Ruling favours exchange
PA Wellington A stock exchange rule prohibiting its members opening branch'offices cannot be probed by the Com merce Commission. Mr Justice White ruled in a judg ment delivered in the High Court. ! His Honour ruled in [favour of the Stock Exchange Association of New [Zealand, which sought a judicial review under the Ju ■dicature Act of the propose' or purported exercise o! powers by the Commission I under the Commerce Act. I Upon receiving a complaint, the Examiner of Trade Practices formed the opinion that the rule prohibiting branch offices was a trade practice within the meaning of the Commerce Act, His Honour said. The Sharebrokers Act gave every registered stock Exchange the power to make rules for the conduct of the business of such exchange and the conduct of its members provided that such rules shall not come into force until approved by the Governor-General in council and gazetted. “For these reasons I have come to the conclusion that | the Commerce Commission has no jurisdiction to proceed with the inquiry,” His Honour said.
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Press, 30 August 1980, Page 19
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177Ruling favours exchange Press, 30 August 1980, Page 19
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