490 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.
These members shall have the right to verify the amounts received by the
manager and the application of the sums received by him.
ARTICLE XXII.

1. By way of guaranty of the execution of the present agreement each of the
undersigned members shall hand to the manager, within eight days from the
signature of the present agreement, a negotiable security of the value of 5,000
francs in 10 bills of 500 francs each, without due date, or a sum of 5.000 francs
In cash or bearer securities.
2. In the event of the manager declaring that one of the undersigned members
has contravened one of the obligations imposed upon him by these presents,
the manager shall inflict a fine upon the delinquent, the amount of which is
fixed at 500 francs for the first offense, 1,500 francs for the second, 3,000 francs
for the third, and 5,000 francs for the fourth. }
8. Should the member of the participation so fined dispute the existence
of the fault imputed to him, the matter shall be submitted to the decision of
an arbitrator chosen by lot from among the three presidents of the Joint
participation associations formed between the manufacturers mentioned
below, viz:
1. The dyers of Roubaix.
2. The benzine cleaners of the Department of the Seine,
3. The Association of French Felt Manufacturers.
The decision of the arbitrator so appointed shall be final and conclusive,
ARTICLE XXII.

In the case of the application or of the maintenance of a fine the promissory
notes handed over by the delinquent shall be negotiated to their due value by
the manager acting in his own name, who shall advise the delinquent eight
days in advance of the date of presentation of the bills, and the sum produced
by bringing them into circulation shall be applied as provided in paragraph
4 of Article XV of the present agreement,
The same course shall be followed in the event of the application of the
fine to cash deposited or the sale of the securities deposited.
Within eight days following the application of the penal clause the delinquent
must take up his guaranty fund to its original amount; should he fail to do
so notice shall be given him by simple registered letter, and he shall be subjected
 to a fine of 500 francs for every eight days’ delay. This fine shall be
applied as provided in paragraph 1 of the present article.
Artic XXIII

The coparticipants appoint the following four members as members of the
technical committee mentioned in Article XX,
1. M. M. Lelievre Freres &amp; Cie.
2. Messrs. Betts &amp; Co.
3. M. M. Meynieu &amp; Cle.
4. M. M. Cauvet Lambert &amp; Cie.
The technical committee shall appoint its own chairman.
The duration of office of the members of the committee shall be for three
years; the members are reeligible. They shall be elected by a simple majority
of the members voting by show of hands.
ArTticLe XXIV.
The meetings of the committee shall be convened by the chairman whenever
he may deem necessary.
They shall also take place each time that two of the members, at least, shall
forward a request for a meeting to the chairman, stating their reasons for so
doing.

ARTICLE XXV.

A general meeting of the members of the participation shall take place regularly
 on the second Friday of March, July, and November in each year.
If six of the members of the participation forward a request in writing to
the president for a general meeting, stating their reasons for so doing, the
president shall convene a general meeting of the members of the participation
within the fortnight following.