1652
THE NEW ZEALAND GAZETTE.
[No. 48

held annually in the months of July or August, at which the
business shall be to receive from the Treasurer a balance-
sheet showing the financial position of the Exchange, to elect
a Committee and officers for the ensuing year, and also gene-
rally to conduct any business provided for in these rules.
23. At any annual general meeting, after all business herein
provided for shall have been disposed of, it shall be competent
for any member to bring under the notice of the meeting any
business or matter within the object or purposes of the
Exchange, and to give notice of any proposition to be con-
sidered at a future meeting.
24. A special general meeting may be called by the Com-
mittee at any time.
25. A special general meeting shall be called by the Com-
mittee upon the receipt of a requisition addressed to the
Secretary, requesting them to do so, signed by at least three
members, and stating the business for which such meeting
is required; and if the same shall not be convened within
seven days from the time of such requisition being so left,
or within one month if the object of such meeting is the
alteration, amendment, or repeal of these rules, or any of
them, the requisitionists or any three members may them-
selves convene a meeting by giving the required notice at
an official meeting.
26. A special general meeting can only be held after at
least twenty-four hours’ notice has been given by announce-
ment at an official meeting, specifying the day and hour of
the meeting and the general nature of the business to be
considered; provided that this rule shall not apply to meet-
ings called for the purposes of altering, amending, or repealing
these rules or any of them.
27. No other business shall be transacted at a special
general meeting except that stated in the notice convening
the meeting, and no resolution shall be passed, or other
business transacted, which is not included within the objects
and purposes for which the meeting is convened. No amend-
ment shall be allowed upon any resolution contained in the
notice convening any meeting not directly pertinent thereto.
28. Any general meeting shall have power, inter se, to
adjourn from time to time as may be found necessary. When-
ever an adjournment to a future day has been decided upon,
notice thereof shall be given in such manner as may be deter-
mined by the chairman of the meeting.
29. No business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting
so adjourned.
30. Every member shall have one vote, and all questions
shall be decided by a majority of the members present and
voting, except in case otherwise provided for in these rules.
Voting by proxy shall not be permitted.
31. The quorum for general and special general meetings
shall not be less than five. 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.

FUNDS.

32. The Committee shall have full control over the funds
    of the Exchange, and shall pay therefrom all current expenses
    and outgoings, and any other payments for which they have
    the authority of the members. All moneys received shall
    be paid into a bank account, and all accounts, salaries, &c.,
    shall be paid by cheques drawn on such account.
33. The Committee shall invest the funds as they may in
    their absolute discretion think advisable, and shall have
    power to sell and vary investments.
34. Cheques drawn on or against any funds of the Exchange
    shall bear the signature of the Secretary or Acting-Secretary
    and of one member of the Committee.

ENTRANCE FEE.

35. No entrance fee shall be payable for the period ending
    30th June, 1922, but thereafter twenty-five guineas or such
    other sum as the Exchange may from time to time determine
    shall be paid by candidates for membership at the time of
    application for admission. In the event of a candidate being
    rejected his entrance fee shall be returned to him; provided
    that any candidate for admission by virtue of the purchase
    of a membership shall not be required to pay any entrance
    fee other than the sum mentioned in rule 50.

SUBSCRIPTION.

36. The annual subscription shall be £2 2s. (payable in
    one sum on the 1st day of July in each year), and the Execu-
    tive Committee shall have power to make such other calls
    as may be necessary to meet current expenses, to be payable
    within fourteen days from the date of such call. It shall
    be competent for the Committee to suspend any member
    whose subscription or call shall have remained unpaid for
    fourteen days from the date on which such subscription or
    call is due; and, further, if such subscription or call shall
    remain unpaid for the space of one month from the date on
    which it is due, the seat shall be rendered liable to forfeiture
    at the discretion of the Committee. In the case of a deceased
    member, notice of the dates when subscriptions or calls fall
    due shall be sent to the executors by the Secretary of the
    association, who shall at the same time direct attention to
    the provisions of this rule.
37. The membership of a resigning member, from the date
    of resignation until the election of his nominee, shall be
    subject to the same annual subscription as that of existing
    members during that period.
38. A membership purchased by the Committee shall not
    be liable for the annual subscription whilst held by them.

ELECTION OF MEMBERS.

39. Every candidate for admission to membership must be
    proposed by a member and seconded by another member,
    and his name shall be submitted to the Committee, and
    announced at an official meeting, and posted in the room of
    the Exchange, at least seven days before the day of election.
    The ballot shall be taken at the first call of shares on the day
    after such seven days have expired. Application for admis-
    sion to membership, except as otherwise provided, shall be
    in the following form:—

Gisborne, , 19 .
To the Secretary of the Gisborne Stock Exchange.
SIR,—I am desirous of being admitted a member of the
Gisborne Stock Exchange, upon the terms of and under
and subject in all respects to its rules and regulations
which now are or hereafter may be for the time being
in force.
I have read the rules as at this date, and am willing
to sign them when called upon to do so.
Enclosed I beg to hand you cheque for £ ,
being the entrance fee required.
I am, &c.,
. . . . . . . . . . . .

40. Candidates shall be elected by the members by ballot.
    One black ball in five shall exclude. Proxies shall not be
    allowed. No ballot shall be valid unless at least one-half
    of the total of members of the Exchange entitled to vote
    do actually vote. No rejected candidate shall be again
    proposed for election within the space of six months after
    his rejection.
41. Any member may during his absence from Gisborne,
    or whilst ill, or on any other emergency, delegate to a nominee
    all or any of his rights under these rules, provided such
    nominee is approved by the Committee. Such approval
    may be withdrawn at any time by the Committee without
    assigning any reason for such withdrawal. The member so
    delegating his rights shall be responsible for all acts and
    defaults of such nominee in the same way as the delegating
    member would be responsible were such acts or defaults
    committed by such member.
42. Every member shall sign the rules. A member shall
    not be entitled to the privileges of membership until he has
    done so.

RIGHTS AND PRIVILEGES OF MEMBERS.

Personal.

43. The rights and privileges of every member shall be
    personal to himself, and shall not be transferable by operation
    of law nor by his own act except as provided in these rules.

Interest in Membership.

44. Every member shall have an interest in his membership,
    but he shall have no power to and shall not encumber or
    assign the same by way of mortgage, and the Exchange shall
    have a preferential lien thereon for any debt or debts owing
    by the said member to the Exchange or to any member or
    members thereof.

Transfer of Membership.

45. Any member may propose a candidate for membership
    in his stead, provided he, at the time of such proposal, lodge
    with the Secretary the resignation of his own membership.
    In the event of such candidate being rejected the member
    may again propose a candidate, until a candidate proposed
    by him shall be elected. Pending the election of a candidate
    proposed by him, the member shall retain his membership
    and all the privileges thereof; but as soon as a candidate
    proposed by him shall be elected the resignation of such
    member shall take effect.
46. Any member may resign his membership, and there-
    after nominate a candidate to be proposed for membership
    in his stead. In the event of such nominee being rejected,
    the resigning member may again nominate a candidate
    until a candidate nominated by him be elected.