Rorke v. San Francisco Stock & Exchange Board

Citations

• 99 Cal. 196
• 33 P. 881
• 1893 Cal. LEXIS 636

Syllabus

<p>San Francisco Stock and Exchange Board — Suspension of Member—Sale of Seat—Loss of Rights—Mandamus.—Where a member of the San Francisco Stock and Exchange Board has been suspended from his seat or membership in the board, and his right thereto sold to satisfy a lien thereon for debts contracted by him as a member, in accordance with the constitution and by-laws of the board, and having failed for six months to settle up the claims against him and seek restitution to membership, as provided by the by-laws, his membership therein ceased and all his rights appertaining thereto were extinguished, aud mandamus will not lie to compel his restoration to membership.</p> <p>Id.—Failure to Meet Accounts with Fellow-broker—Report of 'Default— Arbitration—Construction of Rules.—A rule of the board requiring the creditors of a member who fails to comply with his stock contracts to report his default within forty-eight hours refers to contracts for the purchase or sale of stocks in the board, and has no application to a case where stocks are caraeil ■ for a broker by a fellow-broker for months in an open and running account, and . a final settlement of the account is referred to a committee of arbitration under ’ another rule of the board, and where there is no default until a failure to meet * the balance ascertained to be due by the committee of arbitration, and it is sufficient report of default in such case where such committee reports the delinquency of the member within two days after their report of the amount of the indebtedness.</p>