176
THE NEW ZEALAND GAZETTE.
[No. 5

Ballot.

6. The ballot shall take place at a call of shares in the call-room on the first call-day after fourteen days has expired from the day on which such candidate has been proposed. No ballot shall be valid unless one-half of the members actually vote, and, in case of the failure of a ballot by any means whatever, the name of the candidate proposed at such abortive ballot shall be balloted again for next call-day.

Black balls. Rejected candidate.

7. In balloting for members one black ball in five shall exclude; proxies shall not be allowed. No rejected candidate shall be again proposed for election within the space of six months after his rejection.

Names of elected candidates to be posted.

8. It shall be the duty of the secretary immediately after the ballot to post in the call-room the name of the candidate elected.

Candidate to sign rules.

9. Immediately after his election the candidate shall sign a copy of these rules, which shall be deemed a declaration of his submission to the rules and by-laws.

Partnerships.

10. All partners of any firms, or directors of any joint-stock company, acting as stock and share brokers, of which one partner or director shall be desirous of becoming a member of the association shall be simultaneously 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. In the event of a director not being elected the company shall not be represented on the membership of the association. If one calendar month after such non-election the member has not dissolved such partnership, he shall be deemed to have retired from the 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. A sharebroker residing out of Wellington may be represented by his attorney, in which case the names of the sharebroker and the attorney shall be simultaneously proposed for membership, and the above conditions as to election and partnership shall apply. The attorney shall have the same powers and privileges as an ordinary member, and both he and his principal shall be jointly and severally responsible under these rules and by-laws.

Failing to pay subscription.

11. If any member fail to pay the annual subscription due on the 1st October in each year, or within thirty days thereafter, or shall fail to pay all calls made within fourteen 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 three members. The chairman and vice-chairman to be ex officio members of committee. Three to form a quorum.

Vacancy in office, how filled.

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

Annual financial meeting.

15. There shall be an annual general meeting of the members of the association on or before the second Tuesday in the month of November (a quorum shall be not less than half the then members of the association) for the purpose of receiving the annual report and statement of accounts and electing office-bearers and an auditor for the ensuing year, and transacting any other business properly brought before the meeting. The duties of the office-bearers then elected shall commence forthwith.

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 (except as hereinafter provided) 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. One office-bearer shall, however, absolutely retire, and shall not be eligible for re-election for one year. The person to retire shall be selected by ballot, or otherwise, as may be decided by the committee.

Secretary.

17. A secretary shall from time to time be appointed by the committee, with or without remuneration, and shall hold office at their pleasure.

Duties of secretary.

18. The secretary shall record the sales, purchases, transactions, and proceedings of the ordinary “call” meetings, and the proceedings of all other meetings, shall keep the accounts, prepare a balance-sheet as at 31st March and 30th September in each year, and have the custody of all books and papers, and perform such other duties as the committee may prescribe. The official stamps of the association, embodying the words “Scrip forwarding to the company’s office this day,” and “Scrip in support of this transfer for __ shares forwarded to the company’s office this day,” shall be kept in the custody of the secretary, and on the request of any member, accompanied by the payment of one shilling, he shall personally affix one or other of the said stamps to any transfer required, appending thereto his ordinary signature as secretary, and the date written in full. He must, however, first have received from the applicant the ordinary scrip, which he will forward at once under registered cover to the secretary or legal manager of the company in question, with an intimation as to the number of transfers marked with the stamp and the numbers of the shares embodied in each transfer. He must also keep a record of all such transactions in the register provided for the purpose. The secretary shall keep the official stamp above referred to in a safe under lock and key, and should any misuse be made of it through his neglecting this or any other necessary precaution, he shall be liable for any loss occasioned thereby.

Absence of secretary.

19. In the absence of the secretary from any meeting, the chairman shall carry out his duties, or may appoint another member or person to do so.

Custody of funds.

20. The committee shall have charge of the funds of the association, and all payments shall be made by cheques bearing the signatures of the secretary and two members of committee.

Place of meeting.

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

Official list.

22. 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 Wellington Stock Exchange; 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. Nor shall any member of this association be permitted to issue a list of quotations until such quotations have been approved of by the committee.

Additional to or removals from official list.

23. A majority of two-thirds of the members of the association present at any meeting may admit or remove the shares of any company to or from the official list if they see cause to do so.

Quotation challenged.

24. Any member whose 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 29.

Power to make and alter rules and by-laws.

25. 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 shall be passed unless concurred in by a majority of the members present at a meeting composed of at least three-fifths of the members of the association.

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

26. 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 on a day (appointed by the committee) not less than seven or more than fourteen days thereafter.

Settlement of disputes and complaints.

27. 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 shall be suspended by the Committee from all privileges of membership for any period not exceeding seven days, and he