Feb. 2.] THE NEW ZEALAND GAZETTE. 441

DIVIDENDS.

94. Transactions in shares shall be with dividend until 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 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.

Dividends on 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.

CALLS.

Calls due to be paid by the seller before delivery.

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.

Date of completion of time bargains.

98. 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. Prices in all time sales shall be set.

Time bargains fixed for completion on Sundays or holidays.

99. 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.

100. 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 delivery of shares in time for the buyer to complete transfer to enable him to secure such new shares himself, the buyer, if desirous of receiving his proportion of such new shares, shall request the seller, in writing, accompanied by the necessary funds, to secure them, and the seller, on receipt of such request, shall secure them; but the seller may elect to deliver such documents as will enable the buyer to secure the new shares.

When a transaction is in shares on a London 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.

NON-MEMBERS.—FAILURE TO MEET ENGAGEMENTS.

Defaulters. Non-members.

101. Non-members shall pay for all stocks or shares purchased on their account before 2 o'clock on the day following the purchase, unless an agreement be made in writing to the contrary.

102. Should a purchaser, not a member, fail to pay the amount due on his purchase as per Rule 101, either the seller or his broker, or the purchaser's broker, shall be at liberty at any time thereafter, at his or their option, either to sue such purchaser for breach of contract, or to resell the securities in any manner and upon such terms and conditions as he or they may think proper, and to sue for the difference; and all loss and expenses consequent upon such failure to pay as aforesaid or at any time thereafter, and all damages which the seller or his broker or the purchaser's broker may sustain thereby, shall be recoverable by him or them from the purchasers as and for liquidated damages, and it shall not be necessary to give notice of any such resale.

Non-members may be posted as defaulters.

103. In the event of any person not a member failing to meet any engagement with a member of the Exchange, the member may apply to the Committee to have such person posted as a defaulter. The Committee shall inquire into the case, and, if satisfied that such default has been made, shall post the said person, and announce to the members that he is in default.

Members not to transact business with a non-member announced as a defaulter.

104. A member shall not transact business for a non-member who has been announced to the members as a defaulter, unless such person shall have made a satisfactory arrangement with his creditors.

MEMBERS BARRED FROM DEALING WITH OTHER MEMBERS' EMPLOYEES.

Business with other members' clerks prohibited.

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

Disputes.

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

Committee to be sole and final tribunal for settlement of disputes between members.

107. 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.

108. It shall not be incumbent upon the Committee to entertain any complaint submitted to them 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, 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.

109. 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.

Committee may call upon members to produce their books, &c.

110. The Committee shall have full and absolute power, in the event of complaint being made which in their opinion justifies such procedure, to call upon any member to produce for their 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, AND PENALTIES.

Violation of rules, and penalties.

111. The Committee shall take cognizance of all violations of these rules, whether in letter or spirit. Any member found by them to be guilty of such violation, or who may fail to comply with any of the Committee's decisions, or who may 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 their 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 £10 or more than £100, and in case of a continuous offence shall be not less than £2 or more than £10 for each day during which such offence continues.

112. 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 intentions 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 No. 111.