B. Rules—Delete the word “Committee” and substitute
“Council” in each of the following cases (position references
to current cyclostyled rules in Members Manual):

Rule No.
5 (i)
5 (ii)
7
9
Heading before Rule 12
12 Margin, line 3 (2)
15 (i)
16
18
19
20
22 (i)
24
26
27
29
30
31
33
Line
..... 4 .72
..... 3 76
..... 3, 7 79 (i)
..... 4, 8, 10, 14 79 (ii)
..... 79 (iii)
..... 79 (iv)
..... ..... 79 (vi)
..... ..... 80
..... ..... 83
..... ..... 88
..... 2 130 (ii)
..... 2, 5 132
..... 2 133 (i)
..... 2 137
..... 2, 4 140 (iii)
..... 1 140A
..... 2 142
..... 1 146 (vi)
..... 2, 3, 4, 5
Line
..... 1, 4
..... 5
..... 5
..... 2
..... 2
..... 3
..... 2, 4
..... 1, 3
..... 10
..... 1
..... 12
..... 3, 5, 12
..... 5
..... 13
..... 3
..... 1
..... 1
..... 7

3. Default—Rule 71—It was resolved that Rule 71 be deleted
   and the following substituted:

“71. Member Deemed to be a Defaulter—A member of an
exchange shall be deemed to be a defaulter in each of the
following cases:

“(i) Where he is so declared by the chairman of his exchange
after he has failed to pay forthwith the money demanded of
him as a buyer under Rule 117 (iv) or as original seller under
Rule 119 (xvi).

“(ii) Where his local committee resolves that in its opinion
he is in difficulties and has failed or is likely to fail to meet
his liabilities.

“(iii) Where he has committed an act of bankruptcy or has
become bankrupt or is insolvent or has called a meeting of his
creditors or has made a composition with his creditors or
assigned his estate for the benefit of his creditors.

“(iv) Where his local committee resolves that in its opinion
any other circumstances justify such member being considered
a defaulter.”

4. Contracts with Defaulters—Rule 71A—It was resolved that
   a new rule, 71A, be added after Rule 71:

“71A. Contracts with Defaulters—(i) Subject to the provisions
of this rule, every uncompleted contract with a member shall
be deemed to be rescinded closed and terminated as from the
time he becomes a defaulter and where the contract is partially
uncompleted there shall be deemed to be rescission closure and
termination as to the uncompleted balance.

“(ii) The executive (whose decision shall be final) shall
determine the market price on the day the member becomes
a defaulter and any surplus or deficiency, in respect of such
uncompleted contract or balance thereof shall be determined
accordingly.

“(iii) The defaulter shall be liable to the other member for
any such deficiency and such other member shall account to
the defaulter for any such surplus.

“(iv) Every member involved with a defaulter on a rescinded
contract shall inform the Association of the details.”

5. Settlement—Rule 131—It was unanimously resolved that
   Rule 131 be amended by deleting “named the seller in accordance with Rule 120” and substituting “acted under Rule 119”.

6. Consent to Act—Rule 137—It was unanimously resolved
   that Rule 137 be amended by deleting the sentence commencing
   “Notwithstanding anything ...” in the 20th line and ending
   “... in such circumstances” in the 27th line.

7. Constitution—It was resolved that the following amendments be made to the Rules:

Rule 11—Delete and substitute:

“The annual subscription of each exchange shall be such
sum for each member as shall from time to time be fixed at
the annual meeting of the council. It shall be competent for the
council to strike a levy rateably on all exchanges in accordance
with the membership of each exchange at a date specified in
the resolution striking such levy. The council may set a different
rate of subscription or levy for different classes of membership
and may require subscriptions or levies to be paid by instalments. Where the annual subscription is payable by installments each installment shall be calculated on the membership
on the due date of such installment. The council shall set the
dates upon which the amounts or installments shall be paid.”

Rule 13—Delete and substitute:

“Constitution of the Council

“The council shall consist of the president, the vice-president,
one delegate appointed by each exchange, and those members
of the executive appointed by exchanges having 20 or more
members (excluding country members).”

Rule 14—(ii) Delete first sentence and substitute:

“The secretary of each exchange shall notify the association
in writing immediately following the annual meeting of the
exchange of the name of the member appointed delegate under
Rule 13”.

Rule 14—Add paragraph (iii):

“(iii) Neither the president nor the vice president is eligible
for appointment as a delegate.”

Rule 20—Delete second sentence and substitute:

“Three delegates shall be a quorum.”

Rule 22: Delete paragraph (ii).

Rule 23: Delete and substitute:

“(i) On voices or a show of hands each member of the
council shall have one vote except when the president and the
vice-president are members of the same exchange when the
vice-president shall not be entitled to vote.

“(ii) A poll shall be taken in every question of amendment
to these rules and, if demanded by two delegates, on any other
matter of which at least 2 weeks’ notice has been given to the
exchanges.

“(iii) On a poll each delegate shall be entitled to exercise
one vote for each member of the exchange he represents. A
country member of an exchange shall not be counted as a
member for the purpose of this rule.”

Rule 24—Delete “delegates” and substitute “a delegate”.
Add at the end of rule “A proxy appointed under this rule shall
be regarded as a delegate for the purposes of the meeting for
which he is appointed.”

Rule 30: Delete “(including proxy votes)” and “(in addition
to all votes cast by him as a delegate or a proxy)”. Add at
end of rule “in addition to any deliberative vote he may have”.

Rule 32—Delete and substitute:

(i) The executive shall consist of the president, the vice-
president, one member appointed by each exchange having
20 or more members (hereinafter in this rule called “a specified exchange”), and the delegates to the council appointed under
Rule 13 by exchanges having fewer than 20 members. A country
member shall not be counted as a member for purposes of this
paragraph.

(ii) Neither the president nor the vice-president is eligible
for appointment by a specified exchange.

(iii) A member appointed by a specified exchange shall continue in office until he retires under paragraph (iv) of this
rule. Every such member shall be eligible for reappointment.

(iv) One member of the executive appointed by a specified
exchange shall retire at the annual meeting each year. The
member to retire each year shall be the one who has been
longest in office since his last appointment but as between
persons who became members of the executive at the same
time the one to retire shall, failing agreement between them,
be determined by lot.

(v) The secretary of a specified exchange shall notify the
association in writing of the name of a member appointed to
the executive whenever a new appointment is made.

(vi) Where a member of the executive appointed by an exchange is temporarily unable to act his exchange may in writing
appoint another member of such exchange to act in all matters
for him as his deputy during his temporary inability to act.

(vii) In the event of any member of the executive appointed
by an exchange being unwilling or unable to act for the term
or balance of the term for which he was appointed (as to which
inability his exchange shall be the sole judge) then his exchange shall appoint another of its members to the executive
in his stead. If such appointment is made by an exchange having
fewer than 20 members then the appointee shall be deemed to
be thenceforth the delegate also of that exchange.

Rule 36—Delete and substitute:

“(i) The president, or in his absence the vice-president, shall
be chairman of the executive.

“(ii) In the absence of the president and of the vice-president,
the members of the executive present shall elect from their
number a chairman for that meeting.”