3784 NEW ZEALAND GAZETTE No. 182

3 (14) Any resignation under Rule 3 (13) shall be made in terms of Rule 3 (5) (a) and shall be conditional upon the member in question having settled all outstanding fees and levies owed to the Exchange and any other expenses incurred in respect of the member by the Exchange.

3 (15) Any member who either resigns or has his membership terminated in terms of Rule 3 (13) without having met any obligations imposed under Rules 3 (10) (a) and 3 (10) (b) or without having paid all outstanding fees, levies and other expenses, shall not be eligible to subsequently apply for readmission to membership until all such obligations have been discharged to the satisfaction of the Board.

3 (16) For the purposes of any of the rules or regulations which provide for suspension of a member, suspension shall mean that the member concerned shall not, for the period of the suspension, be entitled to exercise any of his rights as a member, including the right to practise sharebroking as a member, the right to hold any position or office which must be held by a member, whether in his firm or in the Exchange, the right to vote at any meeting of members, and the right to hold himself out to the public as a member. Suspension shall not, however, excuse a member from meeting any of his obligations to the Exchange including the obligation to pay all fees and levies as they fall due.

3 (17) Where a member is convicted of a crime involving dishonesty as defined by Section 2 of the Crimes Act 1961 or any statutory modification or amendment thereto, the Board shall without further notice terminate the membership of such member.

3 (18) For the purposes of Rule 3 (17), proof of the conviction of a member may be given by a certificate containing the substance of the conviction and purporting to be signed by the Registrar or other proper officer of any Court by which the member was convicted.

4. Application for Membership

4 (1) Application for membership shall be made in writing to the Board.

4 (2) An application for membership shall state:

(a) That the applicant agrees to be bound by the Rules of the Exchange; and

(b) Evidence of the applicant’s eligibility under Rule 3 (3) or 3 (4) as the case may be.

5. Admission to Membership

5 (1) The Board shall consider all applications for membership of the Exchange.

5 (2) The Board shall review each application for membership and satisfy itself that the appropriate requirements of Rules 3, 4 and 6 of the Rules have been met.

5 (3) An unsuccessful applicant for membership of the Exchange shall have the right of appeal against this decision and the Board shall establish a standing committee to be known as the Membership Appeal Committee, for this purpose.

5 (4) The Membership Appeal Committee shall consist of three persons of suitable standing in the business community, at least one of whom shall be a member of the Exchange, and at least one of whom shall be a barrister or solicitor of not less than seven years standing currently in practice and the Membership Appeal Committee shall be chaired by the barrister or solicitor member. The quorum for a meeting of the Membership Appeal Committee shall be 3 persons.

5 (5) Members of the Membership Appeal Committee shall be entitled to remuneration for all reasonable expenses incurred in the carrying out of their duties, at a rate to be determined by the Board.

5 (6) Appointments to the Membership Appeal Committee shall be made by the Board and shall be for a maximum term of 3 years, provided that the Board may reappoint any member of this committee for a further term or terms.

5 (7) The Board shall have power to review the membership of the Membership Appeal Committee at any time and shall have power to remove or replace any persons then serving upon any reasonable ground for doing so. As examples of reasonable grounds but without in any way limiting the right of the Board to decide that a particular ground is reasonable a person may be removed and replaced who becomes of unsound mind or is declared bankrupt or makes any arrangement or composition with his creditors.

5 (8) The Membership Appeal Committee shall have the power to make any ruling regarding the costs of the appeal which it deems appropriate and it shall be a condition of any appeal that at the time the appeal is lodged the appellant gives an undertaking acceptable to the Membership Appeal Committee regarding the payment of costs in the event that they are awarded against him.

5 (9) The Membership Appeal Committee may, in lieu of meeting, transact business by letter, facsimile, telex, telephone or any commonly used form of electronic communication and unless otherwise provided by these rules, the Committee shall have the power to regulate its proceedings in whatever manner it deems appropriate.

6. Conditions of Membership

6 (1) No member shall, in respect of his activities as a sharebroker, describe his occupation in any way other than as a member of the Exchange.

6 (2) Where any member is in any way associated with any group or association, whether incorporated or not, the functions or purposes of which include the provision in New Zealand of any services of any sort falling within the objects of the Exchange, then:

(a) The member shall in all circumstances clearly identify to all persons with whom that member may deal and all other persons who may become aware of the member’s conduct, the distinction between conduct undertaken by the member as a member of the Exchange, and conduct undertaken in the course of or by virtue of the member’s association with that other body:

Provided always that, if after appropriate warning a member continues to breach this rule, then the Board may, in addition to exercising any disciplinary powers, suspend the member until appropriate arrangements are made for full dissemination of advice identifying the precise scope of that member’s activities as a member of the Exchange.

(b) In relation to the dissemination of information or provision of access to facilities that are provided by the Exchange for members (in this rule collectively described as “the services”) all members acknowledge:

(i) the services are provided to members of the Exchange on a basis of the cost thereof being in whole or in part shared by the members of the Exchange;

(ii) the services may incorporate or rely upon material in respect of which the Exchange enjoys copyright;

(iii) the services may incorporate information produced for the confidential use of members only,