2552
THE NEW ZEALAND GAZETTE
No. 119

or rooms in Wellington for the promotion and
facilitation of such activities as are from time to
time authorised by The New Zealand Stock
Exchange.

(2) to promote an informed interest among the general
public in financial and economic matters and in the
activities of the Stock Exchange.

(3) to establish just and equitable principles in the
transaction of business

(4) to adjust controversies between its members or
between members and non-members.

(5) to maintain uniformity in the observance of its rules
and usages.

4.0 Management

4.01 The management of the Wellington regional exchange shall
be vested in a Committee which shall have subject to
these bylaws the direction and control of the affairs of the
exchange.

4.02 The Committee shall comprise the Chairman and Vice-
Chairman who shall be members ex officio, 3 other
members elected in the manner hereinafter provided and
the immediate past Chairman of the exchange at such
times as he is holding appointment to the Committee
under the provisions of the next succeeding rule.

4.03 The Committee shall have the power at any time and
from time to time to appoint the immediate past
Chairman of the exchange as an additional member of
the Committee for such periods as the Committee may
determine but not in any case extending beyond the next
annual general meeting after the appointment.

4.04 The Chairman, Vice-Chairman and the other elected
members of the Committee being together the office
bearers of the exchange shall be elected at the Annual
General Meeting in the manner hereinafter provided and
shall take office immediately after the close of the annual
general meeting at which they are elected and hold office
until the close of the next annual general meeting.

4.05 All retiring office bearers shall be eligible for re-election
without nomination but all other candidates must be
nominated in writing by one member and seconded by
another. The nomination must bear the written consent
of the nominee and be in the hands of the Secretary at
least 7 days before the day fixed for the Annual Meeting.
Should an election be necessary for any office such election
shall be by ballot and the candidate or candidates
obtaining the highest number of votes shall be elected.

4.06 In the event of any member of the Committee other than
the Chairman or Vice-Chairman being absent from three (3) consecutive meetings of the Committee without the leave of the Chairman, his seat thereon shall be declared vacant.

4.07 No member of the Committee shall speak or vote at any
meeting on any matter or charge in which he or his firm
has an interest or is concerned, provided that such a
member may speak with the permission of the Chairman
in the interests of reaching a decision.

4.08 Any extraordinary vacancy in the office of Chairman, Vice-
Chairman or Committeeman shall be filled at a special
general meeting of members to be summoned by the
Committee for that purpose without further delay.

4.09 Nomination and election for any such vacancy shall be
in the same manner as in election to office at the annual
general meeting. Any further vacancy caused by the filling
of the vacancy or vacancies which the special general
meeting was summoned to fill, may be filled from
nominations received from the floor of the meeting.

4.10 The surviving or continuing members of the Committee,
notwithstanding any vacancy in their number may act
pending the filling of such vacancy.

4.11 Subject to bylaw 6.05, all questions at meetings of the
Committee shall be decided by a majority of members
present.

4.12 The quorum for meetings of the Committee shall be 3.

5.0 Secretary

5.01 The Committee shall appoint a Secretary who shall keep
the books of account, take and keep Minutes of all
meetings and generally carry out such other duties as
directed by the Committee.

5.02 All other employees of the exchange shall be appointed
by the Secretary who shall have full power to suspend or
dismiss any such employee provided that the Secretary
and any other employees of the exchange shall be under
the control of the Committee.

5.03 Where the Secretary is absent from any meeting or for
any longer period the Chairman shall appoint another
employee or a member to carry out all or any of the duties
of Secretary during such absences.

6.0 Chairman

6.01 The Chairman, or in his absence the Vice-Chairman, shall
preside at all general meetings of the exchange and at all
meetings of the Committee.

6.02 In the event of both being absent or unable for any reason
to preside at any meeting the members present shall elect
a Chairman for that meeting.

6.03 The Chairman at any meeting shall have full control
thereof and shall regulate the order and manner in which
business shall be conducted.

6.04 The decision of the Chairman shall be final in all cases
submitted to him.

6.05 At any meeting the Chairman for the time being shall
have a second or casting vote of the members or of the
Committee in the event of the voting being equally
divided.

7.0 Funds

7.01 The Committee shall have full power to invest and use
any funds of the Exchange under the control of the regional
exchange and shall pay therefrom all current expenses and
outgoings and any other payments authorised by the
Members in general meeting.

7.02 All monies received shall be paid into a bank account
and all payments shall be made by cheques drawn on that
account.

7.03 Cheques drawn on any funds under the control of the
exchange shall be signed by the Secretary and 1 member
of the Committee or in the absence of the Secretary by
any 2 members of the Committee.

7.04 The Committee may invest any surplus funds under the
control of the exchange in such securities or other
investments as it may in its absolute discretion deem
advisable including the purchase of freehold or leasehold
interests in land for the purpose of providing premises
for carrying out the activities of the exchange as the
members may authorise.

7.05 Any investments of the exchange may be held in the name
of the exchange or on behalf of the exchange by such
trustee or trustees as the Committee may from time to
time appoint for the purpose.

7.06 The Committee shall have the power to sell, call up and
vary any investments held in the name of or on behalf
of the exchange.

7.07 The Committee may for the purposes of the exchange
borrow money from the bankers of the exchange on
overdraft or otherwise with or without security but it shall
not pledge charge mortgage or otherwise encumber all or
any of the assets of the exchange unless specifically
authorised by a special resolution of members upon such
terms and for such purposes as the members shall decide.

8.0 Membership

8.01 All candidates for membership shall at the time of lodging
their application for membership, be required to pay an
entrance fee which shall be such sum as the exchange may
from time to time determine.

8.02 Except in the case of a candidate failing to gain election,
this fee shall be non-refundable.

8.03 Every candidate for admission to membership must be
proposed by an ordinary member and seconded by another
ordinary member.

9.0 Ordinary Members

9.01 Applications for admission to ordinary membership shall,
except as otherwise provided, be made in the following
form:

To: The Chairman,
Wellington Regional Stock Exchange.

I wish to apply for admission to
ordinary membership of the Wellington
Regional Stock Exchange.

I have read and agree to be bound
in all respects by both the rules and
regulations of The New Zealand Stock
Exchange and the bylaws of the
Wellington Regional Stock Exchange
which are now or hereafter may be for
the time being in force.

I intend to practise as a full-time
sharebroker within the territory of the
Wellington Regional Stock Exchange
and I will not to any substantial degree
engage in or be concerned in or be