10/05/2001
The proposed amendment to COMEX Gold Rule 13.02, "Approved Refiners; Licensed Depositories; Licensed Weighmasters; Approved Deliverers; Approved Assayers" and COMEX Gold Rule 13.07, "Form of Gold Contract" affect a "Special Matter" under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission (CFTC).
COMEX Rule 13.02 - Approved Refiners; Licensed Depositories; Licensed Weighmasters; Approved Deliverers; Approved Assayers.
(c) The Board Trade Group, upon the recommendation of the Committee on Precious Metals, shall license facilities located in the [Borough of Manhattan, ] City of New York, in which gold may be stored for delivery on Exchange contracts ("Licensed Depositories"). Licensed depositories may be added or eliminated from time to time, and the Committee on Precious Metals shall notify members of such changes and of the time when such changes shall become effective. The addition to or elimination of the names of licensed depositories shall not be deemed to affect the amount of money to be paid or the grade or quality of gold to be delivered on Exchange contracts, and shall be binding upon all such contracts entered into before as well as after the effective date of any such change, anything in the By-Laws to the contrary notwithstanding.
Sections (a), (b), (d), (e), (f) and (g) remain unchanged.
COMEX Rule 13.07 - Form of Gold Contract.
All contracts for the futures delivery of gold shall be in the following form.
COMMODITY EXCHANGE, INC.
GOLD CONTRACT
New York, N.Y…………[19] 20….
(sold) (deliver to)
A.B. has this day (bought) and agreed to (receive from) ………………….C.D. 100 troy ounces (5% more or less) of bar gold, assaying not less than 995 fineness, at the price of………….. per ounce in accordance with the provisions, By-Laws and Rules of Commodity Exchange, Inc., deliverable from licensed depository in the [Borough of Manhattan,] City of New York, between the first and last delivery days of ……………., inclusive, the delivery within such time to be at seller's option, upon notice to buyer as provided by the By-Laws and Rules of Commodity Exchange, Inc.
The remainder of Rule 13.07 remains unchanged.