11 OCTOBER
THE NEW ZEALAND GAZETTE
1949

(iv) On unlisted securities the rates prescribed in the
preceding paragraphs (ii) and (iii) plus 50 percent.
(v) Notwithstanding the foregoing provisions, a minimum
valuation fee of $5 may be charged.

Provided the chairman of an Exchange may authorise a
member of such Exchange to negotiate with his client for
a greater or lesser charge should circumstances in the
chairman’s opinion warrant such action.

The examination of a portfolio is a service not falling within
this rule and may be subject to a reasonable fee.

In cases in which a valuation includes securities of more
than one of the classes (i), (ii), (iii), and (iv), the fees
payable in respect of each class of security shall be calculated
separately and the total fee shall be the aggregate thereof.

Marketable Parcels—Rule 111

It was resolved that rule 111 be deleted and the following
substituted:

(i) To maintain a quotation at official trading periods,
members offering to buy or sell shall be bound to deal in
the following numbers, which shall be known as marketable
parcels:

(a) Securities specified in rule 85 (a) and (b)—$200 face
value.
(b) Securities specified in Rule 86 (a)—

No. of Units Price (Both Figures Inclusive)
1,000 1c–9c
500 10c–24c
200 25c–49c
100 50c–$3.99
50 $4–$9.99
20 $10–$19.99
10 $20–$49.99
5 $50–$99.99
2 $100 or over.

Provided that in no case shall the marketable
parcel of rights exceed 100 units.

A local committee shall have power to authorise
a second quotation for rights on the basis of the
number of rights arising from a marketable parcel
of shares but such second quotation and sales shall
not be made available for publication.

(ii) Failing any ruling by the Executive to the contrary,
no quotation of securities shall be accepted at an official
trading period—

(a) Until the issue of allotment letters or other evidence
of entitlement in cases where securities are allotted
pursuant to an application without any guarantee
of allotment.
(b) Until the first day after applications close in the case
of a rights issue.

The date of any sale made pursuant to such quota-
tion shall, for the purpose of delivery under rule 118,
be deemed to be the day on which advice is received
by the Association that the register is sufficiently
prepared for the marking of transfers. A transaction
under this rule shall not be deemed to be a time
bargain or forward sale.

(iii) Quotations naming a number or amount shall be bind-
ing on members making them to the extent of that number
or amount, and members shall be bound to deal in numbers
or amounts (being a marketable parcel or multiple thereof)
to the extent of the number or amount first named.

(iv) Should a member be prepared to deal only in a
particular number or amount (being a marketable parcel or
multiple thereof), such condition shall be declared by naming
the number or amount as a special number or amount.
Special parcels shall not be accepted for the purpose of
making quotations for publication.

(v) Offers to buy or sell without conditions shall have
priority over offers naming special numbers or special
amounts or other conditions; provided that a buyer or seller
with conditions declaring before a buyer or seller at the same
price without conditions shall take precedence in respect of
a transaction or transactions on such conditions over a
subsequent buyer or seller at the same price without condi-
tions.

(vi) Where an odd lot broker has been appointed under
odd lot regulations for the time being in force, any number
of shares not amounting to a marketable parcel and any
number of shares in excess of a marketable parcel or a
multiple thereof shall be dealt with in accordance with the
terms of such regulations.

(vii) The date of maturity of the security including the
optional date (if any) must accompany a quotation of any
security specified in rule 85 (a) or (b).

(viii) Quotations of time bargains shall not be made at
an official trading meeting.

(ix) All quotations accepted at any official trading meeting
shall be available for newspaper publication.

Rule 137

It was resolved that rule 137 be amended by deleting the
third sentence and substituting:

Such application shall be accompanied by such fee as
may be prescribed from time to time by the Committee.

Rule 137B

It was resolved that a new rule 137B be added after
rule 137A:

137B. No member shall underwrite local body loans without
the consent of the Committee of his Exchange. Application
for such consent shall be made in the form from time to
time prescribed by the Executive.

Delivery Rules 115–120

It was resolved that rules 115 and 117–120 be deleted and
the following substituted:

115. Delivery shall not be made earlier than the business
     day following the contract.

116. Settlement—The seller shall be entitled to require
     settlement for cash or marked cheque or bank cheque or
     through a bank, upon delivery of documents on a business
     day, save that a seller is not so entitled unless he delivers
     in accordance with these rules and before the time specified
     by the rules of his Exchange.

Where the buyer carries on business at a distance from
the seller, the seller may draw on the buyer on sight with
documents attached for presentment not earlier than the seller
is entitled to deliver.

117. Default by Buyer—Rights of Seller—

(i) Where delivery has been tendered by the seller in
accordance with these rules and the buyer has not paid or
tendered the price in settlement, the seller may give notice
to the buyer demanding settlement immediately.

(ii) Any notice as aforesaid delivered after 4 p.m. shall
be deemed to be delivered upon the next business day.

(iii) In the event of the buyer failing to settle upon the
day upon which such notice shall be given or deemed to
be given, then upon the day next following upon which
such notice is delivered or deemed to be delivered, the seller
may at this option cancel the contract or without further
notice to the buyer resell the subject matter thereof through
the Chairman of the seller’s Exchange.

(iv) Such last-mentioned Chairman may thereupon resell
and after deducting expenses shall pay to the seller the
proceeds, and shall certify to the loss upon resale, whereupon
the buyer shall pay to the seller the amount so certified.

118. Default by Seller—Rights of Buyer— Save where the
     contract otherwise provides, the seller shall be deemed to
     have contracted to deliver not later than 1 p.m. on the
     tenth business day after the day of sale and in the case
     of securities upon an overseas register, then not later than
     1 p.m. on the fifteenth business day. In each case such day
     is referred to in these rules as the due date. Prompt or
     immediate delivery shall mean delivery within 24 hours from
     time of sale.

119. Default by Seller—Buying in Procedure—

(i) Notice to seller—Where the seller has not tendered
delivery in accordance with these rules, the buyer may at
any time after 1 p.m. upon the due date or the date for
completion of time bargains give notice in writing to the
seller demanding delivery immediately. A copy of such notice
shall be lodged with the selling broker’s Exchange.

(ii) Time of Notice—Any notice as aforesaid delivered
after 4 p.m. shall be deemed to be delivered upon the next
business day.

(iii) Response to Notice—The selling member may forth-
with upon receipt of such notice or earlier, tender in writing
to the Chairman of his Exchange a statement of the reason
for the non-delivery and the Chairman may at his discretion,
and with the consent of the buying member which shall
not be unreasonably withheld, fix a later date for due
delivery. Such discretion shall not be exercised unless the
non-delivery is the result of some factor which occurs sub-
sequent to the time of sale, or which, if existing at the
time of sale, could not then have been ascertained by the
selling broker using due diligence.