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1.
No one can become a member of said association
who has not shown special qualifications as a pilot,
2.
no one can act as a pilot who has not been
expressly recommended and approved by the collector of
the port of Manila,
3.
no one can become a member without having paid
a certain sum of money into the treasury of said
association.
This funds becomes the property of the association for the
purpose of protecting its members against losses occasioned
by its members to ships while said ships are under the control
of a member or members of said association.
The money paid in by one member of said association becomes
a part of a general fund of said association, subject to be paid
out for damages done to ships by any member of the
association.
The fund created by the contributions of the members no longer
belongs to the members of the association; it belongs to the
association.