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Bremen Cotton Exchange holds 134th General Assembly
03 Jul '08
5 min read
The General Assembly resolved upon numerous amendments of the by-laws at the request of the board. The necessity resulted on the one hand from an amendment conducted by the International Cotton Association (ICA), Liverpool, subsequent to a legal procedure in England. The Bremen Cotton Exchange had incorporated the ICA Trading Rules in its by-laws identically two years ago.
The currently proposed amendment shall adjust the terms to maintain uniformity of both regulations. Moreover the provisions which had only related to Micronnaire in the past were now expanded by instrument testing in general. HVI-testing results will therefore gain access to the rules and the possibility of arbitration of other instrument testing values is opened if agreed upon by the contracting partners.
Expertise proceedings which were ruled in part 5 of the by-laws were eliminated without substitution. The regulations for entitlement from miscellaneous defects are now included in the rules (§§ 32-39) adopted from the ICA. Additionally, editorial amendments were required since the relegation rules had to be adjusted accordingly.
A further request which had come from the IVGT (Industrial Association for Yarns, Fabrics and Technical Textiles) was withdrawn from its Executive Director Dr. Klaus Kraatz following a discussion during the board meeting which had taken place ahead of the General Assembly: The trade representatives had assured to accommodate the concern of the IVGT aiming for the extension of the warranty periods.
After President Vollers' detailed report on the global cotton situation in 2007, the forecasts on the worldwide cotton markets and the situation in the EU cotton industry in detail, the members passed the annual accounts of the year 2007 as well as the calculation for 2008 and unanimously granted formal approval to the board and management.
On proposal of the Bremen Cotton Merchants' Association, Mr. Jens Lukaczik, Cargo Control Germany GmbH & Co. KG, and Mr. Wolfgang Vogt- Jordan, Albrecht, Müller-Pearse & Co. KG, were elected to the board for the resigning members, Mrs. Monika Brandstaeter and Mr. Carsten Frerks. Suggested by the IVGT, Mr. Jan Kettelhack, HCH. Kettelhack, Rheine, was re-elected to the board.
Subsequent to the General Assembly, the board elected Mr. Wolfgang Vogt-Jordan and Mr. Jens Lukaczik as new President and Vice-President of the Bremen Cotton Exchange.
The currently proposed amendment shall adjust the terms to maintain uniformity of both regulations. Moreover the provisions which had only related to Micronnaire in the past were now expanded by instrument testing in general. HVI-testing results will therefore gain access to the rules and the possibility of arbitration of other instrument testing values is opened if agreed upon by the contracting partners.
Expertise proceedings which were ruled in part 5 of the by-laws were eliminated without substitution. The regulations for entitlement from miscellaneous defects are now included in the rules (§§ 32-39) adopted from the ICA. Additionally, editorial amendments were required since the relegation rules had to be adjusted accordingly.
A further request which had come from the IVGT (Industrial Association for Yarns, Fabrics and Technical Textiles) was withdrawn from its Executive Director Dr. Klaus Kraatz following a discussion during the board meeting which had taken place ahead of the General Assembly: The trade representatives had assured to accommodate the concern of the IVGT aiming for the extension of the warranty periods.
After President Vollers' detailed report on the global cotton situation in 2007, the forecasts on the worldwide cotton markets and the situation in the EU cotton industry in detail, the members passed the annual accounts of the year 2007 as well as the calculation for 2008 and unanimously granted formal approval to the board and management.
On proposal of the Bremen Cotton Merchants' Association, Mr. Jens Lukaczik, Cargo Control Germany GmbH & Co. KG, and Mr. Wolfgang Vogt- Jordan, Albrecht, Müller-Pearse & Co. KG, were elected to the board for the resigning members, Mrs. Monika Brandstaeter and Mr. Carsten Frerks. Suggested by the IVGT, Mr. Jan Kettelhack, HCH. Kettelhack, Rheine, was re-elected to the board.
Subsequent to the General Assembly, the board elected Mr. Wolfgang Vogt-Jordan and Mr. Jens Lukaczik as new President and Vice-President of the Bremen Cotton Exchange.
Bremen Cotton Exchange
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