A number of points were raised by members, must of which were connected with Clause 9 of the new bylaws, which prohibits dealers from dealing with investors except at the latter's request. This, it was felt, would restrict legitimate business.
In general, the criticism of this clause was based on the need for some clarification—a need emphasized by The Financial News" on June 3—and Mr. Sefton Turner intimated that he would do his best to obtain As it reads at the moment, this clause states that a member shall not, during or as a consequence of a call upon any person—this includes a telephone call—deal in securities unless his call is at the person's request and unless he furnishes the person with a written statement containing particulars of the company if it is not dealt in on any stock exchange, or stating the exchange on which it is dealt in.
Moreover, the clause states that a call shall not be deemed to have been at the request of a person if the request was made as a result of a circular or other unsolicited communication.
The main criticism was that if a client telephoned as a result of a circular, an illegal deal might unwittingly be made on a busy day.
Text read from the printed page and cleaned; old type leaves the occasional error.