APRIL 20.] THE NEW ZEALAND GAZETTE. 1361

Committee from the estate of another member in default, shall not necessarily distribute the same pro rata, but may, in its discretion, give preference, either wholly or in part, to claims of recent date over claims of longer standing which were not divulged to the Committee at the time they arose.

Claims not arising from transactions.

59. Claims on the estate of a resigning, retiring, or deceased member that do not arise from transactions under the rules shall not be recognized by the Committee until all claims that have arisen from transactions under the rules shall have been satisfied.

Clerks may be admitted to meetings.

60. The Committee, upon application in writing in terms of this Rule and the next, may grant a member permission for a clerk in his service to attend the official meetings for the purpose of making quotations and the purchase and sale of shares on behalf of his employer, but for no other purpose. Such authorized clerk shall be subject to the rules and usages of the Exchange, but shall not have a vote at any meeting, nor any voice in the management of the Exchange. The Committee may withdraw the permission at any time.

Conditions of admission.

61. A clerk so admitted to official meetings shall be deemed to be the agent of his employer, and the member on whose application he is admitted shall be responsible for all the transactions of the said clerk.

Allowable only under certain circumstances.

62. The attendance of a clerk at an official meeting shall be permitted only in the case of a member’s illness, absence from town, service on a jury, or other special emergency. The contingency for such attendance is to be shown at the time to the satisfaction of the Committee.

Qualification of clerk.

63. Should a member be desirous of being represented by a substitute under other circumstances, he shall pay in advance an annual fee of ten guineas, or at the rate of fifteen guineas per annum not being less than two guineas in any case.

64. A clerk shall not be eligible for admission unless he be at least twenty-one years of age.

Authority of members.

65. A member may, by a letter addressed to the Secretary, withdraw the authority for his clerk to act, but his responsibility shall continue until such withdrawal shall have been notified to the members at an official meeting.

COMMISSION.

Brokerage chargeable.

66. The brokerage chargeable for buying and selling shares in all companies, and debentures and stocks, shall be as follows :—
    On debentures of every description, ½ per cent.
    On shares other than mining, 1¼ per cent.
    On mining shares up to 6d., ¼d. per share.
    On mining shares over 6d. up to 2s., ½d. per share.
    On mining shares over 2s. up to 3s. 4d., 1d. per share.
    On mining shares over 3s. 4d. up to 10s., 1½d. per share.
    On mining shares over 10s., 1¼ per cent.

Minimum charge 5s. on any transaction, buyers paying stamp duty and transfer fees. The above rates are chargeable to both buyer and seller.

Advertising shares for sale or purchase.

67. No member of the Exchange shall advertise in any newspaper in New Zealand the fact that he has buyers or sellers of any stocks, shares, or debentures of any description whatever, except under special circumstances, when the consent of the Chairman or the Committee must be first obtained. Any breach of this Rule shall be dealt with under Rule 108.

Giving information to newspapers about any company.

68. Any member of the Exchange wishing to supply any information to one or more of the newspapers in New Zealand regarding any of the companies, mining or otherwise, whose stocks are dealt in in New Zealand, shall do so only through the Exchange, and such information must only be published with the consent of the Chairman or the Committee and in the name of the Exchange.

Division of commission.

69. No member of the Exchange, or his clerk, partner, or employee, shall, either directly or indirectly, divide commission with any person not a member of the Exchange; but a member of the Exchange may transact net business or divide commission with any broker whose place of business is more than twenty-five miles from the City of Wellington.

70. No member shall purchase or sell shares at a net price from or to any person in the City of Wellington who is not a member of the Exchange, nor from any person elsewhere who is not a licensed sharebroker.

OFFICIAL MEETINGS.

Time, place, and purposes of official meetings.

71. The official meetings of the Exchange shall be the meetings of members, held at such place and times as the members shall appoint, at which the business shall be to make prices, effect sales, and receive and record quotations of sales; also to do any general business in accordance with these rules.

Official and special holidays.

72. The official holidays to be observed by all members of the Exchange may be fixed at the annual general meeting held in November of each year. Special holidays shall not be declared except by the vote of not less than two-thirds of the members present at any official meeting: Provided that notice of intention to take such vote be given by the Chairman at a previous meeting. No meeting shall be held on public holidays unless otherwise ordered by members in the same manner as that provided for declaring special holidays.

73. When the members of the Exchange decide for any purpose upon closing their offices for share business, all the members of the Exchange shall be bound by such decision, and any member committing a breach of this rule shall be dealt with under Rule 108.

Permission to leave meeting.

74. A member or representative shall not leave an official meeting without the permission of a majority of the members present under a penalty of a fine of £5, which shall be paid within seven days.

QUOTATIONS.

Procedure at meetings.

75. At the official meetings the prices made shall be binding on members making them to the extent of the minimum quotation, unless the member so offering to buy or sell definitely states the number of shares he desires to buy or sell. No sale shall be made while the record of business done is being called over, or during any time of suspense ordered by the Chairman.

Minimum quotations.

76. In offering to buy or sell at the meetings of the Exchange the minimum number of shares in mining companies in each case shall be,—
    Up to 1s. in value … … 250 shares.
    Over 1s. to 5s. … … 100 ,,
    Over 5s. … … 50 ,,
    or 50 pounds’ worth.

The minimum number of shares in investment companies in each case shall be,—
Up to 5s. in value … … 100 shares.
Over 5s. … … 50 ,,
or 50 pounds’ worth.

To maintain a quotation under Rules 77 and 78, members must be prepared to buy or sell in numbers divisible by five.

Highest declared buyer to have priority.

77. The highest declared buyer shall have priority over all other members in purchasing the stock in question at the price named. But having made a purchase he must, to retain his priority, immediately declare himself as still a buyer.

Lowest declared seller to have priority.

78. The lowest declared seller shall have priority over all other members in supplying the stock in question at the price named. But having made a sale he must, to maintain his priority, immediately declare himself as still a seller.

Sales made at and between calls.

79. All sales of stocks and shares made at official meetings shall be quoted, except sales not amounting to a quotation. Only sales of mining shares made between the ordinary calls between two sharebrokers, members of Exchanges, may be quoted at the call immediately following such sale, but no reported sales shall be quoted at the first morning call. Sales of investment stocks may be quoted during the day upon which such sales were made, or on the morning of the day following. Due date must accompany quotation of debentures. Members shall not publish in the local newspapers quotations of shares. Time bargains shall not be quoted on the official list.