3112
THE NEW ZEALAND GAZETTE.
[No. 77

45. A minimum charge of 5s. on any transaction. Buyers pay stamp duty and transfer fees. A penalty, not exceeding £50 or less than £10, shall be inflicted for any breach of the above tariff. Rates of brokerage chargeable to both buyer and seller. The Committee to decide from time to time what may be classified as syndicate shares.

BIDS.

46. Offers to buy or sell shares, scrip, or stock shall be definite as to number and price, and remain open until the line be passed by the Reader. Any dispute arising between members as to sale or purchase of any stock during the reading of the list shall be settled by the Chairman, whose decision shall be final.

SETTLEMENTS AND DELIVERIES.

47. When sales are effected, the selling member must deliver the documents within ten days from 12 o’clock on the day of sale, except in the case of Tasmanian and Australian stocks, when twenty days shall be allowed, unless a special time for delivery is stated at the time of sale. If the documents are not delivered in accordance with this rule, the buying member shall (subject to his having given not less than twenty-four hours’ notice to the Chairman of the Exchange, dating from noon of the day on which notice is given, of his intention so to do) have the right to purchase or buy the said shares through the Chairman on ’Change on the following or any subsequent day within the period of six weeks from date of the original purchase, and at the risk of the seller.

48. If a buyer does not claim, in writing, delivery of documents within six weeks from the date of purchase, or, in the case of a time bargain, within six weeks after the date agreed upon for completion, it shall be optional with the seller to complete or not.

49. If a seller does not tender delivery of documents within the regulation number of days, or, in the case of a time bargain, within the time agreed upon, the buyer may refuse to take delivery by giving the seller twenty-four hours’ notice in writing of his intention so to do. It being understood that the buyer must take delivery of the shares if tendered within the said twenty-four hours. Any twenty-four hour notice required to be given under these rules shall not, however, include Saturday or Sunday, or Stock Exchange or Bank holidays; and, if six weeks shall have lapsed, it shall be optional with the buyer whether he completes or not.

BUYERS’ NAMES.

50. The buying member must, if required, supply the name of the buyer within seventy-two hours computed from hour of sale. If this is not done, it shall be competent for the selling member to insert the name of the buying member.

MEMBERS LEAVING CALL.

51. No member shall leave the Exchange Room at any ordinary daily meeting until the Chairman has declared the ordinary business closed, without the express sanction of the meeting, under penalty not exceeding £20. Any member going out during a meeting shall not be allowed to re-enter during the same meeting, except with the express sanction of the meeting; and any member impeding business, either by attempting to deal in shares, scrip, stock, bonds, or debentures out of their turn, or by conversation not relevant to the subject before the meeting, or by any noisy, disorderly, or improper conduct whatever, shall be liable to a fine not exceeding £1, and for each repetition of the offence shall be liable to a further fine not exceeding £1, or he may be suspended for a period not exceeding three months, or he may thereupon immediately be expelled from the meeting. Such fines, penalties, suspensions, and expulsions to be inflicted or imposed by the Chairman, subject, however, to an immediate appeal to the members present in the room, whose decision shall be final. No member so fined shall be entitled to attend the room, or to take his seat, or have any of the rights of membership, until all fines and penalties inflicted upon him are paid, and his suspension, if any, removed.

TELEGRAMS.

52. Telegrams and other written communications may be received by members during business meetings, but no messages shall be sent out during such meetings.

MINIMUM FOR QUOTATIONS.

53. No sales of shares shall be reported of less amount than £50 or of less than 100 shares, if the amount of such sales be under the value of £50, or, in respect of mining shares other than coal, sales of 50 shares or to the value of £25.

CHALLENGING QUOTATIONS.

54. If any quotation of sale be challenged at the daily meetings of members, the Chairman of the day shall accompany the member whose quotation is doubted to his office, and shall 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 Executive Committee in the first instance or direct to the members in daily meeting assembled, as to him shall seem fit. Any member refusing to allow the Chairman a full inspection of his books and documents shall be treated as guilty of making a false quotation, and dealt with as contumacious.

QUOTATIONS.

55. The prices made shall be binding on members making them to the extent of £50 value of such stock, or of 100 shares if the value be under £50, or £25 for mining shares other than coal. Any offer of or for stock or shares on ’Change must be considered as offered publicly.

56. No member can demand a quotation for stock which is not and has never been on the list.

DELIVERY AND SETTLEMENT.

57. As between members the seller shall deliver to the buyer separate transfers of scrip representing the exact number of shares sold in each separate sale. Transfers requiring scrip must be delivered with scrip, or the transfers marked as correct by the institution to which the stock sold relate, or marked as correct by the Secretary, provided the scrip are lodged with him to be forwarded to the company for registration of the transfer.

58. A member selling shares or stocks is responsible for the genuineness and regularity of all documents delivered until reasonable time has been allowed to the transferee to execute and duly lodge such documents for verification and registration. In case of dispute what is reasonable time shall be fixed by the Executive Committee, but in no case (excepting that of fraud or proved misrepresentation) shall a member be liable for any loss sustained, unless he shall have received written notice within sixty days (or in the case of transactions in which transfer has to be completed in Europe within 130 days) of the date of the delivery of documents.

DIVIDENDS.

59. Transactions in shares shall be with dividend until the dividend is payable. When transfers or scrip are delivered subsequent to the declaration of dividend, but prior to the closing of the books of the company, and in sufficient time for the 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 time is afforded to the buyer to register the shares in his own name, then the seller shall be responsible for the dividend.

DIVIDENDS re FORWARD SALES.

60. Dividends payable between the date of sales and maturity of time bargains, and between the date of sale and exercise of options, shall accrue to the buyer and be accounted for at the time of settlement of the bargain.

CALLS.

61. All calls due on date of sale shall be paid by the seller before delivery. A call shall be considered due upon the day on which it is struck. Calls becoming due between the date of sale and maturity of time bargains and between the date of sale and exercise of options, shall be paid by the buyer to the seller at the time of settlement of the bargain.

SCRIP.

62. Scrip shall be delivered with all calls paid to date marked thereon and certified thereto by the company or by the selling member at the option of the buyer, or the seller may attach the company’s receipt for the call.

63. When one member of the Exchange purchases shares from another member and no buyer’s name is asked for or supplied, the buying member shall be liable for all calls struck thereafter.

DISPUTES.

64. In cases of dispute the Exchange or any committee dealing with the same may appoint a subcommittee of two members to examine such books and documents of the disputants as they may consider necessary to enable them to make a reliable statement of facts to the committee.

65. Purchasers shall not be required to take delivery and pay for securities rendered after eleven o’clock on Saturdays and one o’clock on other days.