66 QUESTIONS AND ANSWERS 



obtained be less than the contract price, the dif- 

 ference, together with a penalty equal to 5 per cent 

 of the amount of the contract, shall be paid by the 

 buyer. 



46. Penalties and differences shall be paid to the 

 superintendent of the exchange, and by him paid 

 to those entitled thereto. 



47. Any member holding a contract against an- 

 other, 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 superin- 

 tendent of the exchange and canceled. 



48. 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 



49. Certificates of sale must be accepted on con- 

 tracts for future delivery. 



50. The party transferring a certificate of sale, 

 shall immediately 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. 



51. 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 



