22 FEBRUARY
THE NEW ZEALAND GAZETTE
393

them as such members, and each of the members of the Committee shall be charged with so much money only as he shall actually receive, and not be answerable or accountable for his co-members of the Committee, nor for any loss, damage, or misfortune which may happen in the course of the execution by him of the duties of the office, unless the same shall have happened through his own wilful default or neglect.

Entrance Fee

54. Entrance fees for the various classes of membership will be determined by the members in general meeting. Such fee shall be payable by candidates at the time of application for admission. In the event of the candidate being rejected his entrance fee shall be refunded.

Subscription

55. An annual subscription shall be fixed at each annual general meeting and shall be payable at such time and in such manner as the Committee may determine. New members shall pay on election the subscription which shall have been levied for the current year, except in the case of those elected after 30 June who shall pay half the annual subscription.

The annual subscription payable by country members shall be fixed in the same manner but need not be the same amount as that payable by members.

The Committee may approve the rebate of the second half of a member’s subscription should his resignation be accepted prior to 31st March in a given year.

56. Any member not paying his subscription within 2 calendar months after the same shall have been levied shall be charged an additional sum equal to the amount of the subscription levied and if such additional sum together with the subscription is not paid within 4 calendar months from the time when such subscription was levied, he shall be deemed to be suspended from the privileges of his membership and shall continue so suspended until such time as he has paid the subscription and the additional sum charged through non-payment of the subscription during the first 2 months. Failing payment within 12 months of the date on which the subscription first became payable, of such subscription and any additional sum payable as aforesaid, he shall immediately, upon the expiration of such 12 months, ipso facto cease to be a member.

57. The members may from time to time in general meeting approve special levies for any purpose whatsoever.

58. Where any member or member’s firm has an authorised clerk, such member shall pay an additional annual subscription of such amount as may be fixed by the Committee, provided that the amount so fixed shall not exceed one-half of the amount fixed as a member’s annual subscription.

Annual General Meetings and Special General Meetings

59. The financial year of the Exchange shall close on the 30th day of September. A general meeting of members shall be held annually not later than the month of December, at which the business shall be to receive from the Treasurer a balance sheet showing the financial position of the Exchange; to elect a committee and officers for the ensuing year, and also generally to conduct any business provided for in these rules.

60. At any annual general meeting, after all business herein provided for shall have been disposed of, it shall be competent for any member to bring under the notice of the meeting any business or matter within the objects or purposes of the Exchange, and to give notice of any proposition to be considered at a future meeting.

61. A special general meeting may be called by the Committee at any time.

62. A special general meeting shall be called by the Committee upon the receipt of a requisition addressed to the Secretary requesting them to do so, signed by at least five members and stating the business for which such meeting is required; and if the same shall not be convened within 14 days from the time of such requisition being so left, or within 1 month if the object of such meeting is the alteration, amendment, or repeal of these rules or any of them, the requisitionists or any five members may themselves convene a meeting by giving the required notice.

63. No other business shall be transacted at a special general meeting except that stated in the notice convening the meeting, and no resolution shall be passed, or other business transacted, which is not included within the objects and purposes for which the meeting is convened. No amendment shall be allowed upon any resolution contained in the notice convening any meeting not directly pertinent thereto.

64. Any general meeting shall have power to adjourn from time to time as may be found necessary. Whenever an adjournment to a future day has been decided, notice thereof shall be given in such manner as may be determined by the Chairman of the meeting.

65. No business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting so adjourned.

66. Every member present on a show of hands and upon every poll shall have one (1) vote, and all questions shall be decided by a majority of the members present and voting, except in cases otherwise provided for in these rules. A poll may be demanded by any member present, which shall be deemed to be the resolution of the meeting at which the poll was demanded. On a poll, votes may be given either personally or by proxy. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney, duly authorised in writing, and it shall be handed either to the Secretary or the Chairman of the meeting at any time before the commencement of the meeting. No person shall be eligible to act as a proxy unless he is a member of the Exchange. No proxy may represent more than one (1) member at any meeting.

By-Laws

67. The members in general meeting may make by-laws to regulate the conduct of the Exchange provided that such by-laws are not inconsistent with these rules or the rules of the Association.

68. The operation of the Trading Room shall be regulated by by-laws which shall be made or amended from time to time by the Committee for this purpose.

69. The method, time, and place of settlements between members shall be prescribed by by-laws which shall be made or amended from time to time by the Committee.

Notices

70. Notice of any meeting required to be given under these rules shall be given in writing and delivered by post or placed in the member’s box in the Settlement Room.

71. The notice required for a general or annual general meeting or special general meeting shall be 7 days, and for a committee meeting 2 days.

72. The Chairman in his absolute discretion may dispense with the required notice where he considers that an emergency meeting of members or the Committee is desirable or necessary.

Disputes, Complaints, and Charges

73. All disputes, complaints, and charges shall be dealt with in accordance with the rules of the Association.

Quorum

74. The quorum for general and special general meetings shall be not less than one-third either personally present or present by proxy of the total members of the Exchange for the time being entitled to vote and the quorum for meetings of the committee shall be three. If there is not a quorum present at any meeting, either of the Exchange or the Committee, within 15 minutes of the time appointed, the same shall lapse. The lapse of a meeting shall in no way prejudice or affect the right to call another meeting for the same purpose. The quorum for a trading meeting shall be prescribed in the by-laws governing the operation of such meetings.

Alteration of Rules

75. The members in general meeting shall have power to alter, amend, or repeal any of these rules.

76. Notice shall be given in writing, addressed to the Secretary, of any proposed amendment, or repeal of, or addition to the rules. A special general meeting shall be called to consider any proposed alteration, amendment, or repeal, and at least 7 days’ notice of such meeting shall be given to the members by circular, sent to the last known business