Rule 10 says: " When a right of membership is forfeited to or vests in the Exchange under any Rule, Bye law, or Regulation of the Exchange for the time being in force it shall belong absolutely to the Exchange free of all rights, claims or interest of such member or any person claiming through such member and the Governing Body shall be entitled to deal with or dispose of such right of membership as it may think fit." Rule 54 is to the following effect: " A member 's right of membership shall lapse to and vest in the Exchange immediately be is declared a defaulter." Rule 11 is as follows. 26 202 "(a) A member of not less than seven years ' standing who desires to resign may nominate a person eligible under these Rules for admission to membership of the Exchange as a candidate for admission in his place (b) The legal representatives of a deceased member or his heirs or the persons mentioned in Appendix C to these Rules may with the sanction of the Governing Board nominate any person eligible under these Rules for admission to membership of the Exchange as a candidate for admission in the place of the deceased member.