MAY 28.] THE NEW ZEALAND GAZETTE. 1787

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.

Official and special holidays.

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.

Members leaving during a meeting must get permission.

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.

No messages to be sent out during meetings.

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

QUOTATIONS.

Procedure to be observed at official meetings.

77. At the official meetings the prices made shall be bind-
    ing 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.

Minimum quotations.

78. In offering to buy or sell at the meetings of the Ex-
    change the minimum number of shares in mining companies
    in each case shall be :-
    Up to ls. in value .. .. .. 300 shares.
    Over Is. to 2s. 6d. .. .. .. 200 ,,
    Over 2s. 6d. to 5s. .. .. .. 100 ,,
    Over 5s. .. .. .. 50 shares or £50 worth.
    The minimum quotation of shares in investment companies
    shall be 100 shares, or £100 worth.

No sales on 'Change, or reported sale of Government in-
scribed stock, bonds, or debentures free of income-tax, shall
be officially quoted unless the sale is of a parcel of £500 or
over; but in the case of such stocks, bonds, or debentures
not free of tax sales of £200 or over may be officially quoted.

Highest declared buyer to have priority.

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.

Lowest declared seller to have priority.

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.

Reporting sales.

81. No sales shall be quoted on 'Change except those which
    are made between members of this or any affiliated Exchange,
    and any sale must be quoted not later than the next succeed-
    ing call, and only on the day that the sale is made; but sales
    made after the last call of the day may be reported up to
    5 p.m. to the Secretary of the Exchange for publication.

Quotations challenged.

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.

Official list.

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

Private lists. Publishing information. Advertising. Auctions.

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.

Any member who desires to issue a general circular-i.e., a
circular to persons not his own clients, wherever located-
shall first have the same approved by the Committee; and
if he desires that the circular be distributed outside the terri-
tory of the Exchange, the permission of the Committee of
the other Metropolitan Exchanges shall be first obtained by
the Exchange.

Terms and conditions of admission of companies to quotation.

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.

Register of all sales at official meetings to be kept. Contract notes in
mining transactions.

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 transactions
    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.

INVOLABILITY OF CONTRACT.

Members' contracts.

87. In contracts between members for the sale and pur-
    chase of shares and stocks they shall be held to be principals
    to each other unless a written arrangement to the contrary
    be made between buying and selling broker at the time of
    the contract being made.

DELIVERY AND SETTLEMENT.

Time allowed for delivery of documents.

88. When sales are effected, the selling member must
    deliver the documents within ten days from twelve 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 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.

Payment of documents.

89. Purchasers shall not be required to take delivery of
    and pay for documents until the day following the sale. All
    documents must be delivered before 11 o'clock on Saturdays
    and 1 o'clock on other days, otherwise it shall not be incum-
    bent on purchasers to pay for same until the following day.

Failure of payment.

90. Sellers shall have the right to require the purchase-
    money to be paid in cash or by marked cheque at the time
    and place of delivery of documents. In case of failure of
    payment by the buyer the vendor may, within one day of
    default of settlement or on any future day, either cancel the
    transaction or sell at the buyer's risk, through the Chairman
    of the Exchange, the securities involved, and the defaulting
    member shall forthwith pay to the vendor any difference
    between the original purchase-money and the net proceeds
    of the securities resold.

Limit of time for tender of documents.

91. If delivery of documents has not been made within the
    time specified in Rule 88, and the buyer has not cancelled
    the purchase or bought at the risk of the seller as therein
    provided, and the seller shall tender delivery of documents
    after the expiration of six weeks from the date of the sale,
    the buyer shall not be bound or compellable to accept de-
    livery of such documents unless some special agreement in
    writing has been entered into between the buyer and the
    seller in respect of such delivery.