3110

THE NEW ZEALAND GAZETTE.

[No. 77

OBJECTS.

2. The objects and purposes of the Exchange are the exchange of quotations, facilitating purchases and sales of shares, scrip, stocks, and debentures, the maintenance of honourable dealing by and amongst members, and the decision and settlement of all disputes between members or affecting members.

MANAGEMENT.

3. The management and control of the Exchange and its affairs shall be vested in an Executive Committee consisting of four members (three to form a quorum), one of whom shall be the Chairman for the time being of the Exchange; the other three shall be chosen by ballot at an annual meeting of the Exchange to be held in the month of March in each year. Any vacancy occurring during the year shall be filled at a special meeting of the Exchange summoned for that purpose. At any meeting of the Exchange six members personally present shall form a quorum, and have power to act.

QUORUM.

4. If there is not a quorum present at any meeting, either of the Exchange or the Executive Committee, within fifteen minutes of the time appointed, the same shall lapse. The lapse of a meeting shall in no way prejudice or affect the right to call another meeting for the same purpose.

5. The Exchange shall have power to alter, amend, or repeal any article of the Constitution of the Exchange, and enforce the due observance of its rules and regulations.

CHAIRMAN.

6. The members of the Exchange shall annually elect one of their number as Chairman of the Exchange, who shall also and ex officio be Chairman of the Executive Committee. The Chairman, or any member presiding at any meeting in his absence, shall have both a deliberative and a casting vote.

DISPUTES.

7. All disputes between members shall be settled by the Executive Committee. The complainant shall state his case in writing, and pay in advance to the Secretary a hearing fee of 10s. 6d. The Executive Committee shall make such order in relation to the matter in dispute and the costs as they shall think fit. In any case in which a non-member requires the intervention of the Executive Committee, he must forward to the Chairman of the Exchange a written statement of his case, accompanied by a hearing fee of £1 1s., and undertake to abide by and forthwith carry out the decision of the said Committee in the same manner as if he were a member of the Stock Exchange. Any member or other person who feels aggrieved by any order or determination of the Executive Committee may appeal to the Exchange.

8. No member shall participate in the adjudication of a case in which he or his firm, or any member of his firm, is personally interested.

9. Every member of the Exchange, and every clerk to a member, shall attend before the General Committee, or the Executive Committee, or any subcommittee when required, and give such information as may be in his or their possession relative to any matter then under investigation.

10. Any member proved guilty of dishonourable or contumacious conduct, or of wilfully infringing the rules of the Exchange, or of conduct which, in the opinion of the Executive Committee, renders him unfit to remain a member of the Exchange, shall be liable to expulsion. Every charge against a member must, in the first instance, be submitted in writing to the Chairman, and a copy forwarded to any and every member affected thereby. The Chairman shall forthwith submit all complaints and charges affecting members to the Executive Committee, and if upon due investigation the Committee shall be of opinion that the circumstances require it, a special meeting shall be convened for the purpose of hearing the same and adjudicating thereon. The decision of such special meeting shall be taken by ballot, when, if three-fourths of the members present and voting in person at the meeting shall decide that the accused member has merited expulsion, he shall cease to be a member of the Exchange. The decision of the Executive Committee or the Exchange, as the case may be, shall be notified to the member or members affected by the Secretary. Such meeting shall have power, in lieu of expulsion, to suspend any member or members for a period not exceeding six months.

EXPULSION OF MEMBERS.

11. The Executive Committee shall have power to suspend or expel any member who (1) fails to comply with any decision, order, or award of the Committee or Exchange; or (2) fails to keep a cash-book and full records of all his transactions.

12. No member who has been suspended under these rules shall attend any of the ordinary daily meetings, or any meeting of the Exchange, or any committee thereof, or be admitted to or enjoy any of the rights of membership whilst under suspension.

ALTERATIONS TO RULES.

13. No alteration of or addition to these rules shall be made unless notice of such proposed alteration shall have been given in writing at one meeting of the Exchange, and considered and adopted either with or without amendment at another and special general meeting called for the purpose, and held not sooner than the seventh and not later than the fourteenth day after the giving of such notice.

SPECIAL MEETINGS.

14. A notice calling a special meeting of the Exchange, or any committee thereof, and stating the purpose thereof, read to an ordinary meeting of the Exchange or Committee, as the case may be, by the Chairman, or posted in the Exchange room not less than forty-eight hours previous to the time fixed for holding such special meeting, shall be held to be sufficient notice to members of the calling of such meeting. The Secretary, when so directed by the Chairman or four members of the Exchange, shall call a special meeting of the Exchange by giving forty-eight hours’ notice in writing to the members of the time, place, and object of such meeting. Any such notice may be sent to a member by post, or delivered at his office or place of business.

SECRETARY.

15. The Executive Committee may from time to time appoint a Secretary and Reader, who shall respectively hold office during their pleasure, and at such remuneration as they may appoint.

16. The Secretary shall record the sales, purchases, transactions, and proceedings of the ordinary daily meetings of the Exchange, and of the proceedings of all other meetings of the Exchange and its Committee, and keep the accounts of the Exchange, and prepare a yearly balance-sheet as at 1st March in each year. The Secretary, subject to the Executive Committee, shall have the custody of all books and papers of the Exchange, and shall perform such other duties as the Exchange or the Committee may prescribe.

17. In the absence of the Secretary or Reader from any meeting, the Chairman may carry out his duties, or may appoint any member to do so.

NEW MEMBERS.

18. The Exchange may admit by ballot such persons (being sharebrokers and not less than twenty-one years of age) as they deem eligible. A notice of each application to be admitted as a member shall be exhibited in the Exchange Room for a period of seven days before the applicant can be balloted for. Every applicant must be nominated by one member and seconded by another, and must address and sign a letter in the following form :—

To the Chairman of the Christchurch Stock Exchange.

Sir, — I am desirous of becoming a member of the Christchurch Stock Exchange. I hereby agree to pay my entrance fee on election, also the annual subscription, and such calls as may be made under the rules; and I also agree to conform to, observe, and be bound by the rules of the Exchange, and that in the event of my being suspended, disqualified from membership, or expelled, or otherwise dealt with in accordance with the rules, I will not raise any suit in equity or at law against the said Exchange or any member or members thereof.

I am, Sir, &c.

19. In balloting for members one black ball in five shall exclude.

20. If any applicant for admission is rejected, such rejection shall be conclusive, and preclude such applicant from making a second application to be admitted a member for a period of twelve months.

21. The Secretary shall, on the day of election of a new member, notify in writing such new member of his election, and such member shall, within three days of his election and notification thereof to him by the Secretary, pay his entrance fee and subscription, and sign the Constitution of the Exchange.

22. If a newly elected member does not comply with the above rule his election shall be void, unless he shall justify the delay to the satisfaction of the Executive Committee.

23. Any member resigning or being expelled shall cease to have any claim whatsoever on the property or funds of the Exchange.