MAY 12.] THE NEW ZEALAND GAZETTE. 1265

in the same transaction, and a particular account of the securities
in respect of which any Broker is named, and a like duty shall
fall upon the Secretary of the Exchange where a member of such
Exchange has been named in succession.

(f) Where any Broker is named and fails to name any other Chairman
Broker, or fails to name any other Broker as to part of the
securities in respect of which he is named, the Chairman of such
Broker’s Exchange may buy against such Broker the securities
in respect of which he is named or the part thereof in respect of
which the Broker has failed to name any other Broker.

(g) If such Chairman buys as aforesaid he shall deliver to Delivery.
the Chairman of the ultimate buyer’s Exchange the securities
so purchased upon receipt of the amount for which the ultimate
buyer bought, and in the case where the ultimate buyer is a
member of the first-mentioned Chairman’s Exchange the Chair-
man shall deliver to the ultimate buyer upon receipt of the moneys
as aforesaid.

(h) Upon receipt of the moneys as aforesaid the Chairman Settlement.
receiving the same shall, as far as they will extend, use the same
in adjustment of the differences. For this purpose such Chair-
man shall obtain and shall be entitled to demand the necessary
information from any Exchange of which members are concerned
in the transaction. All moneys available from time to time shall
be distributed rateably to those members thereto entitled.

(i) If the moneys received are deficient for this purpose the Deficiency.
Chairman shall demand from the seller ultimately named the
deficiency, and to the extent to which moneys are so recovered
distribute the same to adjust the difference between Brokers
connected with the transaction.

(j) Any surplus after adjustment of differences and payment Surplus.
of the Chairman’s expenses in connection with the transaction
shall be the property of the seller ultimately named.

(k) The Chairman purchasing securities as aforesaid may Buying in.
purchase in one or more lots at such time or times as he thinks fit. separate lots.

(l) Nothing in this Rule shall relieve any member from the No relief of
liability to the member with whom he has immediately con-
tracted save in so far as such liability is satisfied by the adjust-
ment of differences and save as provided in paragraph (o) hereof.

(m) If the ultimate seller has delivered before the Chairman Delivery before
has bought in in accordance with this Rule and the Chairman Chairman buys.
has had notice thereof, the Chairman shall not proceed further
in accordance with this Rule in whole or in part, then the ultimate
seller shall not be entitled to deliver save to the extent that the
Chairman has not bought in.

(n) If the Chairman required to buy in by this rule has not Time limit.
bought in at the expiration of ten days from the date first upon
which he is to buy in, the ultimate buyer may require the
President of the Association to fix a cash price as the basis for
settlement of the transaction. In such case such Chairman, in
accordance with these Rules entitled, shall adjust the transaction
between all parties thereto with moneys demanded from the
original seller for that purpose in a like manner to the adjust-
ment where such Chairman actually buys in under this Rule :
Provided that the President shall not be required to or empowered
to fix a price as aforesaid if the said Chairman reports that the
seller is in default. A seller shall be deemed to be in default Defaulter.
if the said Chairman is of opinion that the seller is not sufficiently
financial to recoup the Chairman forthwith for loss upon shares
which such Chairman is required to buy in.

(o) Where the said Chairman notifies that the original seller Transaction
cancelled.
is in default, he shall cancel the transaction in relation to the
securities in respect of which such seller is so declared in default,
which cancellation shall be operative as between all members in
the transaction and shall be endorsed by all the affiliated
Exchanges whose members are concerned.

81. The seller shall deliver separate transfers supported by When separate
    scrip representing the total number of shares in the sale where transfer must be
    delivered.
    the buyer, at the time of supplying the transferee’s name in
    accordance with these Rules, supplies separate names with the
    amount to be transferred to each, and also where (in the case
    where no name is required) the buyer requests at the time of

D