JUDGING AND GRADING BUTTER. 301 



less than the contract price, the difference, together with a 

 penalty equal to 5% of the amount of the contract, shall be 

 paid by the buyer. 



"49. Penalties and differences shall be paid to the Super- 

 intendent of the Exchange, and by him paid to those entitled 

 thereto. 



"50. Any member holding a contract against another, 

 corresponding in respect to class, grade, and quantity of goods, 

 and date of delivery, with one held by the other against him, 

 may offset it against the latter by giving notice to the other 

 party, when both contracts shall be surrendered to the Super- 

 intendent of the Exchange and cancelled. 



"51. All notices shall be in writing, and shall be considered 

 as properly served when left at the place of business of the 

 party for whom they are intended. 



"Certificate of Sale. 



"52. Certificates of sale must be accepted on contracts for 

 future delivery. 



"53. The party transferring a certificate of sale, shall imme- 

 diately notify the original seller of the transfer, and to whom 

 made. He shall also have it recorded on the books of the 

 Exchange, and shall thereupon be relieved of all responsibility 

 attaching to the same. 



"54. In case the party to a contract for future delivery, for 

 the fulfillment of which margin has been deposited with the 

 Superintendent, shall die, make an assignment, be absent from 

 the city, or otherwise be disabled, or refuse to perform any act 

 necessary for the proper adjustment or payment of such margin, 

 the matter shall be referred to the Finance Committee, as 

 provided in Section 33, Paragraph 6, of the By-Laws. 



"Contracts. 



"55. The following shall be the form of contract for all 

 sales of butter for future delivery: 



