MAY 12.] THE NEW ZEALAND GAZETTE. 1271

bound in all respects by the Rules of this Association as amended
from time to time in the same manner as if the same were incor-
porated in the Rules of each affiliated Exchange, and shall take
all proper steps to have the same approved in accordance with
the Sharebrokers Act, 1908.

125. In addition and without affecting the Rule next pre-
     ceding each affiliated Exchange shall—

(a) At all times (saving only the necessary time required to
fill vacancies) maintain all proper officers to carry out the
functions appointed by these Rules to be carried out by officers
of an affiliated Exchange.

(b) Provide rules whereby such Exchange is authorized to
fine, suspend, or expel any of its members.

(c) Provide rules whereby it is authorized and empowered to
carry out any of the powers provided by the Rules referred to in
Subparagraph (b) hereof at the direction of this Association.

(d) Provide Rules whereby it shall carry out as against its
members any decision, award, or ruling (whether involving a
penalty or not) of this Association whether given on appeal or
otherwise in accordance with these Rules.

(e) Nothing in this Rule shall be read and construed as
affecting the rights and powers of an affiliated Exchange (sub-
ject always to appeal to the Association in accordance with these
Rules) to deal with its members by way of fine, suspension, or
expulsion in accordance with its rules.

(f) For the purpose only of implementing the powers of this
Association it shall when necessary be deemed to exercise its
functions as agent of any affiliated Exchange in any case where
an affiliated Exchange has any powers not possessed by this
Association otherwise than by virtue of this rule.

126. In all matters affecting the interests of the client of any
     member of an affiliated Exchange, such member shall be subject
     to the control of his Exchange, and subject to the control of this
     Association in accordance with these rules: Provided that
     nothing in this rule shall be read as conferring or attempting to
     confer power to derogate from such client’s legal rights.

127. Where any dispute arises or complaint or charge is being
     investigated, or any decision is to be made as to which or any of
     which these rules are silent, then such decision, complaint, or
     charge shall be dealt with and decision made in accordance with
     good stockbroking practice, and where such exists in accordance
     with the established custom in New Zealand. The transaction
     out of which such dispute, complaint, or charge arises or in
     respect of which a decision is made shall be deemed to be a
     transaction to which these rules apply. The Committee shall be
     the sole judge as to the existence and terms of an established
     custom in accordance with this rule, and the sole judge as to
     what is good stockbroking practice in accordance with this rule,
     and where any ambiguity arises as to the meaning and effect of
     these rules the sole judge as to the interpretation of these rules.

SAVING CLAUSE.

128. Nothing in these regulations shall apply to any trans-
     action in progress at the time of the coming into operation
     thereof; but the said transaction shall be completed as if these
     regulations had not been made.