Oct. 7.] THE NEW ZEALAND GAZETTE. 2799

any surpluses received by them from members on account of
a defaulting member’s estate, or in dividing any moneys due
to him out of funds in the hands of the Committee from the
estate of another member in default, shall not necessarily
distribute the same pro rata, but may in their discretion give
preference either wholly or in part to claims of recent date
over claims of longer standing which were not divulged to
the Committee at the time they arose.

64. Claims on the estate of a resigning, retiring, or deceased
    member that do not arise from transactions under these
    rules shall not be recognized by the Committee until all
    claims that have arisen from transactions under the rules
    shall have been satisfied.

Partners or Clerks.

65. Without limiting the powers of a member under
    clause 41 of these rules, the Chairman or Vice-Chairman may
    grant a member permission for a partner or clerk in his
    service to attend the official meetings for the purpose of
    making quotations, and the purchase and sale of shares, on
    behalf of such member and in his stead, but for no other
    purpose. Such authorized partner or clerk shall be subject
    to the rules and usages of the Exchange, but shall not have
    a vote at any meeting nor any voice in the management of
    the Exchange. The Chairman or Vice-Chairman may with-
    draw the permission at any time.

66. A clerk so admitted to official meetings shall be
    deemed to be the agent of his employer, and the member
    on whose application he is admitted shall be responsible for
    all transactions of the said clerk.

67. A clerk shall not be eligible for admission unless he
    be at least twenty-one years of age.

68. A clerk shall not buy or sell time bargains or deal
    except in cash transactions unless he shall have written
    authority to do so from his employer, such authority to be
    lodged with the Chairman, and all his dealings shall be on
    account of his employer.

69. A member may, by a letter addressed to the Secretary,
    withdraw the authority to his clerk to act, but his respon-
    sibility shall continue until such withdrawal shall have been
    notified to the members at an official meeting.

COMMISSION.

70. The rates of brokerage shall be those fixed or adopted
    from time to time by the Stock Exchange Association of
    New Zealand.

71. No rates other than those fixed or adopted shall be
    charged. It shall not be allowable under any circumstances
    whatever to pay agents or other persons not members of an
    exchange affiliated to the Stock Exchange Association of New
    Zealand a remuneration of any kind for introducing business,
    except in respect of applications for shares in new companies,
    or for issues of new or reserve shares.

72. No member shall do business for or with any broker
    or other person (other than a member of an exchange affili-
    ated to the Stock Exchange Association of New Zealand, or
    a member of a recognized exchange beyond New Zealand) at
    net prices or at less than the rates of commission fixed or
    authorized by the Stock Exchange Association of New
    Zealand.

OFFICIAL MEETINGS.

73. The official meetings of the Exchange shall be the
    meetings of members, held at such place and times as the
    members shall appoint, at which the business shall be to make
    prices, effect sales, and receive and record quotations of
    sales, also to do any general business in accordance with
    these rules. The quorum for an official meeting shall be not
    less than five members of the Exchange for the time being
    entitled to vote.

74. The official holidays to be observed by all members of
    the Exchange shall be fixed at the annual general meeting
    held in January of each year. Special holidays shall not be
    declared except by the vote of not less than two-thirds of
    the members present at any official meeting. Notice of
    intention to take such vote shall be given by the Chairman
    at a previous meeting. No meeting shall be held on public
    holidays unless otherwise ordered by the members in the
    same manner as that provided for special holidays.

75. A member shall not leave an official meeting without the
    permission of the Chairman, under penalty of a fine to be
    fixed by the Chairman, which shall be paid within seven days.

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

QUOTATIONS.

77. At the official meetings the prices made shall be binding
    on members making them to the extent of the minimum
    quotation, unless a definite number is stated. No sale shall
    be made while the record of business done is being called
    over, or during any time of suspense ordered by the
    Chairman.

78. In offering to buy or sell at the meetings of the
    Exchange, the minimum number of shares in mining com-
    panies in each case shall be—

Up to 1s. in value .. .. .. 300 shares.
Over 1s. to 2s. 6d. .. .. .. 200 ,,
Over 2s. 6d. to 5s. .. .. .. 100 ,,
Over 5s. .. 50 shares or £50 worth.

The minimum value of any quotations of shares in invest-
ment companies shall be £100 worth.

No sales on “change” or reported sale of Government
inscribed stock, bonds, or debentures shall be officially
quoted unless the sale is of a parcel of £500 or over.

79. The highest declared buyer shall have priority over all
    other 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.

80. 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.

81. No sales shall be quoted on “change” except those which
    are made between members of this or any affiliated Exchange,
    and a sale may be reported only on the day on which the sale
    is made.

82. 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 be dealt with
    accordingly.

OFFICIAL LIST.

83. The list of quotations of prices and of purchases and
    sales effected and reported at the meetings of the Exchange
    shall be the official list of the Exchange.

84. The Committee may, if it so thinks fit, issue a monthly
    list. No member shall issue a private list or general report.
    No member shall publish in or disclose to any newspaper any
    information about any company quoted by the Exchange,
    except in the name and with the consent of the Committee
    or the Chairman. No member shall advertise in any
    manner whatsoever in connection with sharebroking business,
    without first obtaining the sanction of the Committee. No
    member, 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,
    debentures, scrip, bonds, or shares of any description in a
    deceased or bankrupt estate.

85. Admission of companies to quotation on the official list
    shall be upon such terms and conditions as the members shall
    from time to time determine. 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.

86. All sales made at official meetings shall be recorded in
    a register kept for that purpose, which record shall be called
    over before the close of such meeting, and members shall
    be bound thereby. Stamped contract notes for all transac-
    tions 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
    therein.

INVIOALBILITY OF CONTRACT.

87. 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 agreement to the contrary be made
    between buying and selling broker at the time of the contract
    being made.

DELIVERY AND SETTLEMENT.

88. 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-one days shall be allowed, unless a special
    time for delivery is stated at the time of sale. If the docu-
    ments 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.