440
THE NEW ZEALAND GAZETTE.
[No. 9

Minimum quotations.
74. 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 .. .. .. 200 shares.
Over 1s. to 2s. 6d. .. .. .. 150 "
" 2s. 6d. to 5s. .. .. .. 100 "
" 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. in value .. .. .. 50 "
or 50 pounds’ worth.
To maintain a quotation under Rule 73 members must be prepared to buy or sell in numbers divisible by five.

Highest declared buyer to have priority.
75. The highest declared buyer shall have priority over all 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.
76. 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.
77. After any stock has been called and passed, business in that particular stock can only be reopened at the buying or selling quotation.

Sales made at and between calls.
78. All sales of stocks and shares made at official meetings shall be quoted, except sales not amounting to a quotation. Sales made between the ordinary calls between two share-brokers, members of the Exchange, may be quoted at the call immediately following such sale. Due date must accompany quotation of debentures. Members shall not publish in the newspapers quotations of shares. Time bargains shall not be quoted on the official list.

Quotations challenged.
79. If any quotation of sale be challenged, the Chairman of the day shall immediately 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 shall be dealt with accordingly.

Quotations for a stock which is not on official list cannot be demanded.
80. A member cannot demand a quotation for a stock which is not on the official list.

OFFICIAL LIST.
81. The list of quotations of prices, and purchases and sales effected and reported, at the daily meetings of the Exchange shall be the official list of the Exchange. The Exchange may also issue a Monthly Share List. The Exchange shall not be responsible for the issue by any of its members of any “List of Sales,” “Prices Current,” or “Trade Circular.”

Terms and conditions of admission of companies to quotation.
82. Admission of companies to quotation on the official list shall be upon such terms and conditions as the members shall from time to time decide. 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 all sales at official meetings to be kept.
83. 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 mining 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 thereon.

INVIOABILITY OF CONTRACT.
Members’ contracts.
84. 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 broker at the time of the contract being made.

DELIVERY AND SETTLEMENT.
Time allowed for delivery of documents.
85. Three clear days shall be allowed for delivery of documents by the seller, and, failing the delivery thereof during that period, the buyer may, after 1 p.m. on the third day, give twenty-four hours’ written notice to seller to deliver such documents, and failing such delivery the buyer may either cancel the purchase or buy at the risk of the seller through the Chairman of the Stock Exchange. Any deficiency of surpluses 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 to come from a distance requiring a longer period than three days to deliver, it shall be the option of the purchaser to refuse to complete the transaction.

Payment for documents.
86. 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.
87. 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.

Limit of time for tender of documents.
88. If delivery of documents has not been made within the time specified in Rule 85, and the buyer has not cancelled the purchase or bought at the risk of the seller as therein provided, and the seller shall tend delivery of the documents after the expiration of six weeks from the date of the sale, the buyer shall not be bound or compellable to accept delivery unless some special agreement in writing has been entered into between the buyer and the seller in respect of such delivery.

Claim for delivery of documents.
89. When a buyer shall claim delivery of documents after the expiration of six weeks from the date of purchase, and the seller shall not have cancelled the sale or sold at the buyer’s risk as provided in Rule 87, it shall not be incumbent upon the seller to deliver unless some special agreement in writing has been previously made between the buyer and the seller in respect of such delay.

Refusal to register a transfer not to invalidate sale.
90. 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 accompany transfer.
91. Sellers shall deliver separate transfers or scrip 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. A seller of shares in London 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 a period of seven clear days from date of delivery for the validity of all documents delivered, and for the shares being free from all liability due or payable at the time of sale.

Sellers may demand buyer’s name for insertion in transfer.
92. Sellers shall have the right to demand from the buyer, prior to delivery, a name for insertion in the transfer of investment shares. Failing the buyer complying with such demand within three clear days the seller may insert the name of the buying broker.

Buyers may refuse transfers with alterations in them.
A member shall not be bound to accept delivery of a transfer signed by a transferee and his signature cancelled, or filled in with a transferee’s name and the name cancelled.

Transfers signed under power of attorney.
93. Buyers shall have the option of refusing all transfers or scrip signed under power of attorney or per procuration, 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.