B76 FEDERAL REPORTER. �thorizing the- corporation to take and hold real and personal property to an amount net exceeding $1,500,000. �The third section of the by-laws pro vides that "any respectable person, on the proposai of one member, seconded by another, and on presentation of a written application stating the nature of bis busi- ness, and such other facts as the board of managers may require, after 10 days' notice of such application bas been conspicuously posted upon the exchange, shall be admitted to membership, if elected by the board of managers, on presentation of a certiiicate of membership duly assigned to him, and on the signing of an agree- ment to abide by the charter, by-laws, and ruies of the exchange, and all amendments that may be made thereto." �The fourth section enacts that "each member shall be entitled to receive a certificate of membership, bearing the corporate seal of the exchange, and the signatures of the president and secretary, which shall be transferable upon the books thereof, to any person eligible to membership, upon the payment of a transfer fee of five dollars and any unpaid assessments due thereon. The certificate of membership of a deceased member may be transferred by his legal representatives." �This, then, is a business corporation, the members of which have certain privileges, and upon ita dissolution would receive their proportionate share of its asseta. Any respectable person is eligible to membership, although no one can be elected without the vote of the managers. When elected such person becomes entitled to his seat on the presentation of a certificate of membership duly assigned to him, and on signing an agreement to abide by the charter, by-laws, and rules of the exehange. Such a piovision clearly contemplates the assignment of the certificate to persons who are not at the time members. The bankrupt, therefore, before his bankruptcy, had the power of selling and assigning his certificate of membership to any one who was willing to purehase the same, and take the risk of an election by the board of managers. It had and bas a market value, the statement being made on the argument, without contradiction, that it would readily bring several thousand dollars. Under the circumstances I have no difficulty, on principle, in holding that membership in such an exchange is property which the creditors of a bankrupt are entitled to have applied to the payment of their debts. �In Hyde v. Woods, 94 U. S. 523, the supreme court so treated it. ��� �
