342 MANUAL OF MILK PRODUCTS 



CHEESE RULES 



OF THE 



NEW YORK MERCANTILE EXCHANGE 



Adopted May 4, 1915 



Rule 1. At the first regular meeting of the Executive Committee 

 in each year, the President shall appoint, subject to the approval of 

 the Executive Committee, a Cheese Committee to consist of seven 

 members of the Exchange, who are known as members of the cheese 

 trade, to hold office until their successors are appointed. It shall be 

 the duty of the Cheese Committee to formulate such rules and regula- 

 tions as may be necessary for the government of transactions between 

 members of the Exchange, and to revise the same as circumstances 

 may require. Such rules and revisions shall be subject to the ap- 

 proval of the Executive Committee. 



Rule 2. All transactions in cheese between members of the Ex- 

 change shall be governed by the following rules, but nothing therein 

 shall be construed as interfering, in any way, with the rights of mem- 

 bers to make such special contracts or conditions as they may desire. 



Rule 3. If a sale is made from dock, or platform, or to arrive, the 

 buyer shall assume the same relations toward the transportation line 

 by which the cheese arrives, as the seller previously held as regards 

 its removal from the place of delivery within the time granted by such 

 lines for that purpose. Transactions between members of this Ex- 

 change shall be governed as follows : Any member negotiating for any 

 lot of cheese belonging to another member, the price having been 

 agreed upon, shall examine such lot of cheese within twenty-four (24) 

 hours after such negotiation takes place. Failure to examine within 

 said time releases the seller from any obligations to make delivery 

 thereafter, if he so wishes. 



Rule 4. In the absence of special agreement, all cheese purchased 

 "in store" shall be understood as being ready and designed for im- 

 mediate delivery, but the buyer shall have twenty-four hours in which 

 to have the cheese inspected, and weight tested, and shall not be liable 

 for the storage and insurance, if removed within two days. 



Rule 5. When cheese are sold to arrive, or from depot or dock, the 

 cheese must be accepted or rejected within six business hours after 

 notice of actual arrival to buyer. Business hours shall be understood 

 to be from 10 a.m. to 4 p.m. If buyer rejects the same, he shall state 

 the reasons for rejection. Should the rejection be considered unfair, 

 the seller shall at once notify the buyer that he declines to accept such 

 rejection ; and he may call for a Committee, which shall be composed 

 of three members of the cheese trade ; the seller choosing one, the 



