THE CUBA REVIEW 



X 



Amendments 



In order to amend the Constitution or By-laws of the Association a vote of three- 

 fourths of the member banks shall be necessary, passed at a General Meeting of 

 Members specially called for the purpose; but any resolution which may be regarded 

 null and void within the meaning of the last paragraph of Clause III of the Constitution 

 shall be without force or effect in case one or more votes contrary thereto should be 

 recorded. 



XI 

 Retirement of Member Banks 



Voluntary Retirement. Any member bank may withdraw voluntarily from the 

 Association at any time, notice thereof to be given the Clearing House Committee 

 in writing, through its representative or authorized agent. The withdrawal application 

 shall be accompanied by a certificate from the manager showing that the bank in 

 question has complied with all its obligations resulting from the clearing of checks and 

 paid all debit balances against it. The Board shall immediately pass a resolution ad- 

 mitting such withdrawal or denying the application, accordingly as may appear from 

 the aforesaid certificate. 



Compidsary Retirement. A General Meeting of IMembers specially called for the 

 purpose may by a majority of three-fourths of the member banks expel from the 

 Association any bank having openly and wilfully violated this Constitution, By-laws, or 

 the internal Rules and Regulations of the Association. The bank in question shall be 

 summoned and heard at the same meeting prior to a vote being taken, and such vote 

 shall not be secret. 



The same action may be taken in a similar manner in the case of any member 

 bank whose financial statement or method of conducting business makes its retirement 

 desirable. Any bank which may be retired from the Association in pursuance of the 

 provisions of this article shall pay its proportional part of the expenses thereof up 

 to the date of its acceptance or such compulsory retirement. 



XII 



Clearing for Non-Member Banks 



No member bank shall clear through the Clearing House for any other bank, banker 

 or similar institution, without first obtaining the approval of the Clearing House 

 Committee. 



The authority of the Clearing House Committee shall likewise be obtained for the 

 transfer of such representation from one member bank to another. 



Every bank, banker or similar institution clearing through a member bank shall 

 pay to the Clearing House a fee to be prescribed by the Clearing House Committee. 



Whenever a member bank shall clear through the Clearing House for any bank, 

 banker or similar institution not a member thereof, the said member shall constitute 

 itself ipso facto and without further notice the representative of said bank, banker or 

 analogous institution before the Clearing House, and said member bank shall be 

 responsible for any transaction in the exercise of said representation, the same as in 

 the case of its own operations, and such responsibility shall continue until the settle- 

 ment of clearings the morning subsequent to that on which it duly advises having 



ceased in such representation. 



BY-LAWS 



CHAPTER I 



General Provisions 



Article I. These By-laws are a part of the Constitution of the Habana Clearing 

 House and are binding upon all the members thereof. 



