532
THE NEW ZEALAND GAZETTE.
[No. 12

Failing to pay subscription.

11. If any member fail to pay the annual subscription due on the 1st of January in each year, or within twenty-eight days thereafter, or shall fail to pay all calls made within twenty-eight days from the date of the call being made, the secretary shall report the same to the committee, who may at their discretion inflict a fine on such member not exceeding £5.

Statement of accounts.

12. A statement of accounts, duly audited, shall be submitted by the committee of the association to the members at the annual meeting once in each year: the statement to be as at 30th September in each year.

Office-bearers.

13. The office-bearers shall be a chairman, vice-chairman, and a committee consisting of five. The chairman and vice-chairman to be ex officio members of committee.

Vacancies in office: how filled.

14. Any vacancy occurring among the office-bearers during the year shall be filled by members of the association, and any person so appointed shall hold office till the next election of office-bearers.

Annual general meeting.

15. There shall be an annual general meeting of the members of the association on the first Tuesday in the month of December for the purpose of electing office-bearers and an auditor for the ensuing year, and the duties of the office-bearers then elected shall commence on the 1st January following.

Retiring office-bearers.

16. At every annual general meeting the whole of the office-bearers shall retire, and their places shall be filled up at such annual meeting. Such election shall take place by ballot. All such retiring office-bearers shall be eligible for re-election without notice, but any other member wishing to become an office-bearer shall be proposed in writing by one member and seconded by another, and notice given to the secretary seven days at least before the day fixed for the annual meeting.

Secretary.

17. A secretary shall be elected by ballot by the vote of a majority of the members, and shall hold office during his good behaviour. The secretary shall be under the control of, and may be suspended from office by, the committee.

Custody of funds.

18. The committee shall have charge of the funds of the association, and all payments shall be made by cheques bearing the signatures of the chairman and secretary, and one member of the committee.

Place of meeting.

19. The association shall hold its daily meetings at such times and place as may be agreed upon.

Official list.

20. The list of quotations of prices and of purchases and sales effected or reported at the meetings of the association shall be the official list of “The Auckland Stock and Share Brokers’ Association,” and the association shall not issue (nor be responsible for the issue by any of its members of) any other “list of sales,” “prices current,” or “trade circular.”

Quotation challenged.

21. Any member whose published quotation is challenged may be called upon to verify the same to the satisfaction of the committee. Failing verification, the case shall be referred by the committee to the members of the association, to be dealt with by them under Rule 26.

Power to make and alter rules and by-laws.

22. The members of the association shall have power to make new rules, and to make by-laws, and to alter the same from time to time; but no new rule or by-law, nor any alteration to the rules or by-laws, shall be passed unless there be present at a meeting convened for such purpose at least two-thirds of the members of the association, and four-fifths of the members present at such meeting shall be the minimum majority required to effect any additions to or alterations of the rules or by-laws.

New rules, additions to and alteration of rules and by-laws.

23. Notice of any proposed new rule or by-law, alteration of or addition to the rules or by-laws, shall be given in writing at a meeting of the association, and shall be considered and determined (if the necessary majority is obtained) on a day (appointed by the committee) not less than seven or more than fourteen days thereafter.

Settlement of disputes and complaints.

24. In any dispute arising between, or complaint against, members, the matter shall be referred to and be investigated by the committee, whose decision shall be final. Any member who shall not carry out or abide by such decision may be suspended by the committee from all privileges of membership for any period not exceeding seven days, and he shall be forthwith reported to the association as under suspension; and, after the expiry of the term of suspension, if the member shall still not have conformed to the committee’s decision, the members shall be convened by notice, not shorter than three days, to consider and determine whether he shall or shall not be finally disqualified from membership.

Complaint from non-members.

25. It shall not be incumbent upon the committee to entertain any complaint submitted to them by any one not a member of the association against a member of it, unless such member shall have been employed by the complainant in the capacity of broker; and in that or any other case in which a non-member desires the intervention of the committee he shall, previously to the case being heard, pay not less than five guineas, or such other sum as the committee may determine, to the secretary, and shall undertake in writing to abide by, and forthwith to carry out, the decision of the committee in the same manner as if he were a member of the association; the committee to have the power to repay the whole or part of the five guineas to the complainant.

Fines. Expulsion. Suspension.

26. In the event of any member being considered guilty of dishonourable or disgraceful conduct, the committee shall report the matter to a meeting of the association specially convened for its consideration, and such meeting may (subject to the condition following) inflict upon such member such fine as it may deem fit, or suspend him for any period it may deem just, or may expel him from the association. The concurrence of four-fifths at least of the members of the association present at such meeting shall be necessary to pass any resolution involving the infliction of fines, suspension, or expulsion.

No action in equity or law.

The members of “The Auckland Stock and Share Brokers’ Association” hereby undertake that they will not, in any case arising out of this rule, raise any action in equity or at law with reference to the grounds or effects of any decision of the members, notwithstanding any irregularity or informality in its proceedings.

Clerks of members.

27. It shall be competent for the chairman or committee to grant the partner or clerk of a member permission to attend the daily meetings of the association for the making of quotations and transactions on behalf of his partner or employer; provided, however, that such clerk must be not less than twenty-one years of age. The sanction of the committee may be at any time withdrawn. Such partner or authorised clerk shall have no vote, nor any voice in the management or administration of the association. The attendance of partners or clerks shall only be permitted in case of a member’s illness, absence from town, service on a jury, or other emergency, and such condition must be shown to the satisfaction of the chairman or committee.

Claims on the property or funds of the association.

28. A member resigning, or becoming disqualified from membership, or ceasing to be a member, or having been expelled, shall cease to have any claim whatever on the property or funds of the association.

Insolvency of a member.

29. A member who becomes insolvent, or who fails in his engagements with his creditor or creditors, shall, on proof thereof to the satisfaction of the committee, cease to be a member, although he may not be at the same time a defaulter on the Stock Exchange; but may be reinstated without payment of fee by a vote of the majority of the members.

Disposal of funds of the association.

30. All accumulation of funds, after the discharge of current expenses, shall be paid over at the end of each financial year to “The Auckland Stock and Share Brokers’ Company, Limited.”

Members’ contracts.

31. In contracts between members for the sale and purchase of shares and stocks they shall be held to be principals to each other.

Time allowed for delivery of documents.

32. Three clear days shall be allowed for delivery of documents by the seller, and, failing delivery thereof during that period, the buyer on the third day, giving twenty-four hours’