May 9.] THE NEW ZEALAND GAZETTE. 1477

suspension, if the member shall still not have conformed to the committee’s decision, the members shall be convened by notice, not shorter than three days, to consider and determine whether he shall or shall not be finally disqualified from membership.

Complaint from non-members.

25. It shall not be incumbent upon the committee to entertain any complaint submitted to them by any one not a member of the Exchange against a member of it, unless such member shall have been employed by the complainant in the capacity of broker; and in that or any other case in which a non-member desires the intervention of the committee he shall, previously to the case being heard, pay not less than five guineas, or such other sum as the committee may determine, to the secretary, and shall undertake in writing to abide by, and forthwith to carry out, the decision of the committee in the same manner as if he were a member of the Exchange. The committee to have the power to repay the whole or part of the five guineas to the complainant.

Fines.

26. In the event of any member being considered guilty of dishonourable or disgraceful conduct, the committee shall report the matter to a meeting of the Exchange specially convened for its consideration, and such meeting may (subject to the condition following) inflict upon such member such fine as it may deem fit, or suspend him for any period it may deem just, or may expel him from the Exchange.

Expulsion. Suspension.

The concurrence of four-fifths at least of the members of the Exchange present at such meeting shall be necessary to pass any resolution under this rule involving the infliction of fines, suspension, or expulsion.

No action in equity or law.

The members of the Taranaki Stock and Share Brokers’ Exchange hereby undertake that they will not in any case arising out of this rule 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 its proceedings.

Clerks of members.

27. It shall be competent for the chairman or committee to grant the partner or clerk of a member permission to attend the daily meetings of the association for the making of quotations and transactions on behalf of his partner or employer: Provided, however, that such clerk must not be less than twenty-one years of age. The sanction of the committee may be at any time withdrawn. Such partner or authorised clerk shall have no vote, nor any voice in the management or administration of the Exchange. The attendance of partners 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 condition must be shown to the satisfaction of the chairman or committee.

Claims on the property or funds of the Exchange.

28. A member resigning and after the election of his successor, or becoming disqualified from membership, or ceasing to be a member, or having been expelled, shall cease to have any claim whatever on the property or funds of the Exchange.

Insolvency of a member.

29. A member who becomes insolvent, or who fails in his engagements with his creditor or creditors, shall, on proof thereof to the satisfaction of the committee, cease to be a member, although he may not be at the same time a defaulter on the Stock Exchange, but may be reinstated without payment of fee by a vote of the majority of the members.

Members’ contracts.

30. In contracts between members for the sale and purchase of shares and stocks they shall be held to be principals to each other.

That no member of this Exchange renew a transfer in a limited liability company.

Time allowed for delivery of documents.

31. Three clear days shall be allowed for delivery of documents by the seller, or, failing delivery thereof during that period, the buyer, on the third day giving twenty-four hours’ written notice to the seller, may either cancel the purchase or buy at the risk of the seller through any member of the Stock Exchange: Provided, however, that at the time of the sale the seller shall inform the buyer that the transfer has to come from a distance requiring a longer period than three days to deliver, when it shall be at the option of the purchaser to refuse to complete the transaction.

Payment for documents.

32. Purchasers shall not be required to take delivery and pay for documents until the following day if tendered after 11 o’clock on Saturdays and 1 o’clock on other days.

Failure of payment.

33. Sellers shall have the right to require the purchase-money to be paid in cash or marked cheque at the time and place of delivery of documents. In case of failure of payment by the buyer the vendor may, within one day of default of settlement or on any future date, either cancel the transaction or sell at the buyer’s risk through some member of the Exchange the securities involved, and the defaulting member shall forthwith pay to the vendor any difference between the original purchase-money and the net proceeds of the securities resold.

Limit of time for tender of documents.

34. When a vendor shall tender delivery of documents more than six weeks after date of sale, it shall not be incumbent upon the buyer to accept delivery of such documents unless some special arrangement for the delay has been mutually agreed upon previously, and such arrangement be in writing.

Claim for delivery of documents.

35. When a buyer shall claim delivery of documents more than six weeks after date of purchase, it shall not be incumbent upon the seller to deliver unless some special arrangement for the delay has been mutually agreed upon previously, and such arrangement be in writing.

36. In offering to sell or buy at the meetings of the Exchange the minimum number (mining) shares in each case shall be—

Up to 1s. in value .. .. .. 150 shares.
Over 1s. to 2s. 6d. .. .. .. 100 "
Over 2s. 6d. to 5s. .. .. .. 50 "
Over 5s. .. .. .. 25 "
Or 25 pounds’ worth.

The minimum number of shares in investment stocks shall be—

Up to 5s. in value .. .. .. 50 shares.
Over 5s. .. .. .. 25 "
Or 25 pounds’ worth.

37. Any member against whom there is no valid complaint under the rules may resign his membership by giving a written notice to the chairman, and he may concurrently therewith nominate a candidate for membership in his stead; but such candidate shall not become a member unless he be duly elected by ballot according to Rule 6, and shall have paid to the Stock Exchange the amount fixed for the time being; and, in the event of such nominee being rejected at the ballot, the retiring member may nominate some other person or persons until a candidate nominated by him has been accepted, and until the election of a successor he shall continue a member. The sum to be paid to the Stock Exchange until otherwise determined shall be 10 per cent. of the entrance fee for the time being, and such sum must be paid to the secretary before the nominee of the retiring member is eligible for election. In case a member wishes to sell his seat and fails to find a purchaser for the same, the Exchange shall not create or dispose of any fresh seat until the seat of such retiring member is sold.

Death of a member.

38. On the death of a member the committee of the Stock Exchange shall exercise the privilege of nomination for the benefit of his widow or children, or next-of-kin, subject to deduction—first, of his liabilities to the Exchange and of the levies, if any, which shall have accrued since his decease; and, secondly, of his liabilities to any member, of which the committee shall have had notice—to whom the proceeds of the sale of the vacant seat (less 10 per cent. as an entrance fee for the successor of the deceased) shall be paid. No money to be paid until some person or persons are in a position to give a legal discharge. The estate of a deceased member shall have no legal claim whatever on the property or funds of the Exchange.

Brokerage and fees chargeable.

39. The brokerage chargeable for selling syndicate or claim shares, and shares in all companies, and debentures and stocks, shall be as follows:—

RATES OF BROKERAGE AND STAMP DUTY.

Brokerage.

On debentures of every description, ½ per cent.
On shares other than mining, 1¼ per cent.
Minimum charge, 2s. 6d. on any transaction, chargeable to both buyer and seller.

On Mining Shares.

Up to 1s. per share, ½d. per share.
Over 1s. per share up to 3s. 4d. per share, 1d. per share.
Over 3s. 4d., 2½ per cent.
Minimum charge, 2s. 6d. on any transaction, chargeable to sellers only.
Syndicate shares, 5 per cent.