17 DECEMBER NEW ZEALAND GAZETTE 3795

or interest and the Board may by regulation or otherwise lay down Rules for determining the respective rights of buyers and sellers in regard to dividends, interest or capital distributions and in regard to settlement procedures relating to matters affected by this Rule.

25 (4) The Board may by regulation or otherwise make such provision as it thinks fit for dealing with the rights and obligations of buyers and sellers with regard to calls made on shares the subject of sale.

25 (5) Securities transfers as defined by the Securities Transfer Act 1991 must be used for all transactions in New Zealand registered securities and the Board may determine, by regulation or otherwise, the procedures to be adopted with regard to the completion and processing of all such transfers.

25 (6) The Exchange shall have a Common Seal which shall be kept in the custody of the Managing Director and shall be used only by the authority of a resolution of the Board and every instrument to which the Common Seal is affixed shall be signed by a member of the Board and countersigned by a second member of the Board.

26. Financial

26 (1) The Board shall have power to invest the funds of the Exchange in such manner as it shall think fit.

26 (2) The Exchange shall have power to borrow or raise or secure the payment of money in such manner as the Board may think fit and may for that purpose mortgage charge or otherwise encumber all or any of the assets of the Exchange.

26 (3) The control of the funds of the Exchange shall be vested in the Board.

26 (4) The Board may delegate to any member or members, authority to control, invest or use such part of the funds of the Exchange as it thinks fit.

27. Amendment to Rules

27 (1) These Rules or any of them may be altered by way of rescission, amendment, addition, or otherwise by a resolution passed by a 3/4ths majority of the votes cast at an annual or special meeting of members.

27 (2) No resolution for alteration of these Rules or any of them shall be submitted to a meeting of members unless the same has been proposed by the Chairman, by the Board, or by a member and unless notice in writing of intention to submit such resolution shall have been given to the Managing Director within sufficient time to enable him to give the notice referred to in Rule 27(3).

27 (3) Fourteen days’ notice in writing of details of the proposed alteration shall be given by the Managing Director to the Board and to members.

27 (4) No proposed alteration if rejected by members shall, without the consent of the Board, be reconsidered by members for six calendar months from the date of the meeting at which it was rejected.

27 (5) Where a rule is altered, no further alteration to the rule shall, without the consent of the Board, be considered by members for six calendar months from the date on which such altered rule took effect.

27 (6) Any amendment or repeal of any of these rules shall not affect the validity of any proceedings completed, action taken or decision made under the rule or rules so amended or repealed. Unless any transitional rule is put in place, any proceedings commenced or action taken under a rule being repealed or amended shall be completed according to the provisions of the rule prior to its amendment or repeal.

MARIE SHROFF, Clerk of the Executive Council.

DEPARTMENT OF INTERNAL AFFAIRS
TE TARI TAIWHENUA

PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS:
GP PRINT LIMITED, NEW ZEALAND—1993

ISSN 0111-5650
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