A building or room in which stock-brokers meet to transact their business of purchasing or selling stocks. A voluntary association (usually unincor- porated) of persons who, for convenience in the transaction of business with each other, have associated themselves to pro- vide a common place for the transaction of their business. See Dos Passos, St. Brok. 14: Biddle, St. Brok. 40, 43; 2 Brewst. 571; 2 Daly 329. It is usually not a cor- poration, and in such case it is not a part- nership. In the absence of a statute its real estate is held by all the members in the same way as partnership real estate. At common law, all the members had to be joined in a suit; Dicey, Parties, 2d Am. ed. 148, 266; 44 Conn. 259; though actions have been sustained against the exchange as a body; 2 Brewst. 571; 9 w. N. C. (Pa.) 441. The members may make such reasonable regulations for the government of the body as they may think best; see 24 Barb. 570; such rules bind the members assent- ing to them; 4 Abb. Pr. N. s. 162; but their personal assent must appear; 16 N. Y. 112; it may be inferred from circum- stances, as from their admissions and act- ing as members; L. R. 5 Eq. 63; 25 Mo. 593; and a member is bound by a by-law passed during his membership, whether he votes for it or not; 8 W. N. C. (Pa.) 464. It is said that the courts will prevent the interference with a member's rights in an unincorporated association where the latter is acting under a by-law which is unreasonable or contrary to public policy: Dos Passos, St. Brok. 36; 4 Abb. Pr. N. S. 103; 47 Wisc. 670; but seé 80 Ill. 134. Stock Exchange, seat in. Members of a stock exchange are entitled to what is known as a seat. Seats are held subject to the rules of the exchange. They are a species of incorporeal property-a per- sonal, individual right to exercise a certain. calling in a certain place, but without the attributes of descendibility or assignability, which are characteris- tic of other species of property; Dos Passos, St. Brok. 87; Biddle, St. Brok. 50. There has been much controversy as to whether a seat can be reached by an execution. A late writer consid- ers the following as settled: "1. In the disposition of a seat or the proceeds thereof, the members of the exchange will be preferred to outside creditors. 2. The Beat is not the subject of seizure and sale on attachment and execution. 3. The proceeds of the seat, in the hands of the exchange, are capable of being reached, after members' claims have been satisfied, to the same extent and in the same man- ner as any other money or property of a debtor. 4. A person owning a seat in the exchange can be compelled, by proceedings subsequent to execution, or under the di- rection of a receiver, to sell his seat to a person acceptable to the exchange, and devote the proceeds to the satisfaction of his judgment debts." Dos Passos, St. Brok. 96. See 5 W. N. C. (Pa.) 36; 94 U. S. 525; 20 Alb. L. J. 414; 9 Reporter 305; 78 Cal. 351. In 142 U. S. 1, it was held that a seat in a stock exchange is property, and passes to assignees in bankruptcy subject to the rules of the stock board. See 105 U. S. 126; 89 N. Y. 328; 109 id. 593; 110 Ill. 146. Stock exchange rules usually provide that seats are liable first to pay the mem- bers' debts to a fellow-member, or a firm of which the latter is a member; and also for arbitration committees to settle differ- ences between members; 180 Pa. 289. A regular register of all the transactions is kept by an officer of the association, and questions arising between the mem- bers are generally decided by an arbitra- tion committee. The official record of sales is the best evidence of the price of any stock on any particular day. The stocks dealt in at the sessions of the boaro are those which are placed on the list by a regular vote of the association; and when it is proposed to add a stock to the list, a committee is appointed to examine into the matter, and the board is generally guided by the report of such committee. See Brodhurst, Law & Pr. of Stock Ex- change (London).