New Zealand Gazette – 1990 – No. 170

Page 3627

✨ Changes in Control of Affiliate Members



28 SEPTEMBER NEW ZEALAND GAZETTE

3627

is proposed or there occurs (with or without the consent or concurrence, express or implied, of that Introducing Broker Member):

(a) in the case of a partnership, any change in the partners, whether or not consequent upon the death or resignation of a partner, including a reduction in the number of the existing partners (which shall be deemed for the purposes of this Article 16 to be a change in control); or

(b) in the case of a company:

(i) any change in the share capital of the company; or

(ii) any change in the rights attaching to any shares in the capital of the company; or

(iii) any change in the legal or beneficial ownership of any shares in the capital of the company; or

(iv) the retirement or resignation of a director or the appointment of a new director; or

(c) the entering into of any agreement or arrangement;

(d) any other act, matter or thing;

as a result of which the control of the Introducing Broker Member may or does become vested in any person or persons other than those in whom control was vested at the time the Introducing Broker Member became an Introducing Broker Member or who have subsequently been approved by the Exchange for the purposes of this clause, then without prejudice to the provisions of clause 16.5 the Introducing Broker Member shall forthwith submit to the Board full particulars of the change in control which will result or has occurred, together with an application for approval thereof.

16.2 In determining whether to approve the application referred to in clause 16.1, the Board shall be entitled to consider not only those matters which it considers in relation to an application for membership but also the conduct of the Introducing Broker Member since election.

16.3 If approved by the Board the change, if not already implemented, may be implemented within two months of the date of approval and, if not so implemented, the approval shall be deemed to have lapsed and the change may not thereafter be implemented unless and until a further approval is obtained in accordance with this Article 16.

16.4 Without prejudice to its obligations under clause 16.1 in respect of changes required to be notified under that clause, an Introducing Broker Member shall advise the Exchange in writing of any change in its partners, directors or shareholders within twenty-one days of such occurring; provided that:

(a) in the case of a listed public company it shall be deemed sufficient compliance with this clause if the Introducing Broker Member provides to the Exchange copies of all notifications in respect of changes in directors or in respect of changes in shareholdings in the Introducing Broker Member given by it to the stock exchange on which the Introducing Broker Member is listed or to its members;



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🏭 Changes in Control of Affiliate Members (continued from previous page)

🏭 Trade, Customs & Industry
Affiliate Members, Control Changes, Partnerships, Companies, Share Capital