Oct. 21.] THE NEW ZEALAND GAZETTE. 2639

the call immediately following such sale, but no sales shall be quoted at the morning call other than those made in the call-room. Due date must accompany quotation of debentures. Members shall not publish in the newspapers quotations of shares. Time-bargains shall not be made at an official meeting or be quoted on the official list.

Quotations challenged.

81. If any quotation of sale be challenged, the Chairman of the day shall immediately accompany the member whose quotation is doubted to his office, and there satisfy himself by examination of the books or papers of such member as to the bona fides of the quotation, and shall report the result either to the Committee in the first instance or direct to the members in official meeting assembled, as to him shall seem fit. Any member refusing to the Chairman an inspection of his books shall be treated by the Committee as guilty of making a false quotation. An offender shall be considered as guilty of conduct unworthy of a member, and be dealt with accordingly.

Quotations for a stock not on official list cannot be demanded.

82. A member cannot demand a quotation for a stock which is not on the official list.

OFFICIAL LIST.

Official list.

83. The list of quotations of prices and of purchases and sales effected and reported at the daily meetings of the Exchange shall be the official list of the Exchange. The Exchange shall also issue a monthly share-list, of which each member is entitled to forty copies free of charge. The Exchange shall not be responsible for the issue by any of its members of any “list of sales,” “prices current,” or “trade circular.”

84. No net quotation shall be made in the call-room.

Terms and conditions of admission of companies to quotation.

85. Admission of companies to quotation on the official list shall be upon such terms and conditions as the members shall from time to time determine. The Exchange shall have power to suspend for any period, or withdraw altogether, the name of any company or association from the official list.

REGISTER OF SALES.

Register of all sales at official meetings to be kept.

86. All sales made at official meetings shall be recorded in a register kept for that purpose, which record shall, if desired by any member, be called over before the close of such meeting, and members shall be bound thereby. Stamped contract-notes for all transactions in mining shares shall be passed between members, and in the event of a dispute, unless the contract-note shall have been returned within a reasonable time, it shall be prima facie evidence of a sale having been effected, and at the price stated therein.

INVIOALBILITY OF CONTRACT.

Members’ contracts.

87. In contracts between members for the sale and purchase of shares and stocks they shall be held to be principals to each other, unless a written arrangement to the contrary be made between buying and selling broker at the time of the contract being made.

DELIVERY AND SETTLEMENT.

Time allowed for delivery of documents.

88. Three clear days shall be allowed for delivery of documents by the seller, and, failing delivery thereof during that period, the buyer may, after 1 p.m. on the third day, give twenty-four hours’ written notice to the seller to deliver such documents, and, failing such delivery, the buyer may either cancel the purchase or buy at the risk of the seller through the Chairman of the Stock Exchange. Any deficiency or surpluses shall be adjusted between the parties by the Chairman. The defaulter shall settle the amount of any resulting deficiency within twenty-four hours. If, however, 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, it shall be at the option of the purchaser to refuse to complete the transaction.

Payment for documents.

89. Purchasers shall not be required to take delivery of and pay for documents until the day following the sale.

All documents must be delivered before 11 o’clock on Saturdays and 1 o’clock on other days, otherwise it shall not be incumbent on purchasers to pay for same until the following day.

Failure of payment.

90. Sellers shall have the right to require the purchase-money to be paid in cash or by 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 day, either cancel the transaction or sell at the buyer’s risk through the Chairman 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 to tender of documents.

91. If delivery of documents has not been made within the time specified in Rule 88, and the buyer has not cancelled the purchase or bought at the risk of the seller as therein provided, and the seller shall tender delivery of documents after the expiration of six weeks from the date of the sale, the buyer shall not be bound or compellable to accept delivery of such documents, unless some special agreement in writing has been entered into between the buyer and the seller in respect of such delivery.

Claim for delivery of documents.

92. When a buyer shall claim delivery of documents after the expiration of six weeks from the date of purchase, and the seller shall not have cancelled the sale or sold at the buyer’s risk as provided in Rule 90, it shall not be incumbent upon the seller to deliver, unless some special agreement in writing has been previously made between the buyer and the seller in respect of such delay.

Refusal to register a transfer not to invalidate sale.

93. The refusal of the board of directors of any company to register a transfer shall not invalidate a sale.

Separate transfers for scrip to be delivered for each sale. Scrip to accompany transfers.

94. Sellers shall deliver separate transfers or scrip representing a sufficient number of shares sold in each sale if required to do so. Buyers requiring scrip must have transfers delivered with scrip attached, or a memorandum equivalent to such scrip certified to by the company. A seller of shares in London companies having a colonial register shall deliver scrip on the colonial register, unless otherwise arranged at time of sale. The selling broker shall be responsible for a period of seven clear days from date of delivery for the validity of all documents delivered, and for the shares being free from all liability due or payable at the time of sale.

Sellers may demand buyer’s name for insertion in transfer.

95. Sellers shall have the right to demand from the buyer, prior to delivery, a name for insertion in the transfer of investment shares. Failing the buyer complying with such demand within three clear days, the seller may insert the name of the buying broker.

Buyers may refuse transfers with alterations in them.

A member shall not be bound to accept delivery of a transfer signed by a transferee and his signature cancelled, or filled in with a transferee’s name and the name cancelled.

Transfers signed under power of attorney.

96. Buyers shall have the option of refusing all transfers or scrip signed under power of attorney or per procuration, unless the signature thereto be certified as correct by the Secretary of the company, or the documents be accompanied by a valid power of attorney.

DIVIDENDS.

Dividends.

97. Transactions in shares shall be with dividend until the dividend is payable. When transfers are delivered subsequent to the declaration of a dividend, but prior to the closing of the books of the company and in sufficient time for the registration of the shares, the seller shall not be responsible for the dividend, and the buyer’s claim shall be only upon the registered holder; but when no reasonable time is afforded to the buyer to register the shares in his own name, then the seller shall be responsible for the dividend.

Dividends on time-bargains and options.

98. Dividends payable between the date of sale and the maturity of time-bargains shall accrue to the buyer, and