APRIL 20.] THE NEW ZEALAND GAZETTE. 1359

business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting so adjourned.

Voting majority.

27. Every member shall have one vote, and all questions shall be decided by a majority of the members present and voting, except in the case provided for in Rule 37. Voting by proxy shall not be permitted.

Quorum.

28. The quorum for general or special general meetings of members shall be one-third of the members of the Exchange, with a minimum of nine (9).

FUNDS.

Control of funds.

29. The Committee shall have full control over the funds of the Exchange, and shall pay therefrom all current expenses and outgoings, and any other payments for which it has the authority of the members. All moneys received shall be paid into a bank account, and all accounts, salaries, &c., shall be paid by cheques drawn on such account.

Investment of funds.

30. The Committee shall invest the funds as it may in its absolute discretion think advisable, and shall have power to sell and vary investments.

Cheques.

31. Cheques drawn upon any funds of the Exchange shall bear the signatures of any two members of the Committee and the Secretary.

ENTRANCE FEE.

Entrance fee.

32. An entrance fee of such sum as the Exchange may from time to time determine shall be paid by candidates for membership at the time of application for admission. In the event of a candidate being rejected, his entrance fee shall be returned to him: Provided that any candidate for admission by virtue of the purchase of a membership shall not be required to pay any entrance fee other than the sum mentioned in Rule 47.

Subscription. Defaulters.

33. An annual subscription of fifteen guineas, or such sum as may be determined from time to time by the Exchange, shall be paid in two instalments, the first within thirty days after the 1st day of October, and the second within thirty days after the 1st day of April. Any member not paying his subscription within the prescribed period shall be charged an additional sum equal to 10 per centum of the amount due, and if such additional sum, together with the subscription due, is not paid within two calendar months after the 1st day of October or the 1st day of April, as the case may be, he shall be deemed to be suspended from the privileges of his membership, and shall continue so suspended until he has paid the subscription and such additional sum.

34. New members shall pay on election a proportional part of the subscription which shall have been levied for the current half-year, such amount to be not less than one-fourth of the annual subscription for the current year.

Resignations.

35. The membership of a resigning member, from the date of resignation until the election of his nominee, shall be subject to the same annual subscription as that of existing members during that period.

ELECTION OF MEMBERS.

Election of members.

36. Every candidate for admission to membership must be proposed and seconded by members, and his name, occupation, and address, and the names of his partners, if any, shall be submitted to the Committee, and announced at an official meeting, and posted in the room of the Exchange, at least fourteen days before the day of election. The ballot shall be taken at the noon or principal call of shares on the day after such fourteen days have expired. Applications for admission to membership, except as otherwise provided, shall be in the following form :—

Form of application for admission.

Wellington, , 19 .

To the Secretary of the Wellington Stock Exchange.

SIR,—I am desirous of being admitted a member of the Wellington Stock Exchange, upon the terms of, and under and subject in all respects to, its rules and regulations which now are or hereafter may be for the time being in force.

I have read the rules as at this date, and am willing to sign them when called upon to do so.

Enclosed I beg to hand you cheque for £ , being the entrance fee required.

I am, &c.,

…………………

Election of candidates.

37. Candidates shall be elected by the members by ballot. One black ball in five shall exclude. Proxies shall not be allowed. No ballot shall be valid unless one-half of the members actually vote.

38. No rejected candidate shall be again proposed for election within the space of six months after his rejection.

All partners of a member’s firm to be approved.

39. All the partners of any firm of which one of the members thereof shall be desirous of becoming a member of the Exchange shall simultaneously with the proposition of such candidate for membership be submitted for the approval of the Exchange, and such approval shall be signified by a ballot taken in the same manner as is provided for the election of members. All the incoming partners of any firm of which one of the members thereof is a member of the Exchange shall be proposed for the approval of the Exchange in manner hereinbefore mentioned within one calendar month after the formation of the partnership. In the event of any partner not being approved of by the Exchange, the member shall be called upon to dissolve the partnership with the partner disapproved of. If within one calendar month after such disapproval the member has not dissolved such partnership, he shall be deemed to have retired from the Exchange, and the Committee shall announce to the members that he has so retired, and his name shall be erased from the list of members. The approval by the Exchange of the members of any such firm shall continue for so long only as the member through whom they have been so approved remains a member of the Exchange and their partnership with him whilst he is a member is undissolved.

Members to sign the rules.

40. Every member shall sign the rules. A member shall not be entitled to the privileges of membership until he has done so.

RIGHTS AND PRIVILEGES OF MEMBERS.—PERSONAL.

Rights and privileges—Personal.

41. The rights and privileges of every member shall be personal to himself, and shall not be transferable by operation of law nor by his own act except as provided in these rules.

INTEREST IN MEMBERSHIP.

Interest in membership.

42. Every member shall have an interest in his membership, but he shall have no power to, and shall not, encumber or assign the same by way of mortgage; and the Exchange shall have a preferential lien thereon for any debt or debts owing by the said member to the Exchange, or to any member or members thereof.

TRANSFER OF MEMBERSHIP.

Members may transfer membership.

43. Any member may propose a candidate for membership in his stead, provided he at the time of such proposal lodge with the Secretary the resignation of his own membership. In the event of such candidate being rejected the member may again propose a candidate until a candidate proposed by him shall have been elected. Pending the election of a candidate proposed by him, the member shall retain his membership and all the privileges thereof; but as soon as a candidate proposed by him shall have been elected the resignation of such member shall take effect.

If seat for sale no new seat to be created.

44. When a member notifies the Committee in writing, at any time, that he desires to dispose of his seat, it shall not be competent for the Exchange to create a new seat until the seat of such member has been disposed of.

Seat of a deceased member transferable.

45. The executors or administrators of any deceased member shall have the same privilege as that possessed by a resigning member of nominating a candidate, who may be proposed for membership in the place of the deceased member.

Form of notice of transfer of membership.

46. On transfer of a membership under Rules 43 or 45, notification of same shall be made in the following form :—