he may judge

proper.