taken in the same manner as provided in rule 46 and upon
such special terms as to the entrance fee or otherwise as the
Exchange may fix in general meeting.

73. The Committee in dividing amongst members who are
    creditors of a former or deceased member such funds as are
    available for distribution whether on the sale or forfeiture
    of a membership interest or otherwise howsoever shall not
    necessarily distribute the same pro rata but may in their
    discretion give preference either wholly or in part to claims
    of recent date over claims of longer standing which were
    not divulged to the Committee at the time they arose and in
    any case claims that do not arise from transactions under
    the rules, shall not be recognised by the Committee until all
    claims that have arisen from transactions under the rules
    shall have been satisfied.

Clerks

74. The Committee may at the request of a member or a
    firm grant permission to a clerk in the service of such member
    or firm to attend the trading meetings of the Exchange for
    the purpose of making quotations or purchasing or selling
    shares on behalf of such member or firm for such other
    purposes as the Committee fixes from time to time and may
    at any time of its own accord and shall at the request of
    such member or firm withdraw or cancel such permission.
    While such permission submits, such clerk shall be deemed
    for the purposes of these rules to be an authorised clerk of
    the member or firm in whose service he is.

75. An authorised clerk while in attendance at a trading
    or other meeting shall subject as hereinafter provided in these
    rules, be deemed to be the agent for all the purposes mentioned in rule 74 of the member or firm in whose service he
    is and such member or firm shall be responsible for all the
    transactions of such clerk.

76. A clerk shall not be eligible for admission unless he be
    at least eighteen (18) years of age.

77. A clerk shall not buy or sell time-bargains or deal except
    in cash transactions unless he shall have written authority
    to do so from his employer such authority to be lodged with
    the Chairman and all his dealings shall be on account of his
    employer.

78. A member may by a letter addressed to the Secretary
    withdraw the authority for his clerk to act but his responsibility shall continue until such withdrawal shall have been
    notified to the members at a trading meeting or by written
    notice from the Secretary.

Commission

79. The rates of brokerage shall be those fixed or adopted
    from time to time by the Stock Exchange Association of
    New Zealand.

Trading Meetings

80. The trading meetings of official call meetings of the
    Exchange shall be the meetings of members, held at such
    place and times as the members shall appoint, at which the
    business shall be to make prices, effect sales, receive and
    record quotations and to carry on such other businesses as
    the Committee may authorise from time to time. The quorum
    for a trading meeting shall consist of representatives of one-quarter of the member firms of the Exchange. Such representative may be a member or an approved partner or an
    authorised clerk of the member firm. Each member who
    carries on business individually and each partnership of
    members or approved partners shall be considered a
    separate member firm for the purpose of this rule. Trading
    meetings shall be presided over by the Chairman or in his
    absence by the Vice-Chairman or should either be absent
    or not wish to preside then by such Committee member or
    member or employee of the Exchange as may be appointed
    from time to time by the Chairman.

81. The Chairman or other presiding officer of a trading
    meeting in regulating the order and manner in which the
    business of the meeting is conducted may from time to time
    give rulings as to the customary practice or usage of the
    Exchange in relation to maintaining quotations, priority of
    buyers and sellers, reopening business in a particular stock,
    and as to all other matters necessary for the orderly and
    expeditious conduct of the meeting. The ruling of the Chairman or of another presiding officer if confirmed by the
    Chairman shall be final and shall supersede any previous
    ruling given on the same point until any other ruling is
    given by a general meeting of the Exchange.

82. Save as the Committee may otherwise provide by regulation time bargains shall not be made at a trading meeting
    except at the conclusion of the ordinary business. Unless the
    Chairman otherwise rules any member may then at the con-

closion of the meeting name any stock or shares in which
he wishes to make a time quotation and such stock or shares
shall then be called for time transactions only.

83. If any report of a sale be challenged the Chairman
    shall as soon as practicable take steps to satisfy himself as
    to the bona fides of the report by examination of the books,
    papers, or office records of the member or in such other
    manner as the Chairman deems appropriate. The Chairman
    shall report the result of his investigation either to the
    Committee in the first instance or to a trading meeting or
    general meeting of the Exchange as he deems appropriate.
    Any member refusing an inspection of his books, papers,
    or office records shall have committed a breach of these
    rules. The refusal shall be reported by the Chairman forthwith to the Committee and the Committee may treat such
    refusal as evidence of the member being guilty of making
    a false quotation and engaging in conduct unworthy of a
    member.

84. The general conduct of trading meetings shall be
    subject to the control of the Committee which having regard
    to changes in stockbroking practice may from time to time
    make and promulgate regulations dealing with the conduct
    and mode of operation of trading meetings and the business
    to be transacted at such meetings and such regulations upon
    adoption by a special resolution of members shall bind all
    members and a breach of the regulations, if not otherwise
    dealt with under the rules, shall carry a penalty of up to $50.

Contracts

85. In contracts between members for the sale and purchase 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.

Non-members

86. Should the purchaser other than a member fail to
    pay when due the amount owing by him to a member for
    shares purchased on his account by the member then the
    member shall be at liberty at any time thereafter and without any special notice to the non-member to sell such shares
    through the Chairman or with his authority and all damages
    or expenses which the member may sustain consequent upon
    such resale shall be recoverable from the defaulting purchaser. If the member considers special circumstances justify
    the course he may with the consent of the Chairman or
    Vice-Chairman, send notice by telegram to the purchaser
    addressed to his last known address giving notice of the
    purchase of the shares and the amount due, and failing
    payment within 48 hours of the dispatch of the telegram
    the purchaser shall be deemed to have made default in payment of the amount due and the shares may be sold as
    provided herein.

87. In the event of any person other than a member failing to meet any engagement with a member of the Exchange
    the member may report such matter to the Committee. The
    Committee shall inquire into the case and if satisfied that
    a default has taken place the Committee may notify the
    name of the defaulter to members in such manner as the
    Committee deems desirable.

88. It shall not be incumbent upon a Committee to entertain any complaint or charge submitted by a non-member
    against a member unless such member shall have been employed by the complainant and in that or any other case
    in which a non-member desires the intervention of the local
    committee, he shall previously to the case being heard submit a statement in writing of such complaint.

Country Members

89. Any person carrying on business at a distance of not
    less than 20 miles from the building where the Exchange is
    for the time being transacting its business but closer to such
    building than to the similar buildings of any other metropolitan member exchanges of the Association may be elected
    a country member by the Exchange in the manner hereinafter
    provided by these rules. A country member shall pay the
    entrance fee fixed by the committee of the Exchange and
    also the annual subscription payable in advance to the
    Exchange. The annual subscription shall be such sum as
    may be fixed from time to time by resolution of the Exchange.
    Country members shall have the privilege of doing business
    with any member of any exchange affiliated to the Association
    but shall not be entitled to attend the trading or general
    meetings of the Exchange, except as a guest and shall not
    be entitled to vote or hold office or take part in the control
    or management of the Exchange. Such portion of these rules
    as deal with membership, management, and general meetings of the Exchange, election of members, interest in and
    transfer of membership, subscriptions and funds of the
    Exchange, being more particularly rules 3 to 63 both inclusive