Jan. 23.] THE NEW ZEALAND GAZETTE. 171

Rules of the Dunedin Stock Exchange approved.

Head Office, Stamp Department,
Wellington, 13th January, 1903.

IT is hereby notified that His Excellency the Governor has been pleased to approve of the following rules of the Dunedin Stock Exchange, under the provisions of section 13 of “The Sharebrokers Act, 1902.”

J. CARROLL,
Commissioner of Stamps.

Approved.

RANFURLY, Governor.

RULES AND REGULATIONS OF THE DUNEDIN STOCK EXCHANGE, AS AT NOVEMBER, 1902.

Constitution.

1. This association shall consist of the undersigned, and of such other persons as may be hereafter elected in accordance with the rules, and shall be called “The Dunedin Stock Exchange.”

2. When the word “association” occurs in the following rules and regulations it shall be taken to mean the Dunedin Stock Exchange.

Objects of the association.

3. The objects and purposes of the association are the exchange of quotations, the facilitating of purchases and sales of shares, scrip, stocks, and debentures, and the maintenance of honourable dealings amongst its members, and for that purpose the decision and settlement of all disputes between members or affecting members.

Management and annual meeting.

4. The management of the association shall be vested in a committee of the whole, and such committee shall have direction and control of the affairs of the association. Ten members of the governing body shall be necessary to constitute a quorum for all purposes other than the calling-over of the list and the calling of a special meeting, for which purposes four members shall suffice. A general meeting of the association (to be called the “annual meeting”) shall be held during the month of December in each year, at which the annual report and balance-sheet, duly audited, shall be presented, and an executive committee and auditor may be appointed; such executive and auditor to hold office for one year from 1st January following. The executive committee to consist of five members, the chairman, and the secretary, of whom three shall form a quorum; such executive to manage and control all the minor affairs of the exchange—viz., the compilation of the price-list, and all matters, financial or otherwise, for which it is not essential or in contravention of the constitution of the exchange that a full meeting of members should be convened or held.

Chairman, vice-chairman, and trustees.

5. At the annual meeting the committee shall appoint a chairman for a period of twelve months from 1st January following. They shall also appoint for a similar period three members of the association as trustees of the association; and all shares, property, and funds (other than the current account) shall be invested in their names. Any lease or other undertaking of the association shall be executed by the said trustees, who shall be indemnified by the association against any loss that may arise in connection therewith. The members of the executive committee shall be vice-chairmen, and in the absence of the chairman one of the vice-chairmen only shall act. Their turn of duty shall be in alphabetical order, and be taken in monthly periods. The chairman for the time being may exercise both a deliberative and a casting vote.

Quorum.

6. If there is not a quorum present at any ordinary or special meeting, the members present may adjourn the meeting to such day and time as they think fit, provided that each adjournment shall not be for a longer period than seven days.

Powers of committee.

7. The committee shall have power to make, vary, amend, or repeal such rules and regulations from time to time as exist or may be required for carrying on the business of the association, and shall also have power to carry out the rules and regulations of the association, and to fill up any casual vacancy or vacancies occurring in the executive committee or in connection with the chairmanship.

Cases of dispute.

8. In cases of disputes between members which one or more may desire should be settled by the committee or the executive, the complainant shall state his case in writing, and pay in advance to the secretary a hearing fee of 10s. 6d., and undertake to abide by the decision when given, and the committee or executive shall, at their discretion, be empowered to order the repayment of such fee to the complainant by the defendant. If disputants are not agreed as to the case being decided by the executive, the case shall be brought before the committee. In any case in which a non-member requires the intervention of the committee he must forward to the chairman of the exchange a written statement of his case, accompanied by a hearing fee of £1 1s., and undertake to abide by, and forthwith to carry out, the decisions of the committee, in the same manner as if he were a member of the association.

Adjudication of disputes.

9. No member shall participate in the adjudication of a case in which he, or his firm, or any member of his firm, is personally interested. The committee or the executive shall have power to adjudicate and decide.

Evidence for committee.

10. Every member of the association, and every clerk to a member, shall attend before the committee or the executive when required, and the member shall give, and cause his clerk or clerks to give, such information to the committee or the executive as may be in his or their possession relative to any matter then under investigation.

Infringement of rules.

11. Any member proved guilty of dishonourable or contumacious conduct, or of wilfully infringing the rules of the association, or of conduct which would, in the opinion of the members, render the member unfit to remain a member of the association, or of conduct which, in the opinion of the members, might prove derogatory to the interests of the association, shall be liable to expulsion. The charge against the accused member must, in the first instance, be submitted in writing to the committee by a member, of which charge a copy shall be forthwith transmitted to the member accused; and if, upon due investigation, the committee be of opinion that the circumstances require it, a special meeting shall be convened for the purpose of investigation and adjudicating thereon. The opinion of such special meeting shall be obtained by ballot, when, if three-fourths of the members present and voting in person at the meeting shall decide that the accused member has merited expulsion, he shall cease to be a member of the association, and the same shall be notified to him forthwith by the secretary: Provided that such meeting shall have power, in lieu of expulsion, to suspend such accused member for a period not exceeding six months. Notwithstanding anything contained in the former part of this rule, a majority of the executive committee shall have power to call any member of the association before them who may be suspected of dishonourable conduct, or conduct that would unfit him to remain a member of the association. After investigating the case the executive committee may report to the committee, who shall proceed as laid down in the former part of this rule.

Power to suspend or expel.

12. The committee shall have full power to suspend or expel any member who (1) fails to comply with a decision, order, or award of the committee or executive, or (2) fails to keep a cash-book and records of all his transactions. The case of any member proceeded against under this rule shall be brought before a special meeting. The opinion of such special meeting shall be obtained by ballot, when, if three-fourths of the members present and voting in person at the meeting shall decide that the member has merited suspension or expulsion, he shall be suspended for such time as the meeting shall decide, or be expelled.

Suspended member.

13. During the time a member is suspended under these rules, or has not paid a fine inflicted by the association, he shall have no right to attend any of the ordinary daily meetings or the special meetings of the association, nor shall he have during such time any rights of membership.

Alteration of rules.

14. Notice of any proposed alteration of or addition to these rules must be given in writing at one meeting of the committee, and be considered and determined not sooner than the seventh day thereafter, and not later than fourteen days thereafter.

Special meeting.

15. A notice calling a special meeting, read to an ordinary meeting by the chairman, and posted in the exchange room not less than twenty-two hours previous to the time fixed for holding such special meeting, shall be held to be sufficient notice to members of the calling of such meeting: Provided that the secretary shall send written notice to all members not present at the time the meeting is called.

Appointment of secretary and reader.

16. A secretary and also a reader shall from time to time be appointed by the executive committee, at remunerations to be fixed by the executive committee, and shall hold office at their pleasure.

C