51.   Even in exercising their power of interpretations, they are limited by rules of interpretation and by precedent.

52.   He argued, in essence, that the rule of law prevented government from exercising arbitrary powers.

53.   By convention, the Queen exercises her powers on the advice of her ministers.

54.   Moreover, the courts will only uphold an expulsion where the power has been exercised in good faith in the interests of the firm.

55.   The partners should resist the temptation to give their reasons for deciding to exercise the power.

56.   Thus, any covenant that takes effect at a date calculated by reference to the expiry of the term, will be unenforceable if the power is exercised.

57.   Affidavit evidence may be used at the hearing if notice has been given.

58.   There is no inherent power to take an action, or exercise a power, which has not been created by a rule or other contract provision.

59.   When the power created by the rule is exercised, the act of exercise must be in accordance with the terms of the enabling rule.

60.   They must exercise their powers in the interests of the exchange, rather than for their own benefit.