8 AUGUST
THE NEW ZEALAND GAZETTE
2555

by the Chairman to act as scrutineers and their decision
on the validity of any vote shall be final.

14.25 Where insufficient completed voting papers are returned
to constitute a quorum under these bylaws, or where at
least 5 members require in writing within the period
specified in bylaw 14.06 above that a meeting of members
be held, then the Secretary shall on the requisite notice
call a meeting to decide any matter left unresolved.

15.0 Official Trading Meetings

15.01 The official trading meetings of the exchange shall be the
meetings of members or their representatives, held at such
time and place as the members shall appoint, at which
time the business shall be to make prices, effect sales,
receive and record quotations and sales and to carry on
such other business as may be in accordance with these
bylaws.

15.02 The quorum for an official trading meeting hereinafter
referred to as a “call” shall be one representative or
operator from each of 4-member firms. Such an operator
may be either a member or his authorised clerk.

15.03 Each call shall be opened by a Room Supervisor who
shall be appointed in a manner to be determined by the
Committee.

15.04 The decision of the Room Supervisor on all questions of
fact shall be final. The duty of Room Supervisor may be
handed over to a Committee member or to the Secretary
during the call.

15.05 If any sale is challenged the Room Supervisor shall as
soon as is practicable endeavour to satisfy himself as to
the bona fides of the quotation by such method as he
shall deem appropriate. In event of an examination of a
member’s books, papers or office records being thought
necessary, the Chairman or his nominee shall carry out
such examination which shall be confined only to those
books, papers or records relevant to the disputed sale.
The result of this investigation shall be reported to the
Chairman who shall decide the appropriate manner for
its promulgation.

15.06 Any member who refuses an inspection of his books,
papers or records under section 15.0 of these bylaws shall
be deemed to have committed an offence and the
Chairman may treat such refusal as evidence of the
member being guilty of making a false quotation and
engaging in conduct unworthy of a member.

15.07 Any member dissatisfied with a decision of the Room
Supervisor may appeal to the Committee in writing by
the close of the next business day following the date on
such decision is communicated to the member.

15.08 Operators have a duty to ensure the conduct of an orderly
market. All bids, offers and sales must be made in a clear
audible voice addressed to the market.

15.09 Operators must ensure that all bids and offers placed on
the board accurately reflect the market. They must instruct
the post clerk to record their bids or offers and to remove
bids or offers when they no longer wish to deal. These
instructions must be announced to the room as well as
to the post clerk, and the operator must ensure that the
quotation is altered.

15.10 Quotations to buy or sell shall be deemed to be for
marketable parcels as defined by the regulations of The
New Zealand Stock Exchange.

15.11 Where an operator wishes to buy or sell a parcel of shares
with special conditions attached he may do so by
preceding his bid or offer with details of these conditions.

15.12 Sales made between the end of afternoon call and
4.50 p.m. should be reported to the exchange by 4.50 p.m.
and sales slips lodged by 10 a.m. the following morning.
Sales made before 10 a.m. must be reported to the
exchange before the start of morning call so that they can
be recorded on the boards before the post opens. Slips
for these sales must be deposited by 10 a.m.

15.13 No persons other than members of the exchange,
authorised clerks or exchange staff shall be admitted to
the trading floor during a call unless the consent of the
Room Supervisor is obtained in advance.

15.14 Where any operator or other representative of a firm
present in the trading room is guilty of misconduct or
any breach of these trading room bylaws, the Room
Supervisor may recommend to the Chairman that the firm
concerned be fined an amount up to $100.

16.0 Alteration of Bylaws

16.01 Subject to Rule 9.041 the members in general meeting
shall have the power to add to, alter, amend or repeal all
or any of these bylaws by way of special resolution.

Dated at Wellington this 18th day of July, 1983.
R. B. W. GILL, Executive Director.
New Zealand Stock Exchange.

Bylaws of the Christchurch-Invercargill Regional Stock Exchange

PURSUANT to section 8 of the Sharebrokers Amendment Act 1981,
the New Zealand Stock Exchange has approved the following bylaws
made by the members entitled to transact business on the
Christchurch-Invercargill Regional Stock Exchange.

Index

1.0 Interpretation
2.0 Constitution
3.0 Objects
4.0 Management
5.0 Secretary
6.0 Chairman
7.0 Funds
8.0 Membership—General
9.0 Membership—Ordinary
10.0 Membership—Country
11.0 Rights of Members
12.0 Authorised Clerks
13.0 Subscriptions and Levies
14.0 General Meetings
15.0 Official Trading Meetings
16.0 Alterations to Bylaws

1.0 Interpretation

1.01 In these bylaws any marginal notes shall not affect the
construction hereof. Reference to any named office shall
also be deemed a reference to any person for the time
being carrying out the duties of such office.

1.02 “Committee” means the Committee of the Christchurch-
Invercargill Regional Stock Exchange except where in these
bylaws a contrary intention appears.

1.03 “Exchange” means The New Zealand Stock Exchange.

1.04 “Exchange” or “regional exchange” means the
Christchurch-Invercargill Regional Stock Exchange.

1.05 “Member” means a member of the Christchurch-
Invercargill Regional Stock Exchange and includes a
country member except where in these bylaws a contrary
intention appears.

1.06 “Month” means a calendar month, and “year” means a
calendar year except where in these bylaws a contrary
intention appears.

1.07 “Secretary” means the secretary of the Christchurch-
Invercargill Regional Stock Exchange.

1.08 “Share” or “shares” shall include stock and vice versa.

1.09 “Written” or “in writing” includes printing lithography
typewriting and other methods of representing or
reproducing words in a visible form.

1.10 Words importing the singular include the plural also and
vice versa.

1.11 Words importing persons include firms and corporations.

1.12 Words importing the masculine gender shall include the
feminine.

1.13 These bylaws shall be read in conjunction with and subject
in all respects to the rules and regulations of The New
Zealand Stock Exchange for the time being in force.

1.14 All rules and regulations of this regional exchange and
where the bylaws of this regional exchange are silent on
any matter or in conflict with such rules and regulations,
then the rules and regulations shall prevail.

2.0 Constitution

2.01 The Christchurch-Invercargill Regional Stock Exchange
(hereinafter called “the regional exchange”) shall consist
of those members of The New Zealand Stock Exchange
whose place of business is within the territory of the
regional exchange.

2.02 No member or his partner shall be a member of any other
regional exchange.

3.0 Objects

3.01 The objects and purposes of the regional exchange are
(1) to provide regulate and maintain a suitable building
or rooms in Christchurch-Invercargill 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.