22 DECEMBER NEW ZEALAND GAZETTE 4649

Broker and the Public Broker. Copies of both acknowledgements or agreements will be held by the Introducing Broker and the Public Broker.

3. The Public Broker, the Introducing Broker and each Client will be bound by the provisions of the Rules of the Exchange and the business rules of any other futures or options exchange on which any dealing for that Client takes place.

4. The Introducing Broker will be acting under this agreement as agent of the Client and not of the Public Broker and the Introducing Broker will not hold itself out as agent, partner or representative of the Public Broker or as authorised to speak or act in any manner on behalf of, or as agent of, the Public Broker.

5. Where there is any inconsistency between the instructions given by the Introducing Broker and those given by a Client, the Public Broker is entitled to accept and act on the instructions of the Client.

6. Where the Public Broker instructs third persons to deal in futures or options contracts on behalf of a Client, the Public Broker may share all commission and other remuneration with those persons in such manner as the Public Broker thinks fit.

7. The Public Broker will pay the Introducing Broker commission on all business transacted by the Public Broker for each Client in accordance with this agreement, at such rate or rates as may from time to time be agreed upon by the parties. Such commission shall be payable only out of commission actually received by the Public Broker from the Client.

8. The Introducing Broker shall promptly inform the Client of any call for payment or lodgement of cover by way of initial margin or variation margin (by whatever terms those obligations are described) which the Public Broker may make. If the Introducing Broker cannot readily be contacted the Public Broker shall make all reasonable efforts to inform the Client direct of any such call.

9. The Introducing Broker shall inform the Client of any other amounts payable by the Client to the Public Broker promptly after being advised of such amounts by the Public Broker.

10. The Public Broker shall send the Client monthly statements, open position statements and contract notes for all dealings in futures or options contracts by the Client with the Public Broker.

11. The Public Broker reserves the right to refuse to deal on behalf of any Client in relation to any dealing in futures or options contracts (other than closing out existing open positions), or to limit the number of open positions held on behalf of any Client, or both. The Public Broker will inform the Introducing Broker of any refusal at or before the time at which the order is placed with the Public Broker, or as soon thereafter as reasonably possible.

12. Either party may terminate this agreement at any time by giving the other seven days' notice in writing to that effect.

13. Unless otherwise agreed between the parties, upon termination of this agreement the Public Broker will close out all contracts entered into on behalf of Clients and will close out, abandon or exercise any option not yet exercised, at the Public Broker’s discretion.

14. Termination shall not release either party from liability for any antecedent breach of any of the terms of this agreement.

EXECUTION

SIGNED by the Principal Broker ____

SIGNED by the Introducing Broker __

BOB MACFARLANE, Acting for Clerk of the Executive Council.

DEPARTMENT OF INTERNAL AFFAIRS
TE TARI TAWHU INUNA

PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS:
GP PRINT LIMITED, NEW ZEALAND—1992

Price $10 (incl. GST)
ISSN 0111-5660
37529B—92A