The certificate can not be issued to the persons interested without their first showing that they have deposited in the name of the board of directors in the depositories mentioned in article 94 of the code " the cash or securities which are to constitute their bond for the discharge of the office, and without taking the oath prescribed by law before the governor of the province.

After these requisites have been complied with, the board of directors shall place them in possession of their offices; shall forward an authenticated copy of the certificate, together with the certificate of possession, to the governor of the province for transmission to the department of the interior; shall announce on exchange the taking of possession, and shall authenticate it with the autograph signatures of the persons interested, forwarding them to the dependencies of the treasury and to the principal credit institutions.

In provinces where there is no board of directors, the provincial councils of agriculture, industry, and commerce shall give the information referred to in the second paragraph of this article, and shall substitute the former for all the purposes of this article.

ART. 14. In each of the towns where a commercial exchange is established the stock and exchange agents assigned to the same, no matter what their number may be, shall constitute an association.

The commercial brokers and the ship-broking interpreters, respectively, shall also constitute an association when there are five in one

town.

In places where, by reason of the lack of number, no association is established, the commercial brokers and ship-broking interpreters shall come under the jurisdiction of the superior administrative authority of the province.

ART. 15. The associations of commercial agents shall be presided over by boards of directors.

The board of each association of exchange and stock agents shall be composed of one syndic president, one vice-president, and five associates, and two substitutes to take the place of the associates in case of absence or sickness.

If the number of associates is not sufficient to fill all the positions on the board, they shall constitute an association board.

In the associations of brokers and ship-broking interpreters the board shall be composed of one president, two associates, if the number of the members does not exceed 10, and four associates if said number is greater, besides one substitute.

The offices on the board are obligatory and for two years.

ART. 16. It is the duty of the boards of directors to draw up the regulations for the interior administration of each association, which must be submitted for the approval of the department of the interior.

ART. 17. The boards of directors of the associations of commercial brokers in towns where there is an exchange, shall exercise the powers corresponding to them within the corporation over which they preside, entirely independently of the exclusive authority which the board of directors of the association of stock and exchange brokers has in the exchange.

a "In the central treasury of the island, or in its branches, or in the banks authorized to receive them," according to the same article of the amended regulations.

ART. 18. The boards of directors shall inform the government of all consultations addressed to them.

In cases in which the code, or these regulations, do not determine which board of directors of stock and exchange agents is to be consulted, it shall be understood that that of Madrid is the proper one."

ART. 19. Commercial agents shall conform in the drafting and issue of instruments of contracts in which they take part by reason of their office to the directions which the respective boards of directors of the association to which they belong have adopted, and to the policies and documents stamped with the seal of the State, or shall incur a fine of 100 to 500 pesetas," which, according to the cases, the board of directors may impose at their discretion, the amounts of said fines going to the funds of the corporation.

They shall also adopt in the entries in their registry the language and form which the board of directors of their respective association. may consider most advisable.

ART. 20. Only in case of the impossibility of an agent may another member of the association make transactions in the name and under the exclusive liability of the former, and previously informing the board of directors of the authorization granted.

Nevertheless, exchange and stock agents are authorized to make use of clerks who in their name and under their liability may make the entries of the transactions in the memorandum book or pamphlet, the former placing their rubric at the margin of each one.

ART. 21. The resignations from office of agents and brokers shall be submitted to the board of directors of the association to which they belong, which shall immediately accept them, informing the department of the interior, and shall proceed as prescribed in the code and in these regulations for the return of the bond, announcing it on exchange and also informing the superior administrative authority of the locality, the dependencies of the treasury, and the principal establishments of credit, to whom the appointments shall be communicated.d

Commercial brokers and ship-broking interpreters who do not constitute an association shall submit their resignations to the superior administrative authority.

ART. 22. Commercial brokers who, with the exception of the case provided for in the third paragraph of article 545 of the code, take part, in any manner whatsoever, in transactions which do not correspond to them in accordance with article 100 of the same, shall be deprived of their office, after proper proceedings instituted and forwarded to the department of the interior by the board of directors of the association of exchange agents, without prejudice to the civil or criminal liability which must be exacted in a proper case of said brokers.

a" That of Havana or San Juan de Puerto Rico, according as to whether the case corresponds to one or the other island," says the same article amended. Twenty-five to 250 pesos in Cuba and Porto Rico.

This paragraph has been suppressed in the regulations amended to which we have been making reference.

In the article amended the words "to whom the appointments shall be communicated" are omitted.

CHAPTER III.—Meetings on exchanges.

ART. 23. Meetings on exchange shall be held in the building destined to the purpose, daily, with the exception of complete feast days, the Saints' days of the King, Queen, and Prince of Asturias, Holy Thursday and Friday, and national holidays.

ART. 24. The hours of meeting on exchange shall be from half past 1 to half past 3 p. m. for all kinds of transactions.

For no reason or pretext whatsoever shall the meeting be extended for a longer period.

The department of the interior, in view of the interests of commerce and hearing the board of directors, may change the business hours.

ART. 25. The opening of the meeting of the exchange shall be announced by three strokes of a bell, and the closing thereof in the

same manner.

At the last stroke all the persons attending must leave the building. ART. 26. The president of the board of directors of the association of exchange and stock agents, or the member thereof taking his place, shall adopt at the meeting of the exchange the measures which may be necessary to preserve order, and shall not permit those attending, no matter what their class and category may be, to enter with arms, canes, or umbrellas.

In a necessary case the president may order the arrest of any person causing any disorder, immediately informing the governor of the province or the superior administrative authority of the town, and placing the said person at his disposal.

ART. 27. In the meeting room of the exchange there shall be posted, and permanently affixed, a list of the names of the licensed commercial agents with their addresses.

CHAPTER IV.-Admission of public securities, documents of credit, bonds, and securities payable to bearer in exchange transactions and their inclusion in the official quotations.

ART. 28. In order that the public securities mentioned in No. 1 of article 68 of the code, and in the same number of the article preceding it, may be admitted to negotiation and included by the board of directors in the official quotations, there shall be required:

1. The previous declaration of the government that their circulation is authorized.

2. The publication in the Gaceta de Madrid of the number of certificates issued, their series and numbering, and the date they are to be publicly negotiated.

ART. 29. If the issues referred to in the foregoing article are to be circulated at different dates, the same procedure shall be observed with regard to each one, before the board of directors may permit the negotiation of the respective certificates and their inclusion in the official quotations.

ART. 30. For the admission to negotiation and inclusion in the official quotations of the public securities issued by foreign countries, there must precede

1. The report of the board of directors of the association of exchange agents.

2. The publication in the Gaceta of the conditions and circumstances of the issue and the date from which they may be the subject of public negotiation.

ART. 31. It shall be the exclusive power of the board of directors of the association of exchange agents of Madrid to grant the admission to negotiation and inclusion in the official quotations of instruments of credit and securities or bonds payable to bearer referred to in articles 69, 70, and 71 of the code and in the second part of article 30 of these regulations, in accordance with the provisions contained in the following articles.

ART. 32. The board of directors, in order to adopt a resolution of admission to negotiation and inclusion in the official quotations of the instruments, securities, or bonds payable to bearer referred to in the foregoing article, must institute at the request of the persons interested the proper proceedings, in which there shall be proven that all the formalities and conditions respectively required by articles 69, 70, and 71 of the code of commerce have been complied with.

In the case of article 70 of the code, that is, when instruments of credit issued by foreign countries payable to bearer are in question, there must be submitted in the proceedings as an essential statement the declaration of the Government that there are no reasons of public interest which are opposed to their admission to negotiation and inclusion in the official quotations.

ART. 33. In case of disagreement with the resolutions of the board of directors with regard to the admission and inclusion of public bonds in official quotations, the persons interested may appeal to the department of the interior within the period of three days. The decision of the department shall be final, and the only remedy against the same shall be by litigation.

ART. 34. After the board of directors has granted the admission and inclusion in the official quotations of the instruments of credit, securities, or bonds payable to bearer, it shall inform the department of the interior thereof.

The resolution of the board of directors shall be published by the same in the Gaceta de Madrid, with a summary of the circumstances and conditions of the issues and of the guaranties offered.

This announcement in the Gaceta shall also be for the account of the persons interested.

ART. 35. The establishments, associations, or national or foreign enterprises, and private ones which have issued instruments of credit payable to bearer, which have been admitted and included in the official quotations, shall forward to the board of directors the report they may periodically make, in accordance with their by-laws; at the proper time the lists of the amortizations they effect; and whenever requested, exact data with regard to the condition of the issues and of the payment of interest, in order that they may be consulted by the public.

The absence of these data after one month has elapsed from the time they should have been submitted to the board of directors shall be announced by the latter corporation on the board of edicts of the exchange.

CHAPTER V.-Exchange transactions.

SECTION FIRST.-Intervention of exchange agents in exchange transactions.

ART. 36. It is the principal duty of licensed exchange agents to take part in the negotiation and transfer of all kinds of public securities which can be quoted, defined in article 68 of the code of com

merce.

They may furthermore take part, in concurrence with commercial brokers, in all other exchange transactions and contracts, subjecting themselves to the liabilities proper to these negotiations.

ART. 37. An exchange agent who has been requested to take part in a negotiation can not refuse to do so, but he shall be entitled to demand of the principal the guaranties he may consider necessary for the security of the negotiation during the time the latter is pending.

In the case of article 322 of the code of commerce, the deposit of certificates for the guaranty of loans may be made in the Spanish Bank or its branches or in the general depository."

ART. 38. It is the duty of an exchange agent who may have taken part in a transaction which is to be quoted to see that it is immediately published, in accordance with article 78 of the code of commerce, for which purpose he shall make a signed memorandum which he shall deliver to the announcer, who, after reading it to the public aloud, shall turn it over to the board of directors.

In case the transactions should have taken place outside of the building of the exchange, the agent who may have taken part therein shall take care under his liability that the publication be made at the opening of the meeting of the exchange of the same day, or at the opening of the meeting of the next day if the transactions should have taken place after the official business hours.

ART. 39. In negotiations in which agents take part they shall strictly conform to the rates of exchange, the board of directors exercising the most careful vigilance on this point, which shall decide with its authority the difficulties which may arise.

ART. 40. In the negotiation of bonds payable to bearer which can be quoted on exchange the licensed agent who is the vendor thereof shall deliver a memorandum of their numbers to the purchaser, and shall demand of the latter another memorandum with the name of the person in whose favor the transfer is to take place.

In order that said transfer may take place the documents representing the securities which have been the object of the transaction shall be delivered before twenty-four hours have elapsed, in the proper office, stating the name of the assignee and the other necessary details.

ART. 41. The request for the paper negotiated on time and at the will of the purchaser must be made, unless there is an agreement to the contrary, before the last half hour of the official meeting of the exchange, the transaction being thereby considered as lapsed and shall be liquidated the following day.

ART. 42. The statements of options in transactions which include this condition, must be made to the contracting party, or in his absence they shall be brought to the attention of the board of directors at the

• The article amended states, instead of bank, etc., “Spanish Bank of the island of Cuba, in its branches or in the Treasuries, according to the island in which the deposit is to be made."