May 28.] THE NEW ZEALAND GAZETTE. 1785

Form of application for admission.
Christchurch, . 19 .

To the Secretary of the Christchurch Stock Exchange.

SIR,—I am desirous of being admitted a member of the Christchurch 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., . . . . . . . . . . . .

Election of candidates.

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-fourth of the total 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.

Delegation.

41. Any member in partnership with another person or persons may during his absence from Christchurch or whilst ill delegate to any such partner all or any of his rights under these rules, provided such partner 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 Such approval may be withdrawn at any time by the Committee without assigning any reason for such withdrawal.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 delegate in the same way as the delegating member would be responsible were such acts or defaults committed by such member. No member shall enter into or be in active partnership with any person other than a member, unless such partner shall have been approved by the Committee.

Members to sign the rules.

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.

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.

Members to have interest in their 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.

Members may transfer membership.

45. Any member may propose a candidate for membership in his stead, provided he at the time of such proposal lodges 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 thereafter 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.

Resignation must be accepted by Committee.

47. The resignation of a member who shall not at the time of lodging such resignation propose a candidate for membership in his stead shall not take effect unless it be accepted by the Committee.

Deceased member.

48. The executors or administrators of any deceased member shall have the same privilege as that possessed by a resigning member of nominating a candidate, who may be proposed for membership in the place of the deceased member.

49. On transfer of a membership under Rules 45, 46, or 48 notification of same shall be made in the following form :—

Form of notice of transfer of membership.
Christchurch, , 19 .

To the Secretary of the Christchurch Stock Exchange.

SIR,—I [or We], the undersigned , do hereby notify to you that I [or We] have sold my membership [or

the membership of the late ] in the Christchurch Stock Exchange to , of , for the sum of £ , and that it is my [or our] intention to propose [or have proposed] the said for membership in my stead [or the stead of the said ].

I am, &c., . . . . . . . . . . . .

Form of notice of purchase of membership.

SIR,—Referring to the above notice I, the said , have purchased the above membership for the sum of £ , and am desirous of being admitted a member of the Christchurch 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 amount of entrance fee payable by me.

I am, &c., . . . . . . . . . . . .

Entrance fee of members by purchase.

50. On transfer of a membership 25 per cent. of the gross sum which the transferee shall have paid or agreed to pay for the said membership shall be paid to the Exchange as the entrance fee of the said transferee; but in no case shall the amount of the fee be less than £20, and the transferee shall not be eligible for election until the said fee be paid. In the event of his rejection the said fee so paid shall be returned to him. The Committee may require from any or all of the parties concerned such evidence as they may deem necessary as to the price paid for the membership, and may further require, if they think fit, the whole of the consideration money to be passed through the hands of the Treasurer.

All claims against members to be paid before election of nominee.

51. The election of any candidate for admission to membership by virtue of this purchase of a membership from a member or the executors or administrators of a deceased member shall not be proceeded with until all claims which the Exchange or any member or members thereof may, under these rules, have or have had against the said member or deceased member shall have been satisfied.

Committee may sell membership of a late member who is indebted to Exchange or any member of it.

52. At any time after the resignation, retirement, or death of any member who is indebted to the Exchange, or to any member or members thereof, the Committee may sell and transfer the membership of the said late member, subject to the purchaser being duly elected. The Committee shall apply the proceeds in the first place in payment of the amount due to the Exchange for the purchaser’s transfer fee, and of any subscription, fine, or other liability owing by the late member; in the second place, in payment of the claims or the indemnification of any member or members who may at the time of such resignation, retirement, or death be creditors of the said member; and, lastly, in payment of the balance (if any) to the resigning or retiring member, or the executors or administrators of the deceased member, as the case may be. Committee’s power of transfer to supersede all other rights of transfer.

53. The exercise by the Committee of the power contained in the preceding rule shall supersede all other rights of transfer of membership.

FORFEITURE AND DISPOSAL OF INTEREST IN MEMBERSHIP.

A member expelled to forfeit membership, which Committee may sell and transfer.

54. Any member expelled from the Exchange shall forfeit to the Exchange all interest whatsoever in his membership, and shall cease to have any claim whatever on or to the property or funds of the Exchange, and the Committee may, at their discretion, sell and transfer such forfeited membership subject to the purchaser being duly elected.

55. The Committee shall apply the proceeds in the first place in payment of the amount due to the Exchange for the purchaser’s transfer fee, and of any subscription, fine, or other liability owing by the late member; in the second place, in payment of the claims or the indemnification of any member or members who may at the time of such expulsion be creditors of the said member, and the balance (if any) shall be disposed of as provided by Rule 52.

On the sale of a membership under Rules 52 or 54 the purchaser shall apply for admission in the following form :—

Form of application for admission on purchase of membership from Committee.
Christchurch, , 19 .

To the Secretary of the Christchurch Stock Exchange.

SIR,—Having purchased from the Committee of the Christchurch Stock Exchange the membership of , for the sum of £ , I am desirous of being admitted a member of the Christchurch Stock Exchange, upon the terms of and under and subject in all respects to its rules and regulations