Oct. 16.] THE NEW ZEALAND GAZETTE 3111

ANNUAL SUBSCRIPTION.

24. The annual subscription shall be £3 3s., payable on the 1st day of March in each year. Any member joining after the 31st August in any year shall pay half subscription for the year then current. The Executive Committee shall have power to make calls to meet current expenses, and such calls shall be payable at the time or times and in manner directed by the Committee.

ENTRANCE FEE.

25. The Committee shall have power to impose an entrance fee not exceeding £10 10s.

26. It shall be competent for the Executive Committee to suspend any member whose subscription, or any instalment thereof, or call shall remain unpaid for fourteen days from the date on which it is due and payable, the seat of such member shall be liable to forfeiture at the discretion of the Exchange.

CONTRACTS.

27. Any contract authorized by the Exchange may be entered into, signed, and executed by the Chairman on behalf of the Exchange, and any contract so made or entered into shall bind the Exchange and each and every member thereof.

28. In all contracts between members they shall be held and regarded as principals to each other in so far as the delivery, acceptance, and payment of shares, stock, debentures, &c., is concerned.

SETTLEMENTS.

29. All settlements shall be made in cash or by banker’s cheque, or cheque marked by a banker as correct.

MEMBERS INSOLVENT.

30. If any member shall become insolvent, or fail in his engagements with his creditors, he shall ipso facto cease to be a member, and that, too, although he may not at the time be a defaulter on the Christchurch Stock Exchange, and no application for his readmission, except as a new member, shall be entertained. The seat of an insolvent or defaulting member on the Exchange may be sold by the Exchange to a new member, and the price shall be treated as an asset for the benefit of his creditors, subject to the provisions of Rule 36 as to disposal of same.

PARTNERS.

31. Where one of the members of a firm is a member of the Exchange, the entrance fee payable by another member of the same firm shall be reduced one-half, provided that, in the event of a dissolution of such partnership taking place, the member who entered at a reduced entrance fee shall, if he desire to remain a member, pay within one month after such dissolution has taken place a sum which shall, with the amount already paid by him, make up the full entrance fee payable in respect of a member at the date of his election; and until such sum be paid the member shall be considered as not having paid his entrance fee as provided by these rules, and shall not be entitled to attend the Exchange Room or have any of the rights of membership.

32. The seat of each member on the Exchange shall be his own property, irrespective of his being in partnership with another member. It shall be competent for a member to hold more than one seat. A member who holds more than one seat shall only be entitled to exercise one vote in the Exchange.

VOTING AND PROXIES.

33. At all meetings of the Exchange each member shall have one vote; any vote may be given by proxy through another member.

34. The privileges of membership shall be suspended if a member, either personally, or by his partners, clerks, or agents, shall become a member of or attend any other Exchange in Christchurch City where shares, scrip, stock, or debentures are dealt in.

35. A member shall not enter into or be in active partnership with any person other than a member, unless such partner shall have been approved by resolution of a meeting of the Executive Committee.

TRANSFER OF SEATS.

36. A member shall have the right to sell and transfer his membership and seat subject to the following conditions, that is to say:—

(1.) That such member shall have paid the full entrance fee payable in respect of a member having no partner at the time when he became a member of the Exchange.

(2.) That such member so wishing to transfer his membership and seat on the Exchange shall submit the name of the proposed transferee to the Executive Committee, who shall be balloted for in terms of the rules relating to the election of members, when, if elected, the transfer may be completed.

(3.) In no case shall any transfer of membership be permitted until all dues to the Exchange shall have been paid in full.

(4.) The Exchange shall have a prior lien upon the proceeds of the transfer for the amount of dues owing by the transferor.

(5.) A transferee shall pay to the Exchange 10 per cent. of the then existing entrance fee in lieu of such entrance fee.

The transfer of a seat from one member to another shall be subject to the provisions contained in this rule, with the exception of the condition as to balloting.

APPOINTMENT OF CLERKS.

37. Every member shall furnish the Executive Committee (in writing) with the name of any clerk or employee who is authorized by him to deal on his behalf outside the Exchange Rooms, and shall be responsible for all transactions entered into by such clerk or employee with other members.

38. It shall be competent for the Executive Committee, on application being made by a member in writing, to grant the clerk of such member permission to attend the daily meetings of the Exchange for the purpose of making quotations and reporting transactions on behalf of his employer. The member sending any such clerk shall be responsible for the quotations made, transactions reported, and sales and purchases affected by such clerk. The Executive Committee may at any time withdraw any such permission. A clerk shall have no vote, nor any voice in the management or administration of the Exchange. No clerk shall attend the ordinary daily meeting of the Exchange until his employer has received from the Secretary notice of permission to attend.

ATTENDING AUCTIONS AND TENDERING.

39. No member of this Exchange, nor his partner or clerk, or any one employed by him, shall be allowed to attend auctions to bid directly or indirectly for stock, debentures, scrip, bonds, or shares of any description (forfeited shares excepted); and no member shall be allowed directly or indirectly to tender for stock, scrip, bonds, debentures, or shares of any description in a deceased or bankrupt estate.

ADVERTISING.

40. No member of the Exchange shall at any time advertise in his own name or his firm’s name, or anonymously setting forth that he is a buyer and (or) a seller of certain shares, stocks, or debentures.

LISTING COMPANIES.

41. Any company doing business in New Zealand, which desires to have its stock, shares, scrip, or debentures placed on the Call List, shall furnish the Secretary with a copy of its last annual balance-sheet, a list of its directors, also a statement of the objects of the company, the names, residences, and occupations of its shareholders, and such other particulars as may be required by the Committee. The Executive Committee may fix a fee to be paid by any company desiring to have its stock, shares, scrip, or debentures placed on the Call List.

PUBLISHING INFORMATION.

42. No member shall publish in any newspaper any information about any company quoted by the Exchange, except in the name and with the consent of the Executive Committee or the Chairman.

MEETINGS.

43. The Exchange shall hold meetings daily at such time and place as shall from time to time be appointed by the Executive Committee.

BROKERAGE.

44. The brokerage chargeable on transactions shall be as follows (commission shall not be divided except among members, or with recognized sharebrokers beyond Christchurch):—
    On debentures of every description .. .. ½ per cent.
    On shares other than mining .. .. 1¼ per cent.
    On mining shares sold, up to 6d. per share .. .. ½d.
    „ over 6d. and up to 2s. .. .. ¼d.
    „ over 2s. 6d. and up to 3s. 4d. .. .. 1d.
    „ over 3s. 4d. and up to 10s. .. .. 1½d.
    „ over 10s. .. .. 1¼ per cent.
    On syndicate shares .. .. 2½ per cent.