2426
THE NEW ZEALAND GAZETTE
No. 75

fourth person as may be specially appointed by the Committee for the purpose.

37. The Committee shall invest the funds of the Exchange in such securities or other forms of investment as the Committee may in their absolute discretion from time to time deem advisable, whether or not such securities or investments are authorised by law for the investment of trust funds. In particular the Committee may invest funds of the Exchange in the purchase of freehold or leasehold interests in land for the purpose of providing a building or rooms for the carrying out of activities of the Exchange or for such other purpose as the members may authorise. Securities or other property of the Exchange may be held in the name of the Exchange or on behalf of the Exchange by a trustee company or other trustees as the Committee may from time to time appoint. The Committee if specifically authorised by a special resolution of members may pledge, charge, or mortgage all or any of the assets of the Exchange upon such terms and for such purposes as the Committee decides.

38. The Exchange may at any time, with the sanction of a special resolution of members divide amongst its members any part of its assets not exceeding in amount or value the excess of the total assets of the Exchange over its liabilities. If the Exchange so decides, it may retain sufficient of the cash or other assets out of the share of any member upon any such distribution to pay or satisfy (so far as the same will extend) any moneys payable or owing by that member to the Exchange or to any member, and the cash and other assets retained shall be applied towards payment of the moneys so owing accordingly.

Entrance Fee

39. An entrance fee, of such sum as the Exchange may from time to time determine in general meeting, shall be paid by a candidate for membership prior to any ballot being taken upon his application. The entrance fee of a candidate who is, or has been within 3 calendar months of his application for admission to membership, an authorised clerk in respect of whom at least 24 clerk’s fees have been paid shall be reduced by such sum as the meeting may determine. Entrance fees may not be used for revenue items but any investment income accruing from such fees may be used to reduce Members’ levies. In the event of a candidate not being elected the money paid shall be returned to him. This rule shall not prevent the Exchange reinstating a former member without payment pursuant to any other rule in force relating to reinstatement.

Subscriptions

40. To procure funds for the Exchange the Committee may in its discretion from time to time by resolution make a levy on members of such amount per head as it thinks fit. Notice of the making of the levy and the amount thereof shall be placed on the official notice board of the Exchange and a copy of the notice shall be posted to each member or left in his delivery box by the Secretary as soon as practicable. The levy shall become due and payable on the day following the placing of the notice on the notice board and such placing shall be deemed notice to every member of the making of the levy.

A new member shall be liable to pay the levy last made prior to his election or approval, but in the same financial year, as if he had been a member at the date of the notification of the resolution making such levy, and shall be deemed to have received notice of the levy on the day of his election or approval, as the case may be, provided always that in any such case the Committee may if it considers it equitable so to do, remit the whole or any part of such levy.

41. The Committee shall in respect of each calendar month of the financial year fix a fee (hereinafter referred to as a clerk’s fee) to be paid by every member or firm whose authorised clerk has at any time during such month attended an official meeting on his or their behalf for the purpose of making quotations or purchasing or selling shares. The fee for any month shall be fixed either during or at any time before such month and shall become due and payable on the last day of such month.

42. Notice of the fixing of a clerk’s fee shall be deemed to be given to members by placing notice of the resolution fixing the fee on the official notice board of the Exchange. The fixing of the fee shall also be announced at a trading meeting by the presiding officer thereof. Where the employer of an authorised clerk is a firm, the members thereof shall be jointly and severally liable for any clerk’s fee payable in respect of such clerk. The Committee may, if it thinks it equitable, remit or reduce the amount of the clerk’s fee in any particular case.

43. If any levy, clerk’s fee, or other moneys for which any member is liable to the Exchange shall not be paid within 4 calendar months of the due date thereof, the member shall immediately on the expiration of such period be deemed to be suspended from the privileges of membership, and shall continue so suspended until such levy fee or other money due shall be paid, and if it shall not be paid within 12 calendar months of the due date thereof, he shall, immediately upon the expiration of such period cease to be a member, and his interest in membership shall be forfeited to and become the property of the Exchange.

Election of Members

44. Every candidate for admission to membership must be proposed by a member and seconded by another member and his name shall be submitted to the Committee. The Committee shall make inquiries as to the integrity, suitability, and financial standing of the candidate being satisfied as to the financial standing of the candidate it shall submit his name for election, his proposer and seconder, and the time and place of the general meeting at which the ballot is to be taken shall be given to members in the manner provided for notices of general meetings not less than 14 days prior to the date of the meeting. Applications for admission to membership, except as otherwise provided, shall be in the following form:

To the Secretary of the Auckland
Stock Exchange
SIR,

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

I undertake on notification of the total amount fixed by the Exchange for the entrance fee and membership to pay such amount to the Exchange prior to the ballot on my membership.

45. Candidates for membership shall be elected by the members by secret ballot. A voting paper in the form prescribed by the Committee shall be issued to each member present at the meeting at which the ballot is held. Two members appointed by the meeting shall act as scrutineers and shall record the final result of the voting in writing. The scrutineers shall be the final judges of whether any paper is a valid one. No voting by proxy shall be allowed. One adverse vote in every five valid votes recorded shall exclude the candidate from election. No ballot shall be valid unless at least one-half of the members of the Exchange entitled to vote do actually register a vote but a member may mark his voting paper with the words “no vote” in which case he shall be deemed to have registered a vote, but his vote shall not be recorded either in favour of or adverse to the candidate.

46. Should any ballot prove invalid by reason of an insufficient number of votes being registered another ballot shall be held at a time to be fixed by the Committee not earlier than 14 days and notice of such fresh ballot shall be given in the same manner as notice of the original ballot.

47. No rejected candidate shall be again proposed for election within the space of 6 months after his rejection.

48. Every member immediately on election shall sign the rules as an acknowledgment that he has read them and agrees to be bound by them and until the member has so signed he shall not be entitled to the privileges of membership.

49. Certificates of membership executed under the Official Seal of the Exchange shall be issued by the Committee to members. Every such certificate shall at all times remain the property of the Exchange and the Committee shall be at liberty at any time to call for and compel its production and delivery. Any person ceasing to be a member shall, upon application by the Committee or by the Secretary, return his certificate of Membership for cancellation.

50. Any partnership engaged in sharebroking shall for the purpose of these rules be deemed to be a forbidden partnership unless all the partners are members of the Exchange. The Committee shall by written notice require any member who is a partner in a forbidden partnership to dissolve the same, and unless upon the expiration of 3 calendar months from the date of giving such notice or such longer period as the Committee may fix from time to time all partners of such