Clearing Houses

Cover Clearing Houses
Clearing Houses
United States. National Monetary Commission
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Thus we have seen that the association occupied four different locations before coming into the structure erected for its own use; and that after each removal it remained longer than it had in the quarters just abandoned.
The constitution of the New York clearing house pro- vides in ftdl for the regulation of the,affairs of the associa- tion and for the guidance of its members. A general meeting is held annually, and special meetings may be called by the clearing-house committee whenever it may
... deem it necessary, or whenever it is requested to do so by any seven of the associated banks. A majority of the whole number of associated banks constitutes a quorum.
Each bank may be represented at all meetings of the asso- ciation, and is entitled to one vote.
"^ - \rhe administration of the clearing house is vested in a " president, secretary, manager, assistant manager, and . five standing committees.
The president is elected by ballot at the annual meet- ing, to preside at that meeting and all subsequent meet- 159 Digitized by Google UUJ 6° National Monetary Commission ings during the year.


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