1362
THE NEW ZEALAND GAZETTE.
[No. 32

Quotations challenged.

80. If any quotation of sale be challenged, the Chairman of the meeting shall immediately after the call 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.

Stock not on official list.

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

OFFICIAL LIST.

Official list.

82. 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 twenty-five 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,” nor shall any member be permitted to issue a list of quotations unless the issue of such list and the quotations have been approved by the Committee.

Conditions of admission of companies to quotation.

83. 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 sales.

84. 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. Contract-notes for all transactions in 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.

INVIOABILITY OF CONTRACT.

Members’ contracts as between principals.

85. 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 brokers at the time of the contract being made.

DELIVERY AND SETTLEMENT.

Time allowed for delivery of documents.

86. Ten 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 tenth day, give twenty-four hours’ written notice to the seller to deliver such documents, and, failing such delivery, the buyer shall notify the Committee of the default, and it shall make immediate inquiry into the circumstances, and shall order upon the matter at its discretion. When empowered so to do by the Committee, the Chairman shall buy on Change, for prompt delivery, at the risk of the seller. Any deficiency or surplus 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 come from a distance requiring a longer period than ten days to deliver, it shall be at the option of the purchaser to refuse to complete the transaction. If either party to a contract fails to give the other written notice to complete the same for a period of forty-two days after the making thereof, either party shall be entitled to treat the contract as rescinded, unless inconsistent with the terms of the contract.

Payment for documents.

87. 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.

88. 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.

Refusal to register a transfer.

89. 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 be attached.

90. Sellers shall deliver separate transfers 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 or by the Secretary of the Exchange. A seller of shares in foreign 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 the validity of all documents delivered, and for the shares being free from all liability due or payable at the time of sale. The official stamps of the Exchange, embodying the words, “Scrip forwarded to the company’s office this day,” and “Scrip in support of this transfer for __ shares, forwarded to the company’s office this day,” shall be kept in the custody of the Secretary, and on the request of any member, accompanied by the payment of one shilling for the first transfer from one certificate, and sixpence for each other transfer from the same certificate, he shall personally affix one or other of the said stamps to any transfer required, appending thereto his ordinary signature as Secretary, and the date written in full. He must, however, first have received from the applicant the ordinary scrip, which he will forward at once, under registered cover, to the secretary or legal manager of the company in question, with an intimation as to the number of transfers marked with the stamp and the numbers of the shares embodied in such transfer. He must also keep a record of all such transactions in the Register provided for the purpose. He shall keep the official stamps referred to above in a safe, under lock and key, and should any misuse of them be made through his neglecting this or any other necessary precaution, he shall be liable for any loss occasioned thereby.

91. The buying member must, if required, in accordance with statute, supply the name of the buyer within seventy-two hours computed from the hour of sale. If this is not done, it shall be competent for the selling member to insert the name of the buying member.

Buyers may refuse transfers.

92. It shall not be incumbent upon a member to accept a transfer more than fourteen days old; nor one with the name of a member of this Exchange stamped or printed upon it.

Option of refusal. Power of attorney.

93. Buyers shall have the option of refusing all transfers signed under power of attorney 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.

94. Transactions in shares shall be with dividend until the day 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.

Time bargains and options.

95. Dividends payable between the date of sale and the maturity of time bargains shall accrue to the buyer, and shall be accounted for at the time of settlement of the bargain.

Interest on debentures and funded stock.

96. Interest on debentures shall be charged to the date of sale, in addition to the price.