Neither the Board of Directors nor the members of the Exchange have power to pass any By-Law or Rule abridging the right of any members to conduct or transact his business in such manner as he shall deem just and proper, unless such law or rule shall have received the affirmative consent of at least three-fourths of all the members of the Exchange.

Due notice of the passage of any such By-Law, or Rule is to be given to each member in writing (or be mailed to him at his address, as given to the Secretary), at least two weeks before the same shall be in force, and a minute to that effect made in the records.

Any member of the Exchange may propose an amendment to the By-Laws, and the same shall be acted on at the next regular meeting of the Board, after having been posted in the rooms of the Exchange) for one week; or any member may propose an amendment at a meeting of members, and the same having been first posted in the rooms of the Exchange for one month previous to the meeting, shall be acted upon; and if it receives a two-thirds vote of the members present it will become a law.

The removal from the State of any officer or Director, or the voluntary absence from three successive meetings without leave from the Board, of any Director or officer required to be present at such meetings, shall be sufficient cause for their removal from office; and they may be so removed in accordance with the provisions of the law of this State, either by the Board of Directors or by the members.