THE CUBA REVIEW 



as representatives of the banks so notified. At both regular and special meetings the 

 representatives of two-thirds of the total number of the associated banks shall constitute 

 a quorum, and the votes of one-half plus one of the number of member banks will 

 constitute binding resolutions. No resolution shall be passed on any matter not men- 

 tioned in the notice of the meeting. Each representative of a member bank shall have 

 one vote. 



The Clearing House Committee shall meet ordinarily the second Tuesday in each 

 month, and if such date should fall on a holiday, then upon the day following. .Special 

 meetings shall be held whenever the President or one of the members so requests. 



The Secretary shall issue notices of all meetings in writing to each member of 

 the Committee personally, and the latter may pass resolutions by action of three 

 members or their alternates, thereby forming a majority vote of the members present. 

 In case of a tie vote, the matter under consideration shall be referred for approval 

 to the General Meeting of Members, which shall be immediately assembled for the 

 purpose. 



Should the Secretary be unable to notify a party personally in any case, he shall 

 deliver the notice to any employee of the bank represented by such party, and the 

 Secretary's statement of such notification, which will be considered properly given, 

 shall be deemed final and conclusive. 



VII 



Admission of Banks to the Association 



Cuban or foreign banks, organized in accordance with the Code of Commerce or 

 the laws of their respective countries, may apply through their authorized representatives 

 for admission as members of the Habana Clearing House. Such applications shall be 

 accompanied by proper documentary evidence of their organization and a duly audited 

 balance sheet of a date not more than one year prior to that of the application. It 

 shall likewise be a condition of admission to the Association, that the total paid-up 

 capital and surplus of the applicant shall be not less than One Million Dollars, and 

 that the importance and volume of business of such bank merit admission in the opinion 

 of the Clearing House. In case of admission by the General Meeting, such banks 

 will become members of the Clearing House upon their signing the proper minutes 

 before the Secretary in the Membership Register, thereby becoming fully subject to 

 this Constitution and By-laws and likewise to all resolutions and dispositions in force 

 at the time of such registration. Each member shall be furnished with a certificate of 

 registration. In said minutes the member bank shall state the name of the person 

 or persons by whom it is to be represented in the Association; and should the member 

 decide to change its representative, the Clearing House shall be notified in writing 

 so that due note may be taken of such substitution. 



VIII 



Expenses 



The expenses incurred by the Association for its purposes shall be borne by all 

 the member banks. The Clearing House Committee shall prepare annually a budget 

 for the following year and shall prescribe in what form member banks are to pay 

 their quotas in advance. At the regular meetings of the Association corresponding 

 to the second Tuesday of each year, the Board of Directors shall submit a statement 

 of disbursements made the previous year and render a report covering the period. 



IX 

 Dissolution 

 Should the Clearing House for any reason be dissolved, the Regular Meeting of 

 Members shall decide by a majority vote of two-thirds of the members, what disposition 

 shall be made of the assets of the Association 



