1360
THE NEW ZEALAND GAZETTE.
[No. 32

Wellington, , 19 .
To the Secretary of the Wellington Stock Exchange.

SIR,—I [or we], the undersigned, , do hereby notify to you that I [or we] have sold my membership [or the membership of the late ] in the Wellington Stock Exchange to , of , for the sum of £ , and that it is my [or our] intention to propose [or have proposed] the said for membership in my stead [or the stead of the late ].
I am [we are], &c.,
........................

Form of notice of purchase of membership.

SIR,—Referring to the above notice, I, the said , have purchased the above membership for the sum of £ , and 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 amount of entrance fee payable by me.
I am, &c.,
........................

Entrance fee of members by purchase.

47. On transfer of a membership, 10 per cent. of the nominal value for the time being of the seat shall be paid to the Exchange as the entrance fee of the said transferee; and the transferee shall not be eligible for election until the said fee be paid. In the event of his rejection the said fee so paid shall be returned to him.

Claims against members.

48. The election of any candidate for admission to membership by virtue of his purchase of a membership from a member, or from the executors or administrators of a deceased member, shall not be proceeded with until all claims which the Exchange or any member or members thereof may, under these rules, have or have had against the said member or deceased member shall have been satisfied.

Committee may sell membership of a late member.

49. At any time after the resignation, retirement, or death of any member who is indebted to the Exchange, or to any member or members thereof, the Committee may sell and transfer the membership of the said late member, subject to the purchaser being duly elected. The Committee shall apply the proceeds in the first place in payment of the amount due to the Exchange for the purchaser’s entrance fee, and of any subscription, fine, or other liability owing by the late member; in the second place, in payment of the claims or the indemnification of any member or members who may at the time of such resignation, retirement, or death be creditors of the said member; and, lastly, in payment of the balance, if any, to the resigning or retiring member, or the executors or administrators of the deceased member, as the case may be.

Committee’s power of transfer.

The exercise by the Committee of the power contained in this rule shall supersede all other rights of transfer of membership.

FORFEITURE AND DISPOSAL OF INTEREST IN MEMBERSHIP.

Expelled member.

50. Any member expelled from the Exchange shall forfeit to the Exchange all interest in his membership, and the Committee may at its discretion sell and transfer such forfeited membership, subject to the purchaser being duly elected.
    The Committee shall apply the proceeds in the first place in payment of the amount due to the Exchange for the purchaser’s entrance fee, and of any subscription, fine, or other liability owing by the late member; in the second place, in payment of the claims or the indemnification of any member or members who may at the time of such expulsion be creditors of the said member, and the balance, if any, shall be disposed of as provided by Rule 49.

Purchase of membership: Form of application.

51. On the sale of a membership under Rule 49 or 50, the purchaser shall apply for admission in the following form:—

Wellington, , 19 .
To the Secretary of the Wellington Stock Exchange.

SIR,—Having purchased from the Committee of the Wellington Stock Exchange the membership of for the sum of £ , 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.
I am, &c.,
........................

DECEASED OR EX MEMBERS HAVE NO CLAIM ON ASSETS.

Deceased or ex members have no claim on assets.

52. Members who resign or cease to be members from any cause whatever, or the executors or the administrators of any deceased member, shall have no claim on the assets of the Exchange.

DEFAULTERS.

Committee to deal with defaulters.

53. The Committee shall have the power to fine, suspend, or recommend the expulsion of any member who shall fail to pay, when due, any debt incurred by him to another member. Should the Committee decide to recommend the member’s expulsion, it shall report accordingly to the members at a special general meeting called for that purpose. It shall be competent for the said special general meeting to confirm the Committee’s recommendation, and expel the member so brought before it, or deal with him by fine or suspension from membership.
    No member shall be expelled, fined, or suspended, nor shall any of his rights of membership be affected by resolution of the Committee, unless and until notice in writing specifying the ground of complaint against him shall have been given to such member, or posted addressed to him at his usual or last-known place of business; and such notice shall specify a place, day, and hour (but not earlier than two clear days after the giving or posting of such notice) at which such member shall be heard by the Committee or a quorum thereof in his defence or explanation of the matter of complaint, and if such member shall appear on such notice he shall be heard by the Committee in his defence or in explanation as aforesaid; and if he fails to appear the Committee may proceed in the matter of complaint as if the member in question had been heard thereon.
    A member who becomes bankrupt or insolvent, or assigns his estate for the benefit of, or compounds with, his creditors, shall ipso facto cease to be a member, although he may not be at the same time a defaulter on the Exchange, but may be reinstated without payment or fee, by ballot taken in the same manner as provided by Rule 37, after he has obtained his discharge from his insolvency or a release from his creditors.

Transactions of defaulters can be closed.

54. The Committee shall have power to order that all open transactions, including time bargains, between any member unable to meet his engagements and other members shall be closed within a time to be named by the Committee.

Accounts of members with defaulting member.

55. The Committee shall have power to investigate the accounts of members with a member in default, and to reject or require the correction of any items which it may deem unsatisfactory.

Surpluses.

56. Members, creditors of a member in default, shall have a preferential claim on all surpluses in the hands of other members resulting on the closing of transactions open at the time of default, and also on all moneys which may become payable to a member in default out of funds in the hands of the Committee from the estate of another member in default. All surpluses in the hands of members resulting on the closing of open transactions with a member in default shall be paid to the Committee.

How to deal with surpluses.

57. The Committee shall distribute as soon as possible amongst members, creditors of the member in default, the surpluses received from other members on his account, and all moneys due to him out of funds in the hands of the Committee from the estate of any other member in default.

DISTRIBUTION OF ASSETS OF EX-MEMBERS.

Distribution of assets: Recent claims.

58. The Committee in dividing amongst members, creditors of a late member, the proceeds received by it on sale of a membership, after deducting the transfer fee of the purchaser and all other liabilities due to the Exchange, or in dividing any surpluses received by it from members on account of a defaulting member’s estate, or in dividing any moneys due to him out of funds in the hands of the