178
THE NEW ZEALAND GAZETTE.
[No. 5

City of Wellington, nor shall any member purchase shares at a net price from any person not a member of this association in the City of Wellington, but a member of this association may divide commission with any broker or agent who resides more than twenty-five miles from the City of Wellington.

Committee power to investigate complaints.

44. The committee shall have full power to investigate any complaint made by one member of this association against another for any alleged breach of Rules 42 and 43, and for the purpose of the investigation may call upon such accused member to produce any books or documents in his possession that they may require. The name of the complaining member shall not be divulged except to the chairman without such member’s permission in writing.

Penalty for breaches of Rules Nos. 42 and 43.

45. Should the committee consider any member guilty of a breach of Rules 42 and 43, they shall report the same to the association, who shall investigate the charge, and if a majority of the members of the association in meeting find him guilty he shall for the first offence pay a sum not exceeding £50, for the second offence a sum not exceeding £100, and for the third offence he shall be expelled from the association. A quorum at such meeting shall consist of two-thirds of the members of the association.

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

46. When any member shall be finally disqualified or expelled under any of these rules, or shall cease to be a member under Rule 31, 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 (vide Rule 40) 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.

47. When a majority of the members of the association decide for any purpose upon closing their offices for share business 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 29.

No action in equity or law.

48. The members of the association hereby undertake that they will not, in any case arising out of these rules, 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 the proceedings.

Quorum at call.

49. A quorum at a call meeting shall be three.

Advertising shares for sale or purchase.

50. No member of this association shall advertise in any newspaper in New Zealand the fact that he has buyers or sellers for any stocks, shares, or debentures of any description whatever, except under special circumstances, when the consent of the chairman or the committee must be first obtained. Any breach of this rule shall be dealt with under Rule 29.

Giving information to newspapers about any company.

51. Any member of this association wishing to supply any information to one or more of the newspapers in New Zealand regarding any of the companies, mining or otherwise, whose stocks are dealt in in New Zealand, shall do so only through the Exchange, and such information must only be published with the consent of the chairman or the committee and in the name of the Exchange.

BY-LAWS.

Priority of Seller.

1. The member who, at ordinary “call” meetings, offers to sell any debentures, stocks, or shares at the lowest declared price, shall have priority over all other members in supplying at such price so much of such debentures, stocks, and shares as he may be willing to sell; but, having made a sale, he must, to maintain his priority, immediately declare himself as still a seller.

Priority of Buyer.

2. The member who, at ordinary “call” meetings, offers the best price for any debentures, stocks, or shares, shall have priority over all other members at such declared price for as much of such debentures, stocks, or shares as he may be willing to take; but, having made a purchase, he must, to retain his priority, immediately declare himself as still a buyer.

Penalty for Member or Members joining any other Exchange in Wellington.

3. All the privileges of this association shall be withdrawn from any member during such period as he, his partners, or his clerk shall be a member of any other similar association or stock exchange within the City of Wellington.

Stock and Share Broking Companies.

4. No joint-stock company carrying on the business of stock and share brokers shall be placed upon the official call list of this association.

Members selling responsible for Validity of Document.

5. Any member selling shall be responsible for the validity at time of delivery of all documents delivered, and for the shares being free from all liability then past due at the time of sale. A call shall be deemed to be due on and after the day on which the same shall have been made or struck.

Auction Sales, Tenders, &c.

6. (a.) No member of this association, nor his partner, or clerk, or any one employed by him, shall be allowed to attend auctions within the City of Wellington or a radius of twenty-five miles therefrom to bid directly or indirectly for stock, debentures, bonds, or shares of any description (forfeited shares, and shares in deceased and bankrupt estates, and such other sales of bonds and shares as may be permitted by special resolution of the association from time to time, excepted).

(b.) No member of this association shall be allowed to tender for stock, bonds, debentures, or shares of any description in a private estate, shares in deceased and bankrupt estates excepted.

(c.) No member of this association shall be allowed to tender for stock, bonds, or debentures of any government, municipal or other corporations, except on such terms and conditions as may be sanctioned by the association.

(d.) Any member infringing this by-law shall be dealt with under Rule 29.

Conduct of Members during “Call” Meetings.

7. No member shall be permitted to leave the “call” room at any ordinary 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 his 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 period not exceeding three months, and may thereupon immediately be expelled from the meeting. Such fines, penalties, and suspensions to be inflicted or imposed by the chairman, subject, however, to an immediate appeal to the members present in the room, whose decision shall be final. The committee, or any special meeting called for the purpose, may remit such fines, or any part thereof, or remove such suspension, or any portion thereof; and no member so fined shall be entitled to attend the room or to take his seat or have any of the rights of membership until all fines and penalties inflicted on him are paid.

Telegrams and other written communications may be received by members during business meetings, but no messages shall be sent out during such meetings.

Transactions of Members outside Exchange Room.

8. All transactions between members taking place outside the Exchange room shall be subject to the rules and regulations of the association.

MEMBERS.

A. T. Bate,
E. Bucholz,
J. B. Harcourt
(Harcourt and Co.),
James Henderson,
J. Martyn Hume,
R. Wynn Kirkby,

R. Laery,
S. C. Leary
(Barr, Leary, and Co.),
D. T. Stuart
(D. T. Stuart and Son),
O. S. Watkins
(Turnbull and Watkins),
L. H. B. Wilson.

As witness the hand of His Excellency the Governor, this fifth day of January, one thousand nine hundred and three.

ALEX. WILLIS,
Clerk of the Executive Council.