294
THE NEW ZEALAND GAZETTE.
[No. 7

25. The annual subscription shall be such sum as the association may from time to time determine. The first annual subscription, in respect of original members of the association, shall be payable in cash on their signing these articles of association. All other annual subscriptions shall be payable on the 1st day of March in each year. Any member joining after the 31st August in any year shall pay half subscription for the year then current. The executive committee shall have power to make calls to meet current expenses, and such calls shall be payable at the time or times and in manner directed by the committee.

26. It shall be competent for the executive committee to suspend any member whose subscription, or any instalment thereof, or call, shall remain unpaid for fourteen days from the date on which the same becomes due. If any subscription or call shall remain unpaid for the space of one month after the date on which it is due and payable, the seat of such member shall be liable to forfeiture at the discretion of the association.

27. Any contract authorised by the association may be entered into, signed, and executed by the chairman on behalf of the association, and any contract so made or entered into shall bind the association and each and every member thereof.

28. In all contracts between members they shall be held and regarded as principals to each other in so far as the delivery, acceptance, and payment for shares, stock, debentures, &c., is concerned.

29. All settlements shall be made in cash or by banker’s cheque, or cheque marked by a banker as correct.

30. If any member shall become insolvent or fail in his engagements with his creditors he shall ipso facto cease to be a member, and that too although he may not at the time be a defaulter on the Stock Exchange of Canterbury, and no application for his readmission, except as a new member, shall be entertained. The seat of an insolvent or defaulting member on the exchange may be sold by the association to a new member, and the price paid shall be treated as an asset for the benefit of his creditors, subject to the provisions of Rule 36 as to disposal of same.

31. Where one of the members of a firm is a member of the association, the entrance fee payable by another member of the same firm shall be reduced one-half: provided that, in the event of a dissolution of such partnership taking place, the member who entered at a reduced entrance fee shall, if he desire to remain a member, pay, within one month after such dissolution has taken place, a sum which shall, with the amount already paid by him, make up the full entrance fee payable in respect of a member at the date of his election; and until such sum be paid the member shall be considered as not having paid his entrance fee as provided by these rules, and shall not be entitled to attend the exchange room or have any of the rights of membership.

32. The seat of each member on the exchange shall be his own property, irrespective of his being in partnership with another member. It shall be competent for a member to hold more than one seat. A member who holds more than one seat shall only be entitled to exercise one vote in the association.

33. At all meetings of the association each member shall have one vote; any vote may be given by proxy through another member.

34. The privileges of membership shall be suspended if a member, either personally or by his partners, clerks, or agents, shall become a member of or attend any other exchange in Christchurch City where shares, scrip, stock, or debentures are dealt in.

35. A member shall not enter into or be in active partnership with any person other than a member unless such partner shall have been approved by resolution of a meeting of the executive committee.

36. A member shall have the right to sell and transfer his membership and seat subject to the following conditions—that is to say (1) that such member shall have paid the full entrance fee payable in respect of a member having no partner at the time when he became a member of the association; (2) that such member so wishing to transfer his membership and seat on the exchange shall submit the name of the proposed transferee to the executive committee, who shall be balloted for in terms of the rules relating to the election of members, when, if elected, the transfer may be completed; (3) in no case shall any transfer of membership be permitted until all dues to the Stock Exchange shall have been paid in full; (4) the association shall have a prior lien upon the proceeds of the transfer for the amount of dues owing by the transferor; (5) a transferee shall pay to the exchange 10 per cent. of the then existing entrance fee in lieu of such entrance fee. The transfer of a seat from one member to another shall be subject to the provisions contained in this rule, with the exception of the condition as to balloting.

37. Every member shall furnish the executive committee (in writing) with the name of any clerk or employee who is authorised by him to deal on his behalf outside the exchange rooms, and shall be responsible for all transactions entered into by such clerk or employee with other members.

38. 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, scrip, bonds, or shares of any description (forfeited shares excepted), and no member shall be allowed directly or indirectly to tender for stock, scrip, bonds, debentures, or shares of any description in a deceased or bankrupt estate.

39. Any company doing business in New Zealand which desires to have its stock, shares, scrip, or debentures placed on the call list shall furnish the secretary with a copy of its last annual balance-sheet, a list of its directors, also a statement of the objects of the company, the names, residences, and occupations of its shareholders, and such other particulars as may be required by the committee. The executive committee may fix a fee to be paid by any company desiring to have its stock, shares, scrip, or debentures placed on the call list.

40. No member shall publish in any newspaper any information about any company quoted by the exchange, except in the name and with the consent of the executive committee or the chairman.

41. The association shall hold meetings at such time and place as shall from time to time be appointed by the executive committee.

42. It shall be competent for the executive committee, on application being made by a member in writing, to grant the clerks of such member permission to attend the daily meetings of the association for the purpose of making quotations and reporting transactions on behalf of his employer. The member sending any such clerk shall be responsible for the quotations made, transactions reported, and sales and purchases effected by such clerk. The executive committee may at any time withdraw any such permission. A clerk shall have no vote, nor any voice in the management or administration of the association. No clerk shall attend the ordinary daily meeting of the association until his employer has received from the secretary notice of permission to attend.

43. The brokerage chargeable on transactions shall be as follows (commission shall not be divided except among members, or with recognised sharebrokers beyond Christchurch):-

On debentures of every description .. .. 1 per cent.
On shares other than mining .. .. 1½ „
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. .. .. 1½ per cent.

A minimum charge of 10s. on any transaction. Buyers pay stamp duty and transfer fees. A penalty not exceeding £50 or less than £10 shall be inflicted for any breach of the above tariff. Rates of brokerage on shares chargeable to both buyer and seller.

44. 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. Any dispute arising between members as to sale or purchase of any stock during the reading of the list shall be settled by the chairman, whose decision shall be final.

45. When sales are effected the selling member must deliver the documents within ten days from 12 o’clock on the day of sale, 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 in accordance with this rule, the buying member shall (subject to his having given not less than twenty-four hours’ notice to the chairman of the exchange, dating from noon of the day on which notice is given, of his intention so to do) have the right to purchase or buy the said shares through the chairman on ’change on the following or any subsequent day within the period of six weeks from date of the original purchase, and at the risk of the seller.

46. If a buyer does not claim in writing delivery of documents within six weeks from date of purchase, or, in case of a time bargain, within six weeks after the date agreed upon for completion, it shall be optional with the seller to complete or not.

47. If a seller does not tender delivery of documents within the regulation number of days, or, in the case of a time bargain, within the time agreed upon, the buyer may refuse to take delivery by giving the seller twenty-four hours’ notice in writing of his intention so to do, it being understood that the buyer must take delivery of the shares if tendered within