Jan. 23.] THE NEW ZEALAND GAZETTE. 173

to deal on his behalf outside the exchange rooms, and shall undertake in writing to hold himself responsible for all transactions entered into by the said clerk or employee with other members.

Auction sales.

36. No member of this association, nor his partner or clerk or any one employed by him, shall be allowed to attend auctions to bid, directly or indirectly, for stock, debentures, bonds, or shares of any description (forfeited shares excepted), and no member shall be allowed, directly or indirectly, to tender for stock, bonds, debentures, or shares of any description in a private, deceased, or bankrupt estate. A fine of £20 shall be inflicted in any case where a member of this association has been found guilty of doing business, directly or indirectly, with auctioneers who hold sales of shares by auction.

Fee for call list.

37. Any company in New Zealand wishing to be placed on the call list shall be charged a fee of £5 5s. A company applying for registration on the exchange list shall supply a list of directors, objects, and capital of the company, also a full list of shareholders, and the number of shares held by them. The association reserves to itself power to decline to list any company, also to remove any company from the list.

Increased fee.

38. The association reserves to itself the power to charge an increased fee for listing any company in the Provincial District of Otago which has not been floated by a member of this exchange.

Reports for Press.

39. A member receiving information about any company quoted by the exchange, and such member wishing to publish same in any newspaper, shall do so only in the name of the exchange.

Penalty for divulging proceedings.

40. Any member divulging the proceedings of the association shall be liable to a fine not exceeding £20. Members may, however, give information as to quotations or sales without mentioning the names of members quoting or dealing.

Hours of meeting.

41. The association shall hold two daily meetings—viz., at 10.30 a.m. and 3 p.m.—except on Saturdays, when one meeting shall be held at 10.30 a.m.

Authorised partner or clerk may attend meetings.

42. It shall be competent for the committee to grant the clerk of a member or partner of a member permission to attend the daily meetings of the association for the making of quotations and transactions on behalf of said member; but the member shall first undertake, by writing addressed to the committee, that he will be responsible for the sales and purchases effected by such authorised partner or clerk. The sanction of the committee may at any time be withdrawn. Such authorised partner or clerk shall have no vote nor any voice in the management or administration of the association. The attendance of partner or clerks shall only be permitted in the case of a member’s illness, absence from town, service on a jury, or other emergency, and such conditions must be shown to the satisfaction of the chairman. Members represented by a partner or clerk shall be charged £1 1s. per month, or for any part of a month.

Scale of charges.

43. The brokerage chargeable on transactions to both buyer and seller shall be as follows:—

On debentures of every description .. .. ½ per cent.
On shares other than mining .. .. 1¼ "
On mining shares sold up to 6d. per share .. ½d.
" over 6d. and up to 1s. 6d. 1d.
" 1s. 6d. and up to 3s. 1½d.
" 3s. and up to 5s. .. 2d.
" 5s. and up to 10s. 3d.
" 10s. and up to £1.. 4d.
" £1 and up to £1 10s. 4½d.
" £1 10s. .. .. 1¼ per cent.

The minimum charge on any transaction is 7s. 6d. Buyers pay stamp duty and transfer fees. A penalty not exceeding £50 and not less than £25 shall be inflicted for any breach of the above tariff—which tariff, however, shall not apply to London, Australian, and Tasmanian transactions.

Sharebrokers.

44. Members of the Otago Stock Exchange and of the Equitable Stock Exchange may be admitted from the 1st December, 1900, to the Quotation Hall at a fee of £5 5s. per annum, payable half-yearly in advance. Members of the exchanges mentioned, whether paying the fee or not, shall be dealt with at net prices. Any other broker who wishes admission to the Quotation Hall shall be admitted on payment of a fee of not less than £25 per annum, and subject to his being first approved of by a majority of the committee personally present at a meeting specially called, and of which not less than twenty-two hours’ notice shall have been given.

Such broker must undertake in writing to charge commission at our tariff on all his transactions, whether taking place in the Quotation Hall or not. He must also undertake in writing to be subject to our rules. Should he be proved to have committed any breach of our tariff or rules, he shall forfeit his right to enter the Quotation Hall. Business shall be done with such brokers by our members at net prices. Any broker in Dunedin or suburbs who is not a member of the Otago or Equitable Exchanges, and who is not admitted to our Quotation Hall, shall be dealt with by our members only at the tariff rates provided in Rule 43, and subject to the penalties therein provided for any breach of the said rule.

Business on 'change.

45. Offers to buy or sell shares, scrip, or stock shall be definite as to number and price, and remain open until the line be passed by the reader; and, in the event of any dispute arising between members as to sale or purchase of any stock during the reading of the list, such dispute shall be settled by the chairman, whose decision shall be final.

Record of sales.

46. After every sale on 'change the recorder shall, if required, call the name of the company, the number of shares sold, and the price, also the names of the seller and buyer. He shall also record the sale in the book provided for that purpose. At the close of the meeting the whole of the transactions shall be again read out, and, unless objection be then made, the record shall be binding on both parties. In the event of any dispute the decision of the chairman shall be final.

Time for delivery of documents.

47. When sales are effected the selling member must deliver the documents within ten days, except in the case of Tasmanian and Australian stocks, when twenty days shall be allowed, unless a special time for delivery is stated at the time of sale. If the documents are not delivered by 1 o’clock on the tenth day, or if Australian or Tasmanian stocks on the twentieth day, or by 11 o’clock if it should fall on a Saturday, the buying member shall, subject to his having given not less than twelve hours’ notice in writing to the selling member, and subsequently not less than twelve hours’ notice in writing to the chairman of the exchange, of his intention so to act, have the right to purchase or buy the said shares on 'change at the risk of the seller (who shall pay to the funds of the association a fee of 10s. 6d.), through the chairman of the exchange, on the following or any subsequent day within the period of six weeks from date of the original purchase.

Option for seller to complete.

48. If a buyer does not claim in writing delivery of documents until after six weeks from date of purchase, or, in case of a time bargain (other than the regulation number of days), until six weeks after the date agreed upon for completion, it is optional with the seller to complete, unless otherwise agreed in writing.

Option for buyer to complete.

49. If a seller does not tender delivery of documents within six weeks of date of sale, or, in the case of a time bargain, within the time agreed upon, the buyer may refuse to take delivery by giving the seller seventy-two hours’ notice in writing of his intention to do so, it being understood that the buyer must take delivery of the shares if tendered within the said seventy-two hours. The seventy-two hours’ notice must not, however, be given on or include Saturday, Sunday, Stock Exchange or bank holiday.

50. If a seller does not tender, or a buyer does not request, delivery of documents within three months from date of transaction, the same shall be null and void.

Buyer’s name.

Ante-dated transfers.

52. No member need accept delivery of a transfer dated more than fifteen days previous to date of delivery, unless it can be proved that he has reasonable time to carry out his transaction with his buyer and have the transfer stamped and lodged for registration within the period provided by law.

Conduct of meeting.

53. No member shall be permitted to leave the exchange room at any ordinary daily meeting until the chairman has declared the ordinary business closed, without the express sanction of the meeting, under penalty not exceeding £20. Such member going out during a meeting shall not be allowed to re-enter during the same meeting except with the express sanction of the meeting; and any member impeding business, either by attempting to deal in shares, scrip, or stock out of their turn, or by conversation not relevant to the subject before the meeting, or by any noisy, disorderly, or improper conduct whatever, shall be liable to a fine not exceeding £1, and for each repetition of the offence shall be liable to a further fine not exceeding £1, or may be suspended for a