2.4 Application for Membership
2.4.1 An applicant for membership under any of the above categories, shall complete such form of application as the Directors may prescribe, specifying which category of membership it is seeking, whether it wishes to: (i) trade and/or broker Freight Contracts; (ii) trade and/or broker Iron Ore and Steel Contracts; (iii) trade and/or broker Fertilizer Contracts or other Contracts available for trading on the Exchange.
2.4.2 Any application must be submitted to the Exchange and shall then be referred to the Directors for consideration, approval or rejection. An applicant must satisfy the Directors that it meets the criteria for the time being for the category of membership being sought (further particulars of which may, at any time, be obtained from the Exchange, including particulars of any other criteria or requirements stipulated by the Directors under Rule 2 and any guidance or requirements as to how certain criteria may be satisfied). Admission to membership of the Exchange shall not confer any right or obligation of membership in or right to attend or vote at meetings of, or any right to any share in, or any liability in respect of, the Exchange or any affiliate of the Exchange.
2.4.3 The Directors shall have absolute discretion, subject to the applicant’s rights in respect of reconsideration and appeal under the Rules, in regards to the membership application.
2.4.4 A successful applicant shall be notified in writing by the Exchange of the approval of its application. The applicant shall be admitted to the category of membership applied for and details of the contracts it may trade will be confirmed, and where appropriate. The membership shall take effect from such date notified by the Exchange to the applicant. Memberships shall not be transferable.
2.4.5 A Member may, at any time, apply to vary its category of membership. Such an application shall be made in the manner prescribed by the Directors from time to time and shall be processed by reference to the criteria set out in this Rule 2.
2.4.6 Subject to Rule 2 above a Member may apply to vary the Contracts it wishes to trade. Such application shall be made in writing pursuant to the terms and manner prescribed by the Exchange from time to time.
2.4.7 Each applicant shall be subject to relevant background checks conducted by the Directors or at the direction of the Directors. To this end, each applicant shall furnish such information and documents as may be required by the Directors.