APRIL 20.] THE NEW ZEALAND GAZETTE. 1363

Calls due to be paid by seller.

97. All calls made prior to time of sale shall be paid by the seller before delivery. Calls made between the date of sale and maturity of time bargains shall be paid by the buyer to the seller at the time of settlement of bargain.

TIME BARGAINS.

98. In all sales made for forward delivery a deposit at the rate of not less than 20 per cent. of the purchase-money may be required to be paid to the seller, and in the event of the shares falling to the extent of 20 per cent., the vendor may, by giving four hours’ notice to the purchaser, demand a further payment by way of cover to the extent of 10 per cent., and in event of this further payment being not made, it shall be competent for the vendor to sell the shares at the purchaser’s risk.

Date of completion of time bargains.

99. Unless otherwise agreed, neither party to a time bargain shall be entitled to call upon the other party to complete until the day fixed for completion.

Completion on Sundays or holidays.

100. Time bargains the day for completion of which shall fall on a Sunday or public holiday shall not be completed until the business day next following.

New shares.

101. In the event of new shares being created and offered to the shareholders in any company during the currency of a time bargain, or pending the delivery of shares sold for cash, the buyer, if desirous of accepting his proportion of such new shares, shall request the seller in writing to take them up, and the seller upon receipt of such request, but not otherwise, shall secure the same. The new shares shall be settled for on delivery.

When a transaction is in shares on a foreign register the responsibility of the seller shall cease if he shall have taken every practicable course to secure the new shares; and, further, the seller shall be relieved of all responsibility if the circumstances place him in no better position than the buyer to secure the new shares, in which case the seller may, on receipt of a written request from the buyer to protect his rights, notify the buyer in writing of such circumstances, and the buyer on receipt of such notification shall protect his own interests.

MEMBERS BARRED FROM DEALING WITH OTHER MEMBERS’ EMPLOYEES.

Business with other members’ clerks prohibited.

102. A member shall not buy or sell shares for any one employed in another member’s office.

Dispute between members.

103. In disputes between members with reference to stock and share transactions brought under the consideration of the Committee, the decision of the Committee shall be final and binding, and shall be carried out forthwith by the member or members concerned.

Committee to be sole and final tribunal.

104. Unless permission of the Committee has first been obtained, members shall not appeal to any Court of law or equity in any dispute that may arise between them in transactions under these rules, and if such permission is not granted they shall accept the Committee as the sole and final tribunal and arbiter therein.

Complaint from non-members.

105. It shall not be incumbent upon the Committee to entertain any complaint submitted to it by any one not a member of the Exchange against a member of it, unless such member shall have been employed by the complainant in the capacity of broker; and in that or any other case in which a non-member desires the intervention of the Committee he shall, previously to the case being heard, pay not less than five guineas, or such other sum as the Committee may determine, not exceeding fifty guineas, to the Secretary, and shall undertake in writing to abide by and forthwith to carry out the decision of the Committee in the same manner as if he were a member of the Exchange; the Committee to have the power to repay the whole or part of the five guineas or such other sum to the complainant.

POWER OF COMMITTEE TO PROCURE INFORMATION RELATIVE TO MATTERS UNDER INVESTIGATION.

Committee may require members and their clerks to give information.

106. Members and their clerks, when required so to do by the Committee, shall attend any meeting of the Committee, and then and there shall give such information as may be in their possession relative to any matter under investigation.

Members to produce their books, &c.

107. The Committee shall have full and absolute power, in the event of a complaint being made which in its opinion justifies such procedure, to call upon any member to produce for its inspection all books, letters, telegrams, or copies thereof, and other documents in his possession relating thereto, and he shall, without delay, produce them for inspection accordingly.

VIOLATION OF RULES, PENALTIES FOR.

Violation of rules, and penalties for same.

108. The Committee shall take cognizance of all violations of these rules, whether in letter or spirit. Any member found by it to be guilty of such violation, or who may fail to comply with any of the Committee’s decisions, or who may, in the opinion of the Committee, be guilty of conduct unworthy of a member, shall be liable to fine or suspension from membership by resolution of the Committee; or should the matter be of such moment as in its opinion to demand expulsion, the Committee 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 offending member, or to deal with him by fine or suspension. The fines mentioned herein shall not be less than £5 or more than £100, and in case of a continuous offence shall be not less than £5 or more than £10 for each day during which such offence continues.

109. Any member of the Exchange who shall fail to observe or be bound by the terms of any decision or ruling of the Committee, or the spirit or intention thereof, relative to the conduct by the members of the Exchange of their business as such members, or to their dealings with one another as such members, or relative to other matters arising out of the objects or purposes of the Exchange, shall be deemed guilty of conduct unworthy of a member, and be dealt with in manner provided by the preceding Rule 108.

Fines to be paid within one week.

110. If a fine imposed on any member at a special general meeting of members be unpaid at the end of one clear week, the member in default shall forfeit his membership, and the Committee shall announce to the members that he has retired from the Exchange, and his name shall be erased from the list of members.

Restrictions to members voting.

111. A member, or his partner or clerk, being a member, shall not vote at any meeting at which a charge affecting himself is under consideration.

Publication of expulsion, &c.

112. The Committee for the time being may, in its absolute discretion, and in such manner as it may think fit, notify or cause to be notified to the public that any member has been expelled, or has become a defaulter, or has been suspended, or has ceased to be a member.

No action or other proceeding shall under any circumstances be maintainable by the person referred to in such notification against any member or official publishing or circulating the same, and this rule shall operate as leave and authority to any member or official to publish or circulate such notification, and be pleadable accordingly.

ALTERATION OF RULES.

Votes required to alter rules.

113. These rules shall not be amended, repealed, or added to except by a vote of a majority of the members present at the meeting specially called for that purpose, at which meeting at least two-thirds of the members shall be present.

Procedure to be observed.

114. Notice shall be given in writing, addressed to the Secretary, of any proposed amendment or repeal of or addition to the rules. A special general meeting shall be called to consider any proposed alteration, and at least seven days’ notice of such meeting shall be given to the members by circular, sent to the last-known business address of each member. The circular shall contain a copy of the proposed alteration, but the accidental omission to give any such notice to any member shall not invalidate any proceedings taken or any resolution passed at such meeting. No amendment shall be entertained at the meeting which introduces fresh matter, and no proposed amendment or repeal of or addition to the rules, if rejected, shall be entertained again for six months unless three-fourths of the members are in favour of repeal, amendment, or addition.