JUNE 22.] THE NEW ZEALAND GAZETTE. 1655

92. The refusal of the Board of Directors of any company to register a transfer shall not invalidate a sale.

93. Sellers shall deliver separate transfers and scrip representing a sufficient number of shares sold in each sale if required to do so. Buyers requiring scrip must have transfers delivered with scrip attached, or a memorandum equivalent to such scrip certified to by the company. A selling of shares in London companies having a colonial register shall deliver scrip on the colonial register, unless otherwise arranged at time of sale. The selling broker shall be responsible for a period of seven clear days from date of delivery for the validity of all documents delivered, and for the shares being free from all liability due or payable at the time of sale.

94. Sellers shall have the right to demand from the buyer, prior to delivery, a name for insertion in the transfer of investment shares. Failing the buyer complying with such demand within three clear days from date of sale, the seller may insert the name of the buying broker.

95. A member shall not be bound to accept delivery of a transfer by a transferee and his signature cancelled, or filled in with a transferee’s name and the same cancelled.

96. Buyers shall have the option of refusing all transfers or scrip under power of attorney or per procuration unless the signature thereto be certified as correct by the Secretary of the company, or the documents be accompanied by a valid power of attorney.

97. No member shall print or affix his name stamp on any transfer or scrip delivered to another broker.

98. In all forward contracts for shares or stocks, except where there is otherwise specifically agreed in writing between the parties at the time of sale, there shall be implied the following conditions: The seller may at any time and from time to time whenever the market price of the shares or stocks is less than the amount for the time being owing under the contract, and the buyer may at any time and from time to time whenever the market price of the shares or stocks exceeds the amount for the time being owing under the contract, by application or notice to the other in writing, require that the contract be kept to the market price by payment to the Secretary of the Exchange of the difference between the contract price and the market price. Notification of such application or notice shall be forthwith lodged with the Secretary. Any written notice may be served on application made by delivering the same to the other party personally, or by leaving the same at his registered address or left as aforesaid. No such application shall be made, or notice served on Wednesdays or Exchange holidays, or after 1 o’clock in the afternoon of any week-day. Whenever any such application shall have been made, or any such notice shall have been duly served as aforesaid, the person to whom such application shall have been made, or upon whom such notice shall have been served, shall, before 2.30 p.m. on the same day, pay the Secretary of the Exchange a sum equal to the difference between the market price of the shares or stock at the time of such application or service and the amount then owing under the contract; such payments to be made in cash or marked cheque if so demanded. The amount so paid shall be held by the Secretary upon and subject to the following trusts and conditions, viz.:

(1.) If the amount has been paid by the seller, and before the date fixed for completion of the contract the market price of the shares or stock falls to the contract price, then such amount shall be paid to the seller if demanded.

(2.) If the amount has been paid by the buyer, and before the date fixed for completion the market price of the shares or stock rises to the contract price, then such amount shall be repaid to the buyer if demanded.

(3.) The said amount shall in any case be repaid to the party paying the same, at the written request of the other party.

(4.) The said amount shall be repaid to the party paying the same on the Secretary being satisfied that the contract has been completed.

(5.) If the party who has paid such amount shall fail to complete the contract, then the said amount shall be applied in the first place in paying to the other party the amount which the defaulting party is liable to pay to him or hereinafter provided, and the balance (if any) shall be applied firstly in paying the brokerage payable to the Chairman as hereinafter mentioned, and secondly towards the payment of any fine or fines inflicted upon the defaulter.

Provided always that the seller may, in lieu of paying to the Secretary of the Exchange the difference between the market price and the amount owing under the contract, deposit the shares or stock in manner hereinafter mentioned. When any shares or stock are deposited under the provisions of this rule such charge or stock shall be deposited with the Secretary of the Stock Exchange, or with such other person or persons as may be mutually agreed upon by the parties to be held by the Secretary, or other person or persons pending the due completion of the contract. On payment of the amount payable under the contract the shares or stock shall be delivered to the buyer, but if the buyer shall make default in such payment such shares or stock shall be returned to the seller.

In this rule, unless otherwise expressed, the “market price” shall mean the market price of the shares or stock at the time when application is made, or the notice is served as aforesaid, as the case may be. All disputes as to the market price shall be decided by reference to the Chairman of the Exchange, or, in his absence, to any member of the Committee who may be available and mutually agreed upon, whose decision shall be final, conclusive, and binding on all parties.

If default shall be made by the buyer in complying in manner aforesaid with any such application or notice as aforesaid, or in completing the purchase at the time fixed by the contract, the seller may in either or any case forthwith, at his option, either cancel the contract or sell out the shares or stock through the Chairman, and the purchaser shall forthwith pay to the seller the difference between the contract price and the net proceeds from the sale. If default shall be made by the seller in complying with any such application or notice as aforesaid, or in completing the purchase at the time fixed by the contractor, the buyer may, in either or any such case, forthwith, at his option, either cancel the contract or buy at the risk of the seller through the Chairman, and the seller shall forthwith pay to the buyer the difference between the contract price and the gross amount paid by the buyer. The Chairman shall charge the usual rates of brokerage on all such sales as aforesaid, the amount in each case to be paid by the defaulting party.

DIVIDENDS.

99. Transactions in shares shall be with dividend until the day the dividend is payable. When transfers are delivered subsequent to the declaration of a 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 holders; but when no reasonable time is afforded to the buyer to register the shares in his own name, then the seller shall be responsible for the dividend.

100. Dividends payable between the date of sale and the maturity of time-bargains shall accrue to the buyer, and shall be accounted for at the time of settlement of the bargain.

101. Accrued interest on debentures up to and including the day of sale, in addition to the price, shall belong to the seller.

CALLS.

102. All calls made prior to time of sale shall be paid by the seller before delivery. Calls made between the date of sale and maturity of time-bargains shall be paid by the buyer to the seller at the time of settlement of bargain.

TIME-BARGAINS.

103. Unless otherwise agreed, neither party to a time-bargain shall be entitled to call upon the other party to complete until the day fixed for completion.

104. Time-bargains, the day for completion of which shall fall on a Sunday or Exchange holiday, shall not be completed until the business day next following.

NEW SHARES.

105. In the event of new shares being created and offered to the shareholders in any company during the currency of a time-bargain, or pending delivery of shares in time for the buyer to complete transfer to enable him to secure such new shares himself, the buyer, if desirous of receiving his proportion of such new shares, shall request the seller in writing, accompanied by the necessary funds, to secure them, and the seller, on receipt of such request, shall secure them, but the seller may elect to deliver such documents as will enable the buyer to secure the new shares.

106. When a transaction is in shares on a London register, the responsibility of the seller shall cease if he shall have taken every practicable course to secure the new shares; and, further, the seller shall be relieved of all responsibility if the circumstances place him in no better position than the buyer to secure the new shares, in which case the seller may, on receipt of a written request from the buyer to protect his rights, notify the buyer in writing of such circumstances, and the buyer on receipt of such notification shall protect his own interests.

NON-MEMBERS.—FAILURE TO MEET ENGAGEMENTS.

107. Non-members shall pay for all stocks or shares purchased on their account before 2 o’clock on the day following the purchase, unless an agreement be made in writing to the contrary.