4640 NEW ZEALAND GAZETTE No. 206

51.2 Any notice to be given under Rule 51.1 shall:

(a) be given within ten business days after the appellant receives notice of the decision against which it wishes to appeal;

(b) include an address for service; and

(c) be accompanied by the sum of $1,500 or such other amount as the Business Conduct Committee determines by way of initial contribution, in whole or in part, towards the costs of the appeal, which amount shall be refundable if:

(i) the decision appealed against is reversed; or

(ii) a termination of trading rights is cancelled or reduced to a suspension, or a suspension is reduced or cancelled, or a fine is reduced or cancelled.

51.3 Pending a decision of the Appeal Board, unless the Business Conduct Committee otherwise determines:

(a) a decision not to grant an application, or to refuse an admission or approval, shall stand;

(b) a suspension of trading rights, or of any approval, which has been imposed by the Business Conduct Committee, shall remain in force;

(c) a termination of trading rights shall be deemed to be a suspension of those trading rights pending the decision of the Appeal Board;

(d) any conditions imposed by the Business Conduct Committee on any approval or grant of trading rights shall remain in force;

(e) a fine imposed shall not be required to be paid.

51.4 The appellant:

(a) shall state the grounds for its appeal by notice in writing to the Appeal Board; and

(b) may request the opportunity to make an oral submission (which the Appeal Board may in its absolute discretion allow or refuse);

no later than five business days before the date fixed for consideration of the appeal by the Appeal Board.

51.5 In considering an appeal, the Appeal Board may adopt such procedure as it thinks fit provided that:

(a) the proceedings shall be governed by the rules of natural justice and each party shall be given, in advance of the hearing of the appeal, copies of any documents to be produced in evidence;

(b) the Appeal Board may determine a case on written representations if, having regard to the nature and gravity of the subject matter of the appeal, it is satisfied that the case is suitable for such determination and the Dealer consents to such a procedure being adopted;

(c) the Appeal Board may determine an appeal by way of oral hearing, in which case it shall:

(i) hear the appeal in private, unless the Appeal Board is of the opinion that it is suitable for public hearing;

(ii) permit the parties to the appeal to be legally represented and to call witnesses to give evidence before it, except that no party may introduce evidence that could with reasonable diligence be made available, but was not made so available, to the Company or the Business Conduct Committee, as the case may be, without leave of the Appeal Board;

(d) the Appeal Board shall not be bound by any enactment or rule of law relating to the admissibility of evidence in proceedings before any court of law, but shall accept as conclusive any finding of fact made by such a court;

(e) the Appeal Board shall have regard to the same criteria, if any, as the Company or the Business Conduct Committee, as the case may be, is required by these Rules to have regard to in considering the matter in respect of which the appeal is made;

(f) if during the course of an appeal, a member of the Appeal Board becomes unable to act, the appeal may, with the consent of the appellant, continue notwithstanding;

(g) no finding of fact by the Company or the Business Conduct Committee shall be reversed by the Appeal Board unless it is satisfied that the finding cannot be justified upon the evidence available to the Company or the Business Conduct Committee, as the case may be, or that further evidence has become available which makes the finding unsafe and unsatisfactory;

(h) the Appeal Board shall be entitled to consider and rule on any question of law arising from any decision appealed against, including any question arising from the manner in which the proceedings of the Company or the Business Conduct Committee, as the case may be, were conducted.

51.6 The Appeal Board may, after hearing an appeal, confirm, revoke or vary any finding or decision, or order as to costs, made by the Company or the Business Conduct Committee, and may impose such other decision as it sees fit, or make any other further order as may in its opinion be required including an order for a rehearing before the same or a differently constituted Committee on such terms as are reasonable in the circumstances; but shall, before imposing a sanction:

(a) provide the Company or the Business Conduct Committee, as the case may be, with an opportunity to put before the Appeal Board any matters known about the appellant that may affect its decision; and

(b) allow the appellant, or anyone on its behalf, to address the Appeal Board in mitigation of penalty.

51.7 The Appeal Board shall make its decision as expeditiously as possible and no later than two months after its appointment.

51.8 The Appeal Board shall notify its decision, with reasons, to the appellant and to the Company, and may include in its decision an order for the payment of costs or expenses whether incurred by the Appeal Board, the appellant, the Business Conduct Committee or the Company.

51.9 A decision of the Appeal Board shall for the purposes of these Rules be deemed to be the decision of the Company or the Business Conduct Committee, as the case may be, and shall be final and binding on all persons affected.

51.10 Where the Appeal Board is constituted by more than one person its decision shall be by a majority of those persons.

51.11 It shall be a condition of the submission of an appeal to the Appeal Board that in appealing the appellant is deemed to have released the Appeal Board and its members from any claims, suits or actions for damages or for costs in respect of any decision made by the Appeal Board.

51.12 The Appeal Board may, on the application of the appellant or at its own discretion, extend any time limit applying to the process of appeal.