Feb. 19.] THE NEW ZEALAND GAZETTE. 533

written notice to the seller, may either cancel the purchase or buy at the risk of the seller through any member of the Stock Exchange: Provided, however, that at the time of the sale the seller shall inform the buyer that the transfer has to come from a distance requiring a longer period than three days to deliver, when it shall be at the option of the purchaser to refuse to complete the transaction.

Payment for documents.

33. Purchasers shall not be required to take delivery of and pay for documents until the following day, if tendered after eleven o’clock on Saturdays, and one o’clock on other days.

Failure of payment.

34. Sellers shall have the right to require the purchase-money to be paid in cash or marked cheque at the time and place of delivery of documents. In case of failure of payment by the buyer, the vendor may, within one day of default of settlement, or on any future day, either cancel the transaction or sell at the buyer’s risk, through some member of the exchange, the securities involved, and the defaulting member shall forthwith pay to the vendor any difference between the original purchase money and the net proceeds of the securities resold.

Limit of time for tender of documents.

35. When a vendor shall tender delivery of documents more than six weeks after date of sale, it shall not be incumbent upon the buyer to accept delivery of such documents unless some special arrangement for the delay has been mutually agreed upon previously, and such arrangement be in writing.

Claim for delivery of documents.

36. When a buyer shall claim delivery of documents more than six weeks after date of purchase, it shall not be incumbent upon the seller to deliver unless some special arrangement for the delay has been mutually agreed upon previously, and such arrangement be in writing.

Buying or selling.

37. In offering to buy or sell at the meetings of the exchange, the minimum number of shares in each case shall be one hundred shares if the price be 5s. or under per share; if 20s. or under, then not less than fifty shares; and if over 20s., not less than twenty-five shares.

Transfer of seat.

38. Any member against whom there is no valid complaint under the rules may resign his membership by giving a written notice to the chairman, and he may concurrently therewith nominate a candidate for membership in his stead; but such candidate shall not become a member unless he be duly elected by ballot according to Rule 6, and shall have paid to the Stock Exchange the amount fixed for the time being; and in the event of such nominee being rejected at the ballot, the retiring member may nominate some other person or persons until a candidate nominated by him be accepted; and, until the election of a successor, he may attend meetings of the Stock Exchange, and conduct his business. The sum to be paid to the Stock Exchange, until otherwise determined, shall be ten (10) per cent. of the entrance fee for the time being, and such sum must be paid to the secretary before the nominee of the retiring member is eligible for election. In case a member wishes to sell his seat and fails to find a purchaser for the same, the association shall not create or dispose of any fresh seat until the seat of such retiring member is sold.

Death of a member. Disposal of seat.

39. On the death of a member the committee of the Stock Exchange shall exercise the privilege of nomination for the benefit of his widow or children or next-of-kin—subject to deduction, first, of his liabilities to the association and of the levies, if any, which shall have accrued since his decease, and secondly, of his liabilities to any member, of which the committee shall have had notice—to whom the proceeds of the sale of the vacant seat (less 10 per cent. as an entrance fee for the successor of the deceased) shall be paid. No money to be paid until some person or persons are in a position to give a legal discharge. The estate of a deceased member shall have no legal claim whatever on the property or funds of the association.

Brokerage chargeable.

40. The brokerage chargeable for selling syndicate or claim shares, and shares in all companies, and debentures and stocks, shall be as follows: Shares of the value of 1s. and under, ½d. per share; from 1s. to 3s. 4d. in value, 1d. per share; from 3s. 4d. and upwards in value, 2½ per cent.; syndicate or claim shares, 5 per cent., and debentures 1 per cent.

No division of commission with outside brokers.

41. No member of this association, or his partner, clerk, or employee, shall, either directly or indirectly, divide commission with any person not a member of this association in the City of Auckland, nor shall any member purchase shares at a net price from any person not a member of this association in the City of Auckland, but a member of this association may divide commission with a person who resides more than twenty-five miles from the City of Auckland.

Committee power to investigate complaints.

42. The committee shall have full power to investigate any complaint made by one member of this association against another for any alleged breach of Rule 41, and for the purpose of the investigation may call upon such member to produce any books or documents in his possession that they may require.

Penalty for dividing commission.

43. Should the committee consider any member guilty of a breach of Rule 41, they shall report the same to the association, who shall investigate the charge, and if a majority of the members find him guilty he shall, for the first offence, pay the sum of £50, for the second offence £100, and for the third offence he shall be expelled from the association.

Disposal of proceeds of seats after disqualification, expulsion, &c.

44. When any member shall be finally disqualified under Rule 24, or expelled under Rule 26, or shall cease to be a member under Rule 29, the committee may sell such member’s seat, subject to the purchaser being duly elected; and the proceeds of the sale shall be applied—first, in payment of any amount due to the association for the purchaser’s entrance fee, and of any liability of the said member to the association, and of the levies, if any, which shall have accrued since he ceased to be a member; and secondly, in payment rateably of the amount of such member’s debts to the members who are creditors in respect of other Stock Exchange transactions; and any balance, after settlement of such claims as may be sanctioned by the committee, shall belong to the association.

Closing offices.

45. When a majority of the members of the association decide upon closing their offices for any purpose all the members of the association shall be bound by such decision, and any member committing a breach of this rule shall be dealt with under Rule 26.

Subject to the exceptions and conditions hereunto appended, and headed respectively “Exceptions” and “Conditions,” the following rule is hereby added to and incorporated with the rules of the Auckland Stock and Share Brokers’ Association as No. 46, and shall be read as part thereof:—

46. All partners of any firms of which one partner shall be desirous of becoming a member of the Auckland Stock and Share Brokers’ Association shall be simultaneously proposed for membership. All the partners of any firm of which one is a member of the Auckland Stock and Share Brokers’ Association shall be proposed for membership within one calendar month after the formation of such partnership. In the event of any partner not being elected, the member shall dissolve the partnership. If one calendar month after such non-election the member has not dissolved such partnership, he shall be deemed to have retired from the Auckland Stock and Share Brokers’ Association, and the committee shall announce to the members that he has so retired, and his name shall be erased from the list of members.

Exceptions.

Persons who have been recognised as partners of members of the Auckland Stock and Share Brokers’ Association prior to the 25th day of March, 1896, whose names are as follows:—

W. R. Walker, A. R. Garlick,
H. I. Cashel, William Mowbray,
N. R. Alexander, James Macky,
George South, E. C. Smith,
Edward Anderson, E. G. Elliot,

and persons who may become partners, but whose place of residence and business is outside the radius provided for in Rule No. 25.

Conditions.

All partners of any member of the Auckland Stock and Share Brokers’ Association, recognised prior to the 25th day of March, 1896, shall be balloted for in the manner provided for the election of members in Rules Nos. 6, 7, and 8, and in the event of the non-approval of such partner or partners