6. Officers.

(a) The Chairman, or in his absence the Vice-Chairman, or other member of the Board of Management voted to the chair, shall preside over all meetings. In case of a tie, the Chairman shall have the casting vote.

(b) Should the member of which the Chairman is an officer be interested in any matter, his powers and duties shall, with respect to such matter, be exercised by the Vice-Chairman, who shall also exercise the Chairman's duties and powers in his absence.

(c) The Manager shall hold his office until the next annual meeting, unless removed by the Board of Management, or suspended by the members of the Clearing House at a General Meeting.

(d) In case of a vacancy in the offices of Chairman, Vice-Chairman or Manager by reason of death, resignation, inability or any other cause, the Board of Management shall be convened for the election of a successor, who shall serve the unexpired term.

7. Manager.

(a) The Manager, or in his absence the officer who is acting as Manager, under control of the Board of Management, shall impose and collect fines for violations of the rules of the Clearing House, and have supervision of all the records of clearances and settlements. He shall have immediate charge of the Clearing House room or building and of all business at the Clearing House, so far as relates to the manner in which it shall be transacted; and the employees of the Clearing House, as well as the clerks of the several members of the Clearing House, shall be under his direction. He shall immediately report to the Board of Management any irregularity coming to his notice in the dealings of any member, or of any bank or institution clearing through a member, and receive the instructions of the Board of Management, in regard thereto.

He shall report promptly to each member any error or errors on the part of its officers attending the Clearing House and shall at least every six months render to each member a detailed record of errors and a statement of fines and dues for the period. He shall keep a faithful record of all clearances and settlements, and preserve all vouchers. He shall also keep a record in a book provided for that purpose of all objections to items delivered to members through the Clearing House, or to charges in the exchanges, coming before his immediate notice. This book shall be at all times open to the inspection of the members.

(b) When unable to attend, the Manager may with the approval of the Chairman appoint a bank official to preside during the daily exchange at the Clearing House, providing the appointee is not under the rank of an Assistant Accountant in the main office of one of the members. The Clearing Bank shall be notified of such appointment.

(c) The Manager is ex-officio Secretary-Treasurer of the Clearing House.

As Secretary, he shall keep the minutes of general meetings and of the meetings of the Board of Management, in a book provided for that purpose. In the event of his absence at any meeting, a Secretary pro tem. may be appointed.

As Treasurer he shall have charge of the funds belonging to the Clearing House and shall disburse the said funds on the order of the Board of Management. He is required to keep a correct record of all money received and disbursed on account of the Clearing House and to submit a detailed statement of the same at the Annual Meeting and whenever requested by the Board of Management.

8. Expenses.

The expenses of the Clearing House shall be met by equal assessments upon the members.

9. Withdrawal.

Any member may withdraw from the Clearing House by giving notice in writing to the Chairman or Manager between the hours of 1 and 3 o'clock p.m. and paying its due proportions of expenses and obligations then due. The retirement of such member is to take effect from the close of business of the day on which such notice is given. The Manager shall promptly notify the other members of such withdrawal 10. Clearing Bank.

(a) The Board of Management shall arrange with a member to act as clearing bank for the receipt and disbursement of balances due by and to the various members; but such member shall be responsible only for the moneys and funds actually received by it from the debtor members, and for the distribution of the same amongst the creditor members, on the pres-entation of the Clearing House certificates properly discharged. The Clearing Bank shall give receipts for balances received from the debtor members.

(b) The Clearing Bank, or the member, or committee, appointed by the Clearing House from time to time, to perform such duty, shall each morning, as early as possible, furnish the Manager of the Clearing House with the minimum rate of exchange at which Bills of Exchange and Promisory Notes, drawn in sterling, payable at the current rate of exchange, are to be paid that day, and the members shall be promptly advised of this rate.

11. Payment of Balances (a) The hours for making the exchanges at the Clearing House, for payment of the debit balances to the clearing bank, and for payment out of the balances due the creditor members, shall be fixed by by-law under Rule 17. On completion of the exchanges the balances due to or by each member shall be settled and declared by the Clearing House Manager, and if the clearing statements are readjusted under the provisions of these rules, the balances must then be similarly declared settled, and the balances due by debtor members must be paid into the clearing bank, at or during the hours fixed by by-law as aforesaid, provided that no credit balance, or proportion thereof, shall be paid until all debit balances have been received by the clearing bank. At Clearing Houses where balances are payable In money they shall be paid in legal tender notes of large denominations.

(b) At Clearing Houses where balances are payable by draft, should any settlement draft given to the clearing bank not be paid on presentation, the clearing bank shall at once notify in writing all the other members of such default; and the amount of the unpaid draft shall be repaid to the clearing bank by members whose clearances were against the defaulting member on the day the unpaid draft was drawn, in proportion to such balances. The clearing bank shall collect the unpaid draft, and pay the same to the other members in the above proportion. It is understood that the clearing bank is to be the agent of the associated members, and to be liable only for moneys actually received by it.

(c) Should any member make default in paying to the clearing bank its debit balance, within the time fixed by by-law under Rule 17, such debit balance and interest thereon shall then be paid by the member so in default to the Chairman of the Clearing House for the time being, and such Chairman or his successor in office from time to time shall be a creditor of and entitled to recover the said debit balance and interest thereon from the defaulting member. Such balances, when received by the said Chairman or his successor in office, shall be paid by him to the clearing bank for the benefit of the members entitled thereto.