1260
THE NEW ZEALAND GAZETTE.
[No. 38

or the Local Committee, shall not be entitled to vote by proxy
or otherwise, or to hold or use proxy votes upon any resolution
in which such complaint or charge is being dealt with.

COMMISSIONS AND CHARGES.

Rates.
46. The rates of brokerage for the whole of the affiliated
Exchanges shall be:—

Brokerage.

On New Zealand Government Debentures—½ per cent. on face
value.

On Debentures of other Governments and on Debentures of
Local Bodies—½ per cent. on face value.

On all other Debentures—1 per cent. on face value.

On Company Bonds (not secured Debentures)—1¼ per cent. on
face value.

On New Zealand Government Post Office Certificates—1 per cent.
on consideration money.

On all shares up to 6d.—¼d. per share.

On all shares over 6d. to 1s. 6d.—½d. per share.

On all shares over 1s. 6d. to 3s. 4d.—1d. per share.

On all shares over 3s. 4d. to 6d. 8d.—1½d. per share.

On all shares over 6s. 8d. to 13s. 4d.—2d. per share.

On all shares over 13s. 4d.—1½ per cent.

On Syndicate shares—2½ per cent.

On Rights to new issues—

To Sellers: Rates as above on price of rights.

To Buyers: Rates as above on the prices of rights, plus the
full amount of Calls notified by the Company at the
time of the issue of rights.

Half the rate of commission shall be charged on N.Z. Govern-
ment or Local Body Loans or Company Debentures on all trans-
actions when date of maturity is within twelve months of date
of sale.

Minimum charge, 5s. on any transaction.

Buyers pay stamp duty and transfer fees.

The above rates in respect of sales of Shares and of Debentures
already issued are in all cases chargeable to both buyer and seller.

A Double Commission shall be charged to both buyers and
sellers on sales of shares of all Companies not listed on an
Exchange affiliated to the Stock Exchange Association of New
Zealand, or on any recognized Exchange.

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

[N.B.—On 14th March, 1932, the four Metropolitan Exchanges
unanimously decided that in order to meet conditions which
had then arisen the operation of this rule be suspended until
the next Annual General Meeting of the Association, and that
on and after 15th March, 1932, accrued interest be not taken
into account on settlement.]

Accrued
interest on
debentures.

Debenture tax.
48. In all dealings in debentures, subject to Debenture Tax,
no adjustment shall be made in respect of such tax.

Special charges
for new
flotations.
49. A special charge in excess of the above rates may be
made according to the circumstances of the case for the negotia-
tion of new flotations and of issues of new or reserve shares (in
which cases the vendor or issuing company alone is to be charged)
or of shares or securities not on the official list.

Power to forbid
certain business.
50. The Association may by resolution notify the Exchanges
forbidding business on any terms by all members with a par-
ticular person, firm, or Company, or in some particular shares,
stock, or debentures, should they deem such action to be for the
general good, or may, on the request of any affiliated Exchange,
impose a higher rate of brokerage than prescribed in Rule 46 on
any such shares, stock, or debentures, and such rate shall be
binding upon members of all affiliated Exchanges in the same
manner as if it formed part of Rule 46.

Dividing
commission.
51. No Broker shall divide any commission earned as Broker
with any person not a member of an Exchange, save in the case
of new issues of stocks and Debentures. Nothing in this Rule
shall be construed as permitting a Broker to reduce his com-
mission to the person from whom he earns that commission.

Seller pays
Exchange.
52. Exchange on transactions between brokers shall be paid
by the selling broker.

Broker doing
business with
another Broker.
53. No member of an Exchange shall do business for or
with any broker or other person in New Zealand (other than
a member of an affiliated Exchange) at net prices, or at less than
the rates of commission specified in Rule 46.