(1) There may be organized, in any city, town, or municipality in the State of Arkansas, voluntary associations to be known as cotton exchanges, grain exchanges, boards of trade, or similar institutions to receive and post quotations on cotton, grains, stocks, bonds, and other commodities for the benefit of their members and other persons engaged in the production of cotton, grain, and other commodities.
(2) The associations shall be composed of not fewer than twenty-five (25) active members and shall adopt a uniform set of rules not inconsistent with the laws of Arkansas and of the United States.
(3) They shall open their books to the inspection of proper courts and officers of the law when required.