New Zealand Gazette – 1990 – No. 170

Page 3598

✨ Affiliate and Local Members Subscriptions and Levies

3598 NEW ZEALAND GAZETTE No. 170

been paid, shall remain due and payable by it notwithstanding such cessation or suspension.

Affiliate Members

5.2 (a) Affiliate Members shall pay, in addition to the application fee and membership entrance fee, annual subscriptions or levies of such amounts, calculated in such manner, as the Board may from time to time think fit. Payment shall be due on such date or dates in each year as the Board may from time to time determine.

(b) The Board shall have power to impose from time to time annual contributions and levies by way of contribution to the Fidelity Fund as provided in Article 45.

(c) The Board shall have power to impose special levies from time to time on Affiliate Members for specified purposes, provided such levies have first been approved by a special resolution of the Exchange.

(d) If an Affiliate Member fails to pay any subscription, contribution or levy within one month of the due date its trading rights shall thereupon be suspended until the sum due is paid together with interest from the due date at twenty per cent per annum, or at such other rate as may be fixed by the Board from time to time. Should the default not be remedied within a further month of the due date, the Board may without further notice terminate the membership of the Affiliate Member.

(e) There shall be no entitlement to a refund of any portion of the membership entrance fee or transfer fee or any subscription, contribution or levy which has been paid by an Affiliate Member which has ceased for any reason to be a Member or whose trading rights have been suspended, and all fees, subscriptions, contributions and levies which have become due and payable by an Affiliate Member which has ceased for any reason to be a Member or whose trading rights have been suspended, but have not been paid, shall remain due and payable by it notwithstanding such cessation or suspension.

Local Members

5.3 (a) Local members shall pay, in addition to the application fee and membership entrance fee, annual subscriptions or levies of such amounts, calculated in such manner, and payable on such date or dates, as the Board may from time to time determine.

(b) The Board shall have the power to impose special levies from time to time on Local Members for specified purposes, provided such levies have first been approved by a special resolution of the Exchange.

(c) If a Local Member fails to pay any subscription or levy within one month of the due date his trading rights shall thereupon be suspended until the sum due is paid together with interest from the due

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VUW Te Waharoa — NZ Gazette 1990, No 170

NZLII — NZ Gazette 1990, No 170

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✨ LLM interpretation of page content

🏭 Trading Members Subscriptions and Levies (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAffiliate Members, Local Members, Subscriptions, Levies, Fidelity Fund, Fees, Penalties, Suspension, Termination

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