THE CUB A RE ri E Jr 15 



may be changed at any time by resolution of the Board of Directors and notificatioa 

 to the proper parties. 



II 



Powers of the Association 



The Habana Clearing House shall have full power to perform all necessary acts 

 for the realization of its objects, and it may therefore acquire, sell, transfer, exchange. 

 encumber, rent for periods less or greater than six years and dispose of all kinds of 

 property, whether personal or real, securities, credits, rights or actions; also to contract, 

 appear in suits, borrow money on mortgage security of its properties or without the 

 same, and realize in general and without limitation all lawful acts of civil character 

 which a natural person might do and are in keeping with its purposes. 



Ill 

 Objects of the Association 



Its priman,- object shall be the clearing of checks drawn on banks established in 

 Cuba which are members of the Association. Such clearings shall be effected in the 

 manner and for the purposes set forth in the By-laws. 



The Association shall also have the following objects: 



(a) To maintain and prom.ote good relations between the banks established in 

 Cuba and encourage cooperation among them for improvement of the banking business. 



( bj To regulate and standardize the forms of commercial banking transactions, as 

 well as the form and effect of acts and instruments of common use therein. 



( c; To promote ofi&ciaUy the modification of existing legislation in Cuba in order 

 to adjust the same to the actual development of the banking business. 



(d) Any other object of analogous character. 



Notwithstanding the provisions of this Subdivision III, the Habana Clearing 

 House shall not have for its object the creation of any relations between banks established 

 in Cuba which may limit or tend to restrict, directly or indirectly, free competition 

 among them; and any act or agreement entered into at any time which may directly 

 or indirectly alter the normal process of business to the prejudice of the public shall 

 be void and contrary- to the objects of this Association. 



IV 



By-Laws 



The Habana Clearing House shall enact By-laws which are to be considered 

 as an integral part of this Constitution, and their obser\-ance shall be binding upon 

 its members. Said By-laws shall be agreed upon and adopted simultaneously with 

 this Constitution and be set forth in the same instrument. 



V 



Organization of the Association 



The direction of the Association shall be vested in: (a) A General Meeting of 

 Members, (h) A Clearing House Committee. The General Meeting and the Clearing 

 House Committee shall be composed as follows: 



The General Meethig of Members shall be made up of one representative from 

 each member bank forming the Association. This General Meeting shall pass on all 

 applications of banks for admission to the Association: it shall have power to pass 

 resolutions affecting the Constitution and By-laws, all matters coming within the objects 

 of the Association, the dissolution of the same and any other matters properly the 

 subject of a resolution by the General Meeting of Members. It shall also have a 

 President, a Vice-President, a Treasurer and a Secretary, all of whom shall be the same 

 individuals who occupy corresponding offices in the Clearing House Committee. 



