The Board of Directors have power to adopt By-Laws, Rules and Regulations for the management of the affairs of the Exchange, not in conflict with the laws of the State, and amend or repeal the same, subject to the approval of the Exchange, by a majority vote of the members present at the next regular meeting of the members thereafter, or at a special meeting duly called for that purpose.
Second. - To fill all vacancies which may occur in its own body, until the next election.
Third. - To have and exercise a supervisory care over the affairs of the Exchange and its members; to designate the bank in which the funds of the Exchange shall be deposited, and require the Treasurer to keep them deposited there, and to change the same when in their judgment the interest of the Exchange requires it.
Fourth. - They shall hear, examine into, and, if possible, settle all disputes between members when they can do so to the satisfaction of the parties concerned; otherwise direct the parties to submit the matter in controversy to arbitration in the usual manner, or as provided in the By-Laws.
Fifth. - To hear and determine all charges brought against any member for a violation of the Laws, Rules and Agreements, for any unbusinesslike conduct, or for any other cause, or to cause the same to be heard and determined by a committee to be appointed by the President from among the members of the Exchange, subject, however, to revision by the Exchange as a body at the next or a subsequent meeting. And the said board shall, when any charges are preferred by one member against another, proceed to hear and determine the same without delay, or appoint a committee for that purpose, which committee shall have the powers provided for in the By-Laws.
Sixth. - To receive, hold in trust and invest such funds or Individual members as may, under the provisions of the By-Laws, be placed in their hands for that purpose, and in the manner and form, and subject to all the conditions therein prescribed.
Seventh. - To obtain by lease or purchase, and to hold in trust for and in the name of "The Builders' Exchange," any real or personal property necessary for the use or benefit of the Exchange, and to mortgage, sell, lease or otherwise dispose of the same, whenever in their judgment it may be necessary to do so; and they are vested with full power to appropriate the funds and manage the affairs of "The Builders' Exchange" subject to the laws of this State, and the By-Laws and Rules of the Exchange.