16 THE CUBA REVIEW 



The Clearing House Committee shall be composed of four members: A President, 

 who shall at the same time be President of the General Meeting and of the Association; 

 a Vice-President, who shall at the same time be Vice-President of the General Meeting 

 and of the Association; a Secretary, who shall at the same time be Secretary of the 

 General Meeting and of the Association; and a Treasurer, who shall at the same time 

 be Treasurer of the General Meeting and of the Association. The first two and the 

 fourth shall be elected each year by a majority of votes at the first regular session 

 of the General Meeting of the Association. The Secretar\' shall be appointed by the flj 

 other members of the committee and he must be a lawyer. The other members m 

 of the committee shall be representatives of member banks. The Clearing House 

 Committee shall have charge of the internal direction and management of affairs; it 

 shall prepare the annual budget of expenses and fix the mode of collecting the necessary 

 income in accordance with this Constitution; it shall perform all functions prescribed 

 for it by the By-laws and such others as may be deemed appropriate and do not by 

 their nature pertain to the General Meeting of Members. 



The President shall be the representative of the x\ssociation before all Courts and 

 Offices of the State, Provinces and Municipalities, and he shall have authority to delegate 

 such representation, in any suit or proceeding, to attorneys (procuradores), lawyers or 

 judicial mandatories, without express authority from the Clearing House Committee 

 or the General Meeting of Members. He shall sign in the name of the Association 

 all contracts and documents which may be authorized by the General Meeting, and 

 shall exercise all the executive functions pertaining to his office when acting either as 

 President of the Association, of the General Meeting of Members or of the Clearing 

 House Committee. 



The Vice-President shall attend all meetings of the Clearing House Committee; 

 he shall also substitute in his entire functions any absent member, whose absence 

 it will not be necessary to substantiate in such cases, a declaration of substitution being 

 sufficient to render his acts as valid as if they were performed by the officer substituted. 



The Treasurer shall have charge of the custody and employment of funds belonging 

 to the Association; he shall super\'ise the accounts and be answerable therefor to 

 the Board of Directors. 



The Secretary shall keep a book of minutes of the General Meeting of Members, 

 one for those of the Clearing House Committee and another for Registrations; he 

 shall issue all necessary certificates based on the books or proceedings of the Asso- 

 ciation, and said certificates shall constitute proof of their contents; and he shall in 

 general have charge of the legal-technical affairs of the Association. 



The aforesaid officers shall moreover exercise the powers and duties pertaining to 

 the nature of their offices, and at meetings of the Committee they shall all have a 

 voice and vote except the Secretary, who will only have a voice therein the same as 

 in the case of General Meetings of the Association. 



The Clearing House Committee may, in the absence of one of its members, 

 provisionally appoint a representative from a m.ember bank to substitute him, and 

 such appointment will confer on the substitute all the powers of the officer substituted. 

 In order to substitute the Secretary in similar cases a practicing lawyer shall be 

 appointed by the Committee. 



VI 



Operation of the Clearing House 



The General Meeting of Members shall ordinarily be held the second Tuesday of 

 February and August in each year, and if such dates should fall on a holiday, then 

 upon the day following. Special meetings shall be held whenever three banks shall so 

 request. Five days' notice shall be given to member banks in advance of regular 

 meetings, and as much as possible in advance of special meetings. Calls shall be 

 transmitted by the Secretary to the addresses of the member banks in the city of 

 Havana, and he shall address the persons appearing on the hooks nf the Association 



