8 JULY
THE NEW ZEALAND GAZETTE
2137

anyone other than a member, but a consent given in this
behalf shall be deemed to be an authority for all other
members to so act. In considering an application for
consent under this provision, the Executive shall have
regard to the standing and repute of the non-member
and the best interests of the Exchange and its members in furthering
the objects of the Exchange.

14.04 Where a member has sought and been granted permission
to act as an underwriter in connection with a non-member
then such member shall be responsible for any action by
the non-member which, if committed by the member so
acting, would have been a breach of these Rules or any
of the regulations made hereunder.

14.05 A member shall not permit his name to appear as a broker
or underwriter in connection with the flotation of any
company or any issues of shares or other securities where
it is advertised that such issues are underwritten or co-
underwritten or in any way organised by others than
members unless such underwriters or co-underwriters or
organisers have been approved by the Executive.

In an application for approval under this rule, the
Executive shall have regard to the same criteria as are
specified in Rule 14.03 in regard to an application for
consent under that provision.

15.0 Quotations and Sales Reporting
15.01 To maintain a quotation at official trading periods,
members offering to buy or sell shall be bound to deal in
numbers prescribed by the regulations, which numbers
shall be known as marketable parcels.

15.02 Sales shall be reported within such times and in such
manner as shall from time to time be prescribed by the
regulations.

16.0 Brokerage
16.01 Brokerage — Fixed Interest Securities —
16.011 On Government and local body securities,
whether issued or domiciled in New Zealand or
overseas, and on the securities of such New
Zealand corporations as the Executive may from
time to time define as semi-government
corporations, rates of brokerage, calculated on
nominal value, shall be—
On the first $5,000—50 cents per $100
On the next $5,000—25 cents per $100
On the next $40,000—12 cents per $100
Save that on a parcel of more than $50,000 no
fixed rates of brokerage apply.

16.012 On the bonds, debentures, and debenture stock,
whether registered or not, of companies and all
other corporations, not having been defined as
semi-government under Rule 16.011, and on note
issues not carrying the right of conversion into
shares, the rate of brokerage calculated on
nominal values shall be—
Listed—
On the first $5,000—$1 per $100
On the next $5,000—50 cents per $100
On the next $40,000—25 cents per $100
Unlisted—the above rates plus 50 percent.
Save that on a parcel of more than $50,000 no
fixed rates of brokerage apply.

16.013 If the final or advised date of maturity is within
12 months of the date of sale, brokerage shall be
at half the rates specified in Rules 16.011 and
16.012.

16.014 Where securities specified in Rules 16.011 and
16.012 are sold and within 24 hours of the time
of sale the selling broker purchases other
securities specified in those Rules for the same
client, then brokerage at half the rate which would
otherwise be chargeable may be charged on that
part of the transaction (if not the whole) involving
the sale of securities and the purchase of other
securities of the same face value.

16.015 Where securities specified in Rules 16.011 and
16.012 are sold and within 24 hours of the time
of sale the selling broker arranges a reinvestment
for the same beneficial interest of any part of the
proceeds of sale in other securities specified
of which the net proceeds of sale are reinvested
as aforesaid) may be charged at half the rate
which would otherwise be chargeable, provided
that a placement commission is allowed to the
broker by the issuer.

16.016 The foregoing concessional rates as to quantity
apply as to the total of securities specified in
either Rule 16.011 or 16.012 (but not to an
aggregation or substitution of securities between

those clauses) to the extent that a single
instruction, given at the one time to buy or to
sell on behalf of the one beneficial interest such
securities (which may be of different issuers,
interest rates, and/or maturities), is completed
within one calendar month from the date of such
instruction. The balance of the uncompleted
order shall after one calendar month be deemed
to be a new instruction from the date of
commencement of the 2nd and subsequent
months.

16.017 The rates of brokerage prescribed shall be charged to
both buyer and seller.

16.018 Notwithstanding the provisions of the preceding
Rules, it shall be competent for the Executive
from time to time to increase, reduce, or waive
payment of rates of brokerage therein prescribed
in respect of any transactions in government or
local body securities undertaken for and on behalf
of the New Zealand Treasury or the Reserve
Bank of New Zealand.

16.019 Subject to the provisions of the Rules and subject
to the laws of the country wherein the register
of securities dealt in is situated, stamp duty and
transfer fees shall be paid by the purchaser. Where
the transaction is for less than a marketable parcel
as defined by the regulations the buyer and/or
the seller shall pay such stamp duty and fees as
may be prescribed from time to time by odd lot
regulations of the Exchange.

16.02 Brokerage—Equity Capital.
16.021 Rates of brokerage on shares, capital stock, rights
to new issues, share options or convertible loan
securities in companies listed on an exchange
recognised by the New Zealand Stock Exchange
(except as hereinafter provided) shall be—
On each order given at the one time, buy or
sell, on behalf of the one beneficial interest,
securities in the one company of the same class
and paid up value—
(i) On the first $5,000 of consideration 2.5
percent
(ii) On the next $45,000 of consideration 1.5
percent
(iii) On the next $450,000 of consideration 1
percent
(iv) On that amount by which consideration
exceeds $500,000 0.5 percent
In the case of an order to purchase rights to a
new issue consideration means the sum of the
purchase price of the rights and the minimum
application money payable.
PROVIDED THAT the concessional rates in
sub-paragraphs (ii) and (iii) above shall apply
only—
(a) on that part of the order completed within
three calendar months from the date of the first
transaction carried out against the order. The
balance of the uncompleted order shall after three
calendar months from the date of the first
transaction be deemed to be a new order, and
(b) in the case of an order to buy comprising
both shares and rights to a new issue if the money
payable on application for the new issue would
make the shares arising from the issue of the same
paid up value as the quoted shares.
PROVIDED FURTHER THAT in the case of
an order when the consideration is less than $20
total brokerage shall be $2.00.
AND PROVIDED FURTHER THAT in the
case of an order when the consideration is more
than $20 but less than $200 total brokerage shall
be $5.00.

16.022 When a client gives an order to resell or
repurchase securities in the one company where
the consideration exceeds $5,000 and the order
is completed within thirty days of the date on
which the securities were purchased or sold the
following rates shall apply to the resale or re-
purchase:
(i) on the first $5,000 of consideration 1.25
percent
(ii) on the next $45,000 of consideration 0.75
percent
(iii) on the amount by which the consideration
exceeds $50,000 0.5 percent
PROVIDED THAT for any balance of an
order to re-sell uncompleted within one calendar
month brokerage shall be charged at the rate set
out in Rule 16.021 and such balance shall have
the benefit of concessional rates provided in such