334

THE NEW ZEALAND GAZETTE.

[No. 12

Members to sign Rules.

53. Every member and country member shall sign a copy of the rules, and he shall not be entitled to the privileges of membership until he has done so.

RIGHTS AND PRIVILEGES OF MEMBERS.

Personal.

54. 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.

55. 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.

56. Any member may propose a candidate for membership in his stead or may submit such a proposal by another member 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 propose or have proposed another candidate until a candidate shall have been elected. Pending the election of a candidate in his stead, the member shall retain his membership and all the privileges thereof; but as soon as a candidate proposed in his stead shall have been elected, the resignation of such member shall take effect.

57. When a member notifies the committee in writing at any time that he desires to dispose of his seat, it shall not be competent for the Exchange to create a new seat until the seat of such member has been disposed of. This rule, however, shall not be binding on the Exchange if the price the member is asking for his seat is more than the nominal value of the seat for the time being as determined by the the members under Rule 43.

Seat of a Deceased Member Transferable.

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

Form of Notice of Transfer of Membership.

59. On transfer of a membership under Rules 56 and 58, notification of same shall be made in the following form:—

Wellington, . . . . . . . , 19. .

To the Secretary of the Wellington Stock Exchange.

Sir,—

I (or We) the undersigned, do hereby notify you that I (or We) have sold my membership (or the membership of the late . . . . . . .) in the Wellington Stock Exchange to . . . . . . . of . . . . . . . for the sum of £ . . . . . . . subject to his election, 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 late . . . . . . .).

I am (We are), &c.,

. . . . . . . . . . . . . . . . . . . . .

Sir,—

Referring to the notice above, I, the said . . . . . . . have purchased the above membership for the sum of £ . . . . , subject to my election, and am desirous of being admitted a member of the Wellington 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 and the rules of the association and am willing to sign them when called upon so to do.

I am a British-born subject, having been born at . . . . . . . , or I am a British subject by naturalization, having been naturalized in New Zealand on . . . . . . . .

I undertake to abide by the result of the ballot and not to bring any action or process of law to enforce election.

Enclosed I beg to hand you cheque for £ . . . . . . . being the amount of purchase price payable by me.

I am, &c.,

. . . . . . . . . . . . . . . . . . . . .

Proposed by : . . . . . . .
Seconded by : . . . . . . .