shall not apply to country members unless otherwise specifically
stated in any particular rule, but save for any specific exemp-
tion granted in the rules a country member shall be subject to
and shall sign the rules of the Exchange.

90. Every candidate for country membership shall be
    proposed by a member and seconded by another member and
    his name shall be submitted to the Committee with such
    information as to his integrity, suitability, and financial
    standing as the Committee may require. The name of the
    candidate shall thereupon be put forward for election at a
    general meeting in the same manner as is prescribed in
    respect to the election of members. At its discretion, in lieu
    of submitting the name of the candidate to a general meeting,
    the Committee may give written notice to members, in the
    same manner as is provided for notices of general meeting,
    of the intention to accept the applicant for election at the
    expiration of 14 days from the date of the notice. During the
    14 days any member may request that the name of the
    applicant be put before a general meeting for election, but if
    no such request is made the Committee may at the expiration
    of the period of 14 days declare the applicant elected as a
    country member. No rejected candidate shall be again
    proposed within 6 months of his rejection. Application for
    admission to country membership shall be in the following
    form;

To the Secretary of the Auckland Stock Exchange
Sir,

I am desirous of being admitted as a country member
by the Auckland Stock Exchange upon the terms of, 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 at this date and am willing to
sign them when called upon so to do.

I am, etc.,
Title of firm:
Names of Partners:
Proposed by:
Seconded by:

91. Upon election and after signing the rules a country mem-
    ber shall receive a Certificate of Membership executed under
    the official Seal of the Exchange but such certificate shall at all
    times remain the property of the Exchange and the Com-
    mittee shall be at liberty at any time to call for and compel
    its production and delivery. Any person ceasing to be a
    country member shall upon application by the Committee or
    by the Secretary return his Certificate of Membership for
    cancellation.

92. An applicant for country membership shall furnish with
    his application a written statement setting forth the full
    names of each and every partner with whom he carries on
    business and this information shall be furnished to members
    of the Exchange before the applicant is considered for final
    election. The applicant shall also supply such other informa-
    tion as to the integrity or financial standing of the partners
    with whom he carries on business as the Committee may
    require. All the incoming partners of any firm of which one
    of the members thereof is a country member of the Exchange
    shall be notified to the Committee of the Exchange for
    approval on the formation of the partnership. If the Com-
    mittee do not approve of an incoming partner the question of
    approval shall at the request of the country member be
    referred to a general meeting of members for decision. In the
    event of any partner not being approved by the Committee
    or by the general meeting the Committee by notice in writing
    shall call upon the country member to dissolve partnership
    within 1 month with the partner who did not receive approval.
    If within one month of the date of such notice the country
    member has not dissolved such partnership he shall be
    deemed to have retired from the Exchange and the Com-
    mittee shall announce to the members that he has so retired,
    and his name shall be erased from the list of country mem-
    bers. The approval by the Exchange of the partners of any
    such firm shall continue for so long only as the country
    member through whom they have been so approved remains
    a country member of the Exchange and their partnership
    with him whilst he is a country member is undissolved.

93. All country members must apply for re-election not
    later than 1 November in each year or such other annual
    date as the Exchange may fix by resolution and be re-elected
    annually. Application shall be in writing and shall include
    the signatures of two members as proposer and seconder.
    Any application of a country member for re-election which
    does not reach the Secretary by 1 November or other fixed
    annual date in any year shall not be submitted to members
    unless the Committee directs otherwise but the country

member shall be entitled to make a fresh application for
admission to membership in all respects as if it were an original
application including the payment of an entrance fee. Re-
election of country members shall take place at the annual
general meeting or at such special general meeting as the Com-
mittee may fix and any country member who has failed to
secure re-election by the conclusion of such general meeting
shall cease to be a country member from the conclusion of
the meeting.

94. Country members who resign or cease to be members
    from any cause whatever or persons claiming through them
    or the executors or administrators of any deceased country
    member shall have no claim upon or interest in the assets
    of the Exchange and a country member shall not be entitled
    to assign his membership or propose a candidate for member-
    ship in his stead.

Employees Trading

95. A member shall not buy or sell shares for anyone
    employed in another member's office.

Disputes

96. Where any dispute between members with reference to
    stockbroking transactions or other transactions to which
    these rules apply is brought under or referred to the con-
    sideration of the Committee the decision of the Committee
    shall be final and binding and shall be carried out forthwith
    by the member or members concerned. In giving a decision on
    a dispute between members the Committee may order that
    reasonable costs of the hearing of the dispute should be paid
    by any one or more of the members involved and may require
    the deposit of up to $40 for hearing costs at the time a dispute
    is referred to the Committee.

97. It shall be a condition, precedent to the commencement
    of any action by a member against any other member upon
    any matter arising out of any transaction of stockbroking or
    out of any transaction to which these rules apply, that the
    dispute shall be first determined in the manner provided by
    these rules and thereafter action shall be commenced only
    for the enforcement of the decision given under these rules
    and then only after the member sued shall have after 14
    days' notice in writing refused or neglected to carry out such
    decision. In any action as aforesaid no member shall dispute
    the correctness of such decision or award, or the fact that it
    was given in accordance with these rules.

Complaints and Charges

98. A complaint or charge may be made to the Committee
    in respect of any alleged breach of these rules, or alleged
    professional misconduct, or any act or matter alleged to be
    detrimental to the well being or proper conduct of the
    Exchange or the Association, and may be made by any
    Exchange member or by a member of another Exchange or
    subject to rule 88 by a non-member.

99. Members and their clerks when required so to do by
    the Committee shall attend any meeting of the Committee
    and then and there shall give such information as may be in
    their possession relative to any matter under investigation. In
    the event of a complaint or charge being made which in their
    opinion justifies such procedure the Committee shall have full
    power to call upon any member to produce for the inspection
    of the Committee or an Inspector appointed by them or to
    make available at the member's office for such inspection all
    books, letters, telegrams, and office records or other docu-
    ments or copies thereof as the member may have in his
    possession or control as the Committee may direct and the
    member shall forthwith produce such documents or make
    them available for inspection as the case may be.

100. The Committee shall take cognisance of all violations
     of these rules, and of the rules of the Stock Exchange Associa-
     tion of New Zealand whether in letter or spirit and the
     Committee shall have the power to reprimand, to fine, to
     suspend from membership, and to recommend the expulsion
     of any member found by it to be guilty of such violation or
     of failure to comply with any of the decisions of or regula-
     tions made by the Committee or the Association, or of
     conduct which in the opinion of the Committee is unworthy
     of a member. Should the Committee decide to recommend
     a member's expulsion it shall report accordingly to the
     members at a Special General Meeting called for that
     purpose. It shall be competent for the Special General Meet-
     ing to confirm or vary the Committee's recommendation to
     expel the offender and the meeting may resolve to deal with
     the offending member by reprimand, fine, or suspension.
     Unless the meeting otherwise resolves, the decision shall be
     taken by secret ballot. The decision of the meeting shall be
     deemed to be immediately adopted and given by the Com-
     mittee and shall thereupon apply forthwith to the offending
     member but without prejudice to his right of appeal to the
     Association.