242 HISTORY OF THE WHEEL AND ALLIANCE. 



a Board of Directors to carry into effect the plan here 

 adopted. They shall designate a General Manager and 

 elect a Treasurer, both of whom shall give bond in suffi- 

 cient amount to cover all monies and effects which may 

 come into their hands, said bond to be approved by the 

 Board of Directors. A majority of this Board of Directors 

 shall constitute a quorum for the transaction of business. 

 As soon as $10,000 of the capital stock has been paid in, 

 the Treasurer shall make the same known to the President 

 of the Board of Directors, and he shall thereupon issue a 

 .call for a meeting of the County Trustee Stockholders, in 

 the city of L,ittle Rock. At this meeting, the stock- 

 holders shall proceed to organize the Exchange, for the 

 purpose of transacting such business as is set forth in the 

 purposes for which it was organized. They shall elect 

 from their number a Board of Directors, composed of two 

 from each Congressional District and one from the State 

 at large. They shall also adopt such by-laws for the gov- 

 ernment of the Exchange as they see proper. 



10. The State meeting of the County Trustee Stock- 

 holders shall be held annually at the same time and place 

 as the regular annual meeting of the State Wheel or 

 Union. 



11. The Board of Directors shall elect from their 

 number a President, Vice- President, Secretary and Treas- 

 urer. They may employ or discharge such assistants as 

 is necessary, taking sufficient bonds to cover all responsi- 

 bility reposed. They shall enact such suitable laws and 

 regulations as the exigencies of circumstances require, 

 subject to approval by the next meeting of stockholders, 

 but all such by-laws and regulations shall have the full 

 force of law until the stockholders shall have refused to 

 concur in them. 



12. At the written request of five of the Directors, 

 the President of the Board shall call a special meeting of 



