ADMINISTRATION OF THE STOCK EXCHANGE 445
meticulous detail and constant stress upon definition of many
of our present-day statute books. Instead, it deals with prin-
ciples rather than instances, and provides for the determination
of future undefined problems justly, swiftly, and openmindedly.
It is superbly practical, and leaves the way open for the enforce-
ment of its provisions according to the substance and spirit as
well as the mere letter of the law. It has made precedents as
occasioning circumstances have arisen. From time to time the
Constitution and Rules are revised and recodified ; the last such
revision became effective June 25, 1925.
The Governing Committee.—Subject to the Constitution,
the legislative and judicial powers of the Stock Exchange over
its members are placed without qualification in the hands of
the Governing Committee.> This body consists of 40 members
of the Exchange, together with its President and Treasurer.
Each year ten governors are elected by vote of the entire mem-
bership, to serve four years. This method makes for con-
servatism in the policy of the Exchange, yet apart from this
fact the same men are often reelected as governors term after
term.
The officers of the Exchange consist of the President, Vice-
President, Treasurer and other members of the Governing
Committee, and the Assistant to the President, the Secretary,
the First Assistant Secretary, the Accountant and the Econo-
mist.® The executive authority of the Exchange is vested in
its President, who directs the enforcement of its regulations
and presides over the Exchange and its Governing Committee.
In the absence of the President, his duties are discharged by
the Vice-President. The Treasurer receives, has charge of,
and disburses the funds of the Exchange under instructions
from the Finance Committee. The Secretary performs a wide
variety of duties which are largely specified in the Constitu-
tion, in which tasks he is assisted by the First Assistant Secre-
© Constitution, Articles IT and TIL.
