DOCSLIB.ORG

Circular No.: MCX/PMT/057/2021 January 28, 2021 L

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Circular No.: MCX/PMT/057/2021 January 28, 2021 L Circular no.: MCX/PMT/057/2021 January 28, 2021 __________________________________________________________________________ Launch of MCX Good Delivery Norms for BIS – Standard Gold/Silver __________________________________________________________________________ In terms of the provisions of the Rules, Bye-Laws and Business Rules of the Exchange, the Members of the Exchange are notified as under: In continuation of Exchange circular Nos. MCX/PMT/411/2020 dated June 12, 2020 and MCX/PMT/687/2020 dated September 21, 2020, MCX hereby issues the “MCX Good Delivery Norms for BIS – Standard Gold/Silver” Document detailing the process of empanelment of refiners and the acceptance of delivery towards settlement of MCX bullion contracts. The Exchange shall notify from time to time the empaneled refiners who have qualified for empanelment as per the aforesaid document and whose products are eligible to be delivered on the Exchange to settle the bullion contracts. This initiative will go a long way in helping domestic refiners to deliver their products which are in compliance with international quality and process standards. It is also a step in the direction of Atmanirbhar Bharat mission of the Govt. of India. The detailed MCX Good Delivery Norms for BIS – Standard Gold/Silver is available in Annexure I. Ms. Pooja Lad Sr. Manager Encl.: As above Kindly contact Mr. Amarpal Singh and Ms. Pooja Lad on 022- 6649 4000 or send an email at [email protected] for further clarification. ----------------------------------------------- Corporate office ---------------------------------------------- Multi Commodity Exchange of India Limited Exchange Square, CTS No. 255, Suren Road, Chakala, Andheri (East), Mumbai – 400 093 Tel.: 022 – 6649 4000 Fax: 022 – 6649 4151 CIN: L51909MH2002PLC135594 www.mcxindia.com email: [email protected] www.mcxindia.com 1 | P a g e CONTENTS CHAPTER 1: BACKGROUND AND OBJECTIVE ..................................................................4 CHAPTER 2: PRELIMINARY AND DEFINITIONS ..............................................................5 2.1 TITLE AND COMMENCEMENT .................................................................................5 2.2 DEFINITIONS .............................................................................................................5 2.3 INTERPRETATION ..................................................................................................10 CHAPTER 3: APPLICATION TO BE PART OF SCREENING AUDITS FOR EMPANELMENT TO MCX GOOD DELIVERY LIST ....................................12 3.1 LIST OF DOCUMENTS TO BE SUBMITTED ...........................................................12 3.2 NETWORTH COMPUTATION- EXCHANGE APPROVED METHODS ..................13 3.3 LEGAL UNDERTAKING: ..........................................................................................17 3.4 ELIGIBILITY CONDITION FOR EMPANELMENT ...................................................18 CHAPTER 4: SCREENING AUDITS .....................................................................................20 4.1 TECHNICAL QUALIFICATION AUDITS ..................................................................20 4.2 FINANCIAL AUDIT....................................................................................................20 CHAPTER 5: CLEARANCE BY MCX BULLION REFINERS’ EMPANELMENT COMMITTEE (MCX-BREC) ...................................................................................................21 5.1 GRANT OF LETTER OF EMPANELMENT ..............................................................21 5.2 EMPANELMENT VALIDITY .....................................................................................23 5.3 COMPLIANCE WITH ANTI-MONEY LAUNDERING LAWS AND ANTI- CORRUPTION LAWS .........................................................................................................23 CHAPTER 6: SPECIFICATIONS ...........................................................................................24 6.1 SPECIFICATIONS: GOLD AND SILVER BAR .............................................................24 CHAPTER 7: PROFICIENCY TESTING, PERIODIC AUDITS OF ASSAYING CAPABILITY ...........................................................................................................................25 7.8 TYPES OF TESTING ................................................................................................25 CHAPTER 8: RESPONSIBLE SOURCING AND COMPLIANCE .......................................27 8.1 RESPONSIBLE SOURCING ....................................................................................27 8.2 RESPONSIBLE SOURCING REQUIREMENTS .....................................................27 CHAPTER 9: INSPECTION, AUDIT AND DISCLOSURES .................................................30 9.1 INSPECTION AND AUDIT RIGHT OF MCX.............................................................30 9.2 INSPECTION AT THE TIME OF EMPANELMENT OF APPROVED REFINER ......30 9.3 ONGOING INSPECTION AND AUDIT OF THE APPROVED REFINERS ..............30 9.4 MCX AUDIT PROCESS AND INFORMATION .........................................................31 9.5 DISCLOSURES ........................................................................................................31 www.mcxindia.com 2 | P a g e CHAPTER 10: MISCELLANEOUS........................................................................................33 10.1 POWER TO TAKE CERTAIN ACTION .....................................................................33 10.2 POWER TO CALL FOR INFORMATION ..................................................................35 10.3 MAINTENANCE OF RECORDS ...............................................................................35 10.4 POWER OF MCX TO AMEND, ISSUE CLARIFICATIONS ......................................35 10.5 DELEGATION OF POWERS ....................................................................................35 10.6 COMPLIANCE ..........................................................................................................35 10.7 COSTS ......................................................................................................................36 ANNEXURE 1 – FEE STRUCTURE ......................................................................................37 ANNEXURE 2 – APPROVED REFINER UNDERTAKING ON EMPANELMENT ...............38 ANNEXURE 3 – APPROVED REFINER AGREEMENT ON EMPANELMENT ..................43 ANNEXURE 4 – FORMAT OF BANK GUARANTEE FOR SECURITY DEPOSIT .............56 www.mcxindia.com 3 | P a g e MULTI COMMODITY EXCHANGE OF INDIA LTD. MCX Good Delivery Norms for BIS – Standard Gold/Silver CHAPTER 1: BACKGROUND AND OBJECTIVE MCX accepts serially numbered gold and silver bars of the specified quality standard of London Bullion Market Association (LBMA) approved refiners, along with bars of Emirates Gold. The specified purity/fineness for the Gold and Gold Mini contracts is 995 (with provision to deliver higher quality with proportionate premium), while for the Gold Guinea and Gold Petal contracts it is 999; and for the Silver, Silver Mini and Silver Micro contracts, the fineness is 999. With an objective to enable delivery of gold and silver refined in India and in line with the “Aatmanirbhar” vision of the Govt., MCX has created the path for the acceptance of bullion bars refined by Indian refineries, for delivery via MCX bullion contracts. This is subject to the refiners’ meeting the exchange-set criteria as prescribed by MCX from time to time. MCX had invited details from Indian refiners vide Circular no. MCX/PMT/411/2020 dated June 12, 2020 about “Proposed Expansion of MCX good delivery list to include Indian refineries that meet Exchange-set criteria” along with a confirmation by way of necessary documents as well as Legal Undertaking, to be part of the screening process including all related audits. MCX had issued circular no. MCX/PMT/687/2020 dated September 21, 2020 about “MCX Bullion Good Delivery List expansion - Basic Eligibility Criteria for applicant refiners to be part of screening process” It was clarified in the above circulars that audits shall include but not limited to, audits of financial parameters, audits of supply-chain and responsible sourcing as prescribed by OECD guidelines, as well as audits of refining and assaying ability. Moreover, on an ongoing basis, pro-active monitoring including surprise audits shall be undertaken. External auditors of international repute have been appointed for the aforementioned purpose, by the Exchange. Once Indian refiners are shortlisted for empanelment to the MCX good delivery list, after due completion of screening process, they will need to execute an agreement and submit necessary collaterals that may be in the form of bank guarantee/ fixed deposit/ personal guarantee etc.. Further, please note that the empanelment of refiners shall be for a specific refinery at a specific location for a limited time-period, which is renewable. The exchange may also from time to time stipulate additional/stringent conditionality based on the standards which may be prescribed by BIS or other such authorities. This may include but not limited to the process, quality, technical parameters such as the size of the bar, mandatory markings on the bar, product finish, permitted tolerances for weight and purity. The applicant refiners will be expected to meet the above requirements as stipulated. This will be in addition to the exchange-set criteria and not in derogation of it on any account. Apropos the
Load more

Recommended publications
  • Accredited Gold Bar Manufacturers
    ACCREDITED GOLD BAR MANUFACTURERS There are approximately 125 active gold refiners around the world whose relevant gold bars are accepted as “good delivery” by one or more of the associations and exchanges featured in this section. Section updated to November 2014, according to available information. ACCREDITATION A consolidated table in this section records – by region and country of location – the names of active refiners that are accredited to the following: • London Bullion Market Association (LBMA) • CME Group – Market Contract: COMEX • Tokyo Commodity Exchange (TOCOM) • Dubai Multi Commodities Centre (DMCC) The names of active refiners accredited to the 6 other exchanges are recorded separately as their lists rely partly on the LBMA list or focus on Manufacturing London Good domestic refiners: Delivery 400 oz bars at Johnson Matthey (USA). • BM&FBovespa, São Paulo (BM&F) • Istanbul Gold Exchange (IGE) • Multi Commodity Exchange of India Ltd (MCX) • Shanghai Gold Exchange (SGE) • The Chinese Gold & Silver Exchange Society, Hong Kong (CGSE) Importance of LBMA list As covered in the section on “Gold Associations & Exchanges”, the most important list of refiners for the international gold bar market is the one published by the LBMA. In summary, the LBMA list refers to more than 70 active refiners in 30 countries. Manufacturing kilobars at Tanaka (Japan). It can be noted that relevant bars of LBMA-accredited refiners are automatically accepted as good delivery by the Istanbul Gold Exchange, Multi Commodity Exchange of India Ltd, Shanghai Futures Exchange, Shanghai Gold Exchange and The Chinese Gold & Silver Exchange Society. In addition, the Dubai Multi Commodities Centre has a separate category for refiners accredited to the LBMA.
    [Show full text]
  • विविवटि Refined Gold and Silver Bars for Good Delivery
    Free Standard provided by BIS via BSB Edge Private Limited to India Bullion & jewellers Association - MUMBAI([email protected]) 49.36.6.130 [for non-commercial use only]. भारतीय मानक IS 17278 : 2019 Indian Standard उत वितरण हेतु पररष्啃 त सोने एिं चाँदी ्ी सलाखᴂ — विविव紿 Refined Gold and Silver Bars for Good Delivery — Specification ICS 39.060 © BIS 2019 भारतीय मानक बयरो뵂 BUREAU OF INDIAN STANDARDS मानक भवन, 9 बहादरशाहु ज़फर मार㔗, नई िदल्ी – 110002 MANAK BHAVAN, 9 BAHADUR SHAH ZAFAR MARG NEW DELHI-110002 www.bis.gov.in www.standardsbis.in December 2019 Price Group 5 Free Standard provided by BIS via BSB Edge Private Limited to India Bullion & jewellers Association - MUMBAI([email protected]) 49.36.6.130 [for non-commercial use only]. Precious Metals Sectional Committee, MTD 10 FOREWORD This Indian Standard was adopted by Bureau of Indian Standards, after the draft finalized by the Precious Metals Sectional Committee had been approved by the Metallurgical Engineering Division Council. Good delivery working system is a controlled working system surrounding the global trade of gold and silver bars. Refiners of gold and silver bars are assessed and certified based on their capability to produce gold and silver bars for good delivery as per the specified guidelines set out by the certifying agencies. This standard prescribes the technical requirements, such as fineness, shape, size, etc. of the refined gold and silver bars for good delivery by the refiners and is a part of the guidelines of good delivery working system.
    [Show full text]
  • DMCC Consolidated Accreditation Rules in Relation to the Dubai Good
    DMCC Consolidated Accreditation Rules in relation to the Dubai Good Delivery Standard (DGD) and the Market Deliverable Brand (MDB) Accreditation Standards Version 2/2020 Version 2 1 1. OVERVIEW OF THE CONSOLIDATED ACCREDITATION RULES 1.1 Introduction The Consolidated Accreditation Rules have been developed by the Dubai Multi Commodities Centre (DMCC), setting the terms by which an entity may become accredited by the centre in relation to the following DMCC accreditation standards: (a) Dubai Good Delivery (DGD) standard; and (b) Market Deliverable Brand (MDB) standard. The Accreditation Standards have been developed to create a globally recognised standard and benchmark for the production, transport and trading of gold and other precious metals in order to increase confidence amongst global market participants. This includes responsible sourcing practices to ensure conflict free supply chains as set out in DMCC Rules for Risk Based Due Diligence in the Gold and Precious Metals Supply Chain (DMCC Rules for RBD-GPM) and for associated audits that will be performed in accordance with DMCC’s Review Protocol as set out in Annex 3 to DMCC’s Rules for RBD-GPM. DMCC Rules for RBD-GPM are available on DMCC’s website. 1.2 Any entity that wishes to become an Accredited Member (as defined in Section 1.3) must meet the specified criteria (applicable to the relevant Accreditation Standard) and submit the required documentation to DMCC as described in the Consolidated Accreditation Rules. All applications should be reviewed by DMCC’s Physical Committee except for the responsible sourcing reports which are reviewed by the Independent Governance Committee (IGC).
    [Show full text]
  • Operational Procedures for Settlement by Delivery Related to Commodity Futures Contracts
    Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts ＜September, 2021 Revised Version＞ All Rights Reserved, Copyright Ⓒ JPX Group, Inc. September, 2021 Revised Version Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts Update History Version No. Effective Page No. Description (Summary) Date Draft Version 2020.3.24 Draft version published in March 2020 Version 1 2020.6.30 Established Version 1. December, 2020.11.13 Annex 1 Revised in association with the specification 2020 Revised change of the report on TOCOM-CUBE. Version April, 2021 2021.4.1 5, 7, 61 ・Revisions associated with Cessation of Six Cash- Revised Version settled Oil Futures Commodities ・ Revisions associated with the Demutualization of ODE July, 2021 2021.7.1 5, 11, 12 Revisions associated with revisions of Revised Version TOCOM Energy Delivery Detailed Rules and TOCOM Chukyo-oil Delivery Detailed Rules August, 2021 2021. 8. 10 3, 5,61 Revisions associated with the change in the Revised Version name of ODE September,2021 2021.9.21 10,11,52 Revised in association with the specification Revised Version change of TOCOM-CUBE. All Rights Reserved, Copyright © JPX Group, Inc. September, 2021 Revised Version 1 Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts Table of Contents I. INTRODUCTION ................................................................................. 5 II. Outline of Settlement by Delivery of Commodity Futures Contracts ........... 5 1. Subject
    [Show full text]
  • SPDR Gold Trust Prospectus
    PROSPECTUS SPDR® Gold Trust 192,800,000 SPDR® Gold Shares The SPDR® Gold Trust (the “Trust”) issues SPDR® Gold Shares (the “Shares”) which represent units of fractional undivided beneficial interest in and ownership of the Trust. World Gold Trust Services, LLC is the sponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the Trust (the “Trustee”), HSBC Bank plc is the custodian of the Trust (the “Custodian”), and State Street Global Advisors Funds Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”). The Trust intends to issue additional Shares on a continuous basis through its Trustee. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and its sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator, or a commodity trading advisor. The Shares trade on NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD.” The closing price of the Shares on the NYSE Arca on August 17, 2020 was $186.50. The Shares may be purchased from the Trust only in one or more blocks of 100,000 Shares (a block of 100,000 Shares is called a Basket). The Trust issues Shares in Baskets to certain authorized participants (the “Authorized Participants”) on an ongoing basis. Baskets are offered continuously at the net asset value (the “NAV”), for 100,000 Shares on the day that an order to create a Basket is accepted by the Trustee.
    [Show full text]
  • Central Bank Gold Reserves an Historical Perspective Since 1845
    WORLD GOLD COUNCIL Central Bank Gold Reserves An historical perspective since 1845 by Timothy Green November 1999 WORLD GOLD COUNCIL CONTENTSEXECUTIVE SUMMARY PREFACE ........................................................................................................................1 INTRODUCTION ........................................................................................................2 CENTRAL BANK GOLD RESERVES: An historical perspective since 1845 1850: a watershed in production ....................................................................................3 The surge in output:1850-55 ..........................................................................................6 The switch to the gold standard:1855-90........................................................................7 The rise in central bank stocks: 1890-1914 ....................................................................9 The impact of war:1914 ................................................................................................10 After 1918: restoring the gold standard? ......................................................................11 Sources ........................................................................................................................15 Table 1: Central Bank/Treasury Stocks 1845-1945 ......................................................16 Table 2: Gold Reserves, Selected Countries 1950-1998 ..............................................18 Table 3: “Monetary Gold” ............................................................................................20
    [Show full text]
  • The Good Delivery Rules for Gold and Silver Bars Specifications for Good Delivery Bars and Application Procedures for Listing
    The Good Delivery Rules for Gold and Silver Bars Specifications for Good Delivery Bars and Application Procedures for Listing March 2015 © The London Bullion Market Association, March, 2015 LBMA Good Delivery Rules March, 2015 Contents Preamble and Amendments ..................................................................................................................... 3 1. Introduction ................................................................................................................................... 3 2. Criteria .......................................................................................................................................... 3 3. Procedure for Submission of an Application ................................................................................ 4 4. Technical Assessment Procedure .................................................................................................. 5 5. Results ........................................................................................................................................... 8 6. Charges and Accounting ............................................................................................................... 8 7. General Specifications for Good Delivery Bars ............................................................................ 9 8. Specifications for a Good Delivery Gold Bar ............................................................................. 11 9. Specifications for a Good Delivery Silver Bar...........................................................................
    [Show full text]
  • Central Bank Domestic ASGM Purchase Programmes About the World Gold Council Contents
    Central bank domestic ASGM purchase programmes About the World Gold Council Contents The World Gold Council is the market development Foreword 01 organisation for the gold industry. Our purpose is to stimulate and sustain demand for gold, provide industry Executive summary 02 leadership, and be the global authority on the gold market. Central bank purchasing programmes and the We develop gold-backed solutions, services and products, challenges of raising ESG standards in the based on authoritative market insight, and we work with a ASGM sector 03 range of partners to put our ideas into action. As a result, Conclusion 06 we create structural shifts in demand for gold across key Policy options 06 market sectors. Case Study 1: The Philippines 07 We provide insights into the international gold markets, Introduction 07 helping people to understand the wealth preservation Early promise 07 qualities of gold and its role in meeting the social and Fiscal and environmental challenges 08 environmental needs of society. Conclusion 11 Based in the UK, with operations in India, China, Singapore and the USA, the World Gold Council is an association Case Study 2: Mongolia 12 whose members comprise the world’s leading and most Introduction 12 forward thinking gold mining companies. An overview of recent gold production 13 Gold domestic purchases and the Bank of Mongolia 14 For more information The ASM sector 14 Formalisation of the sector 15 Please contact: Policy changes 15 Shaokai Fan Conclusion 16 Head of Central Banks Relationships [email protected]
    [Show full text]
  • An Introduction to SPDR® Gold Shares (GLD 10US$)
    An Introduction to SPDR® Gold Shares (GLD 10US$) An ETF listed on the Singapore Exchange A Precise Way to Invest in Gold SPDR® Gold Shares (Ticker: GLD 10US$) offer investors an innovative and relatively cost-efficient way to access the gold market. SPDR Gold Shares are intended to offer investors a means of participating in the gold bullion market without the necessity of taking physical delivery of gold, and to buy and sell that participation through the trading of a security on a regulated stock exchange. Gold Shares are intended to lower many of the barriers, such as access, custody and transaction costs, that have prevented some investors from investing in gold. WHAT ARE SPDR® GOLD SHARES? HOW DO THEY WORK? SPDR® Gold Shares represent a fractional, undivided Gold Shares are exchange traded securities (Ticker: GLD 10US$) beneficial ownership interest in the SPDR® Gold Trust (the that give the holder an undivided beneficial ownership “Trust”), an investment trust. The trust is sponsored by interest in a trust, the primary asset of which is allocated World Gold Trust Services, LLC, a wholly-owned subsidiary gold. Shares are designed to track the price of gold (net of of the World Gold Council and is marketed by State Street Trust expenses) and trade like a continuously offered Global Markets, LLC, an affiliate of State Street Global security, allowing authorized participants such as broker- Advisors. dealers, banks and other financial institutions to create and redeem shares (in baskets of 100,000 shares) according to The World Gold Council is an organization formed and market demand.
    [Show full text]
  • Good Delivery List
    GOOD DELIVERY LIST RULES Conditions for Listing for Good Delivery Refiners © The London Bullion Market Association, December 2019 Contents Definitions .................................................................................................................................. 3 SECTION 1 – BACKGROUND AND HIGH-LEVEL PRINCIPLES .......................................................... 5 SECTION 2 – TECHNICAL SPECIFICATIONS ................................................................................... 8 SECTION 3 – QUALITY ASSURANCE ........................................................................................... 14 SECTION 4 – COMPLIANCE AND RISK MANAGEMENT ................................................................. 17 SECTION 5 – FURTHER INFORMATION AND COMPLAINTS ........................................................... 19 Annex A – LBMA Vaults ............................................................................................................. 20 Annex B – LBMA Good Delivery Referees ................................................................................... 21 Annex C – Good Delivery Supervisors ......................................................................................... 22 Annex D – List of Security Transport Companies that are LBMA Members ................................... 23 Annex E – Approved Weighers of Gold and Silver Bars ................................................................ 24 Annex F – Weighing, Packing and Delivery Procedures...............................................................
    [Show full text]
  • The Good Delivery Rules for Platinum and Palladium Plates and Ingots Specifications for Good Delivery Plates and Ingots and Application Procedures for Listing
    LPPM Good Delivery Rules August 2017 The Good Delivery Rules for Platinum and Palladium Plates and Ingots Specifications for Good Delivery Plates and Ingots and Application Procedures for Listing August 2017 © London Platinum and Palladium Market October, 2014 1 LPPM Good Delivery Rules August 2017 Contents 1. Introduction .................................................................................................................................. 3 2. Criteria ......................................................................................................................................... 3 3. Procedure for Submission of an Application ................................................................................ 4 4. Technical Assessment Procedure ................................................................................................. 5 5. Results.......................................................................................................................................... 6 6. Charges and Accounting .............................................................................................................. 6 7. General Specifications for Good Delivery Plates and Ingots ........................................................ 7 8. Specifications for a Good Delivery Platinum Plates and Ingots ................................................... 8 9. Specifications for a Good Delivery Palladium Plates and Ingots ................................................. 8 10. Proactive Monitoring ..................................................................................................................
    [Show full text]
  • The Good Delivery Rules for Gold and Silver Bars
    DRAFT Updated October 2017 The Good Delivery Rules for Gold and Silver Bars Specifications for Good Delivery Bars and Application Procedures for Listing October 2017 THE GOOD DELIVERY ECO SYSTEM GOOD DELIVERY RULES: 1. REQUIREMENT FOR LISTING 2. THE RULES 3. PHYSICAL COMMITTEE (industry experts responsible for monitoring, developing, and protecting the Good Delivery Refiners list, ensuring standards are maintained, improvement & market transparency). 4. REFEREES (responsible for technical assessment of applicants, proactive monitoring, provision of technical advice). 5. MANAGING COMMITTEE responsible for administering and managing the Good Delivery Eco System GOOD DELIVERY LIST RESPONSIBLE SOURCING REFERENCE MATERIALS PROACTIVE MONITORING (mandatory participation) PROFICIENCY TESTING (recommended participation) INFORMATION DISSEMINATING PROPOSED STRUCTURE OF ABC 1. BOARD, comprising of: Non-executive Chairman, preferably an individual with in-depth knowledge of industry Chief Executive, responsible for all functional activities An individual competent to function as General Legal Counsel Two members from refiners of repute Two members from Banks / Nominated Agencies dealing in gold / silver One member from a Commodity Exchange Two members from Trade Bodies dealing in gold / silver 2. Sub-Committees: Finance Committee, responsible for monitoring ABC‟s finances, preparing the Annual Budget and examining the draft Accounts Physical Committee, responsible for monitoring, developing and protecting the Good Delivery List Public Affairs Committee, responsible for organizing events, including the Annual Conference, as well as marketing material and publications of ABC Membership Committee, responsible for ensuring that the quality Association's Membership is maintained, as well as to encourage all suitably qualified companies involved in the bullion business to join ABC as Members or Associates.
    [Show full text]